List of Nigeria’s biggest debtors unveiled, banned from borrowing from banks

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Ironically, their number is 419 – a number which connotes fraud in Nigeria, being the number in the country’s penal code dealing with obtaining by fraudulent means.

Although they have not been accused of using 419 methods to obtain money from banks, the 419 mega rich Nigerians, alongside 113 companies and two states, have been banned from further borrowing from banks in the country so as to prevent the banking system from collapse. This is because these mega debtors who owe banks many billions of naira have refused to pay up.

The list below, which shows some of these unrepentant debtors, has been extracted from ThisDay newspaper, which broke the story today. It comprises “113 companies and 419 directors/shareholders, including those belonging to Mr. Femi Otedola, Alhaji Sayyu Dantata, Sir Johnson Arumemi-Ikhide, former Power Minister, Prof. Barth Nnaji, Mrs Elizabeth Ebi and Dr. Wale Babalakin,” said ThisDay.

According to the paper, “the Central Bank of Nigeria (CBN) has barred banks in the country from extending further credit” to them “in a move aimed at strengthening financial stability and instilling discipline in the banking sector.”

It said that “the CBN arrived at this decision as a result of the reluctance by the debtors to pay back their loans despite the purchase of the debts at an agreed price by the Asset Management Corporation of Nigeria (AMCON).”

The ban is contained in a new circular dated September 17 and signed by CBN’s Director, Banking Supervision, Mrs. A. O. Martins. It stated that “it has become necessary to stop debtors who failed to repay their loans to banks and had these loans subsequently transferred to AMCON, from further enjoying credit facilities from Deposit Money Banks (DMBs) until they fully repay agreed outstandings to AMCON.”

The list of Nigeria’s biggest debtors

  1. Zenon Petroleum, owned by Otedola, owes banks N192.4 billion
  2. MRS Holdings Limited, owned by Dantata – N119.98 billion
  3. Seawolf Limited – N98.32 billion
  4. Arik Air Limited, belonging to Arumemi-Ikhide  – N85.481 billion
  5. NITEL Plc/M-Tel  – N71.547 billion
  6. Capital Oil and Gas Limited, which belongs to Ifeanyi Ubah – N48.014 billion
  7. Falcon Securities (MDirector, Mr. Peter Ololo) – N162.9 billion
  8. Rockson Engineering Limited, owned by Arumemi-Ikhide – N60.475 billion
  9. BGL Securities – N6.44 billion

10.  Rahamaniyya Oil & Gas Limited – N46.38 billion

11.  Bi-Courtney Limited – N20.214 billion

12.  Geometrics Engineering, owned by Prof. Barth Nnaji – N19.76 billion

13.  Aero Contractors Company, owned by the family of Olorogun Michael Ibru – N32.579 billion

14.  Tinapa Business Resort (Cross River State Government) – N18.509 billion

15.  Nestoil Limited, belonging to Ernest Azudialu – N13.506 billion

16.  Dorman Long Engineering – N9.667 billion

17.  Ascott Offshore Nig. Ltd, belonging to Henry Imasekha and the Berkley Group – N64.728 billion

18.  Gitto Constuzioni – N11.838 billion

19.  Dansa Foods (part of the Dangote Group) – N14.880 billion

Also affected by the ban are Cross River and Zamfara States because of the failure of the Tinapa Business Resort and the failure of the Accountant General, Ministry of Finance, Zamfara, to pay back loans collected.

The restriction came into effect from the date of the circular and shall remain “until full liquidation of agreed indebtedness to AMCON.”

Source- News Express

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