Nation

Failed Banks: Odili, Lafiagi, Others Fingered

Published

17 years ago

July 10, 2009

Senators on Tuesday named Nigerians who abused their positions in banks, borrowed loans worth N53.3 billion, and refused to pay them back, which made the banks to go under.

A report presented to the senate by its committee on banking, insurance and other financial institutions listed a former governor, a former managing director of banks as contributors to such collapse.

A letter dated June 27, 2008 sent by the Nigerian Deposit Insurance Cooperation (NDIC) to the senate NDIC committee attached a list of ‘insider credits’ of 13 closed banks as at June 2008.

But it noted that in view of the fact that the accounts are insider related, the records are constantly reviewed and reconciled.

Those listed include former Kwara State Governor, Mohammed Lafiagi (N1,156,776.57 unlimited personal guarantee); Sanusi Ado Bayero (N45,003,963.93); former Gulf Bank Managing Director, Babajide Rogers (N11,874,216.56); Chrome Services and Related Companies chairman, Emeka Offor (N3,850,016,620) personal guarantee of Offor and 100,000 units of ordinary shares of Environmental Remediation Holding Corporation, USA), and another N3,850,016,620 loan without guarantee.

Victor Odili, N41,103,498.56 – fixed and floating debenture on the assets of the company, N2,628,979.05; N10,856,129.75.

Owner of liquidated All States Trust Bank now Federal Airports Authority of Nigeria (FAAN) chairman, Ebitimi Banigo, Nta Henshaw, and others (N48,551,995,304.83); former Progressive Peoples Alliance (PPA) Governorship candidate Remi Bakare (N1,093,247,535.40); Mike Ajegbo (N210,291,896.21); C.M. Ibeto (N643,340,680.92); and former Information Minister, Dapo Sarumi (N3,847 743.90).

Oluwaogbon Motors chairman, S.O. Bakare (N544,585,269.86 and N21,311,398.59); former City Express Bank chairman, Samuel Adedoyin; former City Express Bank chief executive officer, Sola Adeoti, Former Minister of State for Health, Funke Adedoyin (N5,131,275,864.01); and Angela Onyeador (N30,755,363.13-legal mortgage).

Committee chairman, Nkechi Nwaogu, noted that 50 banks failed because of the huge debts that were never paid, including 36 which crashed before consolidation in 2005, and 14 after consolidation.

But less than two minutes after she read out the list, threatening death text messages flooded her mobile telephone, according to Eyinnaya Abaribe who sat beside her.

Based on the death threats, senate president David Mark, directed the inspector general of police, Mike Okiro, to provide personal security for all the 12 members of the committee immediately.

He lamented that the debtors could go to the extent of threatening the lives of the committee members when they are supposed to be ashamed.

Mark told the committee members: “You have performed wonderfully well and there is absolutely nothing for you to fear because you have done what you ought to do for your country.

“All those sending text messages to you should think twice about what they have done to this country rather than having effrontery to send text messages to you.

“All of us here take collective responsibility for this report. It is not a report from senator Nkechi Nwaogu”

Chairman, Rivers State Council of Traditional Rulers and Oba of Ogbaland, HRM, Eze Chukwumela Nnam Obi (right), with former Head of State, Major-General Muhammadu Buhari as guests at the first Marshall Harry Memorial Lecture in Port Harcourt, last Monday. Chris Monyanaga.

Nation

Rivers Deputy Governor Hails PH City One Love For Humanitarian Gesture

Published

4 days ago

May 13, 2026

The Tide

Rivers state Deputy Governor Professor Ngozi Nma Odu has commended “The Port Harcourt City One Love,”a Port Harcourt based humanitarian orgnisation For it’s commitment towards alleviating the sufferings of the poor and vulnerable in the society.

Professor Ngozi Nma Odu said this while speaking at this year’s edition of “operation feed the needy” a yearly outreach program of “The Port Harcourt City One Love ” in Port Harcourt.
The Deputy Governor said by feeding more than sixty thousands hungry people within the past six years, the Port Harcourt City One Love Movement has distinguished itself as a club that cares for the less privilege in the society.

She commended the , organization for listing eleven thousand persons to be fed in the current exercise.

Meanwhile The Port Harcourt City One Love has planned a permanent solution to the problem of feeding the poor in the state.

The leader of the group Mr Idaere Gogo Ogan who said this in an interview with newsmen during the distribution of food items to the poor and vulnerables in Port Harcourt said the organization is planning a permanent food kitchen where poor and vulnerable persons can work in anytime and get fed.

Idaere Gogo Ogan said more than sixty thousands poor and vulnerable persons across Port Harcourt City and environs have been fed since the inception of “The operation feed the needy” program six years ago,adding that so far sixty thousands poor and vulnerable persons have beneffited.

He described the group as a platform to promote friendship, brotherhood, community development empathy and feeding the less privilege and hungry people
“That’s what we are doing today here,so we started the exercise six years ago”.he said.

Ogan said the effort was a private sector driven initiative but added “it also involves people in Government because the platform does not recognize any division,we bring everybody together in unity , friendship and brotherhood”he said.

He said the effort will go along way in alleviating hunger especially following the prevailing hunger in the country.

According to him “you know the country is very tough, people are hungry people are starving, there is a whole lot of economic hardship,so for us, this is just our own way of reaching out, our own social contribution to what is very difficult”he said.

Over eleven thousand persons were fed in the just concluded exercise.
Areas of coverage include, Isaac Boro park, Port Harcourt prison/Macoba, Borokiri/Enugu waterside Bundu areas Waterlines and others.

Some of the beneficiaries including an 80 years old widow commended the movement for the annual programm and urged other organizations to emulate them

John Bibor,/Esuuk Oyet/Suotor Memoye /Jeremiah Hannah

Nation

We’ll Partner Private Sector to Industrialize Rivers State – Fubara …Hints Revitalization of Ahoada, Trans Amadi Industrial layout

Published

4 days ago

May 13, 2026

The Tide

Rivers State Governor , Sir Siminialayi Fubara says the industrialization of the state remains a key drive of his administration.

Speaking through Director General of the Rivers State Investment Promotion Agency, Dr. Chamberlain Peterside at the Shell Gas Limited and Manufacturers Association of Nigeria(MAN) Investors Forum held in Port Harcourt, Fubara stressed that public /private partnership is key to revive production in the state.

“We are ready to partner Shell Gas Limited to revive manufacturing in Rivers State at Ahoada Industrial Park, and the new Port City project, including the proposed Bonny Industrial Park which will grow industries along the Bonny corridor” he declared.

Part of the scheme, he further stated is to collaborate with Shell Gas Limited and the private sector to transform Rivers State into a major manufacturing hub in the South of Nigeria.

Commending Shell and MAN for leading the frontline, Sir. Fubara said,” the time to act is now and thank God Shell is taking the lead to prioritize gas.”

The governor opined that the gas sector provides huge investment opportunities to drive the state economy as the world is gradually shifting towards gas and other environment friendly energy, while urging stakeholders to evolve an actionable gas policy for the state.

Earlier in his remarks, Shell Gas Limited Head of Gas Distribution, Mr. Chukwuka Amos-Ejesi said it is high time the state utilized its huge gas resource.

“Today gas offers investors opportunities and raises the value chain as it boosts production for industry users,” Amos-Ejesi said.

The Shell Gas Distribution executive said the company seeks to support manufacturing by adopting a user friendly approach that allows manufacturers to grow profitably with affordable cheaper energy.

He explained that natural gas provides huge potentials and aligns with federal government policy of gas utilization.

Chairman of MAN Rivers and Bayelsa Branch, Elder Vincent Okugu described gas as the backbone of manufacturing.

He said the forum has become timely and key to address the pressing energy provision to boost production in the sector, as he lamented the high costs borne by manufacturers in sourcing energy alternatives.

In her remarks, Chairperson of the Port Harcourt Chamber of Commerce Industry Mines and Agriculture, Dr. Chinyere Ngozi Nwoga commended Shell for the forum which she described as a bridge to reduce gap of energy provision for manufacturers.

Ngozi Nwoga said the transition to natural gas has become imperative, stressing that pipeline gas offers cheaper and smooth energy provision for industries.

Former MAN chairperson for Rivers and Bayelsa States, Mrs Emilia Akpan was of the view that the quest to provide cheap energy should be driven with technical manpower, as she emphasized need for Rivers State to recreate its economy.

By Kevin Nengia

Nation

SheVentures Open Zero-interest Loan Applications for Women Entrepreneurs

Published

4 days ago

May 13, 2026

The Tide

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to N10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from N500,000 to N5 million under a general category, and N5 million to N10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

Managing Director and Chief Executive of First City Monument Bank (FCMB), Yemisi Edun, said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively. Women-led enterprises are critical to economic activity, yet they face structural barriers.

“This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs”, Edun said.

Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB), Nnenna Jacob-Ogogo said access to affordable finance remains a major constraint for women entrepreneurs.