By Emma Ujah & Judith Ekezie
ABUJA—The Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Sen. Nkechi Nwaogwu, said yesterday, the legislature was battling former chairmen and directors of failed banks who were indebted to such banks in order to sanitise the banking system and restore depositors’ confidence in the banking sector.
Several former bank chairmen and directors who took huge loans from the banks that failed to make the 2006 consolidation exercise were named at the senate on Wednesday, in an unprecedented measure to instill discipline among banks’ owners.
She spoke at the opening of the conference on poverty eradication through economic and political, organised by the Foundation for Democracy in Africa (FDA), in Abuja.
Her words, “What the Senate is saying is that he who is bestowed with responsibility should not abuse it. If you notice the figure in question, the people we are talking of now are the former directors and managing directors and chairmen, board of directors of those banks that failed.
“We are not talking about people who borrowed money from the banks in the cause of doing business. No! And we are saying that it is not fair for these directors to use insider privileges and borrow so much money for one thing or the other to refuse to pay and at the end of the day these banks died and they died with customers money.
“If we are running around asking over 60 percent of the population who do not have bank accounts for them to go and have bank accounts as we blame them for not putting their money under their pillow cases.
Then, will it be nice when they put their money at the end of the day these banks go underground deliberately or not deliberately and they are not paid their deposits.
“Four years down the line and the people who borrowed through the back doors are unable to pay. What the Senate is saying is that we must begin to be our brothers’ keepers. We must sanitize. We are talking of branding, we must brand from within, we brand from ourselves”.
Sen. Nwaogwu observed that some of the debtors had become very wealthy through facilities taken from the collapsed banks and were even being given public portfolios, while the depositors continued to suffer their losses, which she said was unacceptable.
According to her, “as we speak, there are still over N188billion depositors’ money not paid and people are dying in penury. Somebody who is owed N100million you are telling him that your bank is in court. He did not take the Central Bank to court.
He is not a party to the court case. So, why should you unilaterally, illegally join him?
Being a failed state (Nigeria), am not surprised such exposure comes from the Senate. I believed too she had exposed herself too to life-threatening position by her act because she lives to in a failed state. Bola Ige is an example of power abuse by the corrupt power holders in Nigeria. The legal framework in Nigeria is disappointing.
My question, was Maddox exposed by the senate????? I need answer to this from Mr President, not only the present but as well all past that witnessed such a fraud scheme to ripping the poor as Maddox ripped off the rich and still get life jail.
My message to the poor victims is to form a bloc and rampage towards all concerned chairmen directly, no remedy is anticipated when you expect a failed state to fight on your behalf. This vision of revolts to me is unattainable due to illiterate level among them as it only when the poor in Africa and Nigeria in particular understand that the basic norms of democracy lies in their hands by taking active participation.
Madam, you have spoken words that are endearing to the hearts of most Nigerians on the issue of exposure of former chairmen of failed banks. Even though your action in this instance may seem to have been long overdue, we think it is the first step in the right direction.
What the nation expects of you and your colleagues is no less than concerted approach at passing revolutionary bills aimed at curtailing, if not totally eliminating, acts of corruption in our corporate and body polity. In this line, it is behoving of the legislature to ensure that it does just stop at only exposing these erstwhile executives, it should take further steps at ensuring the probes and recovery of the money which they have borrowed from the defunct banks from them. If possible, they should be made to pay all interest accruable to such loans.
Veering into the issue of “branding,” you made allusion to, I am sure that you are aware of the public perception of the subject and the overall outlook of government policies. It is high time members of your likes in the legislature began developing pragmatic approach aimed at erasing the negative perception and skepticism about government’s policies in the mindset of the public. You may start by adopting policy that effect positively on the lives of the common man – socially, economically and otherwise. You got it alright when you asserted that it must star from within (Legislature, Executive and Judiciary – emphasis mine).
Lastly, without bias, we wish to see the ascendance of more women into the positions in public and private services.
Madam, you have spoken words that are endearing to the hearts of most Nigerians on the issue of exposure of former chairmen of failed banks. Even though your action in this instance may seem to have been long overdue, we think it is the first step in the right direction.
What the nation expects of you and your colleagues is no less than concerted approach at passing revolutionary bills aimed at curtailing, if not totally eliminating, acts of corruption in our corporate and body polity. In this line, it is behoving of the legislature to ensure that it does just stop at only exposing these erstwhile executives, it should take further steps at ensuring the probes and recovery of the money which they have borrowed from the defunct banks from them. If possible, they should be made to pay all interest accruable to such loans.
Veering into the issue of “branding,” you made allusion to, I am sure that you are aware of the public perception of the subject and the overall outlook of government policies. It is high time members of your likes in the legislature began developing pragmatic approach aimed at erasing the negative perception and skepticism about government’s policies in the mindset of the public. You may start by adopting policy that effect positively on the lives of the common man – socially, economically and otherwise. You got it alright when you asserted that it must star from within (Legislature, Executive and Judiciary – emphasis mine).
Lastly, without bias, we wish to see the ascendance of more women into the positions of public service.
U ARE AFTER THEM? IS THAT THE JOB OF THE SENATE?
So, with all Chief Banigo did to All States Trust Bank, Yar’dua still appointed him into a public office. We are crying “Corruption!” with one corner of our lips while using the other to invite corrupt persons to come and preside over our ‘cash pots’.
You can see why our problems are not going away soon. Each government recycles extremely corrupt people. Shame!
Sometimes i wonder why people cant call spade its name! Did these people actually borrow this money, was it intended to be a borrowed money? Methinks these so-called directors actually intended to steal this money and deprive the depositors the use of the funds for life!!! Quote me, their motive was fraudulent and sinister as they never hoped to repay the money in the first instance. They are glorified fraudsters and celebrated 419ners who wouldnt care a hoot to flaunt their ill-gotten wealth in the faces of their victims. Senate should go a step further and throw its current searchlight on their members and those rapacious members of the executive at state & federal levels. Chikena!!
Actually, the house of senate is trying in this regard. This men are heartless, how can you borrow money because you are one of the directors without having intention to pay it and you the bank fold because you are the chief debtor while you follow Nigerian is suffering because you cause the bank his banking with to fold, this is man inhumanity to man. This guys should not left to go scott free, they should pay what they borrowed and the interest or else they should be made to face the law, this is criminal offence.
In as much as i thank the senate incharge for thinking it twice that is good thing to reduce the amount of criminal in Nigeria but this guy have the intention to steal that the reason why they dont want to pay, so i say more greese to your elbow