CBN List of Nigerian Biggest Debtors

CENTRAL BANK OF NIGERIA ADVERTORIAL

Following the recent regulatory action of the Central Bank of Nigeria on the five (5) banks, it has become necessary to use this medium to request the following defaulting customers of the affected banks to pay without further delay their indebtedness, failing which the banks will take all appropriate legal actions to ensure repayment.

These are the largest debtors and the CBN will continue to publish the list of defaulters on an on-going basis.

INTERCONTINENTAL BANK PLC

S/ N - ACCOUNT NAME - BALANCE AS AT MAY 31, 2009 (N) - DIRECTORS/MAJOR SHAREHOLDERS - STATUS

1. ASCOT OFFSHORE NIGERIA LIMITED
44,670,080,228.83
JOEY CHUMA OBUE, SAMUEL AIKHIONBARE, HENRY IMASEKHA AND EMMANUEL NWACHUKW
NONPERFORMING

2. ROCKSON ENGINEERING LIMITED
36,989,685,692.84
ENGR. J. I. A. ARUMEMIIKHIDE AND MRS. MARY E. ARUMEMI-IKHIDE
NONPERFORMING

3. UNITED ALLIANCE COMPANY OF NIG.LTD.
16,247,686,168.18
MR. AIG-IMOUKHUEDE AND MR. HERBERT WIGWE
NONPERFORMING

4. ACCOUNTANT GENERAL SPECIAL PROJECT
14,528,671,304.81
NONPERFORMING

5. RAHAMANIYYA OIL AND GAS LTD.
12,799,823,561.55
AIL. ADDULRAHAMAN M. BASHIR, ALH. MUSA BASHIR, ALH. ZAYYANU AND BARR. JAMILA BASHIR
NONPERFORMING

6. DANSA OIL AND GAS LIMITED
8,836,682,542.69
ALHAJI SANI DANGOTE, ALHAJI ALIKO DANGOTE, ALHAJI MOHAMMED SANI DANGOTE
NONPERFORMING

7. IORNA GLOBAL RESOURCES LIMITED
7,700,000,000.00
NWUCHE NNANNA, DAVID IGWE
NONPERFORMING

8. FOBY ENGINEEERING LIMITED
6,861,592,031.47
ENGR. EMMANUEL O. EFOBI, DR. (MRS) SARAH EFOBI
NONPERFORMING

9. TRANSNATIONAL CORP OF NIG PLC
6,553,985,525.18
PRO. NDI OKEREKE-ONYIUKE, TOM ISEGHOHI
NONPERFORMING

10. MAVEN ASSET MANAGEMENT LIMITED
5,927,624,574.44
CHIEF EFFONG, TUNDE ADEYEMI, FRANK OBOTT
NONPERFORMING

11. LISTER OIL LIMITED
5,000,000,000.00
ALH ARISEKOLA ALAO, ISMAIL ALAO, KADIJAT ALAO
NONPERFORMING

12. SAMMY BETH INTERBIZ LIMITED
4,500,000,000.00
NOSO UJAM, NINA EGWU
NONPERFORMING

13. CINCA NIGERIA LIMITED
3,821,838,736.45
ENGR. H.F. ENUHA
NONPERFORMING

14. NITEL CDMA PROJECT ACCOUNT
3,593,779,589.40
TRANSNATIONAL CORPORATION
NONPERFORMING

15. TRIQUEST ENERGY LIMITED
2,430,000,000.00
ALH. DAGAZAU AND CHIJIPKE OKENWA
NONPERFORMING

16. CAMDEN RESOURCES LIMITED
2,400,000,000.00
NONPERFORMING

17. RIVERSIDE LOGISTICS LIMITED
2,400,000,000.00
NONPERFORMING

18. JUMMAI MAHMUD
2,300,000,000.00
NONPERFORMING

19. STANZUS INVESTMENT LTD
2,273,401,070.49
NONPERFORMING

20. INTEGRATED OIL -GAS LIMITED
2,000,000,000.00
NONPERFORMING

21. RESOURCE INTERMEDIARIES LIMITED
2,000,000,000.00
NONPERFORMING

22. SPRINGBOARD TRUST AND INVESTMENT NI
2,000,000,000.00
NONPERFORMING

23. MOBITEL LIMITED
1,380,781,422.64
NONPERFORMING

24. CASHCRAFT ASSET MGT LTD
1,535,000,000.00
NONPERFORMING

25. BROOKE INVESTMENT LTD
1,658,486,009.44
NONPERFORMING

26. SANTRUST SECURITIES LTD
1,585,818,101.57
NONPERFORMING

27. DSNL OFFSHORE LTD
1,601,019,849.77
NONPERFORMING

28. NORTHERN TEXTILE MANUFACTURER LTD
1,638,176,888.55
NONPERFORMING

29. DICETRADE NIGERIA LTD
1,000,000,000.00
NONPERFORMING

30. OBAT-OIL PETROLEUM LTD
1,000,000,000.00
NONPERFORMING

31. SINGE-OBI CONSTRUCTION COMPANY LTD
1,175,827,597.23
NONPERFORMING

32. ENA-BELL LTD
1,293,727,613.35
NONPERFORMING

33. ONUOHA E. IBE
654,593,289.82
NONPERFORMING

34. OJEMAI INVESTMENT COMPANY LTD.
736, 850,500.02
NONPERFROMING

35. BABA HARUNA IBRAHIM
544,880,532.37
NONPERFORMING

INTERCONTINENTAL BANK'S TOTAL: 210,903,162,331.07

AFRIBANK PLC
S/ N - ACCOUNT NAME - BALANCE AS AT MAY 31, 2009 (N) - DIRECTORS/MAJOR SHAREHOLDERS - STATUS

1. KOLVEY COMPANY LIMITED
16,500,000,000.00
SULIEMAN IBRAHIM, AISHA BA'ABA USMAN, HABATUN M.A
NONPERFORMING

2. REHOBOTH ASSETS LTD
15,000,000,000.00
CHUDI AJAEGBU, CHIAMAKA AJAEGBU, TOCHI NAOMI AJAEGBU, EKENE AJAEGBU, JOSEPHINE AJAEGBU
NONPERFORMING

3. RESOLUTION TRUST AND INVEST CO. LTD
12,000,000,000.00
PATIENCE ORIGHOMESAN, SARAH ORITSEMARUNTOSAN, PETER UKUORITSEMIFE OKOLO, JOSHUA TORITSEJU
NONPERFORMING

4. PETOSAN PROPERTY AND DEV CO. LTD
10,000,000,000.00
PATIENCE ORIGHOMESAN, SARAH ORITSEMARUNTOSAN, PETER UKUORITSEMIFE OLOLO, JOSHUA TORITSEJU
NONPERFORMING

5. LARIX NIG LTD
6,100,000,000.00
ALHAJI IDAH
NONPERFORMING

6. BRO WORKS (NIG) LTD
5,000,000,000.00
ALHAJI IBRAHIM
NONPERFORMING

7. SULETICAL NIGERIA LTD
5,000,000,000.00
NONPERFORMING

8. AQUITANE OIL AND GAS LTD
2,451,429,489.89
DAHIRU WADA, IKECHUKWU OKOLO, VICTORIA NGOZI OKOLO, OLARENWAJU KUSEMIJU, KUNLE AKEJU, KWAME NKURUMAH NGOJI, IBUKUN ADEGBITE
NONPERFORMING

9. PETRO-LOGISTICS LIMITED
1,753,629,570.19
DR UGOJI EGBUJO, MR SHAKAR OLUWO, AKUDO EGBUJO
NONPERFORMING

10. FIOGRET LIMITED
1,683,796,444.93
CHIEF GREAT OGBORU, MR TURNER OGBORU,CHIEF FADA OGBORU
NONPERFORMING

11. OMATEK COMPUTERS LTD
1,649,380,634.77
MRS FLORENCE SERIKI, FOLA ADEOLA DR TIM FAWINRE
NONPERFORMING

12. DAMNAZ CEMENT COMPANY LTD
1,624,731,764.95
ENGR IBRAHIM A. GOBIR, ALH. ABUBAKAR MAGAJI, ALH ALIYU MUJINYAWA, ALH MOHAMMED DANDARE
NONPERFORMING

13. STERLING CIVIL ENGINEER
1,588,641,038.00
NONPERFORMING

14. NICE CORPERATE SERVICES LTD
1,468,012,191.22
LAWAL MOHAMMED AUWAL, AUWAL ASMA'U
NONPERFORMING

15. PETTERNS NIGERIA LTD
1,121,815,000.00
NONPERFORMING

16. CONTINENTAL TRANFERT TECH LIMI
696,195,060.96
ALH HASSAN IBETO, MR BENOY BARRY, MR ROHEEN BARRY, DR ADAM ALI BIU
NONPERFORMING

17. ORANGE-LINE LTD
661,722,356.08
CHIKE IROEGBUNAM, CHIEDU N. EDOZIE
NONPERFORMING

18. IMAD OIL AND GAS LIMITED
555,359,418.30
ALH. ABBA DASUKI, BASHIR ADAMU GUSAU
NONPERFORMING

19. IKEJA HOTEL PLC
541,029,826.48
NONPERFORMING

20. DREDGING ATLATIC COMPANY LTD.
510,252,876.98
JOHANNAS DAVID RASSFELD, HERMAN STREWE, ENGR. KASALI ADEBAYO SHITTU, STANLEY ABALI
NONPERFORMING

21. ALLIANCE AND GEN. INSURANCE CO. LTD
508,868,225.48
ALANI AKINRINADE, OLAFISOYE A.O, A. ADEDEJI, MRS DINOBI, MR LAMIDI W.A, EMMANUEL OLANIYI, ADRIAN BAULF
NONPERFORMING

22. THE DAILY TIMES OF NIG. PLC
493,472,332.51
NONPERFORMING

23. BRUNEL ENGR. AND CONSULTING LTD.
6,935,006,115.89
NONPERFORMING

24. FALCON SECURITIES LIMITED
29,500,000,000.00
PETER OLOLO (MD), SIMBABE JOSEPH, EMMANUEL UGBO
NONPERFORMING

25. AFRICAN PETROLEUM
12,804,121,542.49
FEMI OTEDOLA, OSA OSUNDE, TUNDE FALASINU, CLEM AVIOMAH, LAYI, BOLEDEOKU, GRACE EKPEYONG
NONPERFORMING

26. MERISTEM SECURUTIES LTD.
2,920,559,831
ISHAYA SHEKARI, KELAMB INVEST LTD, OLUSEGUN OLUSANYA, ENGR. LAITAN OMILAJA, IMURAT INT’L LTD, CHRISTOPHER ATTAH, SYLVERIUS OKOLI, CHIEF ADE OJO, EST OF MUDA GBOLAHAN, GREAT AFRICA TRUST, ADOLODUN OLAIYA, BSQ ASSET MGT. AND MARJISTA LTD.
NONPERFORMING

27. ULO CONSULTANTS LIMITED
2,025,395,139.48
CHIEF UCHE OKPUMO, BARR. SAM NWOSU, DETOLA OLU OLOWONWA
NONPERFORMING

28. HOME TRUST SAVINGS AND LOANS
763,260,162.00
FEMI ADEMOSUN
NONPERFORMING

AFRIBANK'S TOTAL : 141, 856,679,021.60

UNION BANK PLC

S/ N - ACCOUNT NAME - BALANCE AS AT MAY 31, 2009 (N) -DIRECTORS/MAJ OR SHAREHOLDERS - STATUS

1. TRANSNATIONAL CORP.PLC
30,863,304,173
DR. NDI OKEREKEONYIUKE
NONPERFORMING

2. MTS FIRST WIRELESS LTD
9,849,331,689
CHIEF LULU BRIGS
NONPERFORMING

3. ZENON

6,251,658,228

Olufemi Otedola, Nana Otedola
NONPERFORMING

4. IRS AIRLINES LTD
3,331,882,287
KHALIFA ISIAKA RABIU,YUSUF RABIU,SHEIKH RABIU
NONPERFORMING

5. AVIAN SPEC NIG LTD
1,747,793,566
NONPERFORMING

6. COMMUNICATION TRENDS LTD
1,127,361,164
ENGR UZO UDEMBA,BARR. ADA-UGO UDEMBA
NONPERFORMING

7. OSIGWE FOODS LTD
959,674,031
CHIEF A. K. MOHAMMED; SHAANXI FUWAYIA CO. LTD
NONPERFORMING

8. STAR PAPER MILL
719,816,365
CHIEF ECHEME NNANA KALU
NONPERFORMING

9. DJONES
524,929,000
Sir J.O Eze, Richard Eze
NONPERFORMING

10. MIDLAND GAL. PROD LTD
506,759,793
DR. J. C. DUGAD
NONPERFORMING

11. CHACHANGI AIRLINES NIG LTD
423,467,502
ALH.AHMADU CHANCHANGI
NONPERFORMING

12. AFRICAN TEXTILES MFG
304,479,940
MR. SUNAIL AKAR
NONPERFORMING

13. IKEJA HOTELS PLC
1,245,953,865
NONPERFORMING

14. BAO YAO HUAN JIAN
3,136,303,163
NONPERFORMING

15. ZIKLAGSIS NETWORKS
4,339,343,543
NONPERFORMING

16. MINAJ HOLDING LTD
1,634,717,063
NONPERFORMING

17. IBETO INDUSTRIES
2,479,103,704
NONPERFORMING

18. GMT SECURITIES
1,291,737,218
NONPERFORMING

19. AVIAN SPEC NIG
1,172,926,239
NONPERFORMING

20. AFRICAN TEXTILE MAN
592,362,186
NONPERFORMING

21. AWARTISE NIG LTD
573,192,919
NONPERFORMING

22. PALM TREE LTD
505,975,575
NONPERFORMING

UNION BANK'S TOTAL : 73, 582, 073, 213


OCEANIC BANK PLC
S/ N - ACCOUNT NAME - BALANCE AS AT MAY 31, 2009 (N) - DIRECTORS/MAJ OR SHAREHOLDERS - STATUS

1. NOTORE CHEMICAL IND. (MARITUS) AND AFRICAN FINANCE CORPORATION
32,392,951,000

NONPERFORMING

2. RAHAMANIYYA GLOBAL RESOURCES LTD
28,589,958,000
Abdul Rahaman Musa Bashir
NONPERFORMING

3. LV DEVELOPMENT COMPANY LTD
2,727,256,000
MICHAEL ONASANYA, PRISCILLA BEDELL,BIODUN SULAIMAN,OLAJIDE OYEWOLE
NONPERFORMING

4. DANGOTE INDUSTRIES LIMITED
2,526,460,000
NONPERFORMING

5. FALCON SECURITIES NIG. LTD
22,260,476,000
MR PETER UKORITSEMOFE OLOLO & OGISI TORITSEJU GODWIN
NONPERFORMING

6. WAVES PROJECT NIGERIA LTD
362,315,000
(1) WESTCOM TECHNOLOGY. (2) MILLENIUM ENTRY
NONPERFORMING

7. SPARK-WEST STEEL INDUSTRIES
18,449,629,000
MR NIYI OYEDELE, MR SAREL TAUTE
NONPERFORMING

8. BFCL ASSETS AND SECURITIES LIMITED
4,107,218,000
S E OKORO, O V IBRU
NONPERFORMING

9. MID-WESTERN OIL& GAS COY PLC
23,863,485,000
ONAJITE OKOLOKO, ENG. ADAMS OKOENE
NONPERFORMING

10. OANDO PLC
7,100,574,000
GENERAL M. MAGORO
NONPERFORMING

11. HONEYWELL GROUP
1,606,584,000
MR OBA OTUDEKO
NONPERFORMING

12. GLOBAL FLEET INDUSTRIES LTD
14,782,994,000
JIMOH IBRAHIM
NONPERFORMING

13. CIRCULAR GLOBAL INTERNATIONAL LTD
12,884,748,000
NANASHETU ABDULAI
NONPERFORMING

14. IMAD OIL &GAS LTD
10,389,687,000
BASHIR ADAMU / ABBA DASUKI
NONPERFORMING

15. ZARM POULTRY & FEED MILLS LTD
8,374,879,000
ALHAJI MUFTAU GBADAMOSI
NONPERFORMING

16. CASHCRAFT ASSET MGT LTD
2,209,562,000.00
Otunba J. A. O. Ogunfuwa; Deolu Ireyomi
NONPERFORMING

17. DELTA STATE GOVERNMENT
6,455,196,000
N/A
NONPERFORMING

18. NITEL
7,829,277,000
NONPERFORMING

19. FLOTSOME INVESTMENT LIMITED
7,069,450,000
Mrs. Elizabeth Ishola; Mrs Orumen Jane
NONPERFORMING

20. PRISKYGOLD NIGERIA LIMITED
6,886,324,000
NONPERFORMING

21. PETOSAN PROPERTY & DEVELOPMENT COMPANY LIMITED
6,396,232,000
PETER U. OLOLO
NONPERFORMING

22. DILIVENT INTERNATIONAL LIMITED
6,258,912,000
LEKAN OGUNLEYE
NONPERFORMING

23. AQUITANE OIL AND GAS LIMITED
6,119,035,000
IKECHUKWU OKOLO, NGOZI OKOLO
NONPERFORMING

24. VALUELINE SECURITIES & INVESTMENTS LTD
6,165,241,000
ELDER SAM ENYINNAYA
NONPERFORMING

25. ABINOF FOD COMPANY LTD
1,316,131,000
NONPERFORMING

26. JEEDAB FIBRE
4,813,696,000
CHIEF ANTHONY GODWILL ADOH
NONPERFORMING

27. MARRI CROSS INVESTMENT LTD
4,353,402,000
MR. NTUK BASSEY AND MRS. LINDA IGIEWE
NONPERFORMING

28. BERKELEY GROUP PLC
4,300,000,000
HENRY EFE IMASHEKA, ANTHONIA OLUBUKUNOLA IMASHEKA (MRS)
NONPERFORMING

29. JAG GLOBAL RESOURCES LTD
4,157,568,000
JAMILU ABUBAKAR
NONPERFORMING

30. ORION TECHNOLOGIES LTD
3,874,837,000
MICHEAL ONASANYA, ABIODUN SULAIMON, TUNDE OYEWOLE
NONPERFORMING

31. OBAT OIL AND PETROLEUM LTD
4,474,550,000
PRINCE FEDRICK .E. AKINRUTAN
NONPERFORMING

32. PETOSAN OIL & GAS COMPANY LIMITED
5,105,833,000
PETER U. OLOLO
NONPERFORMING

OCEANIC BANK'S TOTAL : 278, 204, 460, 000


FINBANK PLC
S/ N - ACCOUNT NAME - BALANCE AS AT MAY 31, 2009 (N) - DIRECTORS/MAJ OR SHAREHOLDERS - STATUS

1. AQUITANE OIL AND GAS LIMITED
3,656,502,137.27
IKE OKOLO, DAHIRU WADA,WALTER WATGBASONAS, M.OJUGO,KUNLE AKEJU, LANRE KWAME
NONPERFORMING

2. FALCON SECURITIES LIMITED
3,049,001,918.10
MR. PETER OLOLO (MD) MR JONATHAN O.A. IDUDU,CAPT T. OGISI,SENATOR CHIEF JONATHAN TUNDE
NONPERFORMING

3. SPRINGBOARD TRUST & INV. NIG. LTD(F
1,944,938,367.83
SHEHU YAKUBU CONCERN, BLACKTHORN HILL, BAFFS ASSETS, LARBURNUM VILLA, LA INVESTIRES LTD
NONPERFORMING

4. JEVKON OIL & GAS LIMITED
1,608,912,798.75
DR OKON ONYUNG,ENGR FRANK ASIEGBU,ENGR ANDY ONYUNG,JAMES LUIS OKON,ENGR GODWIN INIM,DR MAUREEN EZEH
NONPERFORMING

5. RUHANTI NIG. ENTERPRISES
1,073,172,545.37
NONPERFORMING

6. DE-LORDS SECURITIES LIMITED
942,506,602.57
ENGR. E. O. BANJOKO, MRS J. B. SHONOWO, MRS C. O. AJAYI
NONPERFORMING

7. FRAJEND INVSTMENT NIG LTD
941,360,020.26
CHIEF FRANK CHIJIOKE ENENDU, LOLO MONIQUE GINIKA ENENDU
NONPERFORMING

8. INTEGRATED TRUST & INVESTMENT LTD
893,385,078.01
OTUNBA OLADUNNI, DELE LAWORE, ENITAN SANUSI, TIJANI M. ABDULLAHI, ENGR. BIODUN FAWUNMI
NONPERFORMING

9. YOOJIN ENGINEERING NIG LTD
858,265,908.06
MR LEE JAE KOUNG, MR KIM SANG YOUNG, MR KIM JONG EUI
NONPERFORMING

10. HAJAIG CONSTRUCTION (NIG) LTD--ACCT
850,960,727.00
ABDULNASSER HAJAIG,ENGR ABBAS HAJAIG
NONPERFORMING

11. RELIANCE TELECOMMUNICATIONS LIMIT
800,896,080.76
ANNIE OKONKWO/CLEMCO GROUP
NONPERFORMING

12. ADONAI STOCKBROKERS LTD
747,329,796.37
MR EZE,DR GILBER ADIMORA,ARC OKAM,MR PAUL OKOYE,MR MATTHEW CHIDOBI
NONPERFORMING

13. EBONYI STATE GOVERNMENT
587,143,427.27
NONPERFORMING

14. AFRICA ENERGY S.A (NIG) LTD.
293,755,537.47
NONPERFORMING

15. EXCALIBUR INVESTMENT
281,191,501.59
NONPERFORMING

16. INTERCELLULAR NIG. PLC
157,554,403.51
NONPERFORMING

17. DDJ SPECIAL PROJECTS LTD
104,903,887.05
NONPERFORMING

18. MATERNAL MANAGERS LTD
141,174,516.39
NONPERFORMING

19. GTL GREEN TECHNOLOGIES LTD
508,769,340.33
NONPERFORMING

20. NEW INDUSTRIES AND PROPERTIES LTD
277,265,746.80
NONPERFORMING

21. A.S RANO OIL AND GAS
362,847,706.81
NONPERFORMING

22. MASTERS ENERGY OIL AND GAS
661,253,024,.97
NONPERFORMING

23. NAKEEM OIL AND GAS
332,646,151.85
NONPERFORMING

24. JAG GLOBAL RESOURCES LTD
581,182,832.76
NON PERFORMING

25. REAL OIL MILLS LIMITED
247,819,636.40
NONPERFORMING

26. IMAD OIL AND GAS
223,403,114.12
NONPERFORMING

27. PABE OIL AND GAS
538,980,167.00
NONPERFORMING

28. DAX ENERGY SERVICES
134,494,069.00
NONPERFORMING

29. ALMUNOR RESOURCES LTD
364,961,526,.46
NONPERFORMING

30. JEVKON OIL AND GAS LTD
1,608,912,798.75
NONPERFORMING

31. GLOBAL GAS AND REFINING LTD
309,201,965.53
NONPERFORMING

32. ONOGBHAGBE AND ANTHONY ENAHORO
96,677,959.49
NON-PERFORMING

33. M.A.$ USMAN ABBA
266,476,243.41
NON-PERFORMING

34. GHL VENTURE & TRUST LTD
233,284,385.98
NON-PERFORMING

35. COASTAL DREDGING AND CONSTRUCTION LTD
109,816,820.47
NONPERFORMING

36. KING AND PEARLS INTERNATIONAL LIMITED
104,804,778.85
NONPERFORMING

37. GEFESCO ENT. NIG LTD.
875,959,572.50
NON-PERFORMING

38. RUHANTI NIG.ENT.

845,734,477.04
NON-PERFORMING

39. BELPHINS NIGERIA LTD.
687,684,583.46
NON-PERFORMING

40. NATIONAL FERTILIZER COMPANY OF NIG
639,856,160.37
NON-PERFORMING

41. MESAN LIMITED
491,769,753.02
NON-PERFORMING

42. EXCLUSIVE INTERNATIONAL LTD.
452,812,809.33
NON-PERFORMING

43. SAMBAWA FARMS
450,949,339.63
NONPERFORMING

44. Tijjani Babangida .(S/plaza project)
450,877,672.67
NONPERFORMING

45. MATERIAL MANAGERS LTD
440,476,190.50
NONPERFORMING

46. Obedafe Holdings Nigeria Limited
409,626,011.04
NON-PERFORMING

47. LINLAND NIGERIA LIMITED
368,440,090.08
NONPERFORMING

48. SINTAX LIMITED
362,259,870.14
NONPERFORMING

49. THE JUDICIARY BAUCHI STATE
351,840,934.89
NONPERFORMING

50. DRAGNETANOS CONSTRUCTION
317,320,395.12
NONPERFORMING

51. RAHMAN BROTHERS LTD
314,384,637.17
NONPERFORMING

52. VISTA INTERNATIONAL LIMITED
311,811,463.77
NONPERFORMING

53. GLOBAL GAS AND REFINING LTD
309,201,965.53
NONPERFORMING

54. MAIJAMA'A INTERNATIONAL LTD
290,283,920.89
NONPERFORMING

55. ACI-COJA A/C
276,238,789.93
NONPERFORMING

56. ROUDO NIGERIA LIMITED
275,974,440.70
NONPERFORMING

57. OCEANIC EXPRESS OFFSHORE OPERATIONS
274,255,592.06
NONPERFORMING

58. UWA INDUSTRIES NIG. LTD.
274,244,498.24
NONPERFORMING

59. YOOJIN ENGINEERING CO. NIG LTD-A/C2
264,523,867.83
NONPERFORMING

60. LANDA LTD
257,912,683.83
NONPERFORMING

61. RISMAN NIG LTD 11
256,650,546.89
NONPERFORMING

62. Sanusi Sule Garo
256,463,773.58
NONPERFORMING

63. ENERGY VENTURES LTD
255,531,677.97
NONPERFORMING

64. EMWAI CO.LTD (REALTY DEPT.)
251,289,133.54
NONPERFORMING

65. MINISTRY OF FINANCE & ECONOMIC PLAN
250,110,407.07
NONPERFORMING

66. CHUBAD AB
248,710,301.82
NONPERFORMING

67. DYNAMIC PORTFOLIOS LTD.
238,046,082.93
NONPERFORMING

68. STANDARD UNION SECURITY LTD A/C(B)
233,958,431.89
NONPERFORMING

69. BAZAMRI P.V.C.TILES LTD.
230,512,835.94
NONPERFORMING

70. RUHANTI NIGERIA ENTERPRISES
227,438,068.33
NONPERFORMING

71. PRAKLA GEOMECHANIK INT. LTD
225,648,735.01
NONPERFORMING

72. UNIVERSAL NAT.BEVERAGES LIMITED
221,270,825.58
NONPERFORMING

73. CEM-CON [NIG] LTD
220,286,175.59
NONPERFORMING

74. Sterling Plantations & Processing Co,
208,142,478.63
NONPERFORMING

75. UNIVERSAL NAT.BEVERAGES LIMITED
191,582,820.48
NONPERFORMING

76. DR. PETER ODILI
189,123,711.95
NONPERFORMING

77. TRANSKY AIRLINES LTD
186,684,460.72
NONPERFORMING

78. REEJ INT`L LTD.
183,790,582.46
NONPERFORMING

79. INDEPENDENT PETROLEUM MARKETERS ASS
177,855,220.87
NONPERFORMING

80. YUSUNAB (NIG) LTD
174,506,279.08
NONPERFORMING

81. ULTIMATE CONSTRUCTION LIMITED
172,648,066.44
NONPERFORMING

82. E.& L.OIL MILLS LTD.
163,572,472.81
NONPERFORMING

83. ARARAUME GODWIN IFEANYI
158,642,391.00
NONPERFORMING

84. CAPERNAUM VENTURES LIMITED
151,836,223.40
NONPERFORMING

85. NURUDEEN INT
151,129,618.94
NONPERFORMING

86. BROADBAND TECHNOLOGIES LTD .
150,838,298.17
NONPERFORMING

87. HYDROWORKS LIMITED
149,221,204.54
NONPERFORMING

88. TRITEL NETWORK
143,222,404.33
NONPERFORMING

89. SACATOMIO INTERNATIONAL LIMITED
140,000,000.00
NONPERFORMING

90. NADINA INDUSTRIES LIMITED
137,676,902.70
NONPERFORMING

91. SIGMA ENGINEERING AND CONSTRUCTIONS LTD
136,106,776.04
NONPERFORMING

92. ALH. MUSA HARUNA
131,603,920.89
NONPERFORMING

93. ABU TU INV
127,740,258.91
NONPERFORMING

94. ADVANCED INTERNATIONAL LTD
125,138,279.79
NONPERFORMING

95. SAM-DAVID INT'L LTD
118,782,317.17
NONPERFORMING

96. ALI MUHAMMAD
117,112,722.88
NONPERFORMING

97. ABBEY TRAVELS
116,812,618.83
NONPERFORMING

98. GRAINS PROCESSING NIG LTD
114,999,046.11
NONPERFORMING

99. TRANS SAHARAN 3
113,187,721.25
NONPERFORMING

100. GJMSER COMMODIT
111,570,224.85
NONPERFORMING

101. FIRST VENTURES (NIG) LIMITED
109,384,961.03
NONPERFORMING

102. AFRICAN INITIATIVE DEVEPMENT CONSULT LTD
109,358,764.96
NONPERFORMING

103. OBAFEMI OLANREWAJU K. ADEBOYEJO BASHIRU ADEOLA
102,889,576.42
NONPERFORMING

104. BROADFIELDS INTERMEDIARIES LTD
100,171,387.62
NONPERFORMING

FINBANK'S TOTAL : 42,445,227,400.33

TOTAL DEBT : 747 Billion Naira

Full Text of CBN Governor's Speech on Developments In Nigeria's Banking System

ADDRESS BY THE GOVERNOR OF THE CENTRAL BANK OF NIGERIA, MALLAM SANUSI LAMIDO SANUSI ON DEVELOPMENTS IN THE BANKING SYSTEM IN NIGERIA ON AUGUST 14, 2009

Distinguished Ladies and Gentlemen of the Press,

As we are all aware, the world economy has been hit by the repercussions of the financial meltdown that started with the sub-prime mortgage crises in the United States and spread to Europe and other parts of the world. This crisis has led to the collapse of many banks and other financial institutions, and even rendered an entire nation bankrupt.

In Nigeria, the banking system appears to have weathered the storm due to a number of factors. Among these are the facts that our financial system is not strongly integrated into the international Financial System, as well as the relatively simple nature of financial products and strong capitalization and liquidity of Nigerian banks.

However, there are many who have been aware for a while now that whereas the system in general is likely to absorb and survive the effects of the crisis, the effects vary from bank to bank. A few Nigerian banks, mainly due to huge concentrations in their exposure to certain sectors (Capital Market and Oil and Gas being the prominent ones), but due to a general weakness in risk management and corporate governance, have continues to display signs of failure.

As far as October last year, some of the banks showed serious liquidity strain and had to be given financial support by the Central Bank in the form of an ‘’ Expanded Discount Window’’ (EDW) where the CBN extended credit facilities to these banks on the basis of collateral in the form of Commercial Paper and Bankers acceptances, sometimes of doubtful value.

As at June 4, 2009 when I assumed office as Governor of the CBN, the total amount outstanding at the Expanded Discount Window was N256.571 billion most of which was owned by the 5 banks.

A review of the activity of the EDW showed that four banks had been almost permanently locked in as borrowers and were clearly unable to repay their obligations. A fifth bank had been a very frequent borrower when its profile ordinarily should have placed it among the net placers of funds in the market. Whereas the five banks were by no means the only ones to have benefited from the EDW, the persistence and frequency of their demand pointed to a deeper problem and the CBN identified them as probable source of financial instability, most likely suffering from deeper problems due to non-performing loans.

The impact of the situation of these banks was being felt by the market in different negative ways. Because of this strain in their balance sheets, the banks pushed up interest rate paid to private sector deposits and their competitors had to follow suit. They also contributed to the destabilization of the inter-bank market as many of their competitors were unwilling to take an unsecured risk on them. It was primarily because of these banks, or at least some of them, that

the CBN took the step of guaranteeing the inter-bank market when it stopped granting new lines under the EDW. Without that guarantee, almost four banks would not have been able to borrow in the inter- bank and would have probably collapsed.

As you are aware, we guaranteed that the inter-bank market to give us the time to conduct a thorough diagnostic of the banks and ensure that appropriate remedial action is taken. At least four of the banks in question have since the guarantee came into force either remained heavy users of funds at the EDW or drawn heavily from other banks under cover of the CBN guarantee to wind –down at this window. In all events, it is clear that they do not have the ability to meet their obligations to depositors and creditors as they are in a grave situation.

In view of the aforementioned circumstances, I instructed the Director of Banking Supervision of the CBN to carry out a Special Examination of the following five banks:

1.Afribank Plc
2.FinBank Plc
3.Intercontinental Bank Plc
4.Oceanic Bank Plc and
5.Union Bank Plc

The examination was conducted by a joint team of CBN and NDIC officials. The major findings on the 5 banks included:

1.Excessively high level of non-performing loans in the five banks which was attributable to poor corporate governance practices, lax credit administration processes and the absence or non-adherence to the bank’s credit risk management practices. Thus the percentage of non-performing loans ranged from 19% to 48%. The five banks will therefore need to make additional provision of N539.09 billion.

2.The total loan portfolio of these five banks was N2, 801.92 billion. Margin loans amounted to N456.28 billion and exposure to Oil and Gas was N487.02 billion. Aggregate non-performing loans stood at N1, 143 billion representing 40.81%.

3.From 1 and 2 above, it is evident that the five banks accounted for a disproportionate component of the total exposure to Capital Market and Oil and Gas, thus reflecting heavy concentration to the high risk areas relative to other banks in the industry.

4.The huge provisioning requirements have led to significant capital impairment. Consequently, all the banks are undercapitalized for their current levels of operations and are required to increase their provisions for loan losses which impacted negatively on their capital. Indeed one is technically insolvent with a Capital Adequacy Ratio of 1.01%. Thus, a minimum capital injection of N 204.94 billion will be required in the five banks to meet the minimum capital adequacy ratio of 10%.

5.The five banks were either perennial net takers of funds in the inter-bank market or enjoyed liquidity support from the CBN for long periods of time, a clear evidence of illiquidity. In other words, these banks were unable to meet their maturing obligations as they fall due without resorting to the CBN or the inter-bank market.

As a matter of fact, the outstanding balance on the EDW of the five banks amounted to N127.85 billion by the end of July 2009, representing 89.81% of the total industry exposure to the CBN on its discount window while their net guaranteed inter-bank takings stood at N253.30 billion as at August 02, 2009. Their Liquidity Ratios ranged from 17.65% to 24% as at May 31, 2009. (Regulatory minimum is 25%).

It is important to note that at least three of the banks are systemically important (accounting for more than 5% of assets and Deposits in the Banking System) and together the five banks account for 39.93% of loans, 29.99% of deposits, and 31.47% of total assets as at May 31, 2009.

Given the extent of the asset quality problem leading to liquidity stresses, and the variety of stress points on the banks’ balance sheets, failure to act to secure the financial health of these banks will clearly place the system at risk.

The Central Bank has a responsibility to act to protect all depositors and creditors and ensure that no one loses money due to bank failure. The Bank also needs to move decisively to remove this principal cause of financial instability and restore confidence in the Banking system.

Consequently, having reviewed all the reports of the examiners and the comments of the Directors and Deputy Governors, I am satisfied that these 5 institutions are in a grave situation and that their Management have acted in a manner detrimental to the interest of their depositors and creditors.

Therefore, in exercise of my powers as contained in Sections 33 and 35 of the Banks and other Financial institutions Act 1991, as amended, and after securing the consent of the Board Directors of the CBN. I hereby remove the Managing Directors and the Executive Directors of the following banks from office with effect from Friday, August 14, 2009.

1.Afribank Plc
2.Intercontinental Bank Plc
3.Union Bank of Nigeria Plc
4.Oceanic International Bank Plc
5.FinBank Plc

These persons forthwith cease to be directors and officers of their respective banks.

The Board of the Central Bank of Nigeria has also appointed the following as the MD/CEOs of the affected banks:

1.Mr Jimoh Aboh – MD/CEO Oceanic International Bank Plc

2.Mr Mahmud L. Alabi – MD/CEO Intercontinental Bank Plc

3.Mr. Nebolisa Arah – MD/CEO Afribank Plc

4.Mrs Suzanne Iroche – MD/ CEO FinBank Plc

5.Mrs Funke Osibodu – MD/CEO Union Bank Plc

Each of the above will head a management team that will include Executive Directors and Chief Financial Officers to be appointed by the CBN.

This team is tasked with continuing the businesses of the banks as a going concern. I therefore appeal to the Boards of the affected banks, in their own interest to cooperate with the newly appointed Executive Management

We are conscious of the fact that changing management alone will not resolve this problem. Consequently, the CBN is injecting a total of about N400 billion into these five banks with immediate effect in form of Tier 2 Capital to be repaid from proceeds of capitalization in the near future. This injection is insufficient to resolve and stabilise all the institutions and enable them continue normal business.

The injection of fresh capital by CBN is a temporary measure as government does not intend to hold the shares for long and shall divest its holdings as soon as new investors recapitalize these banks.

Let me also advise all debtors of Nigerian banks, that the CBN and all government agencies are united in our commitment to support the recovery efforts of the banks. Debtors who do not pay shall have their names published in National Newspapers in due course and we will solicit the support of law enforcement agencies in recovery.

Let me reassure especially the customers of the affected banks and all the banks in general that there is no cause for alarm. They should continue to transact their normal business in the banks where their accounts are domiciled as this exercise is meant to further strengthen the banking industry and recapitalize the affected banks.

I should also state at this point that the scope of the Special Examination was widened to cover all 24 banks. So far, we have concluded the audit of 10 banks including these five, the others being Diamond Bank, First Bank, United Bank for Africa, Guaranty Trust Bank, and Sterling Bank. We have also commenced the next batch of 11 banks and hope to conclude them by end of August.

All in all, we expect to conclude the audit in mid-September. The Central Bank is requiring all banks to make appropriate provisioning for non-performing loans and disclose them.

We hope that by the end of this quarter, all banks would have cleaned up their balance sheets. On the basis of the information available to us so far, we are confident that the banking system is safe and sound and we have dealt with the major sources of systemic risk.

I will conclude by restating that, going forward, the CBN will not waiver in its desire to ensure that public confidence in the Nigerian banking system is maintained through appropriate disclosures and the reinvigoration of its policy of zero tolerance on all professional and unethical conducts.

We will not allow any banks to fail. However, we will also ensure that officers of banks and debtors who contribute to bank failures are brought to book to the full extent of the law and that all proceeds of infraction are confiscated where legally feasible.

Thank you

Courtesy... 234Next