FAILED NIGERIAN BANK CHIEFS TO FACE CHARGES

Nigeria will file criminal charges including money laundering on Monday against the former heads of five banks rescued in a $2.6 billion bailout, the anti-corruption agency said.

The central bank injected 400 billion naira into Afribank, Finbank, Intercontinental Bank, Oceanic Bank and Union Bank just over two weeks ago and sacked their senior management.

The banks had built up non-performing loans worth 1.14 trillion naira, leaving some of them close to collapse and at risk of triggering a systemic banking crisis in sub-Saharan Africa’s second biggest economy.

The Economic and Financial Crimes Commission (EFCC), Nigeria’s anti-corruption police, has said some loans were granted without collateral or board approval and in some cases to individuals or companies using fictitious names.

“The charges will be filed against them today. They are criminal charges, especially money laundering,” EFCC spokesman Femi Babafemi said, declining to give further details.

Erastus Akingbola, former chief executive of Intercontinental Bank, is the only one of the five bank chiefs not to have been detained for questioning by the EFCC. He has been declared wanted by the agency.

EFCC agents have also been hunting debtors, including some of Nigeria’s most powerful tycoons, whom the regulator said owed the five banks 747 billion naira.

Babafemi said the agency had recovered 45.5 billion naira of that amount by the end of last week.

SOURCED FROM REUTERS

FURORE OVER ID CARD SUICIDE

The South African government is investigating the suicide of a young man who was refused the identity documents he needed to start a job.

A local official reportedly refused to issue the papers to Skhumbuzo Mhlongo, 22, accusing him of being a foreigner.

In the absence of his parents, he was looking after his four siblings.

The case prompted Home Affairs Minister Nkosazana Dlamini-Zuma to break down in tears at a press conference. She suspects the official wanted a bribe.

She said she “would leave no stone unturned” in the investigation into the identity of the official.

The BBC’s Pumza Fihlani in Johannesburg says the Department of Home Affairs has come under heavy criticism over the years for its inefficiency in issuing ID documents, birth certificates and passports, with some people claiming to have waited up to four years.

She points out it would be even more difficult to obtain the documents if you have no parents to vouch for your identity.

A senior delegation from the Department of Home Affairs has visited the office in Pinetown, KwaZulu-Natal province, where his demand was rejected.

Mr Mhlongo had been due to start the new job at a factory which manufactures bird food on Monday.

He apparently left a suicide note before hanging himself.

Home Affairs spokesman Ronnie Mampoepa told the BBC that Mhlongo had been raised by his mother, who disappeared in 2000, leaving him to care for his younger siblings.

He had apparently been trying to get an ID card for some time without any luck.

“He did not have parents. He was the eldest in his family and needed the ID to secure a job as he was the sole bread-winner,” said Mr Mamoepa.

Mr Mamoepa told the BBC that Mhlongo had been told to bring someone who could vouch for his nationality.

“We understand he visited the office with an elderly man who shared his surname and told the official that served him that the man was his father.”

The official didn’t believe the young man’s story, tore up Mhlongo’s papers and called him a “kwere-kwere” – a derogatory term used for foreign nationals.

SOURCED FROM BBC

GABON’S PRESIDENTIAL CANDIDATES CLAIM VICTORY

Three different candidates say they gained the most votes in Sunday’s election to choose a successor to Gabon’s long-time leader Omar Bongo.

Mr Bongo’s son, Ali Ben Bongo, veteran opposition leader Pierre Mamboundou and former minister Andre Mba Obame have all claimed victory.

The vote was generally peaceful but tense, with long queues of voters. No official results have been published.

Omar Bongo died in June after 41 years in power in the oil-rich country.

His son had been seen as the pre-election favourite, partly because he is the candidate of the ruling Gabonese Democratic Party (PDG).

PDG secretary-general Faustin Boukoubi said “the results are giving us victory”.

Without giving further details, he said the results were “very close” in the capital Libreville but said the PDG had won in most rural areas and other towns, according to Radio France Internationale.

Mr Mamboundou said he was sure of victory and a “new era” had dawned in the country.

Mr Obame said he had won in four of the country’s nine provinces, which represents 61% of total votes.

“Therefore I can tell you that according to my tally I am the candidate who received most of the votes and who will be announced the winner,” he said.

The run-up to the election was marked by confusion with at least of the original 23 candidates pulling out in favour of Mr Obame, in a bid to unify the anti-Bongo vote.

However, other candidates denied reports that they had withdrawn.

One candidate, Cassimir Oye Mba, pulled out on polling day.

He said he did not want to vindicate a “calamitous electoral process which doesn’t look like being clean and credible”.

Several opposition figures have claimed that the PDG would use fraud to ensure Mr Bongo’s victory.

Interim President Rose Francine Rogombe has called for calm.

“Democracy is about accepting success and defeat,” she said.

AFRICANS ABUSED IN RUSSIA

Nearly 60% of black and African people living in Russia’s capital Moscow have been physically assaulted in racially motivated attacks, says a new study.

Africans working or studying in the city live in constant fear of attack, according to the report by the Moscow Protestant Chaplaincy.

A quarter of 200 people surveyed said they had been assaulted more than once. Some 80% had been verbally abused.

But the number of assaults was down from the MPC’s last survey in 2002.

The report’s clear conclusion was that Africans living in Russia exist in a state of virtual siege, says the BBC’s Rupert Wingfield Hayes in Moscow.

Many of the African respondents said they:

• Avoided using the Moscow metro
• Were also careful to avoid crowded public places
• Did not go out on Russian national holidays or on days when there were football matches

Many of the attacks on Africans were pre-meditated and extremely violent, the report found.

One Nigerian migrant interviewed by the BBC had been repeatedly stabbed in the back and then shot.

Another man said his attacker had attempted to remove his scalp.

Officially there are some 10,000 Africans living in Moscow, but far more are believed to live there illegally – many as economic migrants.

The Moscow Protestant Chaplaincy is an English-speaking interdenominational Christian congregation that has ministered to Moscow’s foreign community since 1962.

SOURCED FROM BBC

FRENCH HOSTAGE ESCAPES SOMALI REBELS

One of two French security advisers kidnapped by insurgents in Somalia last month escaped on Wednesday after killing three of his captors and fled to the presidential palace in Mogadishu, police said.

Gunmen had seized the Frenchmen at a hotel in the capital on July 14 then handed one to the Hizbul Islam rebels and the other to fighters from the al Shabaab group, which Washington describes as al Qaeda’s proxy in the Horn of Africa state.

Al Shabaab militants said they had later taken custody of both men, although that could not be confirmed. Somali government officials at the city’s hilltop Villa Somalia palace said the man who escaped was in good health.

“We understand he killed three al Shabaab guys who were guarding him. I cannot understand how this good story happened but now he is in the hands of the government,” Abdiqadir Odweyne, a senior police commander, told Reuters.

Somalia’s fragile U.N.-backed government faces a stubborn insurgency that includes foreign jihadists and militants who Western security agencies say are using the country as a safe haven to plot attacks in the region and beyond.

An al Shabaab source confirmed three of its members had been killed, but said it was not known by whom: “Three of my friends died but who killed them is the question. We were expecting a ransom this morning,” the rebel source said.

One associate of the kidnappers said the Frenchman had been freed after talks with Somali elders. A senior Somali government official said a ransom had been paid for his release.

SOURCED FROM REUTERS

YAR ‘ADUA BACK AFTER MEDICAL CHECK-UP

Nigerian President Umaru Yar’Adua returned home late on Tuesday after having a scheduled medical check-up in Saudi Arabia and performing the Haj Muslim pilgrimage, his spokesman said.

Yar’Adua, who left for his latest checkup on August 14, regularly has treatment in Saudi Arabia and Germany for a chronic kidney problem.

After he travelled to Saudi Arabia for more than two weeks last August, for the Haj and for medical treatment, opponents questioned his fitness to govern Africa’s most populous nation.

SOURCED FROM REUTERS

ZIMBABWEAN OFFICIALS SAY MUGABE IS WELL

Zimbabwean officials dismissed a South African newspaper report that President Robert Mugabe was ill on Wednesday as rubbish and the product of “sick and evil minds”.

The Times newspaper had reported that Mugabe, 85, was taken to a Dubai hospital after falling ill and was undergoing specialist treatment.

“The president is not sick but was away on holiday. He returned home yesterday, and those reports are a load of rubbish that we get from sick and evil minds,” said one official.

SOURCED FROM REUTERS

Speculation regularly surfaces over the health of Mugabe. He has been in power since independence in 1980 and in February formed a unity government with old rival Morgan Tsvangirai to try to end political crisis and economic decline.

Mugabe’s spokesman George Charamba told Reuters: “He is fit, and has not been to any hospital. He is being made ill by newspapers and not his God. We are being forced to dignify these reports by commenting on them.”

South African President Jacob Zuma is expected to visit Zimbabwe on Thursday to discuss the progress of the unity government

SUPER RICH, MY FOOT!!

A friend once cracked a joke when he said Nigeria is one country where the puke of corruption stares at you from the pages of the dailies every time from the Government’s press releases and then Government recapitulates the next minute, cold-bloodedly announcing, “We do not have any evidence yet to prosecute.”

CBN’s ‘onigbese’ list is brimming over with the ‘Who is Who’ in Nigeria. Already the noise level over this error of comedies, threatens to eclipse Mount Krakatau’s eruption. In all spheres of Nigeria’s development the debtors are well represented. The Dangotes, the Ogborus , the Otedolas etc. It is a very select crowd of ex Governors, Ministers, oil and gas tycoons many of them national award holders.  It’s simply insane; many of these big guns, feared and respected in the society are in the devil’s basket. A number of the debtors owe tens of billions of naira at the same time are regular billion naira donors at fund raising dinners off course sponged down our throats by Nigeria’s apologetic mainstream media. Welcome to the d-e-m-o-n-c-r-a-z-y world of Nigeria’s high and mighty. Professor Ndi Okereke-Onyuike, DG of Nigeria’s stock exchange was glib and quick to suspend the 5 lepers from the trading floor but failed to tell us that her Transcorp was neck deep in the debt slime. Transcorp owes union bank nearly 40 billion naira and Okereke-Onyuile now has a week to explain how come and my extension, why her bum must continue to hug the NSE’s saddle. When the CBN Governor Sanusi Lamido, told a stupefied audience that a single individual owed 40 billion naira; many responded ‘tales by moonlight.’ Yesterday I downloaded the doomsday chronicles from the CBN site and my heart quivered, the figures were gargantuan and the names were real. The words ‘non performing loans’ took on a new meaning. It is an indictment on the Nigerian bank system that a single company could take credit facilities from 2, 3, 4, 5 banks without eyebrows being raised. It is simple macabre. Whatever happened to synchronization, sharing of information, the seamless forms and stringent requirements citizen Joe never seems to meet. It is disgraceful that AIG Imoukhuede, could owe the Intercontinental bank 16 billion naira; nearly 10 percent of bad debts owed the embattled Intercontinental bank when as Access bank’s CEO he is all too aware of the pros and cons of diabolical banking standards. Christopher Colombus!!  What in the heavens was Professor Chukwuma Soludo doing covering up all these banks. The professor would be remembered harshly for defending a failing system when this gig is over!! Now that’s the pinnacle of schizophrenia.

Back to my friend, these are the days of ULTIMATUM. ‘EFCC gives debtors 7 days to return the money’.’EFCC orders sacked CEO’s turn-in or face arrest.’ ‘NSE orders Ndi explain Transcorp in 7 days.’  Now, woe betide this often oblivious and lackluster Federal government if it fails to nail this ogre and it be said that the Government failed extraordinarily in a case that was more difficult to lose than win

Aghogho, CONNECTAFRICA

CBN PUBLISHES LIST OF RESCUED BANKS 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/MAJ

OR

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 NON

2

PERFORMING

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

TOTAL 210,903,162,331.07

AFRIBANK PLC

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

NONPERFORMING

ADAM ALI BIU

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

TOTAL : 141, 856,679,021.605

UNION BANK PLC

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

TOTAL 73,582,073,213

OCEANIC BANK PLC

1.

NOTORE CHEMICAL INDUSTRIES LTD

32,392,951,000

DIRECTORS/MAJO

R SHAREHOLDERS

(1) NOTORE CHEMICAL IND.

(MARITUS) (2) AFRICAN

FINANCE CORPORATION

STATUS

NONPERFORMING

2

RAHAMANIYYA GLOBAL RESOURCES

LTD

28,589,958,000 Abdul Rahaman Musa Bashir NONPERFORMING

8

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

9

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

TOTAL 278,204,460,00

HILARY CLINTON WANTS STRONGER AFRICAN DEMOCRACY

US Secretary of State Hillary Clinton has begun her 11-day tour of the Africa saying improving democracy is the key to boosting trade and development.

She told a summit in Kenya investors would not be attracted to states with failed leadership and civil unrest.

Later she will meet Kenyan leaders, amid growing concerns over Nairobi’s reluctance to seek justice following last year’s post-election violence.

During her seven-nation tour, she is also expected to hold talks on Somalia.

Analysts say the tour, her longest overseas journey in her post to date, is part of an attempt by the US to show that Africa remains a key foreign policy priority.

Her trip comes less than a month after US President Barack Obama, whose father was born in Kenya, travelled to Ghana.

Mr Obama said in a video broadcast to delegates at the Nairobi summit that he would like to see closer trade ties with Africa.

US officials were keen to emphasise that Mrs Clinton’s trip is the earliest trip by a secretary of state to Africa of any administration.

One of Mrs Clinton’s first engagements in Nairobi was to address a forum of some 40 African states which enjoy trade preferences with the US – through the Africa Growth and Opportunity Act (Agoa) – on the condition they uphold free elections and markets.

Since it was initiated in 2000, the Africa Growth and Opportunity Act (Agoa) has done wonders for trade between America and Africa. Its proponents point to its successes: a 300% increase in trade and the creation of 300,000 African jobs. But sceptics are more cautious. About 80% of all African exports come in the form of oil – something the US was never going to do without. And most of the non-oil exports come from a handful of southern African nations, which have boosted their clothing and textile trade with America.

Even these gains are now under threat. There is a plan before the Obama administration to expand the preferential trade terms in Agoa to other developing states. This is being fiercely resisted by Washington’s vocal African-American lobby.

This issue is critical, but so too is the question of American subsidies to its farmers. It undercuts African farmers, making it impossible for them to compete in international markets. But here the US has so far dug in its heels.

She said Africa had all the ingredients for growth, prosperity and progress and should reject corruption.

“The solution starts with transparency. A famous judge in my country once said that sunlight is the best disinfectant. And there’s a lot of sunlight in Africa,” she said.

“We can’t seem to get past the idea that the continent has enormous potential for progress.

“Too often the media’s portrayal is so much less than that. But such notions are not only stale and outdated – they are wrong.”

The greatest opportunity for Africa lay in boosting trade within the continent, she said.

Mrs Clinton ended by shining the spotlight on Africa’s women saying they had often been marginalised but were key to transforming economies.

She will hold talks with Kenyan President Mwai Kibaki and Prime Minister Raila Odinga later.

Before Mrs Clinton arrived in Kenya, the US embassy in Nairobi issued a statement scolding Kenya for its decision not to set up a local court to seek justice for the victims of the country’s post-poll clashes.

At least 1,300 people died during clashes following the disputed December 2007 election.

“The US is deeply concerned by the coalition government’s decision that appears to indicate it will not pursue establishment of an independent Special Tribunal to hold accountable perpetrators of post-election violence,” the US government said in the statement.

Meanwhile, Somali President Sheik Sharif Sheik Ahmed said his planned meeting with Mrs Clinton in Kenya would be “a golden chance for the Somali people and government”.

“It signals how the American government, the Obama administration and the international community are willing to support Somalia this time,” he said, referring to earlier failed peacekeeping missions to the country.

Mrs Clinton will also visit South Africa, Nigeria, Angola, Liberia, the Democratic Republic of Congo and Cape Verde.

SOURCED FROM BBC