Femi Otedola's Fraud

An Otedola debt to the banking industry has remained for a while owing to unpaid since 2009.

You recall that he owes Zenith Bank Plc N68.110 billion till date and this is one of the reasons they took over his Zenon office on Ajose Adeogun Street.

He also owes United Bank of Africa Plc (UBA) the sum of N36.863 billion till date.

He has no capacity to meet his obligations and this public show of force and mis-direction is simply a ploy to cover up what the industry has decided to rid itself off.

People cannot make promises and simply chose not to pay.

Here is a confidential email correspondence between top UBA executives.

From:                   @ubagroup.com>

To:                       @ubagroup.com>

Sent:     Wed, Mar 4, 2009 11:14 am

Subject: Speaking with Femi Otedola

Good Morning Sir,

I had a discussion with FO on the various outstanding on his account and the prospect of new businesses despite the huge debit. This was based on my plea to Akin to intervene on our behalf as we cannot reach him and it appears Busola is clueless as to what to do or say. From his analysis, he seemed confident that he is capable of repaying but he needs time.

He claims he had exchange losses of up to N16bn which affected them but they are still importing and have cargoes worth N23bn yet to be discharged; shipped. He also expects that they will make a profit of N800m per cargo. He also claims that he is trying to recover some money from the FG on the importation of DPK in the region of N17bn. On net worth within the oil industry, he says he has shares worth N70bn on AP, N12bn onChevron and N5bn on Mobil.

I guess these values would have diminished.

On possible repayment sources aside from the N800m per cargo, he said the following sources are available to him:

  1. Payment from AP via PPPRA amounting to N11bn.
  1. Income from Dividend on shares amounting to N20bn
  1. Profit from Fineshade UK per month between $6-7M Rental income on properties per year amounting to N2bn.
  1. Rental income from AP on Walter Carrington at N5bn for 8 years.

However, it appears that FO is fond of overvaluing his assets and I am not sure if they have been used as collateral with other banks. There’s also the issue of the AFC certificates which he claims have not been delivered to him even though other shareholders have received theirs.

He had tried talking to PO on my prompting but his line was off and I found that he was airborne at the time. I have told him I will give both you and PO his number so that you both can talk to him.

Please Sir, you can stress the fact that they need to make substantial payments like his competitors are doing and enquire about the AP rental as I was not sure whether he said he had collected the money or that they were to pay him.

Lastly, he said that Zenith has restructured his loan of about N30bn for about 3 years and have given him fresh funds to trade hence the bids we are seeing. This, he was able to do with the outstanding of JIM which UBA does not have.

His number is 080X XXX XXXX. Thanks

In the past three weeks, the Nigerian media have been awash with stories of the various dirty tricks employed by bank debtors to discredit their banks, impugn the integrity of bank CEOs and cleverly divert attention from the issue of their long standing indebtedness.

This smear campaign has always been a dubious means of winning the sympathy of unsuspecting members of the public and giving bankers bad names in order to hang them.

Banks and other financial institutions have a sacred role to play in the development of any economy. The thrust of this role is the need for financial inter mediation, i. e. mobilizing credit from the surplus areas of the economy to the needy areas. In the process of doing this, loans are created and credit banking relationships are created. The money given to borrowers are deposits mobilized from other customers at various levels of interest rate payments. Such money is lent to borrowers also at various levels of interest payments so that the bank could cover the cost of sourcing for the funds and also cover other administrative costs.

The issue of the relationship between a bank and its debtor is supposed to be a simple and straightforward one with both parties being very clear about their obligations and the necessary rules of engagement. However, this has not been so in Nigeria where banks and their creditors have been at daggers drawn following the breakdown of their relationships. Yet, such relationships are expected to be carefully managed for the mutual benefits of both the lender and the borrower. Banks survive on both creditors and debtors. An individual could be a creditor as well as a debtor; that is he could give a bank deposit and still borrow from the bank.

Bank-debtor relationships are never frosty at the beginning but warm and convivial. Banks look forward to being able to cover their cost and make some profit with which sundry obligations are met. Salaries are paid, shareholders receive dividends, taxes are paid to government, social responsibility projects are funded. Generally, wealth is created and meaningful contributions are made to overall economic growth. On the part of the borrower, the bank is seen as a ‘Messiah’, the backbone of his enterprise whether small or big. The bank puts a smile on the face of the borrowing customer in times of financial pressure or outright difficulty.

This cordial relationship that has evolved over the centuries is now being threatened due to the increasing level of failed bank borrowings occasioned by the growing penchant of debtors to default and also attack banks. In every part of the world, sour bank-debtor relationships have led to litigations, dirty smear campaigns in the media and in extreme cases, physical assaults. Businesses have been foreclosed on default, individuals have been sentenced to prison terms and, in many cases, the lending institutions have collapsed with attendant job losses, dipping government revenue, erosion of shareholders’ funds and more.

In Nigeria , the banking sector has suffered from the antics of bad debtors. Not just bad debtors as they exist in other climes, but debtors who obtain credits with absolutely no intention of repayment. Nigeria has had an ugly history of debtors who exploit the weaknesses of banks’ credit policy administration, manipulate the system and mobilize every political, socio-cultural, legal, religious and economic power base to evade repayment.

Banks too have compromised in some instances.

They have been accused of hidden/excessive charges, manipulation of customers’ accounts, unauthorized withdrawals and other misconduct. Many bank officials have been found guilty of aiding and abetting loan customers to submit fake documents and contrive complex legal issues that enable borrowers to avoid or delay re-payment. Loan customers also collude with banks’ credit officers who compromise their integrity and brazenly subvert extant bank policies.

Basically, both parties are guilty of gross ethical and professional misconduct.

The cleansing of the banking system by the CBN in 2009 led to revelations that the eight rescued banks were being owed an estimated N750 billion ($5 billion) by seemingly and perceived reputable individuals and organizations. We all know that banks have reputation problems typified by poor customer service, fraudulent practices, with some of their key managers being guilty of contributory negligence in the issue of delinquent loans.

However, all of these do not justify the failure of debtors to repay and there can be no moral justification for a big debtor to use his resources, closeness to government officials or influence in the mass media to make spurious allegations against banks and hoodwink the public.

As much as we all have issues with banks over their excesses and shortcomings, the news that some well-placed Nigerians who are owing banks huge sums are also embarking on smear campaigns to discredit bank CEOs is a source for concern for all those who appreciate the good works of CBN Governor, Lamido Sanusi in reforming the nation’s banking system.

So what’s the problem with bank-debtor relationship in Nigeria ? What makes our environment a fertile ground not just for bad debts, but to a whole army of intransigent, arm-twisting, mudslinging and hostile bank borrowers?

Financial analysts and financial operators observed that some borrowers ab initio approach banks for credit with full intention of no repayment. Although bank credit default is global, the scenario of hostile bank debtors in Nigeria gives serious cause for concern.

All stakeholders in the nation’s banking sector must rally round to save banks from another round of distress occasioned by loan defaults. Government must intensify its good efforts in this area. The setting up of the Assets Management Company of Nigeria (AMCON) is good. AMCON will temporarily take the heat off banks by buying over the delinquent loans and ensuring that banks are able to continue meeting their obligations.

However, the AMCON approach alone will not achieve enduring results. While we hope and pray that AMCON’s operations are not politicized and crippled by strong political personalities like we have witnessed with EFCC and other laudable government intervention mechanisms, the Nigerian Government is expected to come up with other stringent policies that will make deliberate and willful loan defaults a criminal offense. We need Government through its central banker, the CBN, to work with banks in introducing pro-active, long-term and more rigorous plans to reduce willful loan defaults and to punish offenders.

Previous efforts to handle this issue through the Failed Banks Tribunal and the Special Bank Loan Courts should be refined and re-considered if the situation persists.

There are so many reasons why bank debtors should not be allowed to walk the streets free with their “loots” and then turn around to attack the banks that gave them money to fund their businesses and projects. Some of them are listed below:

1. The high cost of bailout of failing banks to the government through the CBN’s direct intervention of N620 billion bring to the fore the level of damage that recalcitrant borrowing persons and companies have done not just to the banking institutions but to the economy at large.

2. Unpaid loans erode banks capital and hinder their operations. When their operations are hindered, they fail to meet up with simple obligations to depositors and other shareholders.

3. Significant loan losses in extreme cases could lead to bank failures with attendant job and investment losses, economic collapse, etc.

4. Unpaid loans affect banks’ ability to lend to other customers thereby stifling the growth of the real and productive sectors of the economy.

5. Run away bank debtors will make a mockery of the good works that the CBN has been doing since the 14 August, 2009 big bang intervention. Under Sanusi Lamido, the CBN has made good progress in the areas of ensuring full disclosure, transparent operations and detailed financial reporting, strict risk management practices and good corporate governance.

Banks cannot stop lending because that will negate the essence of their existence, hurt the economy and reduce their level of profitability. Nigeria ’s economy is groaning under a declining private sector credit that is outweighed by as much as 73% credit to the government as at December 2010.

To counter the recent spate of smear campaigns mounted against some bank CEOs by some dubious and delinquent borrowers, some analysts have suggested a revisit of the August 2009 publication of the list of huge debtors in banks by the CBN. The banks have been advised to re-classify the list of all huge and delinquent debtors and publish the list in the media.

On a lighter note, however, perhaps the banks themselves should gang up against the recalcitrant debtors and go after them collectively. Frankly speaking, the time has come for some sort of reasonableness on the part of debtors and the banks. Both are in dire straits of some sort at the moment and they need each other to survive the present trying times.

Can we have a détente, please?

Several months after he is believed to have reached an amicable settlement with Access Bank over his $35,153,822.15 outstanding debt owed along with his companies, Femi Otedola, businessman and President, Zenon Oil & Gas, among others, may have returned to the trenches with his former friends- bank chief executives.

While Otedola’s celebrated face-off with Access Bank in 2009 was over the exchange rate used in computing his indebtedness, the chairman of African Petroleum Plc, is now battling to save his prime assets particularly in Lagos , Abuja and Port-Harcourt from being taken over.

Going by the writ of summons in the Lagos Division of the Federal High Court (suit No. FHC/L/446/2011) between Zenon Petroleum & Gas and five banks- Access Bank, First City Monument, Guaranty Trust, United Bank for Africa and Zenith, the plaintiff accused the defendants of wrongfully computing its debt (principal and interest) to N169.953 billion or $1.133 billion as of December 31, 2010.

A breakdown of the sum puts his debt to Zenith Bank at N68.109 billion; UBA, N36.862 billion; GTBank, N30.732 billion; FCMB, N18.722 billion; and Access Bank, N15.526 billion in both principal and accrued interest over the period. The five-paged writ of April 12, 2011, is believed to have been triggered by the Mareva Injunction obtained by Access Bank.

Although it is not known for how long the debt has accumulated, the books of most of the banks are believed to have taken serious bashing as a result of heavy provisions arising from their exposure to debts like this, with significant impact on the profitability of some of them.

Central Bank of Nigeria (CBN) prudential guidelines stipulate that any debt that remains non-performing (with interest/ or principal outstanding) for a period of between 90 days and 180 days is classified substandard and requires 10 per cent provision. When the situation subsist for between 181 and 360 days, the loan becomes doubtful and the bank expected to provide for it 50 per cent. When there is no change in status beyond 360 days, the regulation requires the affected bank to consider the loan as lost and make full 100 per cent provision. The classification and datelines however varies for some specialized industries like agriculture, mortgage, margin, project finance, income producing real estate and SME loans, among others, which may not necessarily have short-term gestation periods.

According to one industry source at the weekend, although there is no dispute about whether Zenon obtained loans from all five banks, following which there is a dispute over the interest element, “there has been no concrete attempt to pay back the undisputed portion.”

Pledged primarily for the loans to the various banks are prime landed properties, while shares were used as secondary collaterals such as: 159.395 million units, 67.053 million units and 36.4 million shares of AP Plc to Zenith Bank, FCMB and UBA respectively. Zenon and Otedola also pledged 1.441 billion units of Zenith Bank shares to the bank, in addition to 24.813 million units of MRS Oil, and 14.163 million shares of Mobil Oil; 1.85 million units of Zenith also to UBA; and another 1.775 million units of MRS to FCMB.

Assets pledged for the loans are estimated at about N70 billion, out of which the shares listed above is worth about N30.963 billion, going by closing prices on the Nigerian Stock Exchange (NSE) at the close of trading on Friday, April 15, 2011.

According to the writ, “the Plaintiff states that its Statement of Account with the respective Defendants contains various illegal and wrongful deductions. The plaintiff shall at trial rely on a bundle of banks statements from the defendants’ banks, (arguing further) that all charges, debits and deductions to its accounts by defendants are not in line with CBN regulations.”

Zenon in the statement of claim noted that the indebtedness is that high because of illegal and excess bank charges inclusive of interest debited to its accounts by the banks.

The plaintiff therefore prayed the court to declare the said indebtedness “incorrect, inaccurate and not in accordance with the prevailing contract between the parties,” besides seeking a declaration that he is “entitled to a refund and full recovery of all excess charges and 100 per cent penalty from the defendants together with interest thereon arising from the management of the Plaintiff’s account by the Defendants in contravention of the Monetary Credit, Foreign Trade and Exchange Policy No. 37 of January, 2006 and all subsequent monetary Guidelines of CBN in that regards.”

Otedola also wants the court to order the appointment of a firm of accountants/auditor to work on the accounts to determine the true level of indebtedness to the various banks.

This is in addition to seeking “an Order of perpetual injunction restraining the defendants, their privies, agents, servants, assigns or whosoever from dealing with, disposing of, selling and/or transferring any of the plaintiff’s physical assets or stocks pledged, mortgaged, issued and/or deposited by the plaintiff to the defendants as security for the facilities granted.”

CBN’s worry

Reacting to the growing spate of bank/customer dispute over indebtedness, some weeks ago, the CBN expressed deep concerns over the media war between banks and their estranged customers, especially as it relates to failure to meet maturing obligations and other contract terms.

Kingsley Moghalu, Deputy Governor, Financial System Stability of the CBN, assured journalists in Lagos some weeks ago that the apex bank will take steps, working in concert with the security agencies to check the menace of borrowers who go about harassing creditor-banks.

He was reacting to media reports earlier in the week that bank chiefs are lamenting the fast returning trend of debtors who rather than negotiate their facilities, resort to smear campaigns to blackmail bank managements.

“The CBN is not folding its hands about these types of things. Going forward we are going to be taking every steps together with the law enforcement authority to help protect banks from the menace of harassing borrowers. It is a very appalling situation, but we are doing something about it together with the law enforcement agents,” Moghalu assured.

In a chat recently, a top industry source who crave anonymity lamented that “the impact of the actions of debtors presents real challenges not only to the perception of the banking industry but the economy at large. Under the new dispensation with AMCON, we may have to simply transfer these debts to AMCON (Asset Management Corporation of Nigeria ) and have them handle the cases as intended by the CBN. What the bad debtor then achieves is that a bank loan which ordinarily should be a short-term facility then becomes a medium to long-term instrument when it is sold to AMCON. As you know, AMCON would be interested in ensuring that the bad loan is restructured thereby elongating its lifespan and giving the debtor more time to pay up.”

Conclusion

The unwillingness to pay is seen as a major problem as seen in the failure to the unpaid principal, which is the undisputed portion of the debt, with serious implications for the industry. At risk are the huge depositors’ funds from which the loans were made, and the income that would have been earned from the loans, that the banks would made a profit for the benefit of stakeholders like taxes to government, payments to contractors, consultants and then dividend to shareholders.

This, according to industry watchers, is indeed dangerous for the nation’s financial system, which urgently needs to break away from the past. The problem, the argument goes, for example, is that banks could become discouraged and begin to deny some other genuine entrepreneurs and critical sectors the much needed lifeline to remain in business.

“When this happens, economic growth can become stifled, destroying entrepreneurial spirit that is now being unleashed on the country today,” another source explained.

In its rejoinder to the publication by Access Bank in national dailies, Zenon Petroleum accused the bank of festering the dispute, due to its recalcitrant and unprofessional attitude, as a result of which attempts to agree on a true and realistic account balance to enable it redeem the obligations, had been futile.

“Zenon Petroleum and Gas Limited, as a responsible corporate organisation, remain committed to its financial obligations.”

Our correspondent learnt however that, on the contrary, the plaintiff exhausted various means to avoid payments – delayed responses, scuttled agreements, disputed charges and the resort to deploying the ‘mischievous tactic of using the media to embarrass and impugn the reputation of banks and their principals; some debtors are not letting up.

Our correspondent could not ascertain as at press time whether any former report on the issue has been made to the Chartered Institute of Bankers of Nigeria (CIBN), but already, a pip into the financials so far published by various banks reveal their reluctance to grant new credits, a fundamental element of the business. While Skye Bank has so far reported the highest growth of 20 per cent in loans and advances in 2010, compared to previous year, Access Bank followed with 12 per cent. They were trailed from afar by First Bank with 5.5 per cent; Zenith, 2.0 per cent; and UBA, 1.3 per cent.

There is a consensus on the critical need to encourage banks to continue playing their roles of deposit mobilisation, credit creation and extension. But first, the system, and indeed, stakeholders must encourage them to do so. This is besides the need to ensure that all structures like credit bureaux are in place and strengthened to ensure that recalcitrant debtors do not continue to feast on the inadequacies of the society and its laws.

Unarguably, the huge non-performing loans (NPLs) otherwise called bad debts was mainly responsible for the 2009 ‘tsunami’ that swept across the banking sector. The report of the joint audit conducted on all the banks in the country by the Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC) put the NPLs in the sector in excess of N2 trillion. A deeper probe showed that most of the bad debts are actually owed by highly placed individuals and corporate organisations that refused to meet their repayment obligations. The delinquent loans were mainly those extended to stock market operators and oil marketers.

For connivance, top bank chiefs of eight banks, including Intercontinental Bank, Oceanic Bank, Finbank, Afribank, Union Bank, Spring Bank, Bank PHB and Equitorial Trust Bank, were sent packing from their jobs and majority of them are still facing the full wrath of the law.

The CBN Governor, Mallam Lamido Sanusi, presented a lucid picture and evidence on how such loans were extended to individuals and corporate organisations without collaterals and in some cases to cronies, taking to cognizance that such loans would never be paid back.

The sector is now faced with the moral hazard in enforcing the willingness of debtors to pay and being responsible for debts obtained. Various antics are now being employed by the debtors to evade repayment.

The issue of debtors refusing to meet their payment obligations is not new in the country. Not too long ago, precisely in 1994, the Military administration of Late General Sani Abacha rolled out the Failed Banks Tribunal (Recovery of Debts) Decree 18. The first of such financial sector legislation in the country’s history, the Decree sought and recovered hundreds of millions of naira from bank debtors as well as some bank Directors. The Failed Bank Decree was the fallout of the collapse of some 23 commercial banks in just one day in 1993.

Also, in 2009, the Senate released a document entitled: ‘Re: Schedule of Insider Credit of Banks Closed on 16th January, 2006′, submitted to it by the NDIC. The document unveiled list of debtors to some banks. In summary, the insider-related credit amounted to N53.3 billion, out of which the corporation was only able to recover N4.722 billion or 8.85 per cent. Those whose names were on that list are walking the streets free men leaving the depositors and shareholders of the affected banks to lick their wound.

Understanding Bad Debt
The dictionary of banking terms describes bad debt as loans classified as a probable loss and has no economic values. They are loans receivable that have proven non-collectable and are written off. In a nut shell, bad debts are account receivable that will likely remain uncollectable and will be written off. They appear as an expense on the company’s income statement, thus reducing net income.

CBN prudential guidelines stipulate that any debt that remains non-performing (with interest/ or principal outstanding) for a period of between 90 days and 180 days is classified substandard and requires 10 per cent provision. When the situation subsist for between 181 and 360 days, the loan becomes doubtful and the bank is expected to provide for it 50 per cent. When there is no change in status beyond 360 days, the regulation requires the affected bank to consider the loan as lost and make full 100 per cent provision.

Debtors, Banks’ Relationship
Granting of credits is an integral function of banks. The banks provide the medium where individuals, corporate organisations and even governments access loan facilities.

Therefore, the relationship between a bank and its debtor ought to be a simple and straight forward one with both parties being very clear about their obligations and the necessary rules of engagement.

In every part of the world, bank-debtor sour relationship has given birth to litigations, special courts have been set up to handle the crisis, businesses have been foreclosed on default, individuals have been sent to prison terms and, in many cases, the lending institution have collapsed with attendant job losses, government revenue, shareholders funds and more.However, in Nigeria, the banking sector has had a history of being bedeviled with bad debtors. Not just bad debtors as they exist in other climes, but debtors who obtain credits with absolutely no intention of repayment. The debtors manipulate the system and muster every socio-cultural, legal, religious and economic powerbase to evade repayment.

This, in a nutshell, has posed a serious challenge on the willingness of banks to lend.

Debtors’ Tactics
To evade debt repayment, banks’ debtors have devised various new tactics to buy more time so that on the long run, they might end up not paying the loan. Some of the crude methods deployed by the debtors are targeted at appealing to public sentiments that the debts owed are actually part of the capital their organisations, which employ thousands of Nigerians, are using to run business. Apart from using the media to launch a virulent campaign of calumny against the banks, they are also using the instrumentality of law to cause a delay. Some categories of bank debtors have tried selling off such assets pledged as securities for loans in their bid to altogether avoid any payment as was the practice before.Some of them are also said to be waiting for the bad bank otherwise known as Asset Management Company of Nigeria (AMCON); as a debt escape route and had deliberately ensured that their debts, especially the partially secured and non-secured type went bad through deliberate default steps.

Case Studies
For some time now, the media has been awash with reports of how a billionaire business magnate, a key player in the downstream sector of the economy, who legitimately accessed loans from several banks, is now employing various tricks to evade repayment.

According to the reports, the said debtor owes five banks N169.953 billion or $1.133 billion as of December 31, 2010. A breakdown of the sum puts his debt to Zenith Bank at N68.109 billion; UBA, N36.862 billion; GTBank, N30.732 billion; FCMB, N18.722 billion; and Access Bank, N15.526 billion in both principal and accrued interest over the period.

To possibly evade repayment, the business mogul is said to have resorted to the law court claiming that the indebtedness is high because of illegal and excess bank charges inclusive of interest debited to its accounts by the banks.

Apart from seeking an Order of perpetual injunction restraining the defendants, he also wants the court to order the appointment of a firm of accountants/auditor to work on the accounts to determine the true level of indebtedness to the various banks.

There is also report of a stockbroker whose companies owe N88.3 billion. He also admits owing the following UBA N12.7billion; Zenith Bank N10billion, Ecobank N3.95billion; GTBank N1.4billion’ Bank PHB N8.5billion; Standard Chartered Bank N5billion, Stanbic Bank (Self) N300million; First Bank N7.3billio, and FCMB N2.3billion.

Role of CBN
In the face of this dilemma, analysts have queried the role of CBN, the sector regulator.

Post audit report; the apex bank went ahead to publish names of the debtors that owe eight of the bailed out banks a total of N747billion and implored the various law enforcement agencies, particularly the Economic and Financial Crimes Commission (EFCC) to assist in the debt recovery drive. In less than two months, the EFCC reported a recovering of about N171.045, 670,248 billion from debtors of seven of the eight banks with bad loan portfolios. Also, the CBN instituted managements in the eight rescued banks embarked on aggressive debt recoveries which recorded resounding success.

Top CBN officials have maintained at various fora that the banking watchdog is working in concert with the security agencies to check the menace of borrowers who go about harassing creditor-banks with the intention not to pay back their debts.

Conclusion
While this game lasts, the economy bears the brunt. Having had their fingers burnt, the banks are now shy at lending to customers and this is greatly impacting on the economy. Fears are being expressed that if debtors’ subterfuge to delay or evade repayment sails through, it represents a danger not only to the banking sector but to the economy.

Only at the weekend, a bank chief executive told newsmen that lending is no longer business as usual, stating that apart from following due process, credit was now only being extended to those who could meet their obligations on the agreed terms.

He admitted that banks are now shy at lending for speculative purposes such as to the capital market or oil marketers.

He was optimistic that the take-off of credit bureaus in the country would check serial borrowers and promote lending.

There is a consensus on the critical need to encourage banks to continue playing their roles of deposit mobilisation, credit creation and extension. Therefore, adequate structure should be put in place to ensure that recalcitrant debtors do not continue to feast on the inadequacies of the society and its laws.

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