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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > International > Article Home Business & Finance News U.S. Politics International Technology Entertainment Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Nigeria threatens to arrest bank debtors, seize assets Wed Aug 19, 2009 4:10pm EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Nick Tattersall LAGOS (Reuters) - Nigeria's anti-graft police have given defaulting debtors of five banks rescued in a $2.6 billion bailout, including some of the nation's most powerful tycoons, a week to organize repayment or face arrest and asset seizures. Farida Waziri, chairwoman of the Economic and Financial Crimes Commission (EFCC), set the deadline hours after the central bank published a list of the banks' debtors and warned they would face legal action if they did not pay up. "She has given them one week to bring in their money to the commission or they risk arrest, prosecution and losing their assets all over the country," EFCC spokesman Femi Babafemi said on Wednesday. The central bank's list of more than 200 firms, individuals and state bodies contains stockbrokers and local oil and gas firms as well as larger companies, including conglomerates Transcorp and Dangote Industries and fuel distributors African Petroleum and Oando Plc. The names listed as directors and shareholders in some of the defaulting companies read like a roll-call of the great and the good of Nigeria's corporate aristocracy. It includes two of the country's best-known tycoons, Aliko Dangote and Femi Otedola -- the only Nigerians on the latest Forbes billionaires list, worth $2.5 billion and $1.2 billion respectively -- as well as Ndi Okereke-Onyiuke, director-general of the stock exchange and chairman of Transcorp. Aigboje Aig-Imoukhuede, the group managing director of Access Bank, is also listed as the director of a firm owing more than 16 billion naira ($107 million). "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," the central bank said in a statement. "These are the largest debtors and the CBN will continue to publish the list of defaulters on an on-going basis." The central bank last Friday injected 400 billion naira ($2.6 billion) into Afribank, Finbank, Intercontinental Bank, Oceanic Bank and Union Bank and sacked their chief executives. The banks had notched up bad loans totaling 1.14 trillion naira ($7.6 billion), and the regulator said lax governance had left them so weakly capitalized that they posed a threat to the banking system in sub-Saharan Africa's second biggest economy. The naira was broadly stable at around 158.30 to the dollar on the interbank market on Wednesday, although volume remained low with foreign counterparties nervous about trading, while the stock market fell 2.6 percent with only five of more than 200 stocks notching up gains. NEW CHAPTER? Corruption, lax regulation and weak corporate governance have long been top of the list of concerns for foreign investors in Nigeria. Analysts say the move by Central Bank Governor Lamido Sanusi, who has been in the job just two months, could be the start of a major change in the business landscape. The sacking of the senior management of the five banks sent shockwaves through the corporate establishment. The regulator said the institutions would be run as going concerns until new investors could be found to recapitalize them. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: Mexico hit by lowest rainfall in 68 years Special Coverage: Afghanistan and Pakistan Road to the election The outcome of the presidential vote in Afghanistan on Thursday hangs on the clout of old warlords and the threat of violence. 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