Atiku Abubakar is on the list with 600 other wealthy Nigerians
This list says Atiku Abubakar owes N111 million ($730,000; £450,000) and names 600 others who owe a total of $2.5 billion.
The non-repaying of these debts is a major factor in the recent government takeover of several banks.
The scale of the debt has created a scandal in Nigeria. The latest move by the Central Bank of Nigeria (CBN) marks the end of its forensic audit of Nigeria’s 24 financial institutions.
The scandal emerged in August as the government stepped in to take control of five banks – sacking their management teams.
Four chief executives were arrested – they are now being prosecuted on multiple fraud charges.
A fifth chief executive, Erastus Akingbola, former CEO of Intercontinental Bank, is on the run – he is thought to be in the UK.
The list of debtors to Bank PHB, Equitorial Trust Bank, Spring Bank, Wema Bank, and Unity Bank was made available on Wednesday evening.
Other powerful people on the list include:
- Aliko Dangote, President of the Nigerian Stock Exchange (NSE), one of Africa’s wealthiest men
- Culture Minister Adetokunbo Kayode
- Peter Okolo, a stockbroker, who has the largest debt of more than $110 million.
Peter Okolo was previously unknown, but has been dubbed “the man who brought down the banks” by Nigeria’s press.
Among the other debtors listed were the oil company Conoil, Peugeot Automobiles of Nigeria and the local governments of Bauchi and Anambra States.
This brings the total of Nigeria’s bad debts uncovered by Central Bank governor Lamido Sanusi to about $5 billion.
The anti-fraud watchdog, the Economic and Financial Crimes Commission (EFCC), say it is now begin building a case against the most recently sacked bank chief executives. Atiku Abubakar and the other debtors may have their property confiscated and could face arrest.
Atiku Abubakar served as Olusegun Obasanjo’s vice-president but fell out with him and was suspended from the ruling People’s Democratic Party (PDP) in 2006 after he was accused of diverting $125 million to personal businesses – accusations he denied.
In a biography that came out before the 2007 presidential election, in which Atiku Abubakar came third, he attributed his wealth to “wise investments, hard work, and sheer luck of being at the right place at the right time”.
Read more on Banking in Nigeria
Central Bank of Nigeria (CBN) | Bank PHB | Spring Bank | Equitorial Trust Bank | Wema Bank | Unity Bank
Source(s): BBC News
