Wednesday, September 23, 2009
Nigeria compared with USA, UK - Edmond's testimony appears also
Nigeria's Central Bank governor Sanusi is considered a hero by some. Mr Sanusi's reforms have rocked Nigeria's financial sector and led to five bank bosses being fired. His choice of approach has been likened to a bull in a china shop and he has been called the most unpopular man in Nigeria.
List of debtors of the Federal Mortgage Bank of Nigeria (FMBN) that may face court action in October include big names in Nigeria. Prominent in the list include Oludare Bello whose company CITEC International Estate Ltd owes N1.7 billion (about 28 million UK£), Yemi Obadeyi whose company Cambial Limited is to pay N2 billion and Ehi Musibau and Sijuades of Same Global system Ltd with a debt of N1.6 billion. Alhaji Lateef Jakande's company, the Good Homes Estate Ltd owes N219 million, Chief Okoya Thomas's company, Netconstruct Nigeria Ltd owes N454 million, Major General Magoro's company, Modular limited owes N332 million and Hajia Amina Abubakar of Imani and Sons Limited owes N249 million. Apostle Hayford Alile of Shelter Initiatives Limited with N295 million, Dr. Yemi Ogunbiyi of Tanus Property Dev Ltd with N198 million and Chief Gabriel Karibo's family company, Atasi-Isi Supplies and Services owes N723 million.
IMO: OK, in any system involving Islamic banking some say loans should be interest free. But I considered helping to set up an Islamic bank (not in Nigeria) and I know the borrowers do have to repay - and then some. It seems to me some people were as bad as Fred Goodwin, and even worse, they just wanted to pocket other people's money like the (non Islamic) Madoff in the USA.
IMO: Madoff and his non-Islamic pals, and people like Fred Goodwin might more or less get away with it, but Mr. Sanusi does not want that in Nigeria. Put the leading bankers in prison for a long time in the UK and US also, many people say.
IMO: And in the UK and US it is even worse, Sibel Edmond's testimony out today makes it plain that there is substantial corruption in high places throughout the USA. Let us hope Obama makes a start to improve things - over Bush and those earlier Presidents. The cases of Grossman and Dickerson in the US for example should clearly involve prison sentences - but will they.
Edmonds on US universities: "The Turkish agents had a network of Turkish professors in various universities with access to government information. Their top source was a Turkish-born professor of nuclear physics at the Massachusetts Institute of Technology. He was useful because MIT would place a bunch of Ph.D. or graduate-level students in various nuclear facilities like Sandia or Los Alamos, and some of them were able to work for the Air Force. He would provide the list of Ph.D. students who should get these positions. In some cases, the Turkish military attaché would ask that certain students be placed in important positions. And they were not necessarily all Turkish, but the ones they selected had struck deals with the Turkish agents to provide information in return for money. If for some reason they had difficulty getting a security clearance, Grossman would ensure that the State Department would arrange to clear them."
IMO: Universities are not sacrosanct and whilst we certainly do not want a witch hunt, security matters should be clearly dealt with as yet more A.Q. Kahns are the last thing we need.
List of debtors of the Federal Mortgage Bank of Nigeria (FMBN) that may face court action in October include big names in Nigeria. Prominent in the list include Oludare Bello whose company CITEC International Estate Ltd owes N1.7 billion (about 28 million UK£), Yemi Obadeyi whose company Cambial Limited is to pay N2 billion and Ehi Musibau and Sijuades of Same Global system Ltd with a debt of N1.6 billion. Alhaji Lateef Jakande's company, the Good Homes Estate Ltd owes N219 million, Chief Okoya Thomas's company, Netconstruct Nigeria Ltd owes N454 million, Major General Magoro's company, Modular limited owes N332 million and Hajia Amina Abubakar of Imani and Sons Limited owes N249 million. Apostle Hayford Alile of Shelter Initiatives Limited with N295 million, Dr. Yemi Ogunbiyi of Tanus Property Dev Ltd with N198 million and Chief Gabriel Karibo's family company, Atasi-Isi Supplies and Services owes N723 million.
IMO: OK, in any system involving Islamic banking some say loans should be interest free. But I considered helping to set up an Islamic bank (not in Nigeria) and I know the borrowers do have to repay - and then some. It seems to me some people were as bad as Fred Goodwin, and even worse, they just wanted to pocket other people's money like the (non Islamic) Madoff in the USA.
IMO: Madoff and his non-Islamic pals, and people like Fred Goodwin might more or less get away with it, but Mr. Sanusi does not want that in Nigeria. Put the leading bankers in prison for a long time in the UK and US also, many people say.
IMO: And in the UK and US it is even worse, Sibel Edmond's testimony out today makes it plain that there is substantial corruption in high places throughout the USA. Let us hope Obama makes a start to improve things - over Bush and those earlier Presidents. The cases of Grossman and Dickerson in the US for example should clearly involve prison sentences - but will they.
Edmonds on US universities: "The Turkish agents had a network of Turkish professors in various universities with access to government information. Their top source was a Turkish-born professor of nuclear physics at the Massachusetts Institute of Technology. He was useful because MIT would place a bunch of Ph.D. or graduate-level students in various nuclear facilities like Sandia or Los Alamos, and some of them were able to work for the Air Force. He would provide the list of Ph.D. students who should get these positions. In some cases, the Turkish military attaché would ask that certain students be placed in important positions. And they were not necessarily all Turkish, but the ones they selected had struck deals with the Turkish agents to provide information in return for money. If for some reason they had difficulty getting a security clearance, Grossman would ensure that the State Department would arrange to clear them."
IMO: Universities are not sacrosanct and whilst we certainly do not want a witch hunt, security matters should be clearly dealt with as yet more A.Q. Kahns are the last thing we need.
# posted by uv : 4:39 AM
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