Nigeria's former Vice- President On The List Of Debtors

SOURCE BBC

Nigeria's former vice-president and opposition leader Atiku Abubakar is included in a list released by the Central Bank of major bank debtors.
The list says Mr. Abubakar owes 111m naira ($730,000; £450,000) - though he says he will pay the money back.
It also names 600 others who owe a total of $2.5bn.
The non-repaying of these debts is a major factor in the recent government takeover of several banks, and has caused a scandal in the country.
The BBC's Caroline Duffield in Lagos says the latest move by the Central Bank 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 is on the run - he is thought to be in the UK, our correspondent says.
Powerful people
The list of debtors to the Bank PHB, Equitorial Trust Bank, Spring Bank and Unity Bank was posted on the Central Bank website on Wednesday evening.
Debts owed to a fifth bank, Wema Bank, have not been revealed.
Other powerful people on the list include:
• Aliko Dangote, president of Nigeria's Stock Exchange, who is Africa's wealthiest man
• Culture Minister Adetokunbo Kayode
• Peter Ololo, a stockbroker, who has the largest debt of more than $110m.
Our reporter says Mr Ololo was previously relatively unknown to the public, 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 Nigeria and the local governments of Bauchi and Anambra States.
It brings the total of Nigeria's bad debts uncovered by Central Bank governor Lamido Sanusi to about $10bn.
The anti-fraud police say they are now begin building a case against the most recently sacked chief executives.
Correspondents say the debtors may have their property confiscated and could face arrest.
But Mr Abubakar said in a statement the debt was from an "old, dormant account".
"I have since resumed talks with the bank on the issue and the matter will be resolved. We will pay the outstanding sum as soon as it is agreed upon," he said.
Mr Abubakar served as Olusegun Obasanjo's vice-president but fell out with him and was suspended from the ruling People's Democratic Party in 2006 after he was accused of diverting $125m to personal businesses - accusations he denied.
In a biography that came out before the 2007 presidential election, in which Mr 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"