Activist narrates how Stanbic IBTC deliberately denies Nigerian businesses opportunity to grow

Investor, farmer and social rights activist, Patriot Patrick Eholor has lambasted the banking industry of Nigeria for what he described as its high-handedness in giving out loans to investors, describing them as deliberately making it impossible to get loans and build businesses.

Eholor particularly took Stanbic IBTC to the cleaners over the bank’s refusal to grant him a loan request, even when he was eminently qualified for such a loan.

The activist who said he only fell short of literally giving out his blood as collateral to the bank, said he has instructed the bank to close all his accounts within the next 24 hours.

The fiery activist also informed Jungle Journalist Media Limited that he decided to close all his accounts with the bank because the bank has proven to be useless, not just to him but to teeming Nigerian investors.

Eholor has asked the bank to close his accounts within 24 hours

His words;

“Let me tell you what happened to me within this period of the coronavirus. I just completed a hotel in Lagos, the Patriot Hotel at Thomas Estate. I spent N480 million of my money, without borrowing a dime from the bank. The money was sitting in the IBTC bank. Please do not cut my story, report it as I said it. I am responsible for whatever I said.

“I took the money to create labour and employment, and I built a hotel and a plaza. But unfortunately, the virus came and we all locked down. When I wanted to continue with my palliatives for the people, I asked my bank to give me ordinary N25 million, after spending N480 million of my hard-earned cash with IBTC Bank, Stanbic Bank, they are from South Africa. They are also affiliated with MTN.

Patrick Eholor

“These are multi foreign companies that has come to enslave us, have cheated us and treated us for granted. I have houses in South Africa, I have credit cards there without even credit going to me.

“But everybody come here, even the Chinese and they abuse us mentally and otherwise. South Africans who are also black are now enslaving us. I applied for a loan to do a contract with UNIBEN. I have a contract with them for N71 million. They told me that they are sorry because I don’t have a collateral. I said I don’t need a collateral because I have houses worth billions of naira, billions.

“I went to get a collateral from one of my houses in Lagos. I paid N6 million, and I paid for the evaluation of the property. I paid my taxes, I did everything so that I can be trusted for this loan.

“I went to the bank with a syringe because I don’t trust them. I asked my account officer, her name is Jacinta, I said, do you need my DNA sample, my blood, so you don’t come back with a refusal.

“She said Chief, you are being extreme. I said I know you people. She said she doesn’t need my blood, it’s not required. I said thank God its not required. I left, and started calling and calling. Mind you, I was looking for N25 million but I had spent N6 million in the process. Yesterday she called me and said chief, I don’t have good news. Your application was rejected, I said why?

“Did you check the credit bureau to see if I was owing anybody? She said yes they did. I said, but did I meet the requirements? She said yes. That my property was appraised for N46 million, and I am asking for N25 million. She said that what I was asking for was beyond the threshold. I said. If its beyond the threshold and I am not qualified for N25 million, why don’t you give me N5 million or N10 million? Why are you refusing me outrightly? You want to cause more problems in this country?

“But I am not a pastor, a prophet or a politician, that’s why I am not considered. I call it the PPP. If you are not a pastor or politician, they don’t give money to you who has got the brains. They give money to fake pastors and fake politicians who are milking the country dry.

“They don’t give money to entrepreneurs, if you are looking for the best Nigerians, go to the cemetery. The bankers, and the politicians, and the government kill them. I cannot tolerate this. I am qualified for a loan, and I am rich and comfortable. But I don’t play with my money. I deal mutually with the bank and I create employment. Everybody is happy. That’s why I am very upset.

“If the banks are not ready to help the small businesses, if they are not ready to help the middle class, if they are not ready to help the companies that should provide employment or the youths who have become an army of frustrated people, and if the government is not going to be sincere about the monies they have been borrowing from other nations and IMF, if the government are not ready to come up with a sincere policy over this lockdown, over this epidemic, how do we get back to the mainstream and create jobs and have our lives back?

“How do we checkmate MTN, IBTC Bank and other multinationals on our shores? How do we checkmate oil companies like Agip and Total where our oil is now good for nothing?”, he wondered.

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