Home | News    Friday 22 May 2009

Nile Commercial Bank president takes measure to prevent collapse

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By Isaac Vuni

May 20, 2009 (JUBA) – In an effort to shore up the cash-strapped Nile Commercial Bank, the President of the Bank of South Sudan, Elijah Malok Aleng, has given an ultimatum to defaulters to repay improperly issued loans or else face disclosure of their names to the media.

The debtors will have three weeks to put up the money, irrespective of their social, political or legal status.

Nile Commercial Bank (NCB) has been temporarily closed and reportedly neared collapse. The Sudan Tribune reported on April 23, 2009 that the branch manger in Juba, Martha Michya, blamed senior government officials for borrowing huge amounts of money and failing to repay.

The money was loaned out to some of these officials without proper collateral, the NCB employee disclosed.

Michya was subsequently suspended with four other officials, allegedly for pinning the bank’s money woes on the government figures, but in a later interview with Sudan Radio Service she denied that this was the cause for her suspension, instead blaming Sudan Tribune.

Aleng, who also serves as deputy governor of the Central Bank of Sudan, on Wednesday issued a notice in the Citizen newspaper: “It’s worth noting that the possible miserable financial collapse and failure of the NCB… is highly attributable to the defaulters who took the loans from it and failed to pay back at the most ideal and valuable period of need of NCB.”

The notice was copied to Minister of Presidential Affairs, Cabinet Affairs, Minister of Finance and Economic Planning, Minister of Internal Affairs, Minister of Legal Affairs and Constitutional Development, Assistant Governor and Vice President of the Bank of South Sudan, Acting Managing Director of Nile Commercial Bank and the legal advisor for the Bank of South Sudan in Juba.

It has emerged that the chairpersons and their deputies in the Southern Sudan Legislative Assembly have not yet received two months of salaries under alleged instruction from Minister of Finance and Economic Planning to retain their pay in order to recover loans they have taken from NCB’s Assembly branch.

NCB on the whole was politically initiated by the ‘New Sudan’ administration in 2003. The Assembly branch was established in 2007 and was linked to the regional parliament through a US$10 million contribution.

(ST)

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  • 22 May 2009 09:24, by Laletlodinka Kasaranit

    Hey Mr.Vuni, this guy should start by him self and then go to his friends in GOSS. No body out side GOSS is to be blamed for NCB issue, which they know.
    The big fish are now looking to eat up the smaller ones, by putting be blame to the smaller and un popular GOSS officials. They have been quite all this time looking for ways of how to escape from the mess, in order to convince the Southern Sudanese that the BIG fish did not do it. Shame on them, Shame on GOSS.

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    • 22 May 2009 12:43, by Wiyual Wech Puk D. Payol.

      Oh!! what a pity!! the Nile bank of south sudan president give unreturnable loans to useless Dinka his own tribes who failed to give back money to NCB.NOW HE IS CLAIMING THAT the bank is running out of money.let those stupid Dinka WHO TOOK THE LOANS BRING BACK THE MONEY TO THE NCB.

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  • 22 May 2009 18:45, by Kur

    I do not understand this situation. Is it stupidity or unwarranted greed? If the government becomes corrupt to the point that it can’t protect the basic means of survival, how can it defend the country? It is heart breaking to see what we have laiddown our lives for is being destroyed by the cronies of the devil. Hell is empty because all the forces of the devilish corruption and greed have occupied the offices and the institutions of the government of South Sudan. May God help our nation from collapse at the hands of these unworthy leaders. You have betrayed our trust and we will not forgive you for cheating, corruption, and incompetence you have shown to us.

    kur

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  • 23 May 2009 10:51, by Mr. Rat Rebites

    It is a hell of mess and cow dung to see the Public Corporations going totally to bankcruptcy and why it is happening to the south sudan corporations.

    South Sudan wants to be independent by 2011 and its evaluations rooms are all losing the records. How will it(independent)be?.

    South sudan is Just a mess.

    If the next life is there i wish to be born as the only first grandfather of sudanese communities and i will show how they should handle themselves

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    • 23 May 2009 21:14, by Mr. Moto Moto

      Elijah Malok has no business telling anybody who defaulted to return any cash, instead Nile Commercial Bank should reveal the defaulters name and bring a case against them in court. The judiciary in South Sudan should find this interesting considering they haven’t done anything memorable since the signing of the CPA besides awarding themselves lots of allowance and salary. I am a concern person because if nothing happens, am a potential victim, having bank with NCB. Otherwise, why do we need a judiciary if all cases are going to be solve using backdoor approach where nobody will be ashamed. To you chief justice

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      • 24 May 2009 06:53, by Adok Liei

        When you fight with a pig in the first place, all of you become dirty and the pig does not understand if it’s dirty before the fight starts, it enjoys where ever the fight starts even when you don’t want to be dirty, i think you understand what i ’m talking about, Elijah would have had a certain time period to those people who took that huge amount of money guided by law that covers Mr Elijah from any legal action that he could takes against them, if he’s not one the debtors or defaulters. exposing their names to the public will not pursue the matter according to my own point of view, all of those with high ranks are not and ever not suppose to be given a loan as they always get used of eating free from no where, give the loan to business men with good potential assets that will repay back the money when contract finishes.

        Secondly,some of them do not even understand what is the use of bank in the first place, they assume that it’s their money which is being kept in that place, if there a chance of getting it out from the bank, why should i pay my money that i fought for twenty fucken one years. it sound so shit if the bank collapse because people within the people don’t want to repay what they got out from the bank, than it’s ridiculous, birds of the same feathers flocks together, then it is not right in that sense, that money is not for rank, giving money out hierarchically is totally bullying.

        malok, I would appreciate your action if you appeal to court first, for them to remunerate back that money and what ever time they have taken, they had to be fine by judge thoroughly to the maximum of law.

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