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We paid Intercontinental Bank debt since 2008, Mobitel cries out

By Prince Osuagwu

MOBITEL Nigeria Limited has described as shocking the inclusion of its name in the list of non performing bank debtors.  It says it does not owe any such debt anywhere.

The company says the only debt it incurred in Intercontinental Bank was cleared as far back as August 2008, adding that it was unfortunate if CBN could regard a company that paid its debt, a year ago, as a debtor.

Spokesperson of the company, Okon Iyanam, told Sunday Vanguard that contrary to the CBN’s list of debtors, Mobitel had cleared its debt to Intercontinental Bank in 2008, and did not see reason why the company’s name would be linked to such a damaging scenario playing out in the banking sector now.

“I think that somebody wants to use this opportunity to get at their perceived enemies or how can one say that Mobitel is still owing a bank that has given it duly executed Deed of Release in line with the settlement arrangement.

As a matter of fact we also have a letter written by the bank to that effect which dated as far back as August 2008,”he said.

The letter dated August 8, 2008 and signed by two loan recovery officials of the bank, Kehinde Okelade and Ifeanyi Onyimadu, read in part “We acknowledge the receipt of your Skye Bank draft for the sum of N1000,000,000 being the full and final settlement of your company’s outstanding indebtedness to the bank.

Further to the above please find attached, 8 copies of the Deed of Release duly executed by the bank in line with the settlement arrangement. In the meantime, we undertake to forward to you the duly executed termination of appointment of receiver/manager as soon as we receive value to that draft.”


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Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.