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We don’t owe AG Moeller N80m, transport firm tells court

Innocent Anaba

LAGOS—A transport company, Cross Country Limited, yesterday, told a Federal High Court sitting in Lagos that it was not indebted to AG Moeller Limited to the tune of N80 million.

Former Chief Accountant with Cross Country Limited, Mr. Godsday Chukwusa, in his evidence at the resumed hearing in the alleged N80 million fraud charges brought against the defendant, A.G. Moeller Limited, told the court that his former company, Cross Country Ltd, had sometime in March 2007 written a Finance Lease request letters to the defunct Oceanic Bank Plc, Fidelity Bank Plc, EBN Finance Limited (a subsidiary of the defunct Intercontinental Bank Plc) and AG. Moeller for finance lease facilities for various acquisitions of motor vehicles.

The case is before Justice Okon Abang.

Continuing, Chukwusa, who was led in evidence, said as the Chief Accountant during the period of the transaction, he was privy to all the documents to the transactions which was to acquire 40 units of Volkswagen mini buses at N3,500 million for commercial services within Nigeria.

According to him, AG Moeller Limited offered it the sum of N140 million to finance the acquisition of 40 transport buses for commercial use.

He said AG Moeller, like the banks and finance houses, replied via an “Offer of Finance Lease Facility” letter dated March 29, 2007, approving the request sum of N140 million for a tenor of 24months at 60 percent interest rate per annum.

The total sum payable to AG Moeller Ltd at the end of the tenor, according to the witness, stood at N228 million.

Chukwusa further told the court that Cross Country Ltd had paid a total sum of N223 million as against N228 million payable, adding that the total outstanding due, including the difference in what was paid, added to default charges stood at N19 million.

The witness added that AG Moeller wrote a demand letter requesting to be paid an outstanding sum of N213 million being the self-claimed outstanding balance against N19 million confirmed to be rightly due.

 

 

 


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