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N1.7bn loan: Enugu housing boss denies owing bank

By Tony Edike

ENUGU—MANAGING Director and Chief Executive Officer of Enugu State Housing Development Corporation (ESHDC), chief Ikeje Asogwa, has denied media reports that he was on the run over the corporation’s N1.7 billion indebtedness to Bank PHB.

Asogwa told Vanguard in Enugu,  that he was neither invited by the Economic and Financial Crimes Commission (EFCC) nor informed about any discrepancy involving the loan agreement between the Housing Corporation and the bank, adding that he could not have gone into hiding over a matter he had no knowledge of.

While admitting that the corporation obtained a loan of N2.3 billion from Bank PHB to finance the 100 units Housing Project at the Coal City Garden, Enugu, Asogwa said that the corporation had not faulted in the repayment of the loan as contained in terms of the agreement.

According to him, the corporation had paid a total of N1.1 billion being part of the principal sum and interest out of N2.3 billion obtained, leaving a balance of N1.7 billion which is expected to be liquidated by April 28, 2011 in eight installments.

He said, “we did not obtain a loan of N1.7 billion from Bank PHB as published by Central Bank of Nigeria (CBN) and EFCC,  rather we took N2.3 billion to develop a 100-unit housing estate at Coal City Garden.  As I am talking to you now, we have paid a total of N1.1 billion and our account with the bank stands at N864,724.63 in our credit.”


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