Home Business Bank of Industry decries N5.81 billion unpaid Omatek’s loan

Bank of Industry decries N5.81 billion unpaid Omatek’s loan

- Advertisement -

Omatek Ventures Plc’s indebtedness to the Bank of Industry has entered its seventh year as the bank claimed the company has not serviced the N5.81bn credit facility since 2012.

Responding to enquiries on the status of the credit facility, BoI said every effort to ensure payment by the company had not been successful.

- Advertisement -

“The customer has not made any payment on its account since the inception of the loan till date as every effort to get the customer to pay was not fruitful,” BoI said.

“The new management made promises to make some commitment payment as a sign of goodwill in 2017. Till date, no payment was made to the bank towards settling its indebtedness.”

Omatek, which was founded by the late Chief Executive Officer, Mrs Florence Seriki, locally assembles computer cases, speakers, keyboards and mouse, computer systems and notebooks, among others.

BoI said it granted a term loan and working capital facilities totalling N5, 808,429,033.95 to the company in December 2012, for the purpose of financing the procurement of assembly components for the production of laptops.

As part of the requirement for obtaining the loan, the development finance bank said it requested for the Irrevocable Standing Payment Order arrangement with the defunct Skye Bank Plc in favour of BoI, all assets debenture and an Irrevocable Personal Guarantee of the late Seriki.

The bank explained that there was an absence of corporate governance in the company under the leadership of its late CEO, adding that this became evident after her demise in 2017.

BoI management said, “Following the burial ceremony of the chief promoter, several meetings were held with the Ag. Managing Director of the company, Mr Yemi Ogundipe, which confirmed the initial reservations of the bank that the company had issues bordering on corporate governance under the leadership of the late chief promoter.

“Though the current management of the company agreed to strategise and commence repayment after settling in, it was obvious that there was no clear plan on the ground to actualise that commitment.”

It was gathered that the bank appointed Ade Oyebanji as a receiver, who took inventory of all items located at the Omatek’s premises at Plot 11, Kudirat Abiola Way, Oregun , Ikeja, Lagos, in January 2017.

In a letter to shareholders last month, the management of Omatek Ventures said it was exploring out of court settlement with BoI in order to reach an amicable agreement on the loan default. The letter was signed by the Company Secretary, Femi Ikotun.

According to the technology firm, it received a Federal High Court’s judgment striking out the suit filed by BOI against Omatek and had directed the bank to release Omatek property that it had locked up.

However, up till now, Omatek said the bank had refused to release its property.

Click Here To Visit The leading Education Platform r-bloggers Click Here To Read Latest News in Nigeria

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

Netflix to welcomes Original Evangelion in June

The iconic anime "Evangelion" will appear on the Netflix streaming service this summer. The platform called the exact release date of the series and published...

iPhone 11 may “share” energy with AirPods and Apple Watch

The current report as gathered by Macotakara website report, the next-generation iPhone will include an equivalent of the Wireless PowerShare feature of the Samsung...

How to use Google Pay to book train tickets

It is clear that Google’s UPI payment app, Google Pay (erstwhile Tez app), allows users to send and receive money, make cab payment and more....

How to Know if Someone Was Snooping on Your PC

You can take precautions against others using your PC, but sometimes, you don’t think it’s necessary. You can trust your family and friends. And...

Moment Huawei CFO Wanzhou Meng Show of His Apple Product

Report reveals how Huawei CFO Wanzhou Meng was arrested in December, the one-time heir apparent to the Chinese communications equipment giant and current focus...