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   Market Date: 30-01-2015   
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$35m AP debt: CBN gives Access Bank clean bill

Category: General

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$35m AP debt: CBN gives Access Bank clean bill


If the response of the Central Bank of Nigeria (CBN) to the petition filed by African Petroleum Plc against its creditor, Access Bank Plc, over the $35.153 million (about N5 billion) debt it owes the bank is anything to go by, then AP might have to repay the facility at the rate of N148 to $1 baring other charges.
While insinuating that it was being robbed by the bank by not quoting the debt at the rate of N116, AP petitioned the apex bank on May 15, seeking its intervention on the impasse.
In a letter addressed to Access Bank on June 3, 2009 and jointly signed by its Chief Operating Officer, Tunde Falasinu and the General Manager, Treasury and Planning, Mrs. O.T. Segun-Idahor, AP had stated that “the company has never denied owing your bank for this transaction, what we have failed to do is to do what the CBN will frown at.
“We await the Central Bank of Nigeria ’s judgment on the matter, which we will accept (being the apex bank) as the final way forward to resolve the matter.”
Hence, the CBN, at the weekend, responded to the petition in a letter addressed to the Managing Director of the petroleum marketing firm and signed by the Director of Banking Supervision, Samuel Oni, saying that “the CBN is not aware of any violation of any regulatory laws on foreign exchange by Access Bank, since the disputed transaction was not sourced from the CBN.
(Source: Nigerian Tribune)

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