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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

The Central Bank of Nigeria (CBN) has given Access Bank Plc a clean bill of health in the foreign exchange transactions between the latter and African Petroleum Plc (AP).

 


AP had petitioned the apex bank on May 15, seeking its intervention on the stalemate. Last Monday AP’s management had insinuated that it was fraudulently robbed by Access Bank, which it accused of not quoting its $35.153 million debt at the rate of N116.

 


But Access Bank insisted: “The claim that the amount sourced from the CBN was different from the amount used in paying the supplier has no basis, as the amount offered to AP and the amount due under the LC has always been $35,153,822.15. Accordingly, the issue of diversion of $3,639,177.85 as claimed by AP is arising either out of ignorance or mischief.”

 


In response to AP’s petition, the CBN in a letter dated July 24, 2009, and  addressed to the Managing Director of the petroleum marketing firm said : “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.”

 


The memo signed by the banking watchdog’s director of banking Supervision, Samuel Oni, noted categorically that :” CBN’s records of transactions during the relevant period revealed that Access Bank did not source for foreign exchange from the CBN to finance the Letter of Credit transaction in dispute.

 


The apex bank therefore  urged the two parties in the dispute to use the result of its findings to resolve the dispute. “We sincerely hope that our findings in this matter would assist your company and Access Bank to put the matter to rest,” stated the memo.

 


Given the fact that the Chief Operating Officer, Tunde Falasinu of AP, had in one of the letters published last week stated expressly that AP was awaiting “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,” it expected that the petroleum marketing firm will pay up its debt.

 


As a result of the refusal of AP to honour its debt obligations, Access Bank had through its legal counsel, Olisa Agbakoba and Associates, dragged the latter to Federal High Court in
Lagos, where it described the petroleum marketing firm as “insolvent and unable to pay its debts.”The Central Bank of Nigeria (CBN) has given Access Bank Plc a clean bill of health in the foreign exchange transactions between the latter and African Petroleum Plc (AP).

 


AP had petitioned the apex bank on May 15, seeking its intervention on the stalemate. Last Monday AP’s management had insinuated that it was fraudulently robbed by Access Bank, which it accused of not quoting its $35.153 million debt at the rate of N116.

 


But Access Bank insisted: “The claim that the amount sourced from the CBN was different from the amount used in paying the supplier has no basis, as the amount offered to AP and the amount due under the LC has always been $35,153,822.15. Accordingly, the issue of diversion of $3,639,177.85 as claimed by AP is arising either out of ignorance or mischief.”

 


In response to AP’s petition, the CBN in a letter dated July 24, 2009, and  addressed to the Managing Director of the petroleum marketing firm said : “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.”

 


The memo signed by the banking watchdog’s director of banking Supervision, Samuel Oni, noted categorically that :” CBN’s records of transactions during the relevant period revealed that Access Bank did not source for foreign exchange from the CBN to finance the Letter of Credit transaction in dispute.

 


The apex bank therefore  urged the two parties in the dispute to use the result of its findings to resolve the dispute. “We sincerely hope that our findings in this matter would assist your company and Access Bank to put the matter to rest,” stated the memo.

 


Given the fact that the Chief Operating Officer, Tunde Falasinu of AP, had in one of the letters published last week stated expressly that AP was awaiting “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,” it expected that the petroleum marketing firm will pay up its debt.

 


As a result of the refusal of AP to honour its debt obligations, Access Bank had through its legal counsel, Olisa Agbakoba and Associates, dragged the latter to Federal High Court in
Lagos, where it described the petroleum marketing firm as “insolvent and unable to pay its debts.”

 

 

(Source:ThisDay)



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