Friday, September 28, 2018 07.21AM / Proshare Content
Forte Oil Plc has expressed reservations over the inclusion of its
name in an article published on September 25, 2018 vide SkyeBank - The Rise, The Fall
And The Bridge in relation to any possible involvement.
In section 3 of the article, the author sought to identify ‘what
roles insider related loans played’ in bringing the bank down relying
extensively on publicly available information; and thus listed out several
individuals and entities whom the bank represented as at 2017 had exposures
with the bank; all of which had become non-performing leading to the recent
intervention by the Central Bank of Nigeria.
Forte Oil represents that it should never have been included in
the said list/article.
Specifically, Forte Oil avers that:
- “One of the entities mentioned in the article is Forte Oil Plc and
the shares of Forte Oil Plc which is the subject of an active court case, The
case relates to some shares of the Company that were treated in line with the
Securities and Exchange Commission’s directive. Skye Bank however challenged
this directive and judgment was given in favor of Forte Oil Plc at the Federal
High Court. It is now a subject of appeal of which the company is vigorously
defending. As this is now the subject of an appeal in the appellate courts the
Company would be in contempt should we address any further.”
- “It also important to highlight to your organization and your
readership that Forte Oil Plc does not have any commercial relationship with
Skye Bank Plc. The Company does not maintain any account with Skye Bank Plc
neither does it have any trading lines or loans to that effect. Therefore, the
Company cannot be indebted to Skye Bank Plc or any of its entities for the sum
of N12.8 Billion. This can be verified with any credit bureau in the country.”
Importantly, Forte Oil would like for its shareholders and the
wider investing public to be aware of the non-existent commercial relationship
with Skye Bank Plc.
1. SkyeBank - The Rise, The Fall
And The Bridge
2. The Distress of Skye Bank -
3. Skye Bank Plc: Has CBN Finally
Completed The Undertaker’s Role?
4. CBN Revokes Skye Bank’s
Operating Licence, AMCON to Capitalise the Established Bridge Bank
5. Skye Bank Plc:
One Year After CBN Takeover - Proshare – Aug 07,