OMATEK Releases Statement on the Status of the Company as at 05 February 2019


Monday, February 25, 2019 10:08AM / NSE


On 13th day of March 2017 the Bank of Industry (BOI) appointed a receiver to realise the property of one of the subsidiaries of Omatek Group, to settle some outstanding loan obligations, just about the same time that the new management, put in place by the Board of Omatek Ventures Plc (Omatek) was settling down to duty.

The receiver obtained an ex-parte judgement which was executed in July 2017. Omatek applied for the setting aside of the said ex-parte order and same was granted by the Federal High Court in May 2018, and the suit was struck out.

Subsequent to the Federal High Court's ruling striking out the suit filed by BOI against Omatek, the BOI filed an appeal at the Court of Appeal, Lagos Judicial Division with Appeal No. CA/L/878/18.

Furthermore, the Bank of Industry has refused to yield up possession of Omatek Ventures Plc’s property that it has locked up, despite the judgement against them.

The Board of Omatek is engaging stakeholders and BOI on this matter to reach an amicable resolution in the interest of all stakeholders including lenders and shareholders.

The Company will keep all stakeholders updated of future developments on this matter.

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