Nigerian Bank Swims In NMulti Billion Debt Crises
OpenLife Nigeria reports that as Federal Criminal Investigation Department, FCID, of the Nigeria Police Force, Alagbon Ikoyi-Lagos file 3-count charge of conspiracy and stealing of multi billion Naira belonging to Union bank of Nigeria Plc against five suspects, experts say it would not be unconnected to lack of risk intelligence of the bank.
The suspects are a Nigerian Mrs Obiageli Inuwa and four Indians, namely, Nigli Kevin, Sunil Kumar Hari Prasad,Voodi Sumaprakas and Dhanuka Sunil Kumar.
The filing of the charge was necessitated by a petition written by the law firm of Anoka & Associate on behalf of Union bank of Nigeria Plc to the office of the Inspector General Police complaining of fraud of about N1,6 billion.
In the said petition, it was alleged that sometime in December 2017, Bharat Ventures Limited through her directors applied and were availed an overdraft credit facility of the sum of
N100 million by Union bank Plc.
Bharat Ventures Limited and Triton Aqua Limited are sister companies registered in Nigeria for the purpose of importing frozen fish into Nigeria,
By the terms of the overdraft facility, the repayment of the credit facility as agreed was to flow from the sales/proceeds generated from the company’s operations.
The directors of Triton Aqua Limited , the sister company, also applied and obtained
an overdraft facility of the sum of N100 million for the purpose of purchasing feed and fingerlings for local production of fish.
As security for the credit facilities, the directors of Bharat Ventures Limited and Triton Aqua Africa Limited executed an all Asset Debenture over the companies assets located at their operation sites at Kaduna, Oyo, Port Harcourt and Lagos.
However, in course of banker and customer relationship within the tenor of the credit facilities granted to the companies, the directors of the companies approached Union Bank and requested for further credit facilities by way of extension of the existing credit facilities.
In furtherance of the Companies request, Union Bank granted additional sum of N600 million to Triton Aqua Limited vide offer letter dated 05 August 2019 and the additional approximate N1.1 billion vide credit offer letter dated 02 August 2019 to Bharat Ventures Limited.
Bharat Ventures Limited indebtedness to the bank stands at the sum of N1, 149,154,719.48 ( one billion one hundred and forty nine million one hundred and fifty four thousand seven hundred and nineteen naira forty eight Kobo only) as at 29th August 2019 while Triton Aqua Africa Limited indebtedness to the bank stands N476,985,075.64 (four hundred and seventy million, nine hundred and eighty five thousand, seventy five Naira sixty four only) as at 29 August 2019.
As part of measures to ensure that the proceeds of the fish, feeds and fingerlings for the repayment of the credit facilities, it was agreed by parties that stock monitoring agent shall be assigned to the companies business premises and in furtherance of that “Storing Limited” was appointed to monitor the sales at the companies business premises situate at 49 Apapa-Oshodi Expressway,Ijesha -Tedo,Lagos.
However the bank was shocked to discover on 20th of August,2019 that all the fishes and fish products stocked in the Company’s business premises in Lagos has been diverted away from the Companies Business Premises situate at Apapa, it was same position with other warehouses in Port Harcourt, Ibadan and Kaduna. Upon enquires, it was discovered that the Companies management has illegally, fraudulently and criminally removed all their products from the site and eloped to India.
Further private investigation by Union bank, revealed that the directors of the companies Mr. Varghese Mathew, Mr. Kelvin Nigli, Mr. Yashpal Jain, Mr. Vijay Mastakar (Indians) and Mrs. Obiageli Inuwa (Nigeria) have absconded from Nigeria and eloped to India with the depositors’ fund.
Despite all great efforts made to reach the companies’ directors have proved abortive and the bank is convinced that their actions were premeditated and a grand deception from the beginning, calculated to defraud the Bank of its shareholders’ funds.
Consequently, the bank requested for the lawful intervention of the Inspector General of Police in the matter to ensure that the funds are recovered.
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