“I M NOT OWING FCMB, I ONLY TOOK LOAN FROM MIDAS BANK BEFORE IT WAS
ACQUIRED BY FCMB – LANRE TEJUOSHO
Senator Lanre
Tejuosho has
reacted to accusation of indebtedness to financial institutuion FCMB,
accusing the management of blackmail for publishing his name among its list of
purported debtors. The senator representing Ogun Central in the upper chamber
said his company, Suzzatej Nigeria Limited, never had any banking relationship
with FCMB.
He described the newspaper publication wherein his photograph was used as malicious, saying his lawyers were studying it preparatory to seeking legal redress. He stated that the loan in question, amounting to N84, 808,660.48, was obtained by his company from Midas Bank before it was acquired by FCMB and supported with appropriate collateral. He exonerated his company from FCMB’s allegation of indebtedness as published in one of the national dailies.
Tejuoso said: “The practice all over the world is for a bank to take recourse to the collateral pledged for a loan in default. This is expected in a decent society, and not attempted ridicule of company directors.” He also said that the Asset Management Corporation of Nigeria (AMCON) had since made recourse to collateral pledged by the company having taken over the non-performing loan in 2012.
He explained that AMCON in a letter with reference number: MMK/LAG/C/DL/87/12 of November 20, 2012, took over the loan, granted by defunct MIDAS Bank and acquired by FCMB since 2012. He stated that the secured loan (by a landed property) went bad due to the Naira devaluation about ten years ago. He said a legal mortgage of property belonging to the company, in excess of the said amount owed, is in custody of AMCON/FCMB.
He said the company consented to the liquidation of the loan by the disposal of the property since 2012, as contained in AMCON’s letter which stated that: ‘If payment is not made within 21 days of receipt of this letter, we shall take appropriate recovery measures without further recourse.’” He said documents to effect the sale of the property was with MIDAS Bank/FCMB and that he assumed that it had been transferred to AMCON for disposal since 2012 when the said loan was acquired by the AMCON. He further said that Suzzatej Nigeria Limited has not been contacted since the last letter from AMCON in 2012. The statement read in part: “Suzzatej lawyers are studying the implication of the malicious publication of the picture of Dr. Lanre Tejuoso on the front page of the Punch for the misrepresentation by FCMB, for immediate legal redress.
He described the newspaper publication wherein his photograph was used as malicious, saying his lawyers were studying it preparatory to seeking legal redress. He stated that the loan in question, amounting to N84, 808,660.48, was obtained by his company from Midas Bank before it was acquired by FCMB and supported with appropriate collateral. He exonerated his company from FCMB’s allegation of indebtedness as published in one of the national dailies.
Tejuoso said: “The practice all over the world is for a bank to take recourse to the collateral pledged for a loan in default. This is expected in a decent society, and not attempted ridicule of company directors.” He also said that the Asset Management Corporation of Nigeria (AMCON) had since made recourse to collateral pledged by the company having taken over the non-performing loan in 2012.
He explained that AMCON in a letter with reference number: MMK/LAG/C/DL/87/12 of November 20, 2012, took over the loan, granted by defunct MIDAS Bank and acquired by FCMB since 2012. He stated that the secured loan (by a landed property) went bad due to the Naira devaluation about ten years ago. He said a legal mortgage of property belonging to the company, in excess of the said amount owed, is in custody of AMCON/FCMB.
He said the company consented to the liquidation of the loan by the disposal of the property since 2012, as contained in AMCON’s letter which stated that: ‘If payment is not made within 21 days of receipt of this letter, we shall take appropriate recovery measures without further recourse.’” He said documents to effect the sale of the property was with MIDAS Bank/FCMB and that he assumed that it had been transferred to AMCON for disposal since 2012 when the said loan was acquired by the AMCON. He further said that Suzzatej Nigeria Limited has not been contacted since the last letter from AMCON in 2012. The statement read in part: “Suzzatej lawyers are studying the implication of the malicious publication of the picture of Dr. Lanre Tejuoso on the front page of the Punch for the misrepresentation by FCMB, for immediate legal redress.
Newspaper Report
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