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Home Business News Politics

Unity Bank Accuse Former MD Of Refusing To Pay N3.4bn Loan

Nairametrics by Nairametrics
March 19, 2014
in Politics
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Unity Bank Plc is in a N3.4 billion ($21.067 million) foreign exchange tangle with its former Managing Director, Alhaji Falalu Bello, now Executive Chairman at MBS Merchants Limited.

The bank in a petition to the Central Bank of Nigeria (CBN) is alleging that Falalu Bello unilaterally approved for his company the said amount to import fertilizer for which he is now foot-dragging payment.

Irked by this development, the management of Unity Bank petitioned the CBN over the matter alleging violation of corporate governance by the former managing director.

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The petition sighted by Financial Vanguard and signed by Ahmed Yusuf, Acting Executive Director, Enterprise Risk Management and Umar M. Adamu, Divisional Head, Legal and Compliance, with Ref. No UB/L&C/UMNHJSIMB5FB/02l14,dated 3rdFebruary, 2014, to the Governor of CBN said: “We hereby humbly write to bring to your notice instances of Violation of Code of Corporate Governance. Sometime between June to September 2013, three Deferred Letters of Credit(LCs) totalling $21,067,500.00 were opened in favour of MBS Merchants Limited(the Company). Particulars of the LCs are as follows (see table):

S/N.        LC No.                    LC Value            Confirming Bank       Beneficiary

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1.   UB/13ILC/056      $10,500.000.00  Deutsche Bank       Platinum

         

2.    UB/13ILC/064     $5.305,500.00    FBN London           Platinum

 

3.    UB/1L 1068                     $5,262,000.00    FBN London

                                 

TOTAL-                                 $21 ,067 ,500.00                       

http://www.vanguardngr.com/2014/03/unity-bank-n3-4bn-tangle-ex-md-falalu-bello/

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