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How Access Bank got Japaul to pay up N37 billion loan that had gone bad

Nairametrics by Nairametrics
March 2, 2021
in Blurb, Spotlight
Access Bank, Scam Alert: Access Bank issues warning to customers over fraudulent acts , Director, West Africa region, IE, Onyekachi Eke, Access Bank lists N30 billion bonds on NSE , Access Bank, Zenith Bank Plc, Access Bank Plc and United Bank for Africa Plc, Zenith Bank Plc, Access Bank Plc and United Bank for Africa Plc, A new BVN guideline to curb e-fraud is coming soon - CBN announces , Access Bank donates 66 laptops to children in underserved communities, Access Bank postpones closed period for 2019 Year-End financial statement, Access Bank dispels rumour about its CEO being arrested, Access Bank set to establish subsidiary in Cameroon after acquiring Kenyan bank, Access Bank finally acquires Kenyan bank, Transnational Bank Plc, Herbert Wigwe: We are clamping down on malaria with the Malaria-To-Zero Initiative, Access Bank to list N15 billion green bond on Luxembourg Stock Exchange 

CEO/Group Managing Director, Access Bank Plc, Herbert Wigwe

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In 2018 when Access Bank took over Diamond Bank, in what is the largest merger in Nigeria’s banking history, they knew it was not a match made in heaven like their PR agencies will make you believe.

In merging with Diamond Bank and taking over their juicy assets, they had also taken over the lemons that had for years bedeviled the bank who had pioneered mobile banking applications well ahead of its time.

When Access Bank merged with Diamond Bank, the latter had total loans and advances of N787.8 billion out of which N219.9 billion in loans were impaired. Oil and gas-related loans made up a significant chunk of the loans and were estimated at about N302.6 billion, most of them distressed.

Included in the oil and gas loans was a $66.4 million in loans owed to the bank by Japaul Oil and Maritime, as they were referred to at the time. The loans had gone bad accumulating unpaid interest of about $11.2 million. By the time Access Bank took over the loans, Japaul agreed to a restructuring rolling over both the principal and interest.

 


Related

Tags: ABC OrjiakorAccess BankDiamond BankFeaturedJapaul Oil and Maritime

Comments 11

  1. Abiodun says:
    January 20, 2021 at 8:16 am

    I love this story… It was as though I was seeing a 15 min Netflix short movie!!!! Kudos to the writer!!!!

    Reply
    • Sanmi Temitope Oladeke says:
      January 20, 2021 at 2:30 pm

      Lol

      Reply
  2. Abelazuh says:
    January 20, 2021 at 9:10 pm

    Good news for access bank and good news for Japaul PLC. It appears most of the mega Companies reply on bank facility to survive. What is happening to the equities they raise from stock market?

    Reply
    • Igalarebel says:
      February 3, 2021 at 4:40 pm

      Due to lack of strong corporate governance its unfortunately for the founders and early investors to chop. The questions we need to ask are what are the experience of the management team in this new industry, Gold and technology that would prevent them from ending up in the same predicament down the line

      Reply
  3. Uzo Gold says:
    January 21, 2021 at 4:45 am

    This is a welcome development I wish this can be done to other companies or individuals who collaborate with banks top managements to milk banks dry without collateral or following due process,Leading to bank liquidation.
    Thanks to Soludo’s policy that have saved the situations if not a lot of banks could have been erased/liquidated especially during this economic challenges leaving depositors stranded and hopeless.

    Reply
  4. Buchi says:
    January 24, 2021 at 8:29 am

    This is the only way lenders can survive in this country: aggressive recovery. Typical Nigerian borrower don’t like paying back loans and that’s why many banks would rather put their money in government securities rather than lend to business.

    Reply
  5. David says:
    January 24, 2021 at 6:30 pm

    Access means business

    Reply
  6. Luqman says:
    January 26, 2021 at 2:16 pm

    But 2021- 2026 is not 6years. That is 26years!!! Secondly, what will determine the success of the restructure is the available cashflow to service the loan. Let’s hope this is not kicking the can down the road.

    Reply
    • Balarabe Maikudi says:
      March 14, 2021 at 10:14 am

      Good news

      Reply
  7. Samuel nwabueze says:
    March 15, 2021 at 11:07 pm

    I so mostly like the platform and the news

    Reply
  8. Yau abdulmuminu says:
    June 28, 2021 at 8:14 pm

    Ok sir help the people that can get access bank account like me God bless Nigeria and Access bank

    Reply

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