Author Topic: No Risk Of Default On Our Chairman'S Debt, Says Ecobank  (Read 333 times)

Offline edrixpure

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No Risk Of Default On Our Chairman'S Debt, Says Ecobank
« on: July 18, 2013, 08:29:01 AM »
 The Ecobank Transnational (ETI)  Wednesday said debts owed by businesses associated with its Chairman, Mr. Kolapo Lawson, were performing and there was no doubt they would be repaid.

 Ecobank spokesman, Jeremy Reynolds, said companies linked to Lawson owed the bank N1.6 billion ($10 million) and a further N1.4 billion of borrowings had been sold to the Asset Management Corporation of Nigeria (AMCON).

 "So there is no question of him not settling the debt," Reuters quoted Reynolds to have said.

 He said the debt owed to Ecobank was recently rated by the Nigerian Deposit Insurance Corporation (NDIC) as "performing".

 The Financial Times (FT) had reported late on Tuesday that the bank was caught up in bitter boardroom squabbles about the borrowings and  the bank?s leadership faced a crisis of confidence among some shareholders.

 The FT had said the Central Bank of Nigeria (CBN) had notified Ecobank in April of Lawson's failure to make good on promises to repay the loans passed to AMCON.

 The CBN spokesman, Mr. Ugo Okoroafor, said AMCON and Ecobank were better placed to comment on the issue. AMCON declined to comment on the basis of confidentiality.

 However, Renaissance Capital repeated its "buy" rating on Ecobank with a price target of N18.8 per share, saying the loan issue was insignificant compared with the bank's fundamentals.

 "The $10 million loan represents 0.3 percent of Ecobank Nigeria's first quarter loan book," Rencap analysts said.

 Reynolds said the debt issues were discussed at board level and no attempt had been made to write off the loans. He said the central bank had written to enquire about the loans and Ecobank had cooperated fully with the regulator's requests.

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No Risk Of Default On Our Chairman'S Debt, Says Ecobank
« on: July 18, 2013, 08:29:01 AM »

Offline wowgold5

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« Reply #1 on: July 18, 2013, 08:32:06 AM »

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