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No agreement with ETI over N1.6bn debt – AMCON

By on July 19, 2013

Asset Management Corporation of Nigeria, Thursday, said it is in advanced discussions with Mr. Kolapo Lawson, Chairman, Ecobank Transnational Incorporated, ETI, over the repayment of a N1.6 billion loan, and also debunked claims that it has reached an agreement with the chairman.

In an interview in Lagos, Mr. Kayode Lambo, spokesperson for AMCON, said AMCON is yet to reach an agreement with Lawson over debts owed. He however, declined to comment further.

ETI had earlier in the day said Lawson has reached an agreement with AMCON, responding to reports that he had fallen behind repaying loans.

“Ecobank has confirmed that the matters concerning Mr. Lawson’s dealings with AMCON have been discussed at the board and, we understand, Mr. Lawson has reached an agreement with AMCON on this issue,” the bank said in e-mailed statement.

Also speaking, Lawson said, “The loan to Agbara Estates, which is not yet due to be paid, was contracted between two management teams acting at arm’s length in the ordinary course of business, and was completed well before I became chairman of the ETI Group.

“It is fully secured by a real estate project which has since increased in value and the overall value of the project is significantly higher than the loan. The Board has every assurance that the loan will be paid off before its due date.”

 

 

 

[Vanguard]