Don't Miss

Unity Bank blacklists Bulet Intenational, Kabo Air, 109 other debtors

By BusinessNews Staff on November 18, 2014

Unity Bank Sunday made public the names of 111 of its customers with bad loans.

The bank stated in a public notice signed by its management that it decided to publish the names because the debtors failed to come forward to honour their obligations.

This, it said, followed the expiration of a two-week grace period set by the bank from October 8 to October 22, to all such customers.

This grace period and the warning of the consequences of not responding to the bank’s call within the period, it said, was also widely publicised through the mass media.

Top on the list of the bank’s debtors was Bullet International Nigeria Limited with outstanding balance of N9.322 billion.

Some others included Kabo Air Limited, N7.917 billion; LOH and OR Construction Nigeria Limited, N5.797 billion and Vegefresh Company Limited, N2.716 billion.

The bank is presently in a battle with one of the Directors of Vegefresh Company Limited, Mr. Samuel Joseph Samuel, who allegedly demolished one of the bank’s properties situated at Ikeja, Lagos, worth over N500 million.

The bank had in a petition to the Deputy Inspector General of Police (DIG), Force, Criminal Investigation Department (CID), which made available to THISDAY recently said the incident also saw the bank’s property such as a massive dredging machine and two of its cars parked on the site allegedly taken away by Samuel.

Continuing, the list of debtors also included HFZ Transport Services Limited with outstanding balance of N2.555 billion; Total Steel Limited, N1.421 billion; Reagan Cement Company Limited, N1.238 billion; Well Being Products Nigeria Limited, N1.208 billion and Voix Networks Limited, N1.147 billion.

In addition, the bank listed Plywood Chemicals and Accessories Limited as one of its debtors with an outstanding balance of N995 million; Ekiti Kete Mass Transit, N929 million; Hydras Classic Hotel, N754 million; First Oil Limited, N723 million; Cremona
Construction with N619 million; Fay Hygienic Products Limited, N580 million; Godon Development Limited; Double Five Flour Mills, N558 million; A.B.Radda Petroleum, N514.760 million; Trisystems Limited, N496.915 million and Vicalb Logistics Services Limited, N467.928 million.

Furthermore, the bank stated that “the immediate fallout of publishing their names included an industry-blacklisting of such debtors from further banking transactions until they attend to the bad debts.
“However, several customers heeded the call and have come forward to either make good their obligations or to negotiate a re-structuring of the loans.”

[ThisDay]

headline