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Oil firm, foreigners, others top list of First Bank’s N228.6bn debtors

A firm belonging to Mr Philip Olaiya, various chapters of the Nigerian Union of Local Government Employees (NULGE), some local SME owners and foreigners have…

A firm belonging to Mr Philip Olaiya, various chapters of the Nigerian Union of Local Government Employees (NULGE), some local SME owners and foreigners have dominated the list of debtors of First Bank of Nigeria Plc.

The debtors owe the bank about N228.6 billion in outstanding payments for loans and overdrafts they have taken as far back as 2002 and as recent as 2018 of which more than 95 per cent of their repayment period had expired before 2020.

First Bank had on Thursday published a list of the 175 debtor firms in a national daily.

Top on the list is OPI International Nigeria Limited, a company in Lagos chaired by Mr Philip Olaiya with Mr Olutayo Oduwole as director. It got a dollar-denominated oil and gas contract finance facility in 2012. The debt servicing period for the eight-year loan expired in 2020. However, the bank said N62.8bn of the facility has not been paid.

Karington Telecoms took a 30-day overdraft on November 1, 2013 but has not completed paying N36.4bn outstanding sum. The foreign company is situated at the Isle of Man and it has Gilian Ralston Jordan and Nigel Christian Gautrey as directors.

EER (Colobus) Nigeria Limited, a firm with a business address in Lagos has Osamede Okhomina, Yinka Ogundare, Godwin Imohi, Olanike Anani as directors.  The firm’s one year loan taken in December 2018 and expired in 2019 has N20.3bn as outstanding.

The owners and directors of Starcomms PLC comprising Chief Maan Lababid, lababidi Omar, Edward Apul, Aminu Dantata Tojudeen, Ogbechie Chris, and Oladokun Olusola, took an overdraft on October 6, 2002, and were supposed to complete the repayment by August 31, 2007. However, N16.1bn is outstanding as of December 30 for the five-year facility by the telecommunication company with its head office in Lagos, the bank’s publication showed.

Analysis of the publication shows that some of the 175 loans and overdrafts were taken by the Nigerian Prisons Service Multipurpose Cooperative (PRISCO) headquarters in Abuja of N839.9 million.

Various sums were drawn by the Nigerian Union of Local Government Employees (NULGE) chapters in Kogi, Ekiti and Oyo; Small and Medium scale Enterprises (SMEs) across states, among others.

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