Sterling Bank Plc, led by Mr. Yemi Adeola, the “one-customer bank”, has one customer giving it sleepless nights over a loan that not only went bad but has now snowballed into a major scandal in the banking industry, TheCable can report.

Grant Properties Limited, a property development company, has accused Sterling Bank of excising 10 hectares — which land it values at N5 billion — from a 50-hectare collateral and illegally selling it for pittance to a front company of a very senior director of the bank.

A Lagos high court has now ruled that the collateral was illegally sold, but there is also suspicion that the Asset Management Corporation of Nigeria (AMCON) is less than disinterested in the matter.

AMCON is accused of trying to arm-twist Grant Properties into abandoning the court judgment that nullified the sale of the collateral.

The business deal started in 2002 when Grant Properties secured a 50-hectare land in Lekki, Lagos state, to build “Victory Park Estate”.

It approached Unity Bank, Skye Bank, Wema Bank and Sterling Bank for an N8 billion ongoing loan to partly fund the project. Sterling was the lead of the consortium.

Grant Properties transferred the shares in its subsidiary, Knight Rook Limited, to the banks as security for the loan.

READ MORE HERE: http://witnessngr.com/sterling-bank-in-illegal-sale-of-customers-collateral-to-director/

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