United Alliance Loan Performing, Says Intercontinental
By Emele Onu, 08.20.2009

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THISDAY Special Release

The new management of Intercontinental Bank led by Joseph Ajewole has declared the N16 billion loan granted United Alliance Company of Nigeria Limited, in which the Managing Director of Access Bank Plc, Aig-Imoukhuede, and his deputy have interest, as performing, contrary to advertorial by the Central Bank of Nigeria (CBN) in some newspapers yesterday, which classified the credit as non- performing.
Intercontinental Bank in a letter dated August 19 and addressed to the Chief Executive of United Alliance, Mr Chizoba Ufoeze, said that the facility granted the latter has been performing. This development has absolved United Alliance and the two Access Bank chiefs of involvement in the huge non-performing loans of Intercontinental, which the CBN put at about N211 billion - representing 28 per cent of the bad loans of the five troubled banks.
In the letter from Intercontinental Bank to the Chief Executive of United Alliance, jointly signed by the Head, Remedial Management of the bank, Rasaq Yusuff and the Group Executive, Credit Risk, Yemi Ogunfeyimi, Intercontinental Bank stated: “Please be informed that you are up to date on both principal and accrued interest due on the account as at today.”
Intercontinental Bank in the letter, which was obtained by THISDAY acknowledged the receipts of payments made recently on the loan by United Alliance. The payments included N170 million paid to Intercontinental by United Alliance on July 3, this year; the sum of N725 million paid to Intercontinental on July 15, 2009; N440 million paid the bank on August 11, 2009 and N360 million also paid to Intercontinental on August 10 this year.
The CBN had published the list of the big debtors to the banks to compel them to clear the indebtedness without further delay, failing which, it said the banks would take all appropriate legal actions to ensure repayments.

if this is coming from the new management, coupled with the fact that CBN admits a typograhical error on the list on the claims by Dangote and others, then it seems CBN was too much in a hurry.


http://www.thisdayonline.com/nview.php?id=152170

That's the problem in this country. Everyone is alwayz in a RUSH.

CBN should please hurry up 2Access bank 'cos i won't be surprised that it is Access bank's money that they are using to service the loan temporarily.

Seems like some money is exchanging hands already

Who is Joseph Ajewole? The new CEO appointed by CBN if i can remember well is Lai Alabi and i hear he is sill considering if he will take up the job because of the mess there. It is this same Joseph Ajewole that sent sms to all their clients not to panic and thereby causing more panic to the already suspicious clients.