"White British school " knocked me up
What did First bank the only wise people's bank in the world do?

All I see is a fence erected for proper access control. How can you owe N650M SINCE 2005, collecting school fees since then without repaying your debt and now you are looking for public sympathy? Please!

businesses running to social media instead of their lawyers?
engaging in actions tantamount to defamation?
where do we get these hustlers from?

reading all the comments above just wondering you have not heard the bank's side of the story yet you surmise that the school is on the wrong

what you are seeing in that picture is nothing compared to the reality on ground, that school is probably one of the best in the whole of abuja here is are the real pictures of the school

So a permanent secretary of a federal ministry could stand alone as a surety/guarantor for a loan of over N600m in 2005? and it was approved...that's well over $3m. Damn! There so much money in government.

tinydev56:
These people are funny. Both the bank and the school management. At all cost though the bank will get it’s money. This is why proper KYC is necessary in granting loans

Lol. How would proper KYC erode non payment of loan?

Is KYC one of the canons of good credit?
Because from the little I know, KYC or no KYC, a customer without character will not pay down on their loans or meet maturing obligations as and when due.

TheEminentLaity:
So a permanent secretary of a federal ministry could stand alone as a surety/guarantor for a loan of over N600m in 2005? and it was approved...that's well over $3m. Damn! There so much money in government.

The property was his. He sold it to the school. So yes, a single man can stand as a guarantor but there are certain things not right about all this. He had no business signing the TLM after he had sold the property. And why didn't first bank go ahead to perfect the legal mortgage all these years?

It's for their legal department to worry anyway.

AZeD1:
Won't it be smart for First bank to appoint a manager for the school and ensure that all monies for the school are paid into an account on First bank. That way, the school still keeps running and First bank takes it money little by little?

A receiver manager?
I think I read from the judgement of the court that one be appointed - Mr. Bola Olotu. Not sure if I interpreted it correctly though.

I'm of the opinion that they execute an irrevocable undertaking to domicile all business proceeds and cash flows with the bank.

I pity the school. The interest that would have accrued over the years may take another four to five years of monthly payments to clear.

Such bad credit record!

kaen1317:
Wetin concern bank and skool?

Lazy yuth that can not read.
Here is your prescription.
Take two tablets in morning and two (before you wake up)

pxjosh:
Hit like if this is none of your business

it is none of ur business until one day same thing happens to u

Amanyanabo:

it is none of ur business until one day same thing happens to u

lol it won't happen to me. Fyi I've read through the story. Abi you dey pray make I borrow money wey I no fit pay back?

Nairaland forum is not an appeal court. I wonder what you are teaching the children in your school. Be wiser.

They are first in everything.
First thief.

That loan is fvcking too much for a school . Does that include the starting capital ? We haven't even heard the interest accumulated. Let them sell the school and pay off the loan

They are the first in everything.
First thief.

OsuMustGo:

Lazy yuth that can not read.
Here is your prescription.
Take two tablets in morning and two (before you wake up)

is it the one they said u are using? Oh forgotten, it's the extra strength that u are on

tinydev56:
These people are funny. Both the bank and the school management. At all cost though the bank will get it’s money. This is why proper KYC is necessary in granting loans

KYC ke. Credit is given based on five Cs: Character, Capacity to pay, capital contribution, collateral and conditions.

einsteine:


KYC ke. Credit is given based on five Cs: Character, Capacity to pay, capital contribution, collateral and conditions.

Nice

You must be in the industry to know this

My outlook here is that I don't see why banks must be involved in forgery especially on a dead man's things. I wonder how they'll treat their customers.

Wonder shall never end. First Bank! I hope their cabal is not planning to take over the school property by frustrating the school from paying back the debt. The duration of the loan is yet to mature.why is the bank in a hurry? Wait for the maturity of the deadline. If First Bank resorted to forgery, then something is fishy. This is Niaja and anything is possible. God help us.

I doubt that date of 2005 is correct and people reporting news need to carry out proper research before bringing news forward. I've tried carrying out little independent research into this matter and have found out that the loan was acquired from Gtb by Firstbank in the year 2013. The school commenced operations by 2014. The school needed more money from Gtbank to complete the project and in came FirstBank from nowhere. Loan of 450m was paid and an additional loan of 200m was granted of which over 180m was deducted by the bank to "perfect" the loan. The school began repaying the loan by depositing all payments into its Firstbank account which amounted to over half of the total loan taken until the bank blocked withdrawals and staff salaries were not paid for a while which led to the school stopping payments to that account. The loan is supposed to be paid off by 2019 but based on what I am seeing, the bank seems more interested in the property else they would come together to see how the money can be paid back. Allegations of forgery have been made by the school and nothing has been said by the bank. I smell something fishy with this deal. Regardless, Nigeria keeps showing herself unable to encourage businesses and to properly investigate some crucial matters. Nobody is supposedly above the law but the truth must be revealed on this.

This is totally wrong...instead of supporting the school to build the future leaders you are sealing up the school, keeping children out of school and your own kids are in school..why not resolved the issue peaceful. Imagine if government decides to close up first bank how will you feel... Please this is wrong

These people have no scruples. Is 2019 so far away for them that they had to resort to forgery? That means they are conscious of the fact that they carried out dubious, suspicious, fraudulent actions when they were giving out the loan. By standards, development loans can run for up to 15 years and this one was taken in 2013. Is first bank in a hurry to go somewhere? Or they just want the property so badly that they can’t even wait again or are they in a hurry to cover their tracks? Very funny!

The truth of the matter is the so called First Bank from my observations here is only interested in acquiring someone's sweat instead of their Money hence the Forgery of Documents. First Bank please leave the school alone and don't traumatize the emotions and future of the students there. Whaiteplains British school has a good reputation please.

Afro3:
FIRST BANK Plc ALLEGEDLY FORGES DOCUMENTS AGAINST WHITEPLAINS BRITISH SCHOOL, FLOUTS COURT JUDGEMENT.


The court case between Whiteplains British School, Jabi Abuja and First Bank Plc is far from over as First Bank appears bent in illegally taking over the property known as Whiteplains British Secondary School located at Jabi, Abuja.
‎
During an interview with the Director of Whiteplains British School, he had the following words to explain…”in 2005, Whiteplains British School took an initial loan of N450,000,000 (four hundred and fifty million naira only) from GTBank. Subsequently, we needed another loan of N200, 000, 000 (two hundred million naira), which GTBank appeared hesitant in giving us. We were however approached by First Bank Nigeria Plc that they were ready and willing to help us with the loan. First Bank paid off the initial loan of N450, 000, 000 and went further to credit our account with the sum of N200, 000, 000”
‎
As it stands now, First Bank Plc is said to be eager to obtain the property at all costs and went the extra mile to allegedly forge a document known as tripartite mortgage. In that tripartite mortgage, First Bank claims that Dr. L.C. Ibe, a former permanent secretary of the Federal Ministry of Water Resources, signed as surety in the year 2014, claiming Dr. L.C. Ibe signed as surety that in the event of failure of Whiteplains British School to pay the loan, First Bank Plc can obtain ownership of the property. Meanwhile, it is clearly on record that Dr. L.C. Ibe, the so-called surety as claimed by First Bank, died in 2013, and was in fact buried on a Friday, March 15th 2013. Can a dead man sign a document? First Bank has refused to answer this all-important question. This is no doubt a criminal act.
‎
It might also interest the general public to know Dr. L.C. Ibe, the man whose signature was allegedly forged by First Bank plc, is the seller of the property to the management of Whiteplains British School, and therefore cannot sign a surety for property which he has already sold.‎
‎
In accordance with the rule of law, the management of Whiteplains British School took the issue to court and tried to obtain a fair hearing. At the end of the court hearing, Justice B.F.M. Nyako of the Federal High Court Abuja passed judgment on the 19th of December 2016, and it states the following- the 1 and 2 questions are answered in the affirmative. Consequently I hereby order as per the reliefs sought with modifications.
‎
Relief 1, Mr. Bola Olotu is the duly appointed receiver appointed by the 1stapplicant and can perform all the duties stated therein without being visible in the administration of the school so as not to traumatize the students.
Flowing from the above, relief 2 is granted with the modification that Mr. Bola Olotu takes over, finance activity of the school.
Relief 3 is granted with very minimal presence of uniformed policemen at the school premises.
Relief 4 is granted with the emphasis that the sharing formula should be used so that the school remains open and operational with teachers and staff salaries paid.
Relief 5 is not granted. Only monies relating to the facility should be lodged with the 1st applicant account.
‎
In addition, the 1st applicant should enable the 1st respondent access to the properties used as collateral for the Guaranty Bank loan so that they can sell off same to enable them repay the loan with them.
‎
All efforts by Whiteplains British School to appeal to the good conscience of First Bank has repeatedly failed, and the school is left with no other option than to take this matter to the doorstep of public conscience in the light that First Bank would henceforth rescind on there double standards and dishonest acts of flouting court judgments.
‎
Moreover, on the 8th July 2018, officials of First Bank Plc came with armed policemen to erect an illegal fence across the main entrance gates of Whiteplains British secondary school. This is the extent to which First Bank Plc intends to erode the judgment of the Federal High Court.
‎
The board, management and staff of Whiteplains British School, hereby call on First Bank to stop the total disregard of court judgments and also calls on relevant authorities to help temper justice with facts, as we continue to pledge our undying commitment to contributing to the development of Nigeria’s educational sector. It is common knowledge that Whiteplains British School is recipient to several awards including a Special Consultative Status with the United Nations, Platinum Award for Education Development in FCT 2013, Best Secondary School 2012 by the Institute of Government Research & Development, 2010 and 2011 Teen ICT Favorite School Award, Africa Entrepreneurs Merit Award, Nigeria Entrepreneurs Award and several others.
‎
With its background in educational forte, we remain committed to our calling and will not trade evil for evil.
 
 http://supremetv.com.ng/2018/07/09/first-bank-plc-allegedly-forges-documents-against-whiteplains-british-school-flouts-court-judgement/