Senator Lanre Tejouso has accused the
management of First City Monument Bank of blackmail for publishing his
name among its list of delinquent debtors.
The senator, representing Ogun Central
Senatorial District in the upper legislative chamber, said in a
statement that his company, Suzzatej Nigeria Limited, never had any
banking relationship with FCMB.
He stated that the N84.8m loan in
question was obtained by the firm from Midas Bank before it was acquired
by FCMB and that it was supported with appropriate collateral.
“The practice all over the world is for a
bank to take recourse to the collateral pledged for a loan in default.
This is expected in a decent society and not attempted ridicule of
company directors,” Tejuoso said.
He also stated that the Asset Management
Corporation of Nigeria had since made recourse to collateral pledged by
the company having taken over the non-performing loan in 2012.
Tejuoso said he was in support of the
drive to recover all unserviceable loans in the banking sector, “but
this must be after the securities pledged cannot recover the said
loans.”
“The bank, at inception of the loan
offer, emphasized the importance of collateral and its importance for
customers to know his/her collateral was at risk in default. Why collect
a collateral if this blackmail is the recourse?,” he queried.
He explained that AMCON, in a letter with
reference number: MMK/LAG/C/DL/87/12 of November 20, 2012, took over
the loan granted by the defunct Midas Bank, which was acquired by FCMB.
He
stated that the loan, which was secured with a landed property, went
bad due to the devaluation of the naira about 10 years ago.
Tejuoso said a legal mortgage of a
property belonging to the company in excess of the amount owed was in
the custody of AMCON/FCMB.
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