ABUJA (Sundiata Post) – Senator Lanre Tejouso on Sunday accused the management of the First City Monument Bank (FCMB) of blackmail for publishing his name among its list of purported debtors.
In a statement sent to Sundiata Post, the Senator representing Ogun Central in the upper chamber said his company, Suzzatej Nigeria Limited never had any banking relationship with FCMB.
He described the newspaper publication wherein his photograph was used as malicious, saying his lawyers were studying it preparatory to seeking legal redress.
He stated that the loan in question, amounting to N84, 808,660.48, was obtained by his company from Midas Bank before it was acquired by FCMB and supported with appropriate collateral.
He exonerated his company from FCMB’s allegation of indebtedness as published in one of the national dailies.
Tejuoso said in the statement: “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.”
He also said that the Asset Management Corporation of Nigeria (AMCON) had since made recourse to collateral pledged by the company having taken over the non-performing loan in 2012.
Tejuoso said he supports the drive to recover all unserviceable loans in the banking sector, “but this must be after the securities pledged cannot recover the said loans.”
He added: “The bank at inception of loan offer, emphasised 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 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 defunct MIDAS Bank and acquired by FCMB since 2012.
He stated that the secured loan (by a landed property) went bad due to the naira devaluation about 10 years ago.
He said a legal mortgage of property belonging to the company, in excess of the said amount owed, is in custody of AMCON/FCMB.
He said the company consented to the liquidation of the loan by the disposal of the property since 2012, as contained in AMCON’s letter which stated that: ‘If payment is not made within 21 days of receipt of this letter, we shall take appropriate recovery measures without further recourse.’
He said that said that documents to effect the sale of the property was with MIDAS Bank/FCMB and that he assumed that it had been transferred to AMCON for disposal since 2012 when the said loan was acquired by the AMCON.
He further said that Suzzatej Nigeria Limited has not been contacted since the last letter from AMCON in 2012.
The statement reads in part: “Suzzatej lawyers are studying the implication of the malicious publication of the picture of Dr. Lanre Tejuoso on the front page of the Punch for the misrepresentation by FCMB, for immediate legal redress.”