Shell Energy Entrepreneurs banner Yudala banner
Creditors drag Nitel/Mtel liquidator to FRCN, Presidential Committee over alleged lack of accountability in claims payment

By News Express on 25/10/2016

Share on facebook Yahoo mail icon Gmail icon

Views: 1,548


Creditors have dragged the appointed liquidator for Nitel/Mtel, Otunba Olutola Senbore, before the Financial Reporting Council of Nigeria (FRCN) and the Presidential Advisory Committee Against Corruption (PACAC).

In a petition, signed by a representative of the creditors, Mr. Sebagen Henry Noboh, and dated October 20, 2016, the complainants decried what they considered lack of accountability in the payment of their claims.

According to them, the Liquidator has paid only 16.5 percent of the amount stated in his offer letters to individual creditors, leaving a balance of 83.5 unaccounted for. The offer letters, dated May 12, 2015 were personally signed by the Liquidator.

They added that the 16.5 percent was paid to them in two installments of 15 percent in May 2015; and 1.5 percent in July 2016, an interval of 14 months.

At issue is the N51, 648, 643, 000 proceeds from the sale of the core assets of Nitel/Mtel to Natcom Consortium for $252.25 million by the last administration.

The Consortium had fully paid up since March 2015, but the creditors are still struggling to get their money from the Liquidator, more than 18 months after he received the money.

The Liquidator had fixed the amounts payable to each of the about 300 creditors based on available funds, in line with the provisions of the Companies and Allied Matters Act (CAMA) 1990.

One of the issues raised was the decision of the Liquidator to be paying them in piecemeal, stating that it was in clear violation of provisions of the CAMA.

They expressed fears about the safety of the funds and the probability of the Liquidator releasing the 83.5 percent balance without intervention from the relevant monitoring agencies.

Also affected are the various consultants to the creditors whose cheques the Liquidator has refused to release, despite legally contracted agreement documents said to be in his possession.

The petition added: “We urgently seek the intervention of the FRCN for independent examination of the Liquidator’s account records, because he has remained evasive since July.

“We also believe that the outcome of PACAC’s investigation might give President Muhammadu Buhari a clue into certain tendencies that have cast doubts on the credibility of the exercise.

“Findings by the two bodies may as well form the basis for appropriate follow-up action with the relevant economic and financial crime law enforcement agencies.

“For now, we can only appeal to FRCN and PACAC to expedite action on this matter before it is too late. We are afraid the safety of the funds in custody of the Liquidator is highly threatened.”

•Photo shows PACAC Chairman, Prof. Itse Sagay.

Source News Express

Posted 25/10/2016 05:04:40 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

 

You may also like...
Ebonyi takes delivery of equipment for rice production...

Presidential Media Chat tomorrow; Buhari to speak on...

Nigeria will be out of recession in 2018...

Gov Dickson orders payment of LG salaries

Moderate visibility to prevail in many places across...

OPC issues 14-day ultimatum to Ijaw group over...

2013: Abia Governor proposes to spend N134 billion...

Nigeria, 69 other countries adopt statement on e-commerce...

Lagos Fire Service recovers bodies of traditional chief,...

Delta State Govt. assures continued partnership with actors...

Husbands, wives told to expect challenges —and how...

Firm launches novel free airtime App

 

Latest News Music star Burna Boy in police net over armed robbery 4 killed, 160 wounded in Jerusalem protests NAF helicopters, fighter jets unleash fire on Boko Haram settlements Sultan to train 200 orphans caused by insurgency Muslim, Xtian leaders meet in Lagos Activists spoil for war with IGP over continued sealing of Peace Corps headquarters in defiance of court order Delta LG polls: Okowa predicts landslide victory for PDP Lagos CP orders arrest of female lawyer over alleged abuse of house help Supreme Court dismisses appeal to stop investigation into N1.8bn subsidy fraud PDP convention: Reconciliation in South-West successful, says Dickson All set for multiple celebration of Obuah in Port Harcourt Expect hazy, sunny, cloudy weather today – NiMet

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (301,758 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (286,549 views) Shameless Genevieve Nnaji exposes breasts in public (231,178 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (193,899 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (183,724 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (170,868 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (147,570 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (132,763 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (130,955 views) Lagos plane crash: Journalist releases victims’ names (119,410 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (115,773 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (112,580 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,823) Business Verdict (30) Columnists (779) Complaints & Requests (94) Enterprise & Opportunities (195) Entertainment (421) Features (523) Global Business Monitor (196) International (1,693) Interviews (138) Live Commentary (28) Love Matters (92) News (31,059) Opinion (845) Pidgin (9) Politics (4,224) Religion (654) Sports (1,381) Stock Watch (25) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

MOBO Awards

 

APO Group Partner

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!