Shell Energy Entrepreneurs banner Yudala banner
BOI, Unity Bank in court over N150m loan

By News Express on 13/12/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 500


Bank of Industry (BOI) and the Unity Bank Plc on Tuesday were at the Federal Capital Territory Court, over non performance of N150 million loan granted to Valentino Project Limited. by BOI.

In 2012, Valentino Project Limited had secured a loan of N150 million for the construction of water treatment factory and production in Kuje, FCT, while Unity Bank acted as its guarantor.

Mr Toluwaseun Alabi, the counsel to the plaintiff, Valentino, said that Unity Bank acted as the guarantor for Valentine Project Limited to secure the loan.

Alabi said that a loan of N150 million was given to Valentino to set up a water treatment factory and production line in Kuje, adding that “it did just that, while Unity bank acted as the guarantor to Valentino.”

He said that in August 2013, Valentino received a communication from BOI that the transaction had been terminated.

He however argued that since the loan was for five years and still operational; it would amount to a breach of agreement if it was terminated.

“Valentino Project Ltd. has built the water treatment factory and production in Kuje and bought the needed equipment, in fact everything is on ground,” he said.

Alabi said that Valentino had refused to commence work because of the problem it had encountered, adding that the project was stalled because the N150 million had not been fully disbursed.

“It was just remaining about N5 million to complete the loan and finish the project because the company has built the factory and set up everything.

“But because the Relationship Manager of Unity Bank and the people handling the facilities on behalf of BOI and Valentino Project Limited were not having the best of times, it just cut off as guarantor without recourse to the investment.”

He said that there was a project appraisal before the BOI gave out the loan, adding that based on Valentino’s performance, the loan was given to the company.

Peter Inegi, counsel to Unity Bank, said that before the loan facilities was given out to Valentino, there were conditions and some obligations attached to it.

He said that Valentino was supposed to perform based on those conditions and obligations, adding that 100 per cent performance was expected before any intervention.

“Unity Bank acted as Valentino Project Limited guarantor for N150 million to BOI, but BOI had to act by withdrawing from Valentino Project Limited for non performance of obligations.”

Justice Peter Affen of the FCT High Court, Maitama, however, reserved judgment until a date to be communicated to both parties. (NAN)

 

Source News Express

Posted 13/12/2017 01:04:57 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

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!

 

You may also like...
IG spits fire over Okrika shootings, vows to...

Delta LG polls turn violent as protesters set...

Women advocate dialogue in addressing contentious national issues...

Jigawa to empower 1,575 youths

Tinubu, Amosun mourn Aregbesola’s mother

Edo Police Commissioner wades in as lawmakers’ feud...

Drama as Uwazuruike is asked to identify self...

Rohr seals 2-year deal as Super Eagles Technical...

Dust haze, sunny and cloudy weather conditions to...

No woman has any reason to be barren;...

Nurses to Buhari: Honour our colleagues killed in...

MMM may not survive this week: Insider

 

Latest News Osinbajo, 9 Governors to find solution to herdsmen-farmers' crisis, killings Fire guts Imo Deputy Governor’s house Military rehabilitates 95 repentant Boko Haram fighters NNPC raises alarm over fake recruitment advert Senate institutes committee on Constitution amendment, postpones National Security Summit Enugu Revenue Board targets N30b IGR to fund 2018 budget Kaduna Govt. bans child fostering, adoption INEC seeks CJN’s intervention over conflicting court judgments Dickson tasks Bayelsa Oil Company on repositioning for optimal performance Umeh takes oath of office as Senator, calls for restructuring Angry General, Nigerian Army slug it out in court over alleged illegal retirement Alex Ekwueme to be laid to rest Feb. 2

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (315,194 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (304,851 views) Shameless Genevieve Nnaji exposes breasts in public (244,565 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (201,315 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (189,995 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (179,264 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (155,481 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (139,666 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (135,978 views) Lagos plane crash: Journalist releases victims’ names (124,424 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (121,586 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (118,911 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,853) Business Verdict (32) Columnists (792) Complaints & Requests (94) Enterprise & Opportunities (200) Entertainment (431) Features (541) Global Business Monitor (222) International (1,744) Interviews (139) Live Commentary (28) Love Matters (100) News (31,990) Opinion (865) Pidgin (10) Politics (4,356) Religion (666) Sports (1,406) Stock Watch (25) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

Thierry Henry in Lagos Nigeria

 

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

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!