FIRST BANK: WHY ZONE 4 IS LYING AGAINST US
You must heard about the misunderstanding between First Bank and Zone 4 Energy Limited? Well, to set the records straight, the management of the bank recently issued a statement where it tabulated all that transpired between them.
Our attention has been drawn to the media story making the rounds on the purported allegation of forgery against our officers by the promoters of Zone 4 Energy Limited.
To set the record straight and for public information, we categorically state that the allegation is untrue, staged for mischief and totally false in its entirety.
It is pertinent to emphasize that Zone 4 Energy Limited has maintained a business relationship with FirstBank and has been availed of Import Finance Petroleum Lifting facility, following their request to support local purchase and importation of refined petroleum products, as well as the acquisition and renovation of a Tank Farm. The facilities are secured with a perfected All Asset Debenture over the financed Tank Farm located in Calabar Free Trade Zone.
The Bank also, in the course of its business relationship with Zone 4 Energy, availed facilities to three other customers; Reeico Nigeria Limited, Broadwaters Resources Ltd and Calder Crest Nigeria Ltd the proceeds of which were) transferred to Zone 4 Energy Limited accounts in compliance with transfer instructions from Reeico Nigeria Limited, Broadwaters Resources Ltd and Calder Crest Nigeria Ltd.
After the disbursement of funds and passage of time and the failure of Zone 4 Energy to meet its obligations to the Customers and FirstBank, the Bank had at various times engaged with the Management of Zone 4 Energy Ltd and got an undertaking to repay the debts owed the Bank.
However, after protracted engagements and the Company’s failure to honour the term of its undertaking, the Bank activated a recovery process with the appointment of a Receiver Manager and instituted a receivership process to take over the financed Tank Farm.
The allegation of a purported forgery against the Bank and its officers is a desperate attempt by the Management of Zone 4 Energy to scuttle the recovery process with spurious allegations by playing to the public gallery.
FirstBank reiterates that the forgery allegation is untrue and purely staged for mischief