Bad loans: Spring Bank‘s shareholders ask debtors to pay back

By Ademola Alawiye  Monday, 4 Oct 2010


Shareholders of Spring Bank Plc have called on people and organisations that are indebted to it to pay back so as to reduce the bad loans that the Asset Management Corporation will be buying from the bank.The shareholders made the plea during a fact-finding mission to the bank, following reports that some senior officers had been charged to court for an alleged fraud of N5.2bn.


The Chairman, Shareholders Trustees Association, Alhaji Mukhtar Mukhtar, said, ”We plead to all debtors of the bank to pay up their debts. All stakeholders are poised to join forces with the management of Spring Bank to seek the services of the Economic and Financial Crimes Commission to retrieve all outstanding debts to the bank.”Meanwhile, a statement by the bank said that the stakeholders had called for a probe into the false allegation of N5.2bn fraud levied against the management of the bank by Strand Capital Partners Limited.


Speaking during the meeting, the Chairman, Ibadan Zone Shareholders Association, Chief Aderemi Oyepeju, said that such a probe was necessary to prosecute those behind such malicious and wicked allegations against the bank officials.


Oyepeju said, ”Having studied the allegations, it would appear that the real culprits in the matter are sacred cows being protected by the system. We condemn in entirety, what we have been reading in the newspapers and we use this opportunity to state categorically that we are behind the management of Spring Bank because we have been following this case even before this current management was appointed by the CBN





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