By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Construction giant, Costain (West Africa) Plc Tuesday announced it has liquidated its debt to First Bank of Nigeria Limited.
This is contained in a notice from the company to the Nigerian Stock Exchange (NSE) and made available to InvestAdvocate in Lagos Nigeria.
According to the notice, the concessionary amount to First Bank of Nigeria led to the appointment of a Receiver Manager by the Bank for which NSE notified the market via its bulletin of November 6, 2013.
The notice affirmed that the final instalment of the concessionary sum was paid by Costain (West Africa) via its letter to First Bank of Nigeria dated January 13, 2014 and First Bank’s acknowledgment of the sum paid via its letter dated January 15, 2014.
In the same vein, First Bank of Nigeria has confirmed that based on this development, Costain (West Africa) is deemed to have discharged its obligation to the bank on this facility.
The Bank also stated that steps are being taken to discharge the receivership at the Corporate Affairs Commission (CAC) and all relevant authorities will be notified as appropriate.
This is coming on the heels of the appointment of De Jesus Barreto Fernando a new chief operating officer (COO) with the company.
The company had said that Barreto Fernando does not sit on the Board of Directors of the company but will be an integral part of the business going forward as he is expected to deploy his depth of experience in operating the business for greater efficiencies and results.
By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Construction giant, Costain (West Africa) Plc Tuesday announced it has liquidated its debt to First Bank of Nigeria Limited.
This is contained in a notice from the company to the Nigerian Stock Exchange (NSE) and made available to InvestAdvocate in Lagos Nigeria.
According to the notice, the concessionary amount to First Bank of Nigeria led to the appointment of a Receiver Manager by the Bank for which NSE notified the market via its bulletin of November 6, 2013.
The notice affirmed that the final instalment of the concessionary sum was paid by Costain (West Africa) via its letter to First Bank of Nigeria dated January 13, 2014 and First Bank’s acknowledgment of the sum paid via its letter dated January 15, 2014.
In the same vein, First Bank of Nigeria has confirmed that based on this development, Costain (West Africa) is deemed to have discharged its obligation to the bank on this facility.
The Bank also stated that steps are being taken to discharge the receivership at the Corporate Affairs Commission (CAC) and all relevant authorities will be notified as appropriate.
This is coming on the heels of the appointment of De Jesus Barreto Fernando a new chief operating officer (COO) with the company.
The company had said that Barreto Fernando does not sit on the Board of Directors of the company but will be an integral part of the business going forward as he is expected to deploy his depth of experience in operating the business for greater efficiencies and results.
