N1.8b debt: UBA files application to join winding up petition against R. T. Briscoe

N1.8b debt: UBA files application to join winding up petition against R. T. Briscoe

Thursday, July 7, 2016 10:44 pm

R. T Briscoe

R. T Briscoe

Akin Kuponiyi

There is no reprieve yet for a Limited liability company, R. T. Briscoe Nigeria PLC. Its account has been frozen in all commercial banks in Nigeria for allegedly owing Diamond bank the sum of N2.5Billion. Now, another commercial bank, United Bank for Africa (UBA) has filed an application to join as an interested party. This is in the wind up petition filed against the auto firm by Diamond bank on the ground that the company is indebted to it in the sum of N1.8Billion

UBA in a verifying affidavit sworn to by a legal practitioner, Olabisi Tela, accompanying Notice of Intention to appear on Petition filed before a Federal high court in Lagos south west Nigeria by a Lagos lawyer Barrister Kemi Balogun (SAN), the Deponent averred that R. T. Briscoe Plc obtained four types of facilities. These are: Type 1 N2Billion for Inventory Facility; Type 2 N50million as Bond and Guarantee, Type 3 N750million as Overdraft Facility, and Type 4N1.250 as import facility for the importation of Toyota spear parts

Tella averred further that the facilities have a tenor of 365 days with periodic review of every 90 days, at interest of 15 percent per annum, which is subject to review by the bank from time to time in the prevailing market condition.

The deponent also averred that despite repeated demand by the bank from the Auto firm, it has refused, neglected and failed to liquidate it’s debt,which stood at N1.8 billion.

The bank while showing interest to appear on the petition to be heard urged the court to wind-up R. T. Briscoe in the interest of Justice.

The author of this story Akin Kuponiyi can be reached at
[email protected]

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