Skye Bank Vows to Recover N1.14b Debt from Centrespread

April 14, 2017
Skye Bank Vows to Recover N1.14b Debt from Centrespread

Skye Bank Vows to Recover N1.14b Debt from Centrespread

By Modupe Gbadeyanka

A top lender in Nigeria, Skye Bank, has expressed its determination to recover about N1.4 billion allegedly owed by a frontline PR firm in the country, Centrespread Limited and its Chief Executive Officer (CEO), Mr Kolawale Ayanwale.

From the court documents filed in Suit NO: LD/2362GCMW/16, Centrespread and Mr Ayanwale had taken Skye Bank to the Lagos High Court over alleged attempts to sell a property which they claim is worth N1.5 billion pledged as collateral for a N850 million facility granted it by the bank.

In an affidavit deposed to by Centrespread, it alleged that the balance outstanding on the N850 million facility was only N525,007,700 and that it had requested the bank to restructure the facility from 12 months previously agreed to 48 months to enable it repay the facility.

From the court documents, the N850 million facility granted Centrespread in 2014 was payable within 12 months.

Skye Bank, in its response, claimed that the waivers previously granted Centrespread in approving the N850 million had been forfeited by Centrespread in view of its breach of the terms of the offer and in addition is counterclaiming the sum of N1,144,299,158.97 which it says is the accrued balance on the facility.

Skye Bank also alleged that it never acceded to the request for a restructure by Centrespread and that the claims by Centrespread are just a subterfuge to delay payment of the amount owed it.

It has also asked the court to order Centrespread to pay the sum of N525,007,700 which Centrespread had alleged was outstanding in its affidavit while the court hears the substantive suit.

Recently, Centrespread entered into an affiliation agreement with Grey Advertising, but Skye Bank says that will not stop it from recovering the alleged debt.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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