Femi Otedola’s Debt Burden.

19 months ago, Mr Femi Otedola obtained approximately 300 billion naira from a consortium of Nigerian banks as a working capital for his oil and gas trading business. The loan transaction was headlined by UBA and Zenith Bank which both provided 300 million dollars each.

As Femi Otedola continues to spend millions on his ill-advised crusade against Alhaji Aliko Dangote, confidential documents obtained by the DANGOTE SUPPORT GROUP, show that Femi Otedola has defaulted on the terms of the loan agreement prompting UBA to dispatch a team of top bankers to his London residence.

Of course there is nothing wrong with debt financing. We know that debt is an essential part of running a business. However, the DSG is appalled that Mr Femi Otedola has the nerve to continue this campaign of calumny when he is unable to service his loans and pay decent salaries to his staff. The DSG is also worried about the goings-on at African Petroleum which Otedola now uses as a personal piggy bank.

Here are the FACTS ;

ZENON PETROLEUM AND GAS LIMITED

US $2.09 BILLION

WORKING CAPITAL FINANCE FACILITIES

PARTICIPATING BANKS

ACCESS BANK PLC 120 MILLION DOLLARS

BNP PARIBAS US 150 MILLION DOLLARS

FIRST BANK PLC 70 MILLION DOLLARS

FIRST CITY MONUMENT BANK PLC 170 MILLION DOLLARS

GUARANTY TRUST BANK PLC 200 MILLION DOLLARS

INTERCONTINENTAL BANK PLC 270 MILLION DOLLARS

OCEANIC BANK INTERNATIONAL PLC 180 MILLION DOLLARS

BANK PHB PLC 90 MILLION DOLLARS

SKYE BANK PLC 100 MILLION DOLLARS

STANBIC IBTC BANK PLC 70 MILLION DOLLARS

UBA PLC 300 MILLION DOLLARS

UNION BANK OF NIGERIA PLC 70 MILLION DOLLARS

ZENITH BANK PLC US 300 MILLION DOLLARS

ZENITH CAPITAL FINANCIAL ADVISER

THIS ANNOUNCEMENT APPEARS AS A MATTER OR RECORD ONLY

NOVEMBER, 2007.

~ by dayocoker on July 9, 2009.