FutureView Securities Limited, one of the debtors listed as owing Bank PHB has denied any form of credit facility to it by the bank, according to a statement issued by the company yesterday.
"We have observed with dismay, the erroneous inclusion of FutureView Securities Limited (‘FutureView') as one of the non-performing debtors of Bank PHB Plc to the tune of N3,606,120,840.16," the statement said.
Signed by Tochukwu Kemakolam, Group Head Corporate Finance, the statement further said, "Our amazement stems from the fact that FutureView at no time requested for or accepted any credit facility from Bank PHB Plc, let alone reneging on its obligation to service or repay the purported loan."
FutureView Financial Services Limited, formerly known as FutureView Securities Limited, was incorporated in March 1993, and commenced operations in 1996. The firm is registered by the Nigerian Stock Exchange and licensed by the Securities and Exchange Commission to provide investment banking services.
Threats of legal action
The finance company challenged the bank to show proof of genuine documents on any form of credit facility transactions within seven days or face legal actions.
"FutureView hereby challenges Bank PHB Plc to present genuine documents evidencing the application to it for or/and acceptance of any Bank PHB Plc credit facility by FutureView or any of its affiliate companies within seven days of this notice, failing which a legal action will be commenced against the Bank without any further notice to the bank," the statement said.
An official of the corporate affairs department of Bank PHB, who asked not to be named, said that the firm should have done the first things first.
"If they had written to us directly, we would deal with it and if it was an error on our part, we would apologise if we were wrong and if that is not the case, we would take the next action," he said.
"I cannot confirm to you if the firm owes the bank or not and I am not in a position to confirm that."
Not liable
The Bank PHB official added, "The list was published by the Central Bank and not Bank PHB. We are not to be principally held liable. Bank PHB did not publish any names and so we cannot be held liable. Though I cannot confirm the true position of this issue but it is not an issue. If they have complaints, they should follow the right procedure and the issue would be sorted out."
The Central Bank on Wednesday released a fresh list of debtors of five more banks. They are: Bank PHB, Spring Bank, Wema Bank Plc, Unity Bank and Equitorial Trust Bank, with total debt standing in excess of N350 billion.
The CBN, after it released the first list of debtors in August 2009, had to write another circular which admitted its errors on the first list of debtors. The errors, however, had to do with names and not figures or outright removal of any alleged debtor. According to the statement, "The bank has also noted some typographical errors regarding the titles of some government officials and some companies..."
The CBN's head of corporate communications, Mohammed Abdullahi, was however not available to speak on the issue as his phone was switched off.
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