African Petroleum is bankrupt - Access Bank

Femi, please come out and defend your name and the company.

The reality is that people are laying foundations for the excuse as to what has happened to the depositor's money. AP is not the only one involved. Let Access bank tell us how many of such customers as AP has this profile with their bank. Yes, AP will have to face the legal consequence but the global picture should also involve audit as to whether all the necessary due process was followed. Truth be told our banks have been reckless in doling out peoples money. Loans were given to contest elections which has been lost and therefore no key to the treasury to loot and repay; to buy shares without security and given for execution of sham contracts without proper due diligence.

The problem is NOBODY KNOWS THE TRUTH ABOUT ANYTHING IN NIGERIA. Who knows, Access bank could be owned by Aliko Dangote. As we all know, Nigerian Banks do not have a clue about Banking in the real sense of the business. Sullyman, I hear you. Who can tell me if Dangote is still on the Nigerian stock exchange National Council Mmebers. I will be surprised after all the accusations levied against him. I am not saying he should quit...but he ought to step aside pending the report on the findings. Abi no investigation is going on? Hmm! Nigeria we hail thee!

Your headline, is too sensationalist and deters from the facts. That a winding-up petition has been filed by an aggrieved creditor does not equal that the company in question is bankrupt more so as this is a disputed debt. Also, this strikes me as unbalanced reporting as you make no mention of the very public spat between Access Bank and AP. This is clearly a tactic on the part of Access Bank to force AP's hand given the very serious impact that it will have on AP's share price or even its ability to carry on as a listed company.

Nigeria we hail thee Our own dear native land....

I couldnt agree more with Saintopo's position. your report is not only too sensational but also one sided as it does not carry any report on AP's side of the story. Whatever happened to thier own view? Not even the usual hint of "all efforts to reach an official of AP proved abortive" or "an official of AP who claimed anonymity" these are lines we know journalist employ (though the truth is another different story altogether). Point is Access has alot more to do to clean up thier acts/books.

Access Bank is certainly playing the game of Jacob's voice and Esau's hand. I have seen several photographs of the main players in Access Bank with Aliko Dangote. He has a hand in this smear campaign to further his selfish interests.It is sad and unfortunate that the bank is sacificing its reputation on the alter of the face off between Dangote and Otedola. C'mon, Access Bank, Nigerians know better.

How are we sure is not the fight of Dangote and Otedola is taking another dimention.May God save us in the country where few greedy people are controlling the fate of millions of Nigeria wthout impunity nor fear of God. One day we shall be history.

Let's not be emotional or sentimental. What are the facts of the case? Is AP owing Access Bank? How long has this debt remain unpaid? Is the debt in dispute? if yes, what is the bone of contention? If no, does it mean that AP is going bankkrupt or is there a character issue? Let us all face the fact and forget the issues of religion, tribe, who is behind who etc.

That AP is oweing Access Bank is not in contention. What we need are the facts behind the transaction in the interest of good coporate governance, our economy and posterity. If its also possible to see some behind-the-scene happenings with facts, ofcourse that will be also helpful to the genral public. This is getting interesting!

Saintopo, pls try open your mind when reading news..Did u read this in the report 'In the statement, Access Bank stated that it wrote several times to AP to settle its debt; on January 02, 2009, March 2, 2009, March 26, 2009 and May 25, 2009, but "despite the various correspondences above, calling on the company to settle its LC obligation, the company failed to act accordingly, by settling the amount due."' Let's not becloud our thoughts with who is behind whaT. Is it true that AP is owing? A housewife who has played into the hands of a bachelor has to pay for whatever comes out of it

I think EFCC should come in Here

Naija, Naija, Na waa for us oooo. What has Dangote got to do with AP not been able to pay its debt? Remember, Jimoh Ibrahim confessed that they can't do without the banks and he believes that there is no billionaire among them until they have all paid their debts. Its only in Nigeria where the defense of a criminal act is that 'I am not the only one'. Access bank has consistently been asking for the loan once in Jan, twice in March and once again in May. So they are justified in taking the matter to court. Anyway, to owe is not a crime but to pay back is. I believe they will come to an agreement on how to settle their problem so that I can get some improvement in my dividend ( I have 4000 shares of Access bank...I know try?).

yesoooooo!!!!!!!!! here again, who on this earth gives loan of such magnitude without collateral. so sell the ollateral if the loan is bad, but that does not mean AP is bankrupt. i don't like Aluko nor Otedola or even Access Bank, but to fool nigerians are the things of the past. is not even up to one year the loan was made. though the fall in crude could have coursed that but allow AP time to restructure the loan. work with them and they will pay you after all they are your customers. Did you tell us how much you made, will make and continue to make from AP business with Access bank. Again people like Aluko need to be polished in doing business. Business he started at age 21 yet he still do it like person of Age 21. Grow up if you are part of this attent to finish Otedola. And you Otedola brush up and stop trouble becos of Kwudi/Owo.

Before I forget media try and be investigative. Don't give us raw material try and refine it to make it edible and pallatable.

I am not supprise to read about this, what am rather supprise is the sentiment being express the very Nigerian people whose money has been gambled here. I would have expected Saintopo to be a concern Nigerian and worry that very insignificant number of Nigerian are taking the entire nation and indeed economy hostage. The truth of the matter is that for those Nigerians and Students of economy who may not really understand how some Nigerians becomes "BIG MEN" they need to read this and have wisdom. God help us.

Nigerians, why are so stupid? Is it not obvious what is going on? we Niger Deltans are killing oil business for already debated reasons and well, that is another story, but the truth is that there is no money in oil business again as far as Nigeria is concerned, that coupled with the global economic crisis which Nigeria foolishly thought will not affect us, is killing both Otedola and Dangote. I am neither Yoruba nor Hausa, I am Niger Deltan to the core and am not an admirer of either otedola or dangote, but if we take our minds back to the full story of otedola and African Petroleum when at a time the share price rose from less than 10 naira to 140naira in 2 months because otedola wanted to buy the majority equity in AP, we wey sabi business knew that unless he gets all the help available to him, he was doomed too fall. now Yaradua is an idiot who have killed business for Nigerians even more than the credit crunch, and we in ND are fighting for our rights down south, how are you expecting him to pay up his debts? abeg, let us all wait and see, Nigeria as an entity is crumbling left, right and centre and the biggest culprit is non other than that cow who rules us all, Yaradua.

Without prejudice to the facts,this story lacks the elementary journalistic rudiment of balance and, indeed, fairness.please tell us AP's side.

Odetola and Dangote may be devils, but in my opinion Dangote is the lesser one. Both are traders, except that one is more of a trader than the other. Dangote invest some of his profits in building factories in Nigeria, especially in his area of expertise, i.e. commodities. Employing 11000 people, to me, is not a small feat. This is a direct employment, not to talk of the indirect employment, etc. What this means is that if we have 10 people of Dangote's calibre then over a 100,000 employment. In that case, with or without govt support he will still survive. That still does not excuse his other alleged illegal activities, but the fact remains that he is investing in the real sector of our country which most so called Nigerian businessmen are not interested in. I wish other Nigeria big-time tycoons do the same. Odetola, on the other hand is a full time importer, unless he has other hidden industries which I am unaware of. Just a little change in import tarrifs can ruin Odetola's business. Remember, Mohammed Abacha tried to compete with Dangote in the late 90s in sugar and cement but he undercut him (Mohammed) by selling below his cost price. Note that this was when the Evil General was in power. If Abacha was unable to stop him then I don't think a civilian govt can, because he can take the case to court. But the article is not about Dangote and Odetola...instead it is about a dispute between a creditor and a debtor. Unless there is a disagreement on the terms or amount actually owed, I don't see how AP is going to get away with this one. Nigerian banks don't give long term credit, most of their credits are payable within a yr, may be thats why Access bank wants their money back.

its amazing that there could be these various perspectives to a case that is already in court for determination. let the court of law take its due course in educating the public on the contractual terms of agreement btw AP and access bank. am sure the court will not pronounce its judgement in favour of Otedola or Dangote. its a case btw Access bank and AP.

Omotayo, true. That is why in my conclusion I said 'the article is not about Dangote and Odetola'. I was trying to voice my opinion on the pundits who thinks that Dangote is responsible for everything negative that happens to Odetola.

First, owing money does NOT equate to bankruptcy, since every corporation carries working or trading debt. Second, folks have to try and distinguish between AP (a publicly- listed company) and Femi Otedola. AP's debt are LIMITED by operation of law, and will never flow to Otedola. Finally, AP is not alone in this situation. Fact is that because the PPPRA regularly fails to pay fuel marketers within the stipulated 60-90 days for fuel imports, most of the marketers (who borrow from banks to pay for imports) ROUTINELY face this situation.

There are many perspectives to the story. AP could truly be in debt but Access Bank will not have taken it this far if there was no external influence. In a war of supremacy, every connection to irregularity becomes a weapon. Dangote, Otedola, AP and Access bank have complex intertwined relationship which they are yet to fully disclose to Nigerians.

this is really sad news.whats the lesson we should pick from this?

let the EFCC take full charge of the case and investigate properly.Nigerians want to know the outcome of this case and many more involving our great business moguls at hand.

All I can say is that there are still some vital information hidden under the carpet until it is revealed, the case will be pending.

When 2 Elephants fight, (Aliko VS Otedola) it is the grass that suffers. That is a fight I would love to see...I mean physical fight. Winner take all contest. Let us know who is really the biggest boy. All this undercover attacks don do. @Ayo....What lesson should we pick? Aren't you Nigerian? Nigerians never learn from anything. If we were that intelligent, we won't be run by fools and thieves. Having said that, me I am intelligent o....Any other intelligent Nigerians out there....Let us take over the nation. Enough is Enough. Let us fight for our rights....for our future. OCTOBER 1 2009 - Let us bring the nation to a halt with an all week long demonstration in Abuja , Lagos AND PH. Peaceful...if we are allowed to. Now, that is intelligence for you.

WHY IS THIS NEWS? IT IS A LEGAL DISPUTE. DID THE REPORTER BOTHER OBTAINING THE STATEMENT OF CLAIM AND AP'S STATEMENT OF DEFENCE OR DID THE REPORTER BOTHER TO GET A REACTION FORM AP TO THE ALLEGATIONS MADE BY ACCESS? DID THE REPORTER EVEN CHECK IF AP HAD RETAINED A LAWYER TO DEFEND THE ACTION? SUCH INFORMATION WOULD PROVIDE US WITH MORE FACTS AND PROVIDE US WITH AN ACTUAL STORY WORTHY OF PRINT. I MUST AGREE THE HEADLINE CAUGHT MY ATTENTION, BUT HAVING READ THE STORY IT IS CLEAR THAT IT WAS SENSATIONALISTIC HEADLINE DEVOID OF ANY REAL INFORMATION THAT ONE CAN BASE AN INFORMED OPINION ON. NEXT TIME I WILL BE CAREFUL WHAT I PAY ATTENTION TO.

The fact that the New Central Bank Governor Sanusi, wanted to know the exposure of our Banks to internal and external risk will definately expose both the banks and their debtors. Some of these debts were responsible as in the case of AP and its arrangement for an LC worth say $36 million USD. Some were not, but for a bank to degenerate into exposing its customers in the pages of News paper for a case still pending in court calls to question the genuineness of their claim. No were in this world has a business agreement or arrangement end up as a reason to declare such arrangement a reason for bankruptcy. Their is more to it than Access Bank Plc is telling us. Those of the view that the books of Access bank should be audited and i believe their recklessness will be exposed and that the people will realise that banks in Nigeria just like other banks around the world are just gambling with peoples hard earn resources. When a bank collapse, it is its poor hard working populace that suffer, those that are in power or highly placed in the society always have privilage information and take thier vast capital away before the cookies crumble. dont get me wrong, if AP as a company has renege on its arrangement with Access Bank, i thing the court is the right place to decide the liquidity of AP not Access bank. Access bank should not leave the main issue of trying to recover its money to chase an issue of trying to declear that AP is insolvent. Afterall, if AP is insolvent, how can it recover the loan?

i am urging all the customers to exercise patience with on going situation pending the outcome of decision taken by the management

no wonder you guys complain o much about nothing never happening in Nigeria. 1st and 4most, Access share on exchange i less than 6 naira, Ap is more than 80 naira. see the gulf. issues border on LC with agreed exchange rate only for Access bank to serve notice using rate of 2 days later to which AP responded same day and pointed Access' attention to the matter. shouldn't Access bank have followed this up since december 2008 to july 2009?

DONT MIND ACCESS BANK , NA ONLY AP DEY OWN THEM ?, THEY SHOULD GO AND LOOK 4 THERE CREDITORS LIKE NESTLE PLC, DANGOTE PLC, ETC. BEFORE COMING TO AP. OK

how much can EFCC do? Is Access bank herself nt owing other banks. Whats d hulaballo about AP bankruptcy? Let Access bank come out and tell the word the truth.

bad belle people leave my GREAT DANGOTE from bp or ap access case

The question here is weither AP has operated their loan account in line with the terms in the offer letter they accepted. If not, access is right in its decision to seek for justice. If there is any other angle to this. AP should come out and let us know

Given that this issue came to light on the strength of the rate used to convert its outstanding debt, I would expect that AP would pay what it believes it owes and then fight Access on the difference which it didn't pay. But to totally refuse to pay anything is unacceptable. AP has been involved in too many shady deals and acquisitions. They are only lucky new owners had not attempted to change their name, otherwise we'd be looking at another Zain or it Celtel, or Vmobile or Econet .

This story is obviously biased. Where was the feedback from AP? When was it a crime to borrow money for your business? All the billionaires home and abroad borrow money. Did access bank secure the loan they were giving out? Let's not forget that oil industry is a capital intensive industry and many of them did not anticipate the drop in oil price. In addition, Access bank has been known to use rough tactics in getting their money back, using the police or EFCC. This is a civil issue and not criminal. what authority do they have to publish what was already in court? knowing fully well it will affect the price of AP shares. Maybe they want to force the price down and actually take them into bankruptcy. I wonder why the stock exchange and SEC has not commented. This is definitely going to hurt those that have shares in AP. Access bank is at it again.

Nawao! Wetin dey happen for this country. Access bank should be ashamed of their publication. Did they not assess the credit worthiness of AP? What i expected them to do is how to recover their money and not sueing AP For insolvency. Access bank should remember that they are playing with people's hard earned money.

@jide jimoh, LASU, is talking like a fake professor. If a source makes a claim, as in this case Access Bank, the journalistic principles of balance and fairness in reporting are not served merely by adding AP's voice to the story [helpful as that could be but assume AP refuses to talk.] The accuracy and truthfulness of the story plus the reliablity of the sources consulted make it a good story in itself. Is AP's position going to confirm the truthfulness or the accuracy of the story? or indeed the reliability of the source[s] making, arguing or advancing the claim? This was a breaking story the way I understand it, and helpful as AP's voice would have been, its absence is not a condition to fault the true and accurate claims canvassed in the story.

I await the next episode in this ensuing saga. I suspect we are in for a few surprises over the next few months, particularly in the the financial sector.

stay tuned... more to come. This is just the begining