Capital Oil Advises Access Bank To Cease Media War Reviewed by Momizat on . Capital Oil & Gas Industries Limited has described recent media statement credited to Access Bank PLC, over disputed loan facilities, as a breach of the ter Capital Oil & Gas Industries Limited has described recent media statement credited to Access Bank PLC, over disputed loan facilities, as a breach of the ter Rating:
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Capital Oil Advises Access Bank To Cease Media War

Capital Oil & Gas Industries Limited has described recent media statement credited to Access Bank PLC, over disputed loan facilities, as a breach of the terms of settlement signed by the two parties on February 9, 2013.

Capital Oil in a statement issued on Friday expressed displeasure that Access Bank is still conveying erroneous impression to the public by stating that its legal disputes with the bank and Coscharis Motors Limited are on-going.

It will be recalled that a Federal High Court sitting in Lagos on February 18, 2013, voided and set aside an interim report by the police dated November 2, 2012 and the Presidential Committee report which purportedly indicted Capital Oil & Gas Industries Limited/Ifeanyi Ubah and Staff of oil subsidy fraud.

The court also awarded N10million damages in favour of Capital Oil & Gas Industries Limited and Ifeanyi Uba.

In a statement released on Tuesday by the Access Bank’s Secretary/Legal Compliance, Sunday Ekwochi, the bank had claimed that its on-going effort to recover debts allegedly owed it by businessman, Ifeanyi Ubah and his company, Capital Oil and Gas Limited would not be hampered by the judgment.

Wondering what the bank is trying to achieve by provoking an unnecessary media war, Capital Oil expressed the hope that the action is not an indication that Access Bank intends to back out of the terms of the settlement agreement.

The oil company also stated that the Special Fraud Unit of the Nigeria Police Force has cleared its chairman, Ifeanyi Ubah and the company of the indictment by the Presidential Committee on the Verification and Reconciliation of Fuel Subsidy Payments (PC) chaired by Aigboje Aig-Imoukhuede, the Managing Director of Access Bank.

According to the statement, the clearance by the Police was contained in a letter dated February 12, 2013 written to the Minister of Finance, the Inspector General of Police, Ministry of Petroleum Resources, Debt Management Office and PPPRA.

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