Mobitel Refutes CBN’s Claim Of Indebtedness To Intercontinental Bank

Mobitel Nigeria has refuted its listing on the debt roll of the recent special report publication by Central Bank of Nigeria in several daily newspapers. The list was published following the recent intervention of the apex bank on five commercial banks.
Mr. Johnson Salako, the President and Chief Executive Officer, expressing his shock and disbelief on the claims that Mobitel owed Intercontinental Bank, said, “With reference to Mobitel owing Intercontinental Bank, nothing could be further from the truth. The amount owed Intercontinental Bank was N1.380 billion. After negotiation, a full and final payment of N1.0 billion was made on the 8th of August 2008. This was duly acknowledged by a letter from Intercontinental Bank’s loan recovery unit.
He further re-iterated that all outstanding commitments to creditors, suppliers and staff had been fully settled during the acquisition process. “We want to state categorically that we have fulfilled all our obligations with respect to outstanding payments to creditors, suppliers and staff during the acquisition process with signed documents of release obtained from each party. This settlement cost nearly N3.4 billion and was considered a wise and necessary investment needed to reposition the company for unencumbered future growth,” he said.