Union Bank Crisis Latest
Emeka Emuwa, MD/CEO, Union Bank Plc.
These are not the best of times for Union Bank of Nigeria Plc. under the leadership of Emeka Emuwa. While millions of Nigerians tend to believe that Union Bank is one of the eight healthy banks in the country, but hard facts on ground indicate otherwise.
Insiders at the bank squealed to us that the bank is groaning under heavy burden of bad debts and the bank would have gone under if not for the intervention of Asset Management Company of Nigeria (AMCON).
For those who don’t know, the financial institute is in court over N5.4 billion debt owed by Osigwe Foods and Agro Industrial Limited. However, Osigwe Foods has said that it only owes the bank ₦1.6 billion.
That is not all, the bank is equally in court with Senator Stella Oduah over bad debts. Union Savings and Loans has filed an application praying the Federal High Court to join it in the ongoing suit between AMCON and Oduah’s company. Several properties belonging to one of her companies Sea Petroleum Oil and Gas Group Limited has been seized by AMCON through a court order and placed under receivership.
The bank’s lawyer, Barrister Ken Ahia claimed that some of the properties seized by AMCON were used by Stella, Star Properties and five of its directors to secure various mortgage loans between December 2009 and November 2010 amounting to ₦385,750,000.
(TOPCELEBRITIES)
