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R. T. BRISCOE NIGERIA PLC IN N1.8BILLION DEBT ...ACCOUNTS FREEZE IN ALL COMMERCIAL BANKS



There is no reprieve yet for a Limited liability company R. T. Briscoe  Nigeria PLC whose account has been frozen in all commercial banks in Nigeria for allegedly owing Diamond bank the sum of N2.5Billion as another commercial bank, United Bank for Africa (UBA) has filed an application to join as interested party in the wind up petition filed against the auto firm by Diamond bank on the ground that the company is indebted to it in the sum of N1.8Billion
      UBA in a  verifying affidavit  sworn to by a legal practitioner Olabisi Tela accompanying Notice of Intention to appear on Petition filed  before a Federal high court in Lagos south west Nigeria by  a Lagos lawyer Barrister Kemi  Balogun (SAN)the Deponent averred that R. T. Briscoe Plc obtained four types of facilities which were names Type 1 N2Billion for Inventory Facility; Type 2 N50million as Bond and Guarantee, Type 3 N750million as Overdraft Facility, and Type 4N1.250 as import facility for the importation of Toyota spear parts

Tella averred further that the facilities have a tenor of 365 days with periodic review of every 90 days, at interest of 15 percent per annum, which is subject to review by the bank from time to time in the prevailing market condition.
   The deponent also  averred that despite repeated demand by the bank from the Auto firm, it has refused, neglected and failed to liquidate it's debt,which stood at N1,777,623,487.55
      The bank while showing interest to appear on the petition to be heard urged the court to wind-up R. T. Briscoe  in the interest of Justice.

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