Reps c’ttee summons First Bank executives over N630m loan

Henry Omunu, Abuja

The House of Representatives Committee on Public Petitions has summoned the management of First Bank over a petition accusing the bank of using forged documents to seal a private school, Whiteplains British School over a N630 million loan obtained by the institution from the bank.

Top executives of the bank are expected to appear before the House committee on Thursday.

The summons is sequel to a petition dated November 26, 2018 and signed by the school’s Administrator, Dr. Francis Nwufoh, alleging that the bank used forged documents to seal the school over a loan that is yet to expire.

Our correspondent recalls that the investigative hearing was stalled last week Tuesday, following the suspension of legislative activies in honour of the late Rep. Temitope Olatoye, who died the previous Saturday.

In the petition, the school alleged that the bank unilaterally sealed off its premises over a N630 million loan scheduled to expire on June 12, 2019.

The petitioners asked the committee to address why First Bank filed a suit just to claim and take over the school without establishing any monetary debt claim it has against the school.

Also, the school alleged that First Bank acted in contempt of a court judgment before sealing the school

The school further denied entering into any tripartite legal mortgage as is been claimed by the bank in respect of the loan repayment, adding that the said agreement between First Bank Plc, Whiteplains British School and France Lee Nigeria Limited, the self-styled guarantor is fake.