RT Brisco‘s audited statement re-echoes N4.3b debt to banks

Recent release by RT Briscoe Nigeria Plc on the company’s inability to meet the March 31st 2017 deadline for submission of 2016 audited financial statements, may have been influenced by lingering debt.

Daily Times Nigeria findings show that RTBriscoe is indebted to two banks N4.3 billion as at July 2016. The company owes N2.5 billion to Diamond Bank, and N1.8 billion to UBA.
Meanwhile, the board of management of RT Briscoe Nigeria Plc in a statement issued by the Nigerian Stock Exchange (NSE) on Monday March 13, notified the general public and the Exchange of likely delay in the filling of audited financial statement of the company for the year ended 31st December 2016.

The statement signed by Seyi Onajide, MD/CEO RTBriscoe, partly read “Our external auditors, KPMG professional services who are currently auditing the financial statements have confirmed that there might be an “emphasis of matter” in the audit opinion which might require that the financial statement be initially referred to the Financial Reporting Council (FRC) of Nigeria for review, before it is filled with the Nigerian Stock Exchange (NSE) and announced to the public”

The company said that even as the review period at the FRC falls beyond its control and therefore uncertain, “we do not expect it to go beyond April 28, 2017 for which we have received an extension by the Nigerian Stock Exchange for submission of the financial statement.

Meanwhile, Daily Times recalls that Diamond Bank Plc’ through its counsel, Mr. Kunle Ogunba, in July 2016 , sought for a court order appointing a provisional liquidator to take over R.T. Briscoe’s assets, following a debt of N2,478,284,729.88 as of May 2016. A similar request was made by counsel to UBA over N1.8 billion debt.

According to publication on national daily not Daily Times, dated July 07, 2016, the Diamond bank request was sequel to Justice Ibrahim Buba of a Federal High Court Lagos order, barring R.T. Briscoe Nigeria Plc from accessing its funds in various commercial banks in the country over an alleged bank indebtedness of N2.5bn.

The court restrained the company, “its directors, staff, management, employees, officers, agents, privies or any other persons under the authority of R.T. Briscoe from operating, withdrawing or otherwise tampering with the respondent’s funds under whatsoever name or guise in any bank or financial institutions within Nigeria.”
The judge said the order would subsist until the final determination of the winding-up petition filed by Diamond Bank against R.T. Briscoe.