“Fiogret Not In Receivership,  We Will Not Pay Dubious Debts” –Says Management

20130323-045833.jpgFollowing the controversies that greeted the recent widely reported indebtedness of Fiogret Limited to Asset Management Corporation of Nigeria (AMCON), the management of Fiogret has decided to put the records straight and to clear all doubts.

In a statement made available to Blank NEWS Online, the management of Fiogret Limited denied being in receivership.

The statement reads:
“FIOGRET NOT IN RECEIVERSHIP, REFUSES TO PAY DUBIOUS DEBTS

The general public has been made to believe that Fiogret Limited is in receivership. This is untrue. The truth is that one Kunle Ogunba SAN procured a receivership position from Asset Management Corporation of Nigeria, AMCON, based on a fraudulent Deed of Mortgage Debenture. The said Deed was never a collateral requirement with us in any dealing with the Equitorial Trust Bank, ETB, or any bank for that matter.

We know from the search at the Corporate Affairs Commission, CAC, that Wale Babalakin and Co, a firm belonging to Wale Babalakin, a friend of James Ibori, now in prison in London and one Tade Oyewunmi, between September and December 2009, approached the CAC fraudulently and changed the Legal Mortgage, which we signed, to a Deed of Mortgage Debenture which gave them power to appoint a receiver on the company. This was done 660 days after the mandatory 90 days required.

That fraudulent act is what Ogunba is manifesting in the court right now. We know that no amount of legal work can make a fraud or a void act to stand in law. Therefore, Ogunba is on a quicksand and will soon disappear. In all of this, Fiogret Limited is unshaken and unshakeable. They come against one way and they flee several ways.

That same Ogunba accused us of not paying our debts. Our answer is that only debts that are genuine or reasonable are payable. An interest of 176 years catapulted from N100 million to N3.5 billion in four years is only payable by fraudsters. We are not fraudsters; we are a genuine business with a net worth of over four billion Naira.

We have been law abiding and have handed all grievances to the courts. If and when the courts pronounce what we are liable to pay and we cannot, then we are debtors. Until then, we ask all detractors to shut up. As stated above, Forget Limited has a net worth of not less than N4.5 billion and will meet its genuine obligations when due. Such a company like ours we say is gilted and not insolvent.

In all of this, we may add that only a few days ago, AMCON adjusted the so called debts of Fiogret Limited from the N6.1 billion to a mere N650 million. Before that, AMCON had published in ThisDay, 21 September 2012 edition, that it valued our debts at N617 million. This has since been the basis of their offer and of course, the basis of our negotiations with AMCON. In any case, Fiogret presently has cash deposit of about N200 million in those banks and fixed assets of about N600 million. Where then is the problem?

We do not pay dubious debts. We are not shaken. This kind of questionable conduct can happen only in a society where ex-convicts are allowed to hold sensitive and very important official positions in the land.

Signed: Management.”

News Reporter
Blank NEWS Online founding Editor-in-Chief and Publisher, Albert Eruorhe Ograka, is a Graduate of Mass Communication. He also holds a Post Graduate Diploma (PGD) in Journalism from the International Institute of Journalism (IIJ).

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