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Stanbic Asks Court to Dissolve Myeko

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Stanbic IBTC Bank Plc has filed an application for the winding up of Myeko Nigeria Limited in a Federal High Court located in Lagos. The bank filed a petition at the court stating that the Myeko defaulted on a five hundred million naira loan facility taken to finance the procurement of bulk refined petroleum products.

The loan was secured by a deed of debenture dated July 31, 2009 and the personal guarantees of Junior Adewumi and Kelechi Dozie who are directors of the company were all used as security for the loan.

The bank claimed that as at November 30, 2011, the outstanding debt balance in the company’s account with the bank on the facility granted to the company stood at N57,231,736.63 with interest still accruing at the agreed interest rate.

The petitioner alleged further that the repayment has since been overdue but the company has failed to liquidate its indebtedness to the bank. In a letter written on November 9, 2010, the bank asked the two guarantors to liquidate their outstanding debts which stood at N40,689,410.71 as at October 31, 2010.

Upon the receipt of the demand letter, the company wrote the bank on January 11, 2011 and requested for a restructuring of the loan but the bank rejected the terms of the offer.

After several attempts to resolve the matter, the bank instructed the law firm of Wale Taiwo to file a winding up petition. Stanbic has now asked the court to wind up Myeko in line with the provisions of Section 408 (d) and 409 (a ) of the Company and Allied Matters Act Cap C 20 Laws of the Federation of Nigeria, 2004.

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