Adenuga: I don’t owe any Bank

Dr. Mike Adenuga Jr., Chairman of the Mike Adenuga Group, has declared that he does not owe a kobo to either the Equitorial Trust Bank or any other bank at all.In a statement issued by his office, the business icon said his account with Etb, which he uses exclusively in Nigeria, is in credit with deposits in very high

balances and requested the management of Etb to provide details of any facility traceable to him, including the mode of utilisation and disbursement.

Dr. Adenuga, a widely acclaimed business builder, said to demonstrate good faith; he is ready to immediately pay if the management of Etb claims any facility is traceable to him, even before the resolution of any dispute around such a claim.
The Globacom Chairman described himself as the greatest supporter of Etb, adding that he bought most of the vehicles Etb is using at no cost to the bank and housed most of the bank’s branches in his property without charging any rent.

The statement further said that Dr. Adenuga has enjoyed no benefit from Etb while any profit made by the bank have always been capitalised.
“I’m the greatest supporter of Etb. Globacom banks exclusively with Etb, Conoil banks exclusively with Etb. All the dealers of Conoil, Globacom and their business associates bank with Etb. No property of mine was bought with Etb funds. If there is any facility traceable to me, let the Etb management prove it,” Dr. Adenuga said in his reaction to developments at Etb.

In a recent letter to the CBN Governor, the Etb confirmed that both Globacom and Conoil have been doing solid business with Etb and providing it with income running into billions of naira annually, adding that the cumulative accounts of both companies are in surplus with the bank.
“This gives a bank a considerable comfort,” said Etb in the letter.

The statement from the office of the Globacom Chairman recalled that the Etb management, after responding to issues raised by the CBN examiners on Globacom and Conoil accounts with Etb, had requested the CBN that a selected team of the Board and shareholders of the bank would like to meet with the examiners in either Lagos or Abuja for briefing on any other issues and were indeed shocked by the step taken by CBN without further engagement with the board or shareholders.

Dr. Adenuga reiterated his continuous support to the government of President Umar Yar’Adua in its determination to revamp the Nigerian economy. He also expressed his determination to continue to invest in the Nigerian economy and use his resources to develop those investments.