23 February 2013

Nigeria: Capital Oil Verdict - We Won't Dignify It With Response - Access Bank

Access Bank Plc has said it would continue to furnish relevant regulatory authorities with updates on the status of its recovery actions and fulfil its obligation to its depositors and shareholders.

The bank's position was in regard the recovery of debts owed it by Patrick IfeanyiUba and Capital Oil and Gas Limited.

Access Bank's Company Secretary, Sunday Ekwochi said her outfit "will not dignify this statement (if true) with a response."

The bank, in a statement, said that it remained confident of the overwhelming success of the recovery actions it had initiated against Uba and Capital Oil and Gas Limited.

Access Bank said it would not dignify Capital Oil with a response on the debt judgment.

It said: "For the avoidance of doubt, the bank confirms that the recovery actions it embarked upon against Dr.Ubah and Capital Oil and Gas have not been in any form or substance affected nor prejudiced by the proceedings or judgments of the Honourable Court.

"The honourable court in its considered judgment of Monday February 19, 2013 did not make any declaration nor grant any perpetual or interlocutory injunction against the bank in favour of the plaintiff or any other party in the proceedings."

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