BoI Decries N5.81 Billion Unpaid Omatek’s Loan, Seven Years After

Omatek Ventures Plc’s indebtedness to the Bank of Industry has entered its seventh year as the bank claimed the company has not serviced the N5.81bn credit facility since 2012.

Responding to enquiries on the status of the credit facility, BoI said every effort to ensure payment by the company had not been successful.

“The customer has not made any payment on its account since the inception of the loan till date as every effort to get the customer to pay was not fruitful,” BoI said.

“The new management made promises to make some commitment payment as a sign of goodwill in 2017. Till date, no payment was made to the bank towards settling its indebtedness.”

Omatek, which was founded by the late Chief Executive Officer, Mrs Florence Seriki, locally assembles computer cases, speakers, keyboards and mouse, computer systems and notebooks, among others. BoI said it granted a term loan and working capital facilities totaling N5, 808,429,033.95 to the company in December 2012, for the purpose of financing the procurement of assembly components for the production of laptops.

As part of the requirement for obtaining the loan, the development finance bank said it requested for the Irrevocable Standing Payment Order arrangement with the defunct Skye Bank Plc in favour of BoI, all assets debenture and an Irrevocable Personal Guarantee of the late Seriki.

Photo Caption: Omatek, founder late Chief Executive Officer, Mrs Florence Seriki