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Burden Of Bad Debt…Why First Bank Littered Marina Front With Seized Oil Vessels

Burden Of Bad Debt…Why First Bank Littered Marina Front With Seized Oil Vessels
January 08
11:07 2018

· Intrigues as banker confiscates over 100 assets of billionaire debtors

If the Nigerian bank is truly a graveyard for ghastly debts, then First Bank Plc, could be the greatest undertaker among contemporary banks. The foremost financial institution wallows in a sea of debts as you read; this is because its major debtors within the oil and gas business sector serially defaulted in payment of outstanding loans to the bank.

Consequently, the bank has seized over 100 vessels belong to its several debtors. The vessels are currently stowed on the high sea in Marina, Lagos, opposite the bank’s headquarters. Findings revealed that the vessels belong to many oil and gas debtors who are owing the bank billions of naira.

And in desperate bid to recover its money, the bank has to take over some of their assets. A visit to Marina in Lagos Island was quite an experience some weeks ago; the sea is littered with vessels of all sizes and colors.
But while the bank effects seizure of the vessels, speculations abound concerning its intent with the seized vessels. Pundits aver that very soon, the seized vessels would become a liability to the financial institution if it does not implement practical measures to recover its debts.

It would be recalled that First Bank’s face-off with clients in the oil and gas sector started years ago following its seizure of two oil rigs at the outer Marina of Lagos. The rigs allegedly belonged to an indigenous service company indebted to the bank in billions at the period.

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