Our senior officers didn’t forge signature to take over farm tank – First Bank

First Bank on Friday debunked the allegation that some of its principal officers forged the signature of the Operational Director of Zone 4 Energy Limited, Ola Olaniran, on some documents used to obtain an order to take over the farm tank of Zone 4 Energy Limited over an alleged non-payment of a loan.
It stated that the purported allegation by the promoters of Zone 4 Energy Limited was staged for mischief and totally false in its entirety, explaining that Zone 4 Energy Limited has maintained a business relationship with it and has been availed of Import Finance Petroleum Lifting facility following their request to support local purchase and importation of refined petroleum products, as well as the acquisition and renovation of a Tank Farm.




While reiterating that the forgery allegation is untrue and purely staged for mischief, the bank stressed in a statement, that the facilities are secured with a perfected All Asset Debenture over the financed Tank Farm located in Calabar Free Trade Zone.

According to the statement, “The Bank also in the course of its business relationship with Zone 4 Energy also availed facilities to three other customers; Reeico Nigeria Limited, Broadwaters Resources Ltd and Calder Crest Nigeria Ltd the proceeds of which were) transferred to Zone 4 Energy Limited accounts in compliance with transfer instructions from Reeico Nigeria Limited, Broadwaters Resources Ltd and Calder Crest Nigeria Ltd.

“After the disbursement of funds and passage of time and the failure of Zone 4 Energy to meet its obligations to the Customers and FirstBank, the Bank had at various times engaged with the Management of Zone 4 Energy Ltd and got an undertaking to repay the debts owed the Bank. However, after protracted engagements and the Company’s failure to honour the term of its undertaking, the Bank activated a recovery process with the appointment of a Receiver Manager and instituted a receivership process to take over the financed Tank Farm.

“The allegation of a purported forgery against the Bank and its officers is a desperate attempt by the Management of Zone 4 Energy to scuttle the recovery process with spurious allegations by playing to the public gallery.”