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Diamond Bank loses N6bn unsecured loan to UK firm

03 February 2014, 15:17

Lagos - Diamond Bank Plc lost N6 billion following the inability of one its debtors, Allan Dick West Africa (ADWA) Limited, to pay back a loan it took from the bank.

ADWA, a telecommunications services firm promoted by its parent company in United Kingdom known as ADC, had secured the loan to enable it to work on MTN Communications Limited base stations, reports ThisDay.

ADWA became insolvent and filed for bankruptcy without repaying the loan to the bank and some subcontractors it contracted to work on base stations.

The report reveals irregularities and ignorance of rules by the bank officials in loan rescheduling and waiving interest to ADWA.

The irregularities done by bank officials include violation of bank rules, lending without collateral, lack of legal steps for realizing money, rescheduling loans without collecting the requisite down payment, and payment of unnecessary commissions to the debt-collection agents.

Read more at Thisday

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