Financial Trust seeks presidential intervention over liquidation of 2 banks
- ✦FT Group said resolving the dispute would represent more than the determination of a family’s financial claim.
- By Emeka Anaeto, Business Editor Financial Trust Group (FT Group) has appealed to President Bola Ahmed Tinubu to intervene in its 30-year dispute with the Nigeria Deposit Insurance Corporation (NDIC) over issues surrounding the accounting for assets realised from the liquidation of Financial Merchant Bank Limited and Republic Bank Limited, as well as the payment of any outstanding liquidation surpluses and dividends due to the estate of its late founder, Otunba Olufemi Ajayi.
- The Group estimates that the two banks could be entitled to approximately ₦2 billion from the recoveries and assets realised by the NDIC, subject to proper verification and reconciliation of the relevant accounts.
- FT Group said resolving the dispute would represent more than the determination of a family’s financial claim.
FT Group noted that Otunba Ajayi had significant interests in both institutions and maintained that a transparent accounting of their liquidation proceeds is necessary to establish whether any outstanding entitlements are due to his estate and other shareholders.
Frequently Asked Questions About This Story
What is the latest development regarding Lagos State?
By Emeka Anaeto, Business Editor Financial Trust Group (FT Group) has appealed to President Bola Ahmed Tinubu to intervene in its 30-year dispute with the Nigeria Deposit Insurance Corporation (NDIC) over issues surrounding the accounting for assets realised from the liquidation of Financial Merchant Bank Limited and Republic Bank Limited, as well as the payment of any outstanding liquidation surpluses and dividends due to the estate of its late founder, Otunba Olufemi Ajayi.
Who are the key organizations or public figures mentioned?
The primary parties identified in this coverage include Lagos State, Central Bank of Nigeria, Bola Ahmed Tinubu.
What timeline or key figures were confirmed?
The Group estimates that the two banks could be entitled to approximately ₦2 billion from the recoveries and assets realised by the NDIC, subject to proper verification and reconciliation of the relevant accounts.
