Skye Bank determined to recover N1.14billion Debt from CentreSpread

Victoria Hanson
Despite signing new affiliation with Grey Advertising, investigations have revealed that Skye Bank Plc is determined to recover the alleged indebtedness of N1.14billion from CentreSpread Limited and its Chief Executive Officer (CEO), Mr. Kolawale Ayanwale.
It would be recalled that CentreSpread and its Chief Executive Officer, Kolawale Ayanwale are currently enmeshed in a court action with SkyeBank PLC over the alleged indebtedness of the company and Mr Ayanwale to the bank.
From the court documents filed in Suit NO: LD/2362GCMW/16 , Centrespread and its Chief Executive, Kolawole Ayanwale had taken Skye Bank to the Lagos High Court over alleged attempts to sell a property which they claim is worth N1.5billion pledged as collateral for a N850m facility granted Centrespread by the bank.
In an affidavit deposed to by Centrespread, it alleged that the balance outstanding on the N850Million facility was only N525,007,700 and that it had requested the bank to restructure the facility from 12 months previously agreed to 48 months to enable it repay the facility.
From the court documents, the N850Million facility granted Centrespread in 2014 was payable within 12 months.
Skye Bank in its response claimed that the waivers previously granted Centrespread in approving the N850million have been forfeited by Centrespread in view of its breach of the terms of the offer and in addition is counterclaiming the sum of N1,144,299,158.97 which it says is the accrued balance on the facility.
SkyeBank has also alleged that it never acceded to the request for a restructure by Centrespread and that the claims by Centrespread are just a subterfuge to delay payment of the amount owed it. It has also asked the court to order Centrespread to pay the sum of N525,007,700 which Centrespread had alleged was outstanding in its affidavit while the court hears the substantive suit.

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