Debtors' List – Arthur Eze Vows Legal Action Against Wema Bank (

Chairman, Oranto Petroleum Ltd, Prince Arthur Eze has commenced move to institute a N2billion suit against Wema Bank Plc and a national daily before a Federal High Court in Lagos for alleged libel and damages done to him and his various business concerns following the recent publication of his name as a loan defaulter and one of the Directors of Genesis Electricity Limited.

The business mogul said he is not one of the owners of the electricity company as alleged by the bank.

Eze said the publication, which appeared in the national daily of Friday 7th of August, 2015 that portrayed his firm among loan defaulters to Wema Bank Plc “is a figment of the imagination of the bank and its co travelers of mischief.”

In a statement weekend, Eze said he has directed his lawyers to immediately file a N2billion suit against the bank and the national daily for the alleged wrongful publication.

He said the publication has impugned on his integrity and business interest, stressing that the “name and shame game of the bank against his personality without cross checking the facts is one joke taken too far.”

He maintained that he is a responsible entrepreneur with several business investments across board and not a delinquent debtor as he is made to appear before members of the public by the bank and the national daily.

According to him, in the course of investigation, he gathered that management of the said firm- Genesis Electricity limited, in a letter dated 10th January, 2014 to the Managing Director of Wema Bank Plc, Marina, titled: ‘Re: Past due Obligation’, in demonstration of their commitment to the facility, offered to service the interest of the facility to the tune of two million naira monthly with effect from January 2014.

According to him, the letter highlighted the repayment schedule of thirty six months, which it the firm has strictly adhered to and serviced the facility with thirty six million naira between 24th February, 2014 and 4th August, 2015.

He noted that for the avoidance of doubt Genesis Electricity Limited is a wholly Nigerian company that has won several local and international awards for its sterling excellent delivery and has succeeded in leaving its footprint on the energy maps in Nigeria, Togo, Sao Tome and Princepe, Zambia, |South Africa, Guinea Bissau, Guinea Conakry and other African countries.

“These are positive value addition not just for the Nigerian people but to the continent of Africa at large as these efforts have in no little way light up Africa and various communities”, Eze said.

Arthur Eze quipped that such upcoming companies should be encouraged by banking policies to grow as obtained in order climes and not pulled down or distracted with fictitious publication considering the company’s track record of performance.

According to him, among other landmark projects by the company include the construction of the three gas turbine Port Harcourt Refining and Petrochemical Company power plant built within seven months, the company’s power plant project in Calabar and the independent power plant in Agbara and Aba to mention but a few, all in a bid to augment the electricity supply gap in the country.

Eze is asking the court to among others, order the bank and the national daily to immediately set the records straight and publish in four other national dailies a retraction of their misinformation about his character to discerning members of the public.