Intercontinental Bank pulls the plug on $200Million loan default

Intercontinental bank Plc, which doled out $200 million in credit support to Ascot Offshore Nigeria Limited two years ago to buy-out controlling equity in the Nigerian operations of American oil services company, Willbros Nigeria Limited, is calling for the repayment of the debt.
Industry sources, who sought anonymity, revealed that the Bank felt pressed to pull the plugs because of the liquidity problems prevailing in the banking system and the inability of Ascot Offshore Nigeria Limited to meet its obligations to the bank.
Officials of both Ascot Offshore Nigeria, and Intercontinental Bank Plc, were reluctant to comment on the issue on Thursday. Emeka Anaeto, Public Affairs Manager at Intercontinental Bank, playing down the issue said: "There is no need for all that [media concern] because our money is being recovered fully."
However, repeated calls and text messages to Joe Obue, Chief Executive of Ascot received no responses. Neither were calls to Henry Imaseka, Chairman of Ascot Offshore Nigeria, answered.
Although Intercontinental Bank Plc tried to douse any imputation of corporate bad blood between the two organisations, information available shows that Ascot Offshore is now effectively under receivership, as a result of a legal process initiated by Intercontinental Bank. Mr. Kunle Ogunba, a legal practitioner, has been named the receiver manager.
Emeka Anaeto, in the language of corporate-speak, says the bank's relationship with Ascot is still "business as usual, [and that] as at now, there's no problem between us" but informed sources revealed that Mr. Ogunba has already moved in to secure the assets of Ascot Offshore in a bid to recover the outstanding balance on the loan
Mr. Ogunba, was a bit coy when he spoke to Next on Sunday, saying : "We [Intercontinental Bank] don't want the matter in the press for now" adding, "I don't want to be seen as if I'm the one cultivating the press."
The 2007 Ascot purchase put Intercontinental Bank in an awkward position with the Economic and Financial Crime Commission, who asked why the loan was secured with 16 million units of Delta State's shares in Celtel [now Zain] and 54 Million shares of Hernderson African Investment Ltd in Union Bank.
Mr.Imaseka who owns about 90 per cent of the shares in Ascot, is a close business associate of James Ibori, the former Delta State governor. While Joe Obue,was Mr. Ibori's mate at the University of Benin. It is believed that Mr. imasekha is just a front for James Ibori.
Prior to the Ascot purchase, Willbros was actively engaged in the nation's oil and gas sector for 46 years. However, its American parent company, Willbros Group Inc, closed its operations in Nigeria in 2007. The company's reputation was damaged in a $6 million bribery scandal which implicated senior Willbros Nigeria executives and high-ranking officials of the Federal Government. Willbros Group was both indicted and fined heavily in the US for bribery.