Statement by Omatek on alleged indebtedness to Afribank Plc.
In line with the recent newspaper advertorial by the Central Bank of Nigeria, we will like to state that we (Omatek) DID NOT take any loan to the tune of N1,649,380,634.77 with Afribank or have facilities that are NON PERFORMING as stated in the said publication.
OMATEK IS A 22 - YEAR OLD Venture that had worked hard to build its credibility over the Years. We have facilities with the Bank on Import Finance /Restocking basis. We Opened Form M’s, Bills for collection etc with the Bank to import raw materials. However, we have more than enough stock to match our exposure. These facilities were extended to the factory – Omatek Computers Limited (OCL), the production arm of the group. The OCL Products are being distributed to resellers and end-users by Omatek Ventures Distribution Limited (OVDL)
On the other hand, Omatek had done a considerable amount of Consumer business with Afribank through the financing of our OMATEK e-Xpress factory initiative that had been launched in over EIGHT STATES and SEVERAL Tertiary Institutions. This scheme had allowed Civil Servants, Teachers, Lecturers etc to own Computers and pay over a period of 24 months. This consumer scheme is BEING DESIGNED AS ONE OF THE BANK’S Consumer PRODUCTS and it has been very successful thus far. This is aligned to Omatek Ventures Distribution Limited (OVDL) with proceeds paid into the OVDL account at Afribank.
However, a deficit was created on the OCL account due to the expected and due inflow from the consumer scheme which was not credited into our account with the bank.
IT IS THEREFORE SUPRISING TO DISCOVER THAT OMATEK COMPUTERS WAS NAMED AMONG THE BANK’S NON-PERFORMING DEBTORS.
It is pertinent to state that the said indebtedness of =N1,649,380,634.77 is a combination of the two Import Finance Facilities and the Principal of a Mortgage transaction which has a 10-year repayment period.
Omatek is a rapidly growing company with factories in Nigeria and Ghana. we have also expanded our frontiers with the launching of our franchise retail outlets throughout the federation and across the west African sub-region.
We also wish to state that Mr Fola Adeola has ceased to be a Director of Omatek Computers Limited – the factory (from March 2008), since the EXIT of the SMEIS scheme with the two partner banks. All inconveniences/embarrassment caused by the listing of Mr. Fola Adeola’s name in the said publication is hereby regretted.
We wish to state that the continued existence of our great company is not in any
OMATEK IS A 22 - YEAR OLD Venture that had worked hard to build its credibility over the Years. We have facilities with the Bank on Import Finance /Restocking basis. We Opened Form M’s, Bills for collection etc with the Bank to import raw materials. However, we have more than enough stock to match our exposure. These facilities were extended to the factory – Omatek Computers Limited (OCL), the production arm of the group. The OCL Products are being distributed to resellers and end-users by Omatek Ventures Distribution Limited (OVDL)
On the other hand, Omatek had done a considerable amount of Consumer business with Afribank through the financing of our OMATEK e-Xpress factory initiative that had been launched in over EIGHT STATES and SEVERAL Tertiary Institutions. This scheme had allowed Civil Servants, Teachers, Lecturers etc to own Computers and pay over a period of 24 months. This consumer scheme is BEING DESIGNED AS ONE OF THE BANK’S Consumer PRODUCTS and it has been very successful thus far. This is aligned to Omatek Ventures Distribution Limited (OVDL) with proceeds paid into the OVDL account at Afribank.
However, a deficit was created on the OCL account due to the expected and due inflow from the consumer scheme which was not credited into our account with the bank.
IT IS THEREFORE SUPRISING TO DISCOVER THAT OMATEK COMPUTERS WAS NAMED AMONG THE BANK’S NON-PERFORMING DEBTORS.
It is pertinent to state that the said indebtedness of =N1,649,380,634.77 is a combination of the two Import Finance Facilities and the Principal of a Mortgage transaction which has a 10-year repayment period.
Omatek is a rapidly growing company with factories in Nigeria and Ghana. we have also expanded our frontiers with the launching of our franchise retail outlets throughout the federation and across the west African sub-region.
We also wish to state that Mr Fola Adeola has ceased to be a Director of Omatek Computers Limited – the factory (from March 2008), since the EXIT of the SMEIS scheme with the two partner banks. All inconveniences/embarrassment caused by the listing of Mr. Fola Adeola’s name in the said publication is hereby regretted.
We wish to state that the continued existence of our great company is not in any
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