A former lawmaker representing Ekiti North Senatorial District, Senator Ayo Arise, has described the publication linking him as a debtor in Unity Bank saying, “this is the most irresponsible publication from an institution that is expected to be a lamp of integrity. This only portrays the bank as lacking probity and organizational competence.”
He said, as a director, he does not owe the bank.
Arise said “International Payment Devices ltd had a business relationship with Unity Bank Plc sometimes in 2007. They gave a purchase order for the procurement of 25 Triton ATM Machines at a value of N63. 5milluion. They paid N44.45 million as advance payment, guaranteed by IPD by Insurance bond. The management of IPD borrowed N12 million secured by the balance of N19.05 million that Unity Bank owed them as a result of the transaction.
“I was informed that the bank acquired a new banking software at the time and in the process of upgrading the software of the ATM, the bank went ahead to trade the machines for Wincor machines through a competing vendor.”
Also, the immediate past Minister of State for Works, Prince Dayo Adeyeye has threatened to institute legal action against Unity Bank Plc for publishing his name as a debtor to the bank. He declared that he did not owe any bank both in Nigeria and anywhere in the world.
Adeyeye, who responded to report in some newspapers that he was among those indebted to Unity Bank Plc, said he was only nominated as a nominal director by the owner of International Payment Devices Limited, Senator Ayo Arise.
He blamed the banks for the non-performing loans, questioning why they could grant loans to their clients without taking adequate collaterals.
The statement read; “Truly a friend of mine, Senator Ayo Arise, owner of International Payment Devices Limited, included my name as one of the directors just to satisfy the Corporate Affairs Commission (CAC) requirements.
According to him, “the bank refused to pay the outstanding of N7 million.
Every attempt by the management of IPD to collect the balance of the N7 million after removing the N12 million loan plus interest, was rebuffed by the bank.
“Please note that the security for the facility was cash owed by Unity bank.
“I was not involved in the running of the business at that time as I was in the Senate but the Managing Director of the company Mr. Tom Okeke informed me of the refusal of the bank to pay the N7 million owed. Mr. Okeke further informed me that AMCON contacted him sometimes ago and after listening to the transaction details, concluded that IPD was not owing Unity Bank.
“Punch has consistently showed hostility to my person and family. A good professional would ordinarily call to verify a claim regardless of advertorial. I am relatively known, Dayo Adeyeye is well known.
What does it cost Punch to ascertain the validity of this claim by Unity Bank knowing full well that they were going to put us in the front page of their newspaper?
“The only other time Punch had put me on their front page was when they published names of those who should not be ministers under Jonathan. I am in court against Punch. I guess the owners of Punch believe they are above the law. They will be hearing from my layers in the coming days. It is noteworthy that there were six companies owing over N1 billion and 57 companies owing more than N81 million. How IPD alleged debt of N1 million qualifies the two directors to be on the front page of Punch is certainly a mystery.”


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