Bank files lawsuit over Nitel loan

16 Jul 2004

The First Bank of Nigeria has filed a lawsuit against Investors International London Ltd (IILL) to recover USD118.8 million it claims it is owed in respect of a loan it granted to IILL for the purchase of a 51% stake in national PTO Nigerian Telecommunications (Nitel). First Bank is claiming that the sum represents the amount loaned to IILL in 2001, plus interest of 7% a year. The loan was eventually forfeited to the Bureau for Public Enterprise (BPE) after IILL failed to meet its repayment schedule.