By Isaac Fadeyibi, Lagos Nigeria.

Chairman of Mike Adenuga Group, Dr. Mike Adenuga has declared that he owed no penny to either the Equitorial Trust Bank of which he is a Director or any other bank for that matter in the Country.

In a statement issued by his office, the business icon declared that his account with ETB which he uses exclusively in Nigeria is in credit with deposits in very high balances. He challenged the management of ETB to provide details of facility traceable to him, including the mode of utilization and disbursement.

Dr. Adenuga, a widely acclaimed business builder and human motivator said in order to demonstrate good faith, he would be ready to immediately pay if the management of ETB could trace to his record any atom of debt even before the resolution of any dispute around such a claim.

The Globacom Chairman described himself as the greatest supporter of ETB, adding that he bought most of the vehicles ETB is using at no cost to the bank and housed most of the bank’s branches in his property without charging rents. The statement further said that Dr. Adenuga has never enjoyed any benefit from ETB and that profits made by the bank have always been capitalized.

He however reiterated his loyalty for the bank: “I’m the greatest supporter of ETB. Globacom banks exclusively with ETB, Conoil banks exclusively with ETB. All the dealers of Conoil, Globacom and their business associates bank with ETB. No property of mine was brought with ETB funds. If there is any facility traceable to me, let the management prove it”.

In recent letter to CBN Governor, the ETB confirmed that both Globacom and Conoil have been doing solid business with ETB and providing it with income running into billions of naira annually. The letter added that the cumulative accounts of both companies are surplus with the bank. “This gives the bank a considerable comfort”

The statement from the office of Globacom Chairman recalled that the ETB management after responding to issues raised by the CBN examiners on Globacom and Conoil accounts with ETB, had requested the CBN that a selected team of the Board and Shareholders of the bank would like to meet with the examiners either in Lagos or Abuja for briefing on any other issues and were indeed shocked by the step taken by CBN without further engagement with the board or shareholders.

Dr. Adenuga reiterated his continuous support to the government of President Umar Yar’ Adua in its determination to revamp the Nigeria economy. He also expressed determination to continue to invest in Nigerian economy and use his resources to develop those investments.

This statement from Dr. Adenuga debunks the allegation in town that the business icon is owing the bank over N300 billion, hence his removal as non- executive director by CBN on Friday, October 2,2009.

In a statement that emerged from the office of the Head of Corporate Affairs of Central Bank of Nigeria recently, some measures allegedly taken by the Central Bank of Nigeria had relieved Mike Adenuga, jnr.( CON), as a Non-Executive Director of Equitorial Trust Bank Ltd.

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