Bishop Udeme Simon’s Home Sold - By Bank To Recover Debt

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The General Overseer of Great Faith Ministries, Bishop Udeme Simon has landed in stormy waters with the sale of his home by Prudential Cooperative Microfinance Bank (PCMFB) over loans he is unable to pay back. According to the Head of Recoveries of the bank, Mr. Iboro Albert, the loan which was obtained about six years ago had had a protracted recovery history. 

According to him, several meetings had been held with Bishop Udeme Simon and his guarantors after the bank offered to withdraw from the multi-door court house it had earlier sued Bishop Simon for recovery.
He said the efforts of the bank were not appreciated by Bishop Simon who neglected resolutions of those meetings and refused to pay up.
Following renewed directive by the Central Bank of Nigeria (CBN) to PCMFB to intensify efforts in its recovery to improve the loan to losses position of the bank, the bank has to embark on aggressive recovery campaign.
Already over ten properties had been sold and other victims of this sale, particularly among the clergy are feared to include highly placed men of God. Those affected are almost all serving CAN Exco members in Akwa Ibom State and a former CAN state chairman who are all indebted to the bank.
The Head of Credit of PCMFB affirmed that no debtor will be spared in an effort to sustain the bank for the generality of Akwa Ibom people which the bank has served in the past 25 years, since November, 1994.
It will be recalled thatthe Prudential Cooperative Microfinance Bank (PCMFB) has put on sale collateral of loans which debtors have failed to repay, after the payback period elapsed. Debtors comprise mostly Akwa Ibom indigenes serving and past members of the State executive council, party chieftains and other very prominent personalities, traders in major markets in Akwa Ibom State and prominent members of the clergy, including very popular bishops whose identities will be made public soon.
The order for the sale of the property is empowered by legal authorization. Speaking on the sale of the properties used as collateral, which have been published in newspapers, the Managing Director of the bank, Arc. Ubokutom Nyah noted that the collateral as it is well established are to protect loans, and in the event of failure of the loans beneficiaries to pay back after the period of the loan have elapsed, the bank has the option of selling the properties to recover the principal and accrued interests.
In this direction the lawyers of the bank, he revealed have ordered the sale of the said properties, having fully justified the reasons within the legal principles. The Managing Director said, the loans given to the beneficiaries were deposits by bank customers and it was necessary to recover these monies for the bank to continue doing its business hitch-free.
Arc. Nyah maintained that the bank has a track record of integrity and meeting its obligation to its customers and would not allow anyone, no matter how highly placed to diminish the towering image of the PCMFB, which has earned the status of a state micro finance bank.
He assured the banks numerous customers of its continued commitment to meet its banking needs and help grow their businesses.

© The Sensor Newspaper


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