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Two banks take over Evans Medical Plc

Author:
Oluseyi Awojulugbe

The management of Evans Medical Plc says Skye Bank Nigeria Plc and First Bank of Nigeria have taken over its assest.

Adesua Akintemi, the company’s secretary, disclosed this in a statement shared with TheCable.

The statement said the company had received a court order for its assets to be taken over as a result of a loan default.

“Evans Medical Plc would like to announce that the company’s bankers (Skye Bank Plc and First Bank of Nigeria Limited) have served the company with an ex-parte order of the federal high court dated 4th July, 2017, granting them right to take over the company’s assets used as collateral against facilities granted to the company by its bankers due to loan default,” the statement read.

“A receiver manager has also been appointed and has taken over the assets of the company.”

Akintemi said the company is negotiating with the banks to reach a favourable arrangement.

“The board of Evans Medical, however, has begun discussions with the two lenders with a view to arriving at an amicable resolution of the matter and the discussions are progressing favourably and we are optimistic that a mutually beneficial workable arrangement will be arrived at between the banks and our board as soon as possible in order to safeguard the company’s properties as well as protect the shareholders’ investment,” it said.

“We shall keep you informed accordingly and we appreciate your understanding in this matter.”

The company, which started operations in 1954 in Nigeria is famous for its Glucose product.

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