Friday, 24 July 2015

Dangote's Brother, Sani Dangote sued by Union Bank for owing over N5b

 According to reports, the younger brother of Aliko Dangote, Sani Dangote, has been taken to court by Union bank for owing the bank over N5b.

The bank took the action as a result of Mr Sani's inability to pay back a loan of N4billion he obtained from the bank in 2008 for his Dansa Foods company.
According to the bank, this is the break down of the loan that was obtained by the businessman ......

(1)Overdraft - N500million
(2)Short term loan for advertisement - N500million
(3)Equipment lease- US$2,500,000 (N300million)
(4)Equipment lease (sale and lease back) - US$2,500,000 (N300milion)
(5)Import Finance - US$30,000,000 (3,600,000,000)

The bank seeks amongst other things to take over Dansa foods.

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