FirstNation has distanced itself from the allegation that its Managing Director, Mr. Kayode Odukoya took a personal loan from Skye Bank, adding his relevance is solely in his capacity as the CEO of FirstNation.

According to a statement from the airline signed by Ademola Daniel the carrier vehemently denied the allegation of fraud and forgery against the airline chief.

He explained that in the course of its ordinary business, Firstnation Airways has normal banking and credit relationship with Skye bank, stressing that it is common knowledge that the aviation industry is capital intensive.

“The Bank advanced us credit facilities. It is pertinent to clarify that Mr. Odukoya took NO personal loan from the Bank and his relevance here is solely in his capacity as the CEO of Firstnation”.

Daniel disclosed that Firstnation has repaid a total sum of N3.1Billion in full settlement of both interest and principal due on the credit facilities, decrying the attitude of the Bank which he said has continued to ‘wrongly’ allege that the company was still indebted to it.

His words, “In this regard, we approached the Bank for discussions, seeking reconciliation and amicable resolution. This was following Forensic Audit of all our accounts with bank. The report revealed full repayment of all the facilities advanced to the company by the Bank.”

“In addition, it revealed that the Bank applied several excesses, arbitrary charges including and accounts manipulation. The forensic Reports was forwarded to the bank with revised copies, as the account manipulation continued till date”, he added.

He said given the lack of progress in their discussions with the Bank, “as all our efforts at resolution were deliberately being frustrated by the Bank, we had no other reasonable option, other than to institute legal action, as far back as April 2017. We then obtained certain preliminary reliefs from the court that parties should maintain status quo until adjudication”.

The airline also stated that despite on-going legal proceedings and in clear violation of the subsisting status quo court order and in order to foist a fait accompli on them, the Bank wrote a “frivolous petition to EFCC raising false Fraud allegations not previously alleged”.

“We promptly responded to EFCC’s invitations. The EFCC then directed that parties should reconcile the disputed figures, but the Bank equally frustrated this reconciliation attempt again. We reported back to EFCC of the lack of progress with reconciliation and the Bank’s posture. Our last visit to EFCC was barely 30 days ago. We have no reasons whatsoever not to attend Court hearings, if this was brought to our attention”.

Daniels noted that this was simply a commercial banking relationship, that ordinarily should not concern the Economic and Financial Crimes Commission (EFCC), more so as the matter was already in Court, where the Bank he reiterated is at liberty to raise all their allegations.

“We therefore see the media and online publications as deliberate result of the Bank’s counsel to mislead, use EFCC to coerce, intimidate, harass and disparage us. We are law abiding citizens, respect the EFCC and will cooperate with the investigation, as we have nothing to hide. We have confidence in our Law Courts”, he stated.