PRESS RELEASE IN RESPECT OF THE MATTER BETWEEN ECOBANK PLC AND KAM INDUSTRIES NIGERIA LIMITED
Various publications in both the electronic and print have in the past few days been devoted to reporting the matter between Ecobank Plc and Kam Industries Nigeria Limited, some quite inaccurately. We have also been inundated with various telephone calls from home and abroad inquiring about what has happened.
These publications have understandably evoked concerns and worries that need to be addressed to sustain the confidence of our Financiers, Suppliers, Buyers and well-wishers worldwide.
The matter between Ecobank Plc and Kam Industries Nigeria Limited is a simple tripartite (Kam/Ecobank/CBN) Foreign Exchange Forward Contract transaction of $12 million, in which Kam Industries is required to deposit the naira equivalent into CBN (Apex Bank) account at an agreed exchange rate for the future delivery of the foreign currency.
The Apex Bank has honoured the delivery of $2.5 million, leaving a balance of $9.5 million yet to be delivered.
The amount, which Ecobank is asking Kam Industries to pay, is the fund with the Apex Bank, which, from the information available in the public space, formed part of the $2.4 billion foreign exchange transaction undergoing the scrutiny of the Apex Bank.
With due deference and without prejudice to the principle of sub-judice, this press release is to inform and reassure our financiers, numerous suppliers and buyers, home and abroad, of the good health of Kam Industries.
We hereby hasten to assure all that no bank is taking over your beloved company and your company is not in distress of any sort.
The court action taken by Ecobank Plc is a normal dispute resolution step that should not create any unnecessary Panic.
We enjoin everyone to please remain calm while this matter is being resolved
Signed
Management
7th May,2025