Standard Chartered Sues Dana Firms for ₦355m Outstanding Debt

Standard Chartered Bank has filed a suit at the Federal High Court in Lagos against Dana Motors and Dana Plast over an unpaid ₦355 million balance. The bank granted both companies various credit facilities from 2012, including overdrafts, import letters of credit and loans supported by sister company Vandana FZCO. After missed repayments, it restructured the debt in 2015 and 2019. In 2021, the firms offered to settle the debt with instalment payments totalling ₦1.1 billion. They paid ₦745 million, partly from the sale of a mortgaged Ikoyi property, but left ₦355 million outstanding. The bank withdrew winding-up petitions after partial payment but says the balance remains unpaid. It is now seeking a court order to recover the ₦355 million plus 28% interest per annum and legal costs.

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