Contrary to insinuations making the rounds over allegations of excess charges in the sum of N200 million by one Hotel Excel Limited by the Bank, Sterling Bank Plc has refuted the claim stating that the Hotel is merely using a section of the media to pressurize the Bank to drop charges of loan default against it.

Although the Warri based Hotel Excel Limited is a customer of the Bank, the Bank noted that the hotel obtained a loan but defaulted in repayment. Following the floating of AMCON to take care of bad debts from failed debtors of banks, the Bank sold part of the debt to AMCON.

According to the Bank, AMCON bought a total value of N1,130, 554,652.64 out of the debt leaving an outstanding balance of N782,381, 474 .16. However, the customer in its continued attempt to renege on its loan obligations filled a suit against AMCON and the Bank consequent upon which the Bank filed a counter claim for the outstanding loan of N782, 381,474.16

However, instead of allowing the judicial process to run its course on the matter, Hotel Excel Limited resorted to blackmail within the social media circle apparently in a bid to cow and intimidate the Bank.