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Eminence Oil and Chemicals Limited, one of the nation’s budding downstream petroleum industry operatives, has reconciled its accounts with Akwa Savings and Loans Limited, leading to a restoration of full financial transaction with the bank.

“With the reconciliation, we have fully concluded a normalisation process of our treasured financial relationship with Akwa Savings and Loans Limited; and have also re-established access to all the bank’s financial instruments, to promote the growth of our company and contribute to the economic development of our nation through our committed service delivery to the nation’s downstream petroleum industry,” the company said in a statement signed by its Managing Director, Obong Emmanuel Okon.

The company said the relationship between it and the bank was strained in September, 2019 when the bank listed it amongst its top delinquent debtors due to some transactions it had with the bank.

The statement, however, said the bank, following the settlement, in a letter dated 14th August 2020, to its Managing Director, and titled ‘Letter of Non-Indebtedness,’ directed it to ‘Take Note that all matters relating to those transactions have been fully resolved.’

“The restoration, also, is a strong signal of our company’s good financial standing in the financial market,” the statement further said.

“We look forward to strengthening our relationship with the bank and further build on the foundation we both had laid through the years”

The company thanked the management of the bank for the critical and important role it played during the process of reconciliation.

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