BREAKING: Why Repayment Of Keystone Bank Loan Was Stalled

Ronchess Global Resources Plc has clarified the recent reports regarding a court ruling that allegedly froze its assets, providing clarification and reassurance to stakeholders.

In a notice to the Nigerian Exchange Limited (NGX) seen by THE WHISTLER, Ronchess confirmed that in 2022, it obtained a facility from Keystone Bank under its Articles of Association.

It noted, however, that due to unforeseen challenges related to the project for which the facility was utilised, the expected returns faced setbacks.

According to the notice signed by the management, compounding the situation, Ronchess raised concerns over what it described as high and inexplicable interest charges imposed by the bank, despite repeated formal attempts to reconcile the figures, which went unanswered.

Despite these financial hurdles, the company maintained good faith by engaging Keystone Bank in multiple discussions to restructure the facility and establish a feasible repayment plan. Ronchess also made partial payments as part of this arrangement.

It noted, however, that the company expressed surprise and concern when, on March 25, 2025, an ex parte court order was found pasted on its Gusau office premises, accompanied by a physical restriction of access to the premises.

According to Ronchess, no prior originating summons or motions were served before this action was taken, raising questions about the procedural propriety of the court order.

Ronchess emphasised that the facility was lawfully obtained for a legitimate capital project and that its Articles of Association empower the company to raise funds for corporate purposes under terms approved by its directors.

It disclosed that the company has initiated engagement with Keystone Bank to resolve the matter amicably and assured stakeholders that efforts are underway to address the situation.