Nigeria’s Wealthiest Monarch Obateru Akinruntan Loses Oil Depot To Skye Bank Over N2.1Billion Debt


Nigeria’s Wealthiest Monarch Obateru Akinruntan Loses Oil Depot Obat Oil To Skye Bank Over N2.1Billion DebtSkye Bank Plc Nigeria has secured a legal power to take over Obat Oil over an unpaid N2.1Billion debt.

According to The Nation, the Federal High Court in Lagos has directed Skye Bank Plc to take over Obat Oil and Petroleum Limited’s depot over an alleged N2.1billion debt.

Justice Jude Dagat issued an order directing the Inspector-General of Police, the Assistant Inspector-General of Police, the Lagos Commissioner of Police as well as the court’s Deputy Sheriff to assist in the enforcement of the order.

Obat Oil and Petroleum’s depot at H.I.M. Oba (Dr.) F.E.O. Akinruntan Close, Beachland Estate, Apapa, Lagos, was sealed up yesterday pending the liquidation of the debt.The order followed an Originating Motion by Skye Bank seeking the enforcement of an arbitral award dated August 7, 2015.

Skye Bank had sought to recover a loan debt of N2,142,462,572.26 owed it by Obat Oil and Petroleum. The loan was guaranteed by His Imperial Majesty, Oba (Dr.) Frederick Akinruntan.

The bank further sought to recover 15 per cent interest on the amount from April 2014 till the liquidation of the debt.The case was taken before an arbitrator, Aare Afe Babalola (SAN), during which Obat Oil and Dr. Akinruntan appealed for concessions and waivers on the amount of accrued interest, fees and commissions.

After the arbitration, the arbitrator held thatit would be fair and equitable to award N1,406,944,352.76 to the claimant which represents the amount the respondents admitted as being the outstanding balanceas at March 31, 2014. Aare Babalola also awarded 10 per cent interest annually on the N1.4billion from April 1l, 2014, till final liquidation of the amount.The bank, however, alleged that Obat Oil and Dr Akinruntan failed to comply with the Arbitration Award. It applied to the court to order the award’s enforcement.

Granting the application, Justice Dagat made an order granting Skye Bank leave toenforce the Arbitration Award against the respondents.

In compliance with the order, Skye Bank yesterday proceeded to enforce the Arbitration Award against Obat Oil and Petroleum and Oba Akinruntan.[The Nation]


Like it? Share with your friends!

What's Your Reaction?

hate hate
1
hate
confused confused
0
confused
fail fail
2
fail
fun fun
2
fun
geeky geeky
2
geeky
love love
1
love
lol lol
1
lol
omg omg
0
omg
win win
2
win
Louis Ojibe

I am a blogger

0 Comments

Your email address will not be published. Required fields are marked *

Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Countdown
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format