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Saturday, 12 August 2017

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





Skye Bank Plc Nigeria has secured a lawful energy to assume control Obat Oil over an unpaid N2.1Billion obligation.


As indicated by The Nation, the Federal High Court in Lagos has coordinated Skye Bank Plc to assume control Obat Oil and Petroleum Limited's terminal over a claimed N2.1billion obligation.

Equity Jude Dagat issued a request coordinating the Inspector-General of Police, the Assistant Inspector-General of Police, the Lagos Commissioner of Police and in addition the court's Deputy Sheriff to aid the implementation of the request.

Obat Oil and Petroleum's warehouse at H.I.M. Oba (Dr.) F.E.O. Akinruntan Close, Beachland Estate, Apapa, Lagos, was fixed up yesterday pending the liquidation of the obligation.

The request took after an Originating Motion by Skye Bank looking for the implementation of an arbitral honor dated August 7, 2015.

Skye Bank had looked to recoup an advance obligation of N2,142,462,572.26 owed it by Obat Oil and Petroleum. The credit was ensured by His Imperial Majesty, Oba (Dr.) Frederick Akinruntan.


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The bank additionally looked to recuperate 15 for every penny enthusiasm on the sum from April 2014 till the liquidation of the obligation.

The case was taken before a referee, Aare Afe Babalola (SAN), amid which Obat Oil and Dr. Akinruntan bid for concessions and waivers on the measure of accumulated intrigue, expenses and commissions.

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

After the assertion, the mediator held that it would be reasonable and evenhanded to grant N1,406,944,352.76 to the petitioner which speaks to the sum the respondents conceded similar to the extraordinary adjust as at March 31, 2014. Aare Babalola additionally granted 10 for every penny intrigue yearly on the N1.4billion from April 1l, 2014, till definite liquidation of the sum.

The bank, notwithstanding, claimed that Obat Oil and Dr Akinruntan neglected to follow the Arbitration Award. It connected to the court to arrange the honor's authorization.

Conceding the application, Justice Dagat made a request allowing Skye Bank leave to uphold the Arbitration Award against the respondents.

In consistence with the request, Skye Bank yesterday continued to implement the Arbitration Award against Obat Oil and Petroleum and Oba Akinruntan.




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