BREAKING: Skye Bank Takes Over Obat Oil Over N1.5bn Debt

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Skye Bank Plc has taken possession of the tank farms and business premises of Obat Oil in Apapa Business District of Lagos State.

Obat Oil is owned by flamboyant business magnate and Olugbo of Ugboland in Ondo State, Oba Fredrick Obateru-Akinruntan.

The bank took possession of the oil company Friday afternoon.

The development followed an October 28, 2016 ruling of a Federal High Court in Lagos over an outstanding debt to the Bank in excess of N1.5 billion by Obat Oil.

The ruling was given by Justice Jude Dagat.

There is no reaction from the company as at press time.

Details later…