SKYE BANK TO TAKE OVER OBAT OIL. following federal high court order

BUSINESS

Skye bank plc has been given order by the federal high court to take over obat oil, patroleum over alleged N2.1bn dept. according to VANGUARD , a federal high court sitting in lagos yesterday gave the order.,

Justice jude dagat made an order to inspector general of police , lagos commissioner of police as well as the court deputy sheriff to assist in the enforcement. of the order, pending liquidation of the dept  .

Both parties has been embroiled in legal battle as skye bank sought to recover a loan dept of the sum of N2.142,462,572,26  by obat oil. the loan was guaranteed by his imperial majesty , Oba (Dr) Frederick Eniti Akinruntan. and the bank sought to recover the 15% interest on the  amount  from April 2014 till the liquidation of the dept.

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.

After the arbitration, the arbitrator held that it would be fair equitable to award N1.406,944,352,76. to the claimant , which represents the amount the respondent admitted as being the outstanding balance as at march 31st 2014. Aare Babalola also awarded 10% interest annually  on the N1.4billion from the April 2014, till 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 enforcement .

In compliance  with the order, the skye bank yesterday proceed to enforce the arbitration Award against obat oil and petroleum  and oba akinruntan

Leave a Reply

Your email address will not be published.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