Skye Bank Plc has taken possession of the tank farms and
business premises of Obat Oil in Apapa Business District of Lagos State.
The bank took possession of the oil company, owned by
business magnate and Olugbo of Ugboland in Ondo State, Oba Fredrick Obateru-Akinruntan,
on Friday.
This 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.
theeagleonline
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