A firm, Obat Oil and Petroleum
Limited, yesterday proposed an out of court settlement with Skye Bank Plc in an
alleged N1.4 billion debt owed the bank.
The bank, in a suit before Justice Jude Dagat of the Federal High
Court in Lagos, is seeking the enforcement of an arbitral award dated August 7,
Skye Bank sought to recover a debt of N2,142,462,572.26 owed it by
the oil firm.
The loan was guaranteed by Oba Frederick Eniti Akinruntan.
The bank further sought 15 per cent interest on the amount from
April 2014 till the liquidation of the debt.
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