Obat Petroleum takeover: Embattled Monarch Obateru Akinruntan Negotiates With Skye Bank to Repay N1.5b Debt
Despite vociferous denials societynowng.com can confirm that Obat Petroleum , the Oil firm owned by Ugbo Monarch Obateru Akinruntan has kicked started negotiation with financial institution Skye Bank to repay reported over N1.5billon debt.
The aim is to assume unimpaired control of it’s affairs.
Societynowng.com gathered this move was initiated by representatives of the embattled traditional ruler on Monday November 14 2016.
READ ALSO: Skye Bank Didn’t take Over Obat Oil – Management
‘’they were at Skye bank head office in Victoria island to find a soft landing out of the mess’’ a source disclosed.
Negotiation is said to have being on since then.
This development kicked off barely 48hrs after the management of Obat Oil hit town with an unsigned statement strenuously denying the current mess it is in.
Obat Oil had issued a strong denial in the face of a newsbreak of takeover of it’s business premises and tank farm by financial institution Skye bank on the strength of a court judgement in a debt case.
And fresh revelation now have it that, under the smokescreen of denials business owner, Ugbo Monarch Obateru and his representatives made up of management under the leadership of his son, Femi are currently negotiation a deal -with their creditor- out of the raging trouble that has tainted their operations.
Useful link: Lavish Lifestyle of the Heir to Oba Akinruntan Dynasty Exposed
Source: SocietyNow
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