The takeover became possible due to the ruling of a Federal High Court in Lagos
Obat Oil reportedly has N2.1 billion debt
Skye Bank is reportedly taking over the tank farms and business premises of Obat Oil in Apapa business district of Lagos state on Friday, November 11.
Obat Oil, one of Nigeria’s largest and leading privately held oil companies. It was founded by Fredrick Obateru Akinruntan, the traditional ruler of Ugbo Kingdom, a town in Ilaje, Ondo state.
Recall that October 28 this year Justice Jude Dagat gave a ruling that enabled the takeover in view of N2.1 billion debt by Obat Oil owed to the bank.
The enforcement of the order was made Inspector-General of police, the Assistant Inspector-General of police, the Lagos Commissioner ofpPolice as well as the court’s Deputy Sheriff.
The company is yet to comment on the development.
More details at Nation.
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