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Ecobank Moves To Sell Obat’s Property Over Debt     

Funsho Akinwale

The management of Ecobank Nigeria Plc is presently threatening fire and brimstone to put for sale one of the Abuja properties belonging to the billionaire businessman, Oba Akinruntan of Obat fame.

Obat was said to have refused to service his loan running into billions of naira, which led to the bank dragging him to the court with the aim of selling his hotel located in Abuja for the recovery of the debt.

In a suit filed by the bank at the Federal High Court, Abuja, the financial institution is seeking to sell the immovable property of the judgment/debtor known as Febson Hotels & Malls, situated at plot 2425 Herbert Macaulay Way, Abuja, in the realization of the debt.

After cross-examination of the two counsels’ arguments, Justice Babaginda said he would give consolidated judgement on all the issues raised by the lawyers during the next hearing.

He adjourned the case until November 18 for the adoption of written addresses and possible continuation of hearing of the October 18, 2019, motion on notice.

As it stands, the judge is yet to order the sale of the property until the final ruling which holds in November.