Oba Otudeko, a billionaire philanthropist and chairman of Honeywell Group, is reportedly indebted to First bank to the tune of about N75billion.
Read more here>newsheadline247.com
The alleged loan which was collected
about 7 years ago with his status as the chairman of the bank has remained
un-service till date, an insider of the bank claimed. The non-performing loan
is said to be presently putting the bank and its management in a tight corner
as the economic hardship facing the country bites hard on all financial
institutions.
To cover up for his
indebtedness to the First bank, Otudeko was said to have installed one of his
sons, Obafemi, as a non-executive director in the bank. It was gathered
that more pressure is now on the MD of the bank, Adesola Adeduntan, to take a
drastic step against his chairman over the non-performing loan.
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| First Bank CEO, Adesola Adeduntan |
The alleged loan has gotten
to the ears of a human rights group, the Social and Economic Rights Derivatives
Centre, and strongly-worded petition has been sent to various governmental
agencies and the National Assembly asking the management of First bank to
explain how a number of multi-billion naira loans is not reflecting on the
bank’s books again. Specifically, the group called for the investigation of
Otudeko for allegedly obtaining a N29 billion facility from the bank through
FBN Trustees, which it claimed was written off without the knowledge and
consent of the bank’s shareholders.
It will be recalled that
Otudeko is in court with Ecobank over an alleged N5.5billion loan availed
Honeywell Flour Mills Plc, Siloam Global Services Limited and Anchorage
Leisures Limited, which he personally guaranteed. So disgruntled was Ecobank’s
management that it sought a receiving order against Otudeko’s estate, funds,
investment and shares in Honeywell Group, Honeywell Flour Mills, among other
companies, as well as an order declaring him bankrupt.
Read more here>newsheadline247.com
To get the reaction of First
bank, efforts was made to speak with both Tunde Lasaaki and Folake Ani-Mummuney
but neither of them responded to SMS sent to them.
Source: societyreel.com
Source: societyreel.com
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