Skye Bank seizes oil company from Nigeria’s RICHEST king

Fredrick Obateru Akinruntan

– Skye Bank has taken possession of the Obat Oil tank farms and business premises 
– 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 of Police as well as the court’s Deputy Sheriff. The company is yet to comment on the development.

- Nation.

– Skye Bank has taken possession of the Obat Oil tank farms and business premises – 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.
Read more: https://www.naij.com/1045763-skye-bank-seizes-oil-company-nigerias-richest-king.html

– Skye Bank has taken possession of the Obat Oil tank farms and business premises – 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.
Read more: https://www.naij.com/1045763-skye-bank-seizes-oil-company-nigerias-richest-king.htm