Oba Otudeko Position’s Son, Obafemi for MD to Offset N75 Million un-serviced Loan to First Bank| e-NIGERIA!

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Oba Otudeko
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Oba Otudeko

Oba Otudeko, billionaire philanthropist and chairman of Honeywell Group, is reportedly indebted to First bank to the tune of about N75 billion and to help offset and write off the un-serviced loan, the controversial businessman is said to be allegedly scheming and positioning his first son to possibly take over the mantle of leadership of the bank.
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.
Oba Otudeko
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 financial records anymore.
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.
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.

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