Skye Bank Plc has reportedly taken possession of the tank farms and business premises of Obat Oil in Apapa Business District of Lagos State.
Obat Oil is owned by flamboyant business magnate and Olugbo of Ugboland in Ondo State, Oba Fredrick Obateru-Akinruntan.
The bank took possession of the oil company Friday afternoon.
The decision of the bank we learnt followed an October 28, 2016 ruling of a Federal High Court in Lagos over an outstanding debt to the Bank in excess of N1.5 billion by Obat Oil.
The ruling was given by Justice Jude Dagat.
The company is yet to react as at press time.
