‘Baba Ijebu’ Promoter, Kessington Adebutu Initiates Plan To Move NMulti-Billion Lotto Account Out Of FCMB Over Rift With Otunba Subomi Balogun

… Ogun monarch, Awujale wades in

There are strong indications financial institution, First City Monument Bank (FCMB) may lose one of it’s big money accounts.

The about to be pulled out income earners of the bank are identified as the account of Premier Lotto operating under the street name, Baba Ijebu and the personal account of it’s promoter Chief Kessington Adebutu.

The accounts are jointly valued in the region of billions of naira.

Sources disclosed the factors that spiralled off developments that culminated into threats of lossing the account as ‘personal rift between, Chief Adebutu and founder of the bank Otunba Subomi Balogun’.

Incidentally sources equally confirmed that personal relationship between the duo, cemented by bond of being indigene of same state ( Ogun) contributed to FCMB securing the account of the biggest street lottery this part country.

The reason(s) for the reversal of affection that has made Chief Adebutu to initiate moves to move the highly coveted multi billion naira account out of FCMB remain guarded- but confirmation all is not well with the friendship played out at a couple public functions.

Otunba Balogun was said to have carried on like ‘he didn’t see’ Chief Adebutu to accord him customary greetings.

And the slighted wealthy lottery promoter- claiming ‘disrespect’- had reacted by directing his business manager to ‘move his money out of balogun’s bank (FCMB)’s story, because he can’t afford to empower someone to ‘look down on him’.

Seeing the seriousness of purpose behind Chief Adebutu’s intention, and the economic implication on the bank- Managing Director Ladi Balogun had attempted to effect a change of heart. He was rebuffed. His father and founder, Otunba set aside differences to do same, he was also rebuffed.

Investigation revealed Chief Balogun had pleaded his case to respected monarch, Awujale of Ijebu Land, Oba Sikiru Adetona.

The first class traditional ruler is said to have waded into the matter and working resolving personal issues afflicting business affair.

Societynowng.com reached out to bank’s spokesperson Mr Louis Ibe on the development on Thursday November 21 2013.

Here is a reproduction of our exchange via text messages

‘Greetings Sir, we will appreciate your reaction to information that Lotto operator and wealthy nigerian, Mr Kessinghton Adebutu has initiated moves to take his big money account out of FCMB over personal issues with chairman, Otunba Balogun. Traditional ruler, Awujale is said to be mediating in the matter.’

Ibe -‘My dear, I hv no idea abt wht u are asking, wil inquire n get bak! ‘

‘Will appreciate your timely response…vry best alwaz’

Ibe -‘The Otunba Balogun, founder of d bank, now retired n resting, wud not interfere/meddle in any aspect of d bank’s business! But calm down, verify ur facts, while I also inquire n get bak’

‘Will appreciate your response sir’

Mr Ibe didnot respond again as at press time Friday, November 22 2013.