Despite Passionate Denials, Embattled Monarch Obateru Akinruntan Negotiates With Skye Bank On How To Repay N1.5billion Debt That Resulted In Takeover Of Oil Firm, Obat Petroleum!

Despite vociferous denials societynow can confirm that Obat Petroleum , the Oil firm owned by Ugbo Monarch Obateru Akinruntan has kicked started negotiation with financial institution Skye Bank to repay reported over N1.5billon debt.

The aim is to assume unimpaired control of it’s affairs.

Societynowng.com gathered this move was initiated by representatives of the embattled traditional ruler on Monday November 14 2016. ‘’they were at Skye bank head office in Victoria island to find a soft landing out of the mess’’ a source disclosed.

Negotiation is said to have being on since then.

This development kicked off barely 48hrs after the management of Obat Oil hit town with an unsigned statement strenuously denying the current mess it is in.

Here is a link for background
OBAT Oil Speaks On Acquisition By Skye Bank

Obat Oil had issued a strong denial in the face of a newsbreak of takeover of it’s business premises and tank farm by financial institution Skye bank on the strength of a court judgement in a debt case.

At stake was said to be over N1.5billion debt.

Here another link for background
Major Trouble For Wealthy Monarch Obateru Akinruntan As Skye Bank Takes Over Obat Oil’s Business Premises, Tank Farms Over N1.5billion Debt

And yet another link for better details
Full Details Of The Court Judgment That Gave Flamboyant Monarch, Obateru Akinruntan’s Cash Cow, Obat Petroleum To Skye Bank Over N1.5billion Debt

And fresh revelation now have it that, under the smokescreen of denials business owner, Ugbo Monarch Obateru and his representatives made up of management under the leadership of his son, Femi are currently negotiation a deal -with their creditor- out of the raging trouble that has tainted their operations.