GTBank Adamant On Selling Off Babalakin’s Businesses Over Multi Billion Naira Debt

Businessman and Lawyer, Wale Babalakin is striving to keep three of his businesses from one of his creditors adamant on a take over in lieu of debt.

Sources attribute this development to inability to pay back debt portfolio valued at over N10 billion he utilised at one point or the other for the operations of the businesses concerned.

And according to information at the disposal of www.societynowng.com the creditor, financial institution, G.T Bank wants to take over the affected businesses and liquidate it to recoup all or some of the debt.

The companies are listed as Resort International Limited, Roygate Properties and Homan Engineering Company Limited.

To show the seriousness of it intention the management of the bank are said to have positioned a receiver manager, Kunle Ogubba Esq to fulfil this task.

The bank is said to be relying on terms of negotiation reached to issue the credit facility to achieve this aim.

Naturally Mr Babalakin is not taking the development as it came- the legal mind is said to be in court to stop the move.

Sources disclosed the legal battle to achieve each other’s aim by the parties involved are taking place in multiple court cases.

Some of the suit numbers involve are listed as FHC/L/CS/601/10 and FHC/L/CS/602/10.

Sources disclosed that parts of the issues at stake originated as far back as three years ago.