Keystone Bank Begins Move To Take Over Jamiu Abiola’s Businesses Over Multi-Million Naira Debt

…as N100m fraud rocks petrol station business.

Jamiu one of the sons of late industrialist, Chief Moshood Kashimawo Abiola is on the verge of losing one of his major sources of livelihood.

Information made available to www.societynowng.com revealed this development to be the result of a mult- million naira loan he took and is yet to redeem with the financial institution.

The business arrangement was originally made with the management of Bank PHB, the financial institution that transformed into Keystone.

‘The going sour loan arrangement is an inherited business for the new management’ a source quipped.

The Abiola family was major stakeholder in the bank as at the time Jamiu took the loan, scion of the family Kola Abiola was Chairman of the Bank until the recent change in name and ownership structure.

Jamiu was said to have used the loan arrangement under spotlight to secure the rights to and setting up of the NNPC Mega Station, Ikoyi.

Detailing the current scenario pertaining to the loan now threatening Jamiu’s business, an insider disclosed’ it is the result of a new directive from the management that all outstanding loans be recouped within a certain period. And Jamiu’s loan arrangement falls in the category special focus is on to recover’

This group of debtors are said to face the threat of losing their businesses, if they do not meet specified obligations in the new loan recovery ploy.

The management are however putting a tight lid on the parameters used to determine the ‘debtors’ that fall into this special category.

There are unconfirmed rumors hinting of victimization in the move.

Insiders revealed that to compound his travails, a hundred million naira fraud putting the viability of the petrol station business at risk was recently uncovered at the place.

It is feared that this development might affect Jamiu’s ability to meet up with the demands of his creditors- and ultimately hold on to his business as well.