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

This is not the best of times for wealthy monarch, Obateru Akinruntan.

Emerging details have it his means of livelihood and claim to fame has been ordered taken over by his creditor.

This development is said to be the fallout of the execution of a legal directive ealier today – Friday November 11 2016.

According to information monitored on news platform, theeagleonline his creditor financial
institution Skye bank took over Obat Oil business premises and Tank Farms acting on ”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 reportedly made by Justice Jude Dagat.

Obat Oil is owned by Olugbo of Ugboland in Ondo State, Oba Fredrick Obateru-Akinruntan.

Oba Akinruntan who came to social economic and social reckoning through the exploits of Obat Oil was at a point named one of Africa’s richest monarch based on the stream of revenue that comes in for him through his claim to fame.