N9.6B DEBT: Adenuga Alleged To Be Behind Arisekola’s Travails With GTBank!

…Glo Boss accused of buying controversial First Bank shares
…how the Billionaires friendship fell apart

Otunba Mike Adenuga is being fingered as the architect of the current debt litigation between financial institution, Guaranty Trust Bank and Wealthy Islamic leader, Aare Arisekola Alao.

GT Bank bank secured a court order that freezed all of Arisekola accounts- as part of moves to recoup a N9.6 Billion loan the Ibadan billionaire borrowed.

This was after the bank failed to get a bankruptcy order to liquidate Arisekola’s properties as part of moves to recover the money. The move was reportedly necessitated by the fact that Arisekola claimed he doesn’t owe the bank anu money.

The bank and the Aare Musulimi of Nigeria are presently in court slugging out the issue.

Fresh information on the development attributes the business antics of business mogul, Otunba Mike Adenuga as what sparked off the current debt recovery war between the Bank and Arisekola Alao.

Sources claimed that Adenuga had shown interest in the purchase of First Bank shares- with intent to make a business in road into the financial institution.

He was said to have used his contacts to identify holders of bulk shares of First Bank- G.T Bank at that period was in possession of N8M worth of the shares on behalf of Arisekola Alao.

The business arrangement according to statements credited to Arisekola’s lawyer -Chief Lowo Arowolo Obisesan of the Black and White Law Firm,- was such that the money was ‘ used by the bank to purchase shares of First Bank Plc using the name of his business with the understanding that profits accruing from the investment would be mutually shared between him and the bank’

According to the lawyer the arrangement started experiencing hiccups when ‘Contrary to the terms of agreement between GTBank and Aare Abdulazeez Arisekola Alao, the GTBank officials few months thereafter started to demand for repayment of its fund made available for the purchase of the shares and threatened to sell off the whole shares to recover its fund without regard to some shares deposited by Aare Abdulazeez Arisekola Alao as additional security for the fund’

Findings revealed that this was the period Otunba Mike Adenuga came calling- and leveraging on his ‘special relationship’ with Mr Segun Agbaje, he was able to get the bank to sell the shares to him!

The purchase was reportedly perfected via a labyrinth of business maneuvers, to throw off average inquiry into the deal.

Arisekola’s lawyer claimed the shares were sold at’ below the actual value and asked him to make up for the short fall, adding that it was this short fall that constituted the debt the bank claimed he and his companies in Lister Group were owing’

Informants claim the Ibadan Billionaire and his camp have confirmed that Adenuga purchased the shares.

The manner of acquisition is said to have thrown up speculations over whether the move to purchase was what sparked off Arisekola’s problem with G.T Bank or not.

The knowledge that Otunba Mike Adenuga- a friend and confidante -acted in such manner is said to have cooled off Arisekola’s passion for Adenuga.

The duo are said to be engaged in a fierce but downplayed cold war at present.

Otunba Adenuga’s face in the media, Mr Bode Opesetan did not respond to text messages on the issue- and did not pick calls to his phone.

Aare Arisekola Alao is said to be experiencing myriads of challenges running his businesses as a result of the development.

GT Bank’s spokeperson, Ogechi Nwachukwu neither pick calls to her phone nor respond to text messages on the matter.