Pan Ocean Corporation Boss, Festus Fadeyi Plots Refund Of Crippling N50billion Bank Loan

They wanted him to pass from impoverishment to poverty as one moves from humility to humiliation but the universe had greater plans for oil and gas magnate, Festus Fadeyi.

Soon after news rent the air that he is indebted to Skye Bank to over 50 billion, mischief makers went to town, spreading vile rumours of Fadeyi’s imminent end. But to their dismay, Fadeyi, has arrived at a strategy to offset his debt to Skye Bank. Fadeyi is not your run of the mill businessman.

The founder and director of Pan Ocean Corporation, a Nigerian independent oil and gas company, borrowed heavily from Skye bank. at the time of his ouster as a director in Skye bank. Fadeyi, through Pan Ocean, took loans to fund the firm’s oil and gas upstream projects operated under Joint Operating Agreements and Production Sharing Contracts with and on behalf of the Nigerian National Petroleum Corporation (NNPC).

The good news however, is that the billionaire and philanthropist has mapped out a strategy and timeline to refund the loan he owes his bank.

thecapital