Sayyu Dantata, MRS Oil & Gas In Trouble

…as creditors take over personal, company bank accounts.

Fast rising player in the Oil and Gas sector Sayyu Dantata is having it a bit rough with his creditors presently.
Sayyu Dantata.

His major creditors are on his neck to offset his loan.

And to compound his woes one of them, Bank PHB has secured an injunction giving access to his personal bank accounts and that of his company- M.R.S Oil and Gas.

The bank is owed $59M.

The other creditors are striving hard, trying to explore other means to recoup their fund.

Some of the other creditors and the debt accrued are Union Bank ($300m), FCMB ($90M), Fidelity ($50m), Access Bank ($70m) and Eco Bank.

The bulk of the debt was utilised to establish his stance as a major factor in the Oil and Gas industry with the purchase of multi national company Texaco/Chevron.

He had gone ahead to rename it M.R.S after the squabbles with fellow bidder Femi Otedola over the manner of purchase had died down.

Sources tag the cause of present moves by creditors to recover their loans – with all means possible legally- as inability of Sayyu and M.R.S to adhere to stipulated terms of payment.

The man rumoured to have enjoyed the backing of one of the nation’s richest men, Alhaji Aliko Dangote in the purchase of Chevron/ Texaco is said to be ardently sourcing for fresh investors to bail him and his company out of the current money problem.