Skye Bank Debtors Panic As Tough Stance Adopted In Take Over Move Of Ugbo Monarch, Obateru Akinruntan’s Obat Oil Sends Alarming Signals On Debt Recovery Efforts

Information filtering in have that debtors of financial institution, Skye Bank are in a state of panic.

And this development is attributed to the tough stance adopted with Obat Oil, the company owned by Ugbo Monarch Obateru Akinruntan which is owing the financial institution mega sum.

The management of Skye Bank acting on a court order last week made a take over move of the business premises and tank farms of Obat Oil.

At stake is said to be over N1.5billion debt the company owned by the wealth monarch is unable to repay.

Here is a link for background-
Major Trouble For Wealthy Monarch Obateru Akinruntan As Skye Bank Takes Over Obat Oil’s Business Premises, Tank Farms Over N1.5billion Debt

And another link for better insight –
Full Details Of The Court Judgment That Gave Flamboyant Monarch, Obateru Akinruntan’s Cash Cow, Obat Petroleum To Skye Bank Over N1.5billion Debt

Details available revealed though in the face of pictures and paper evidence, Obat Oil refuted the development – here is a link for reaction
OBAT Oil Speaks On Acquisition By Skye Bank

”The reputation of the oil company was already dragged in the streets as a debtor firm” a source pointed.
And this development apparently sent out strong signal to other debtors of the bank.

The move against Monarch Akinruntan’s Obat Oil is being interpreted by debtors as a strong resolve to recover it’s debt.

”And nobody want’s the Obat Oil treatement, to be publicly branded greatly taints the image of a firm…nobody wants that” a source pointed out.

Societynowng.com gathered to avoid such an ”embarrassing spectacle”, early indicators have it – other debtors have started initiating reconciliatory moves.

This is against background skye bank has been in the eye of all manners of speculation about how ”solid” it’s operations is and debtors fear the move against Obat Oil a strong show to it’s public it has more than enough to whether any ”storm” once outstanding debts are called.

Societynowng.com sources are currently compiling names of some of the ”debtors” greatly worried by the turn the financial institution’s debt recovery effort has taken.