Zenon Oil Boss, Femi Otedola To Lose Lagos Home To GT Bank Over $200 Million Debt

Once-upon-a-time Forbe listed wealthy individual, Femi Otedola is obviously going through financial difficulty presently.

According to information at the disposal of www.societynowng.com there is possibility of the respected billionaire losing one of his properties as a result of indebtedness to Mr Tayo Aderinokun led Guaranty Trust Bank.

Mr Otedola’s debt portfolio with GT Bank stood at $200 million as at time the Central Bank of Nigeria published its list of bank debtors. His Macpherson Road, Ikoyi Lagos sited home is listed as one of the collateral used to secure the loan.

All the documents that pertain to the ownership of the edifice Otedola utilises as personal home in Lagos is said to be in possession of the financial institution.

Information filtering in revealed that talks of taking possession of the home in lieu of the loan is on between Otedola and the management of the bank.

The front person of Zenon oil is said not to be too comfortable with the move- but the bank appears firm in ensuring Otedola reduces his debt portfolio with them one way or the other.

Both parties are said to be attempting to settle the matter without the matter blowing into the open.

Mr Femi Adeniran of GT Bank Corporate Affairs Department on Sunday, January 9, 2011 declined official comment on the issue.
He claimed the bank owed it, to it’s customers to protect details of their transaction- and as such cannot comment on the bank’s relationship with Mr Otedola.