Ecobank Plc has asked the Federal High Court in Lagos to declare industrialist Oba Otudeko bankrupt due to his failure to repay a N4.1 billion loan granted his companies. The bank claimed Otudeko asked and was granted various loans for his companies, namely Honey Well Flour Mills, Siloam Global Services Limited and Anchorage Leisures Limited. It explained that the loan facility was originally granted Honey Well Flour Mill, but due to the failure of its public shares was extended to his other companies. Otudeko’s failure to repay the loans despite Ecobank’s purported pressure on him necessitated the suit, which the former shunned.

On this score, the bank asked that Otudeko’s estates, funds, shares or other interest in Siloam Global services ltd, Honeywell group Limited, Honeywell Flour Mills Plc, Anchorage Leisures Limited, Honeywell Oil and Gas Ltd, Uraja Real Estate Limited, Broadview Engineering ltd, Uraja Power solution ltd, Honeywell Energy Resources ltd, Hudson Power Ltd, Pivot Engineering ltd, and Pavilion Technology limited and other companies of his outside Nigeria be wound down. Also, the bank seeks the court for a disclosure of Otudeko’s net worth in line with the Bankruptcy Act.

Otudeko has failed to respond to the suit or make any appearance. The trial judge, Okon Abang, asked the bank to show it proof of service on Otudeko, despite his non-appearance, after which he would deliver his judgement. Justice Abang adjourned till Friday 11th of December,2015

Honeywell stock closed yesterday at N1.64, the lowest price for the year compared to year’s high of N4.15

Source: http://www.newsbreak.ng/2015/12/ecobank-wants-court-to-declare-oba-otudeko-bankrupt-over-indebtedness/

Ya ori ya mi o

Oluwa oooo.. Ikunle oooo. Are my eyes deceiving me? Am I dreaming? Someone should wake me up please! A whole Otudeko bankrupt? This life can be funny. I give up abeg. Vanity upon vanity. Jesus Christ of Nazareth, have mercy on us. Give us the grace to do your will. Life is like a vapour indeed

g

This is really srious

Oga o,make e no go affect him company o,I've got eyes for honey well,their pay is cool

After you spent ur money on politriks.

E-diot. Ewu

oba owing banks




no wonder they live in brown roofs

what is my own business

Thats how they ran down everything in Nigeria... You will borrow till you liquidate a bank then you move to another bank or institution and do exactly the same thing... , most time getting away with it because we have a warped judicial system that would have left the likes of Barnnie Mardoff scot free. .

why they give am reach 4.1 billion before complaining? and on what basis did they give him the loan

Jesu

a whole oba otudeko in indebted

what a surprise

Beht why naaaa .........when a whole oba Otudeko is declared bankrupt; what hope is left for people like us

Hmmm. Nothing wey eye no go hear and nothing wey ears no go see...
***walks out of thread***

Is the refusal to repay a facility the same thing as being bankrupt?

Serves the bank right, what happened to collate-rising loans? Oh I forgot the request for security was only for the poor man.

Oba is worth more than this. All I see is lack of will to repay, not the inability to pay back.

end time in debtedness

going bankruptcy is a business on its own. many people don't knw ds...

I bet the guy shld be investigated...he wanted to keep the assets and allow the public (shareholders) to share the loss.

that's the deal behind it.

just imagine i collected a loan of 500k and using a car's papers as a collateral...I invested the 500k in another car and continued using the other one too- I have two cars. eventually, I wld av made more money with both cars by the time the banks come knocking. I will declare bankruptcy but I will keep my cash and the second car!

Oba Otudeko invested the loan in his business making profits but refusing to pay the loan....he had weighed his options well
...


ask Abramnovich of Chelsea how he made his billions!

lol

i wonder what d commenters above me are wailing on....he is not yet bankrupt, eco bank is only asking d court to declare him bankrupt due to his inability to pay the loan he sort for.Eco bank is simply looking for means to get back their money. According to the law when someone is declare bankrupt his asset would be sold to settle his debtors.

So all dis wealth na for show, boro boro mak me fyn.

So all dis wealth na for show, boro boro mak me fyn.

Hmmmm Odiegwu

see the illiterate chest beaters calling Otudeko a royal father .






These guys are bush people

see the illiterate chest beaters calling Otudeko a royal father .






These guys are bush people

Front page since two aeons ago

if na poor man dem go don use force men bully am already

ok

chuose:
These South West people sef.
Dem royal father's are living a fake life.

Retard, the Man's name is Obafunke Otudeko.

Alphaoscar:
see the illiterate chest beaters calling Otudeko a royal father .







These guys are bush people

very funny, just because his name is oba and to them oba is king.... may be oba of biafra sha.. no insult intended biko