Ecobank To Sell Oba Akinruntan’s Hotel Over N5bn Debt

Oba Fredrick Akinruntan, Olugbo Of Ùgbó Kingdom has reacted to the move to sell his hotel, Febson Hotels & Malls on Plot 2425, Herbert Macaulay Way in Abuja by Ecobank Nigeria over N5billion debt.

His company, Obat Oil, in its counter-affidavit, said the bank, in an April 5, 2017 letter, assigned its rights and interests in the case to a third party, ETI Specialised Finance Company Limited, which is Ecobank Group’s debt recovery vehicle.

The oil company accused the bank of concealing the fact before the court.

Obat Oil contended that by the alleged concealment, the bank “no longer had any right or interest in the judgment-debt sought to be enforced before the honourable court”.

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