One of Nigeria’s eminent industrialist, Oba Otudeko may be formally declared bankrupt on Friday if the Federal High Court sitting in Lagos upholds the argument of Ecobank Plc.
The court is scheduled to rule on a case brought before it by Ecobank Plc over alleged Otudeko’s failure to repay a N4.1 billion he obtained from the bank.
At the last hearing, the trial judge, Justice Okon Abang, said he needed proof of service on Otudeko to enable him deliver judgement in the case since the eminent industrialist had not appeared before the court since hearing in the case began.
Ecobank Plc told the Court that Otudeko asked and was granted various loans for his companies but has failed to repay.
The bank said the loan facility was originally granted Honey Well Flour Mill, one of Otudeko’s numerous business interests, but due to the failure of the company’s public shares, it 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 industrialist has shunned.
Owing to this, the bank asked that Otudeko’s estates, funds, shares or other interest in Siloam Global services Limited, Honeywell Group Limited, Honeywell Flour Mills Plc, Anchorage Leisures Limited, Honeywell Oil and Gas Limited, Uraja Real Estate Limited, Broadview Engineering Limited, Uraja Power Solution Limited, Honeywell Energy Resources Limited, Hudson Power Limited, Pivot Engineering Limited and Pavilion Technology Limited and other companies of his outside Nigeria be wound down.
The bank is also seeking the court for a disclosure of Otudeko’s net worth in line with the Bankruptcy Act.
Justice Abang said one Ecobank Plc is able to show it proof of service on Otudeko, he would deliver judgement and fixed December 11 for that.
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