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…….as CBN orders First Bank to recover the loan with immediate effect

Trouble is yet to be far from over for the man who was once celebrated as the king of board room Mr. Obafoluke Otudeko 

Otudeko was recently sacked by the Central Bank of Nigeria as the chairman of First Bank Holdings over his activities to cover up the multi billion naira loans granted to him by First Bank .

Otudeko used his position as chairman of FBN Holdings to secured a loan for his company Honeywell Nigeria Plc which the Central Bank termed as insiders abuse and poor corporate governance practices.

The Central Bank of Nigeria (CBN) has turned down First Bank of Nigeria’s (FBN’s) loan restructuring for Honeywell Flour Mills and subsequently directed the bank to recover the loan granted the company immediately.

Honeywell Flour Mills “is required to fully repay its obligations to the bank within 48 hours failing which the CBN will take appropriate regulatory measures against the insider borrower and the bank.”

Right now, He stands the risk of losing his shareholding in FBN Holdings if he fails to offset the loan within the 48 hour deadline given by the CBN.

Also, Oba Otudeko and Honeywell is in court with ECOBANK over the N5.5b loan he took from the bank and the case is presently now at the Supreme Court. 

In another development,  a financial analyst as described Oba Otudeko as a chronic debtors who is not always ready to pay back his debts citing what he’s doing with ECOBANK and presently with First Bank. 

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