Davidson Iriekpen
The High Court of the Federal Capital Territory in Jabi, Abuja, yesterday ordered the sale of an Abuja hotel owned by Obat Oil and Petroleum Limited to offset N5 billion debt it owes Ecobank Plc.
The judge, Hassan Babangida, gave the other in a suit filed by Ecobank.
The hotel in question, Febson Hotels & Malls, is located at Plot 2425, Herbert Macaulay Way, Abuja.
Obat Oil, the firm which owns the property, was founded by an oil mogul and popular monarch, the Olugbo of Ugbo Kingdom in Ilaje Local Government Area of Ondo State, Oba Fedrick Akinruntan, who was in 2014 ranked by Forbes magazine as the second richest king in Africa and the richest in Nigeria.