Read how Festus Fadeyi N240b debt ruined Sky Bank, extravagant spending on TV personality
Dr. Festus Fadeyi, a billionaire Oil and Gas Mogul who recently forfeited his companies and other properties scattered around Lagos to the Asset Management Corporation of Nigeria, a Federal Government agency as result of unpaid loan at the defunct Sky Bank.
Fadeyi’s who used his Oil Company Pan Ocean Oil Nigeria limited to took loans to the tune of N240 billion from the defunct Sky Bank through his cronies in that Bank and at the corridor of power.
Record revealed that out of the total N500 billion owed defunct Skye Bank by heavy debtors, Fadeyi’s share alone was like forty seven percent (47%)
Report revealed that he was able to accessed this huge amount of money when his son, Jason Fadeyi was representing him at the board of the Sky Bank when Tunde Ayeni was the board chairman.
Audited report revealed that the un-service loan of the Sky Bank increased to over N500 billion under Tunde Ayeni board chairman and this debt placed the Bank in serious financial mess.
When it got to a stage that the Bank was noticed to be in serious indebtedness by the Asset Management Corporation of Nigeria (AMCON) and it could not be able to meet up with its obligations again they had to come to its rescue and carried out some investigations which later led to the revocation of the Bank operation license by Central Bank of Nigeria (CBN) on September 21, 2018,
When the report of the independent auditors assigned to audit the Bank came out, it was revealed that one, Festus Fadeyi of the Pan Ocean Group’s cumulatively secured a total of more than N240 billion, (almost half of the total debt of Skye Bank) thus making it the most heavily indebted company to the bank. The remaining huge debt is owed by nine other customers of the bank.
Many of the said other customers were gathered to be cronies of the board members.
All these malpractices and reckless abuse by the leadership of the bank, made it possible for a few individuals to gratuitously expose the bank to the tune of over N500 billion.
The defunct Sky Bank was later acquired by now Polaris Bank.
A former staff of the defunct Sky Bank, who spoke on anonymity, said “If not that Nigeria is a lawlessness country, there is a long list of those who ordinarily should be in jail as a result of their roles in the eventual collapse of the Sky Bank, it was frightening to note that only one individual accounted for a debt exposure to the bank in excess of over N240 billion, which is more than the annual budget of the country’s ministry of works for instance”
“This individual like Festus have ruined lives as well as investments made by hundreds if not thousands of the bank’s innocent shareholders, most of who we gathered lost lifetime investments when the bank died. However, Fadeyi among others, who killed the bank have continued to live their life in total opulence, which is a reflection of a weak financial regulatory laws in the country.”
The billionaire Oil Mogul, who is in his 70s, was alleged to be responsible for the luxurious lifestyle a TV personality, Toke Makinwa is living, said to even bought her a brand new Range Rover Jeep recently.
Fadeyi’s who said to remain a married man with 5 grown boys from his beautiful wife of many years, said his children are not happy with the way he splurges on his love interest, Toke. They believe he is squandering too much money on her at a time he is heavily indebted to Skye Bank.