:: Cover Story...

Wednesday, December 17, 2014.

Yemi Adeola Led Sterling Bank In Messy Debt Fight With Ex Bank MD Segun Agbetuyi.
...moves to auction defunct Omega helmsman's bizness, home.

Yemi Adeola led setrling bank is presently enmeshed in a messy debt fight.


The financial institution headed by sibling of more popular banker and business administrator, Fola Adeola is currently attempting to liquidate the business and homes of former top level player in the banking world, Segun Agbetuyi over a debt issue.


Information available revealed the management of Sterling bank has gone as far as seeking a judicial order to convert the targeted property and business of Agbetuyi to full the loan or part of it in the raging debt fight.

The loan in contention is disclosed as a N150M debt that has ballooned into about N233m owing with interests.

Adeyemi Adeola

The Adeola led bank is targeting the business of Agbetuyi disclosed as Consecrated Farms Limited, situated in Danny Estate Makoko, lagos and his property labelled four numbers of three – bedroom detached bungalows sited in Owutu – Agric, Ikorodu Lagos.

Insiders revealed the bank Agbetuyi is strenuously exploring ways to protect his home and propery.


Insiders revealed the bank took the hard posture in a degenerated negotiation process that saw Agbetuyi passionately disputing volume of debts attributed to him.


But to show seriousness of purpose in taking the former bank boss to the sword, the Adeola led management instituted a process to secure legal backing for moves to wrest ownership of the property and business from Agbetuyi – and sell it off.


The bank instituted a court process that also listed Permanent Secretary Bureau of Land, as defendant and seeking an order that top level civil servant ‘regularise’ ownership documents of

Agbetuyi’s property in order to pave way for intended sale.


In the suit, the bank is also seeking N10M legal fees against Agbetuyi.


‘that shows how messy things have gotten’ a source pointed out.


The former bank boss is said to be seeking all ways possible to counter the money – including the option of a counter suit insiders confirmed.


‘Agbetuyi knows this is a process that needs to be stopped before it starts....if they secure the order and auction his property and business at prices below the debt value what happens? They will come back for more and before you know it, the man is wrecked!’ an insider analysed.


Another source hinted at ‘talks of an history between the Adeolas and Agbetuyi fuelling the bank customer loan default mess’


Digs by however revealed the loan mess has become more intense.


More revelations made to revealed the history of the raging debt issue.


Agbetuyi had reportedly secured a N300m debt via N150m loan, N125m overdraft and N25m import finance facilities via his business Consecrated Farms.


He had repaid the N150m loan, the outstanding N125m overdraft and N25m import facilities that ballooned into an alleged- along with interests- N233m debt  is the cause of the messy fight between the Yemi Adeola led management and former bank front man Segun Agbetuyi.

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