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 societynowng.com however revealed the loan mess has become more intense.
More revelations made to societynowng.com 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.