The Federal Capital Territory High Court in Jabi, Abuja will on November 18 hear Ecobank Nigeria’s suit seeking permission to sell a multi-million naira Abuja hotel belonging to Obat Oil and Petroleum Limited.

The bank said it was in a bid to recover N5billion owed it by Obat Oil and Petroleum.

In its October 18 motion on notice, the bank said the firm, owned by the Olugbo of Ugboland in Ilaje,  Ondo State, Oba Fedrick Akinruntan, reached an agreement with it that the debt was to be repaid from the hotel’s sale.

It said the agreement to sell Febson Hotels & Malls on Plot 2425, Herbert Macaulay Way, Abuja, to liquidate the debt, was adopted as a consent-judgment of the Lagos State High Court on March 15, 2017.

The bank’s lead counsel Mr Kunle Ogunba (SAN) of Insolvency Forte said the consent-judgment was registered at the FCT High Court on February 7 for it to be enforceable in Abuja.

Ecobank said Obat Oil made it difficult to sell the hotel by demanding unrealistic amounts for it.

The bank said: “Since March 15, 2017, when the consent-judgment was entered, wherein the parties agreed to sell the said property towards repaying the judgment-debt, the judgment-debtor has remained in exclusive control/possession of the property and has continued to collect rents and various revenues being generated on the property.

“Due to the benefits it is reaping from the said property, the judgment-debtor has refused and/or not shown any serious interest in the sale of the property, contrary to the agreement of the parties as contained in the consent-judgment.

“The property is known as Febson Hotels & Malls, at Plot 2425, Herbert Macaulay Way, Abuja, belongs to the judgment-debtor, prompting the agreement of the parties to sell the said property towards liquidating the judgment sum.”

But, Obat Oil, has through its lead counsel, Mr Olalekan Ojo (SAN), asked the court to dismiss the bank’s application.