Ooowh! Femi Otedola’s Aircraft For Sale to Pay off Debts

femiIndications have emerged that the Asset Management Corporation of the Nigeria (AMCON) has offered the private aircraft it took over from the Chairman of Forte Oil Plc, Mr. Femi Otedola, for sale. The aircraft, a Bombardier Challenger 605, was put up for sale following Otedola’s transfer of his assets to AMCON as settlement of his indebtedness to AMCON. Following the assumption of Otedola debts from the banks, AMCON went into negotiations with the Forte Oil chairman in a debt payment deal that involved the transfer of his assets, including the aircraft, as full and final payment for the debts.
Investigations revealed that the price tag placed on the aircraft by AMCON is between $45 to $50 million.
The aircraft, THISDAY gathered, was flown in June this year and parked at the local wing of the Murtala Muhammed Airport in Ikeja.
Sources, who confirmed to THISDAY the state of the aircraft, said it is a 2013 manufactured business jet with two General Electric CF34-3B turbofan engines; one Honeywell 36-150(CL) gas turbine APC and imported to the country in June.

Femi-Otedola-1The Central Bank of Nigeria (CBN) had in a move aimed at strengthening financial stability and instilling discipline in the banking sector last year, blacklisted Otedola, Zenon and 112 other companies as well as their principal shareholders and directors where the outstanding value of the loans purchased by AMCON amounted to N5 Billion or more, and barred them from taking further credit from banks, until full liquidation of the agreed indebtedness. The list had revealed Otedola as the biggest debtor to the corporation from a total bank loans of N192, 422,889,943.56, which was offset by the businessman at an agreed price of N140, 999,620,395.80. (this people get moni sha!) whats your comments on this.

Subscribe for alerts& follow the BIGGEST Business Blog in Nigeria & fastest growing Entrepreneurial/Political blog in Africa daily
Follow me on Twitter- @udeozochibuzo
Email me- udeozochibuzo@yahoo.com
Become My friend on Facebook- udeozochibuzo, Connect with me on- LinkedIn-udeozochibuzo
Watch me on– Youtube-udeozochibuzo Skype with me- udeozochibuzo
Check out my Blog daily- http://www.udeozochibuzo.wordpress.com
You can Follow UC-Blog via Email- Simply enter your email address to follow section of UC-Blog and receive notifications of new posts by email instantly.
BE SOCIAL SHARE THIS POST WITH FAMILY & FRIENDS BY CLICKING ANY OF THE SOCIAL MEDIA ICON BELOW!

Advertisements

About udeozochibuzo

ENTREPRENEURSHIP, INFORMATION, NEWS-POLITIC, BUSINESS
This entry was posted in Business and Investments. Bookmark the permalink.

Leave a Comment or a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s