Late ibadan billionaire Aare Arisekola Alao no doubt will be turning in his grave by now. This is because some of the assets he left behind may is about to be taken over by GTBank over N7 billion debt.
The bank had approached the Federal High Court sitting in Lagos seeking to get an order to preserve assets of the late business man. The prayer was granted as the court on friday ordered that the assets of late billionaire businessman, Alhaji Abdul-Azeez Arisekola-Alao should not be sold. The bank took this step because of the debt hanging on the late mogul before his death and the bank don't want to lose out in the event his children plan to dispose all the assets left by their father.
The court gave the order that “By this Order, the Estate of Late ALHAJI ABDUL AZEEZ ARISEKOLA ALAO and the Companies are directed not to dispose their assets (including the personal assets of Alhaji Arisekola), especially a Tank Farm owned by Lister Oil Limited situate at No. 21 Michael Ibru Boulevard (formerly Creek Road) Apapa Lagos, pending the determination of pending applications to restrain disposal of these assets.
“GTB by the action claimed the sum of about N7 Billion plus accrued interest being outstanding loans granted to Late ALHAJI ABDUL AZEEZ ARISEKOLA ALAO through his companies, Lister Oil Limited and Lister Flour Mills Limited.”
The bank claimed that the late businessman had executed a personal guarantee in favour of GTB to repay the loans. The Personal guarantee is expressed to be continuing against his Personal Estate in the event of his death.
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