Olugbo Of Ùgbó Kingdom, Oba Fredrick Akinruntan is in big trouble.

His hotel, Febson Hotels & Malls on Plot 2425, Herbert Macaulay Way in Abuja is about to be sold by Ecobank over N5billion debt.

The High Court of the Federal Capital Territory (FCT), Jabi, Abuja, will on April 9 hear an application by Ecobank Nigeria Limited for an order authorising it to sell the hotel. Ecobank said it agreed with Obat Oil to sell the hotel.

Justice Hassan Babangida had adjourned to enable the parties to settle, but Obat’s lawyer, Mr Olalekan Ojo (SAN), said “not much had been achieved” in the settlement talks.

The bank’s lawyer, Mr. Kunle Ogunba (SAN) of Insolvency Forte, said the talks had broken down completely.

The bank, in its last October 18 motion, said the agreement to offset the N5 billion debt, is contained in a consent judgment of a Lagos High Court delivered on March 15, 2017.

It said the agreement between it and Obat Oil was adopted by the court as its judgment.

The bank, however, said despite the registered consent judgment, Obat Oil prevented potential buyers from paying for the hotel by demanding unrealistic sums.