MONARCH OWES BANK N3BN

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Before hitting the big time, the Olofa of Offa Oba Mufutau Gbadamosi who will be 50 years old in August was so poor that he once admitted he used to live in a single room with 28 people in Lagos while he was working with the Federal Housing Authority until 1997 when he went into buying and selling.

However, everything changed for the monarch who became the traditional ruler of Offa in Kwara State about three years ago following the supports he got from the richest man in Africa, Aliko Dangote and Mrs. Cecilia Ibru, who was then the MD of Oceanic Bank (now Ecobank).

While Dangote made him one of his company’s commodities largest distributors and relaxed the rule of paying upfront for all the transactions he had with Dangote Group, Oceanic Bank, thanks to Mrs. Ibru gave him several facilities to the point that he owed the bank N3billion before he became traditional ruler.

And if everyone is giving Mrs. Ibru stick for misappropriating depositors’ fund while she was in Oceanic, Oba Muftau Gbadamosi would give the complete opposite. Reason? Mrs. Ibru wrote off his N3bn debt.

Now, Chairman, MB Integrated Electrical & Data Services Ltd, Zarm Poultry & Feed Mill Industry, Lagos among others, Oba Gbadamosi who at a time bought a house for N50m in Apapa is quite rich. He built himself a multi-million naira palace in Offa and December last year, Kwara United Football Club signed MoU with his company, Yammfy Farm worth N60m whereby the premier league side would advertise the farm on its jerseys.

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1 COMMENT

  1. When i tink abt what will hapen say in another 100years, i shiver! The world has become so commercialised that , men of gods, monarchs leaders of government are buying large chunk of the world. I dont have to b nostrademus to knw man wil stil buy air.

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