Nigerian radio personality, entrepreneur and television host Toke Makinwa, is in the news again today for wrong reasons. It was alleged that her house in Banana Island has been confiscated by AMCON. The house was allegedly bought for her by billionaire Festus Fadeyi some years back.
The latter is said to be on loan debts and is said to be owing up to 200 billion naira, and that he listed Toke’s house as part of the assets he has, which has now been taken over by the Assets Management Corporation of Nigeria over an unserviced loan. Twitter has been wilding since the news broke out. A twitter user @advsola mentioned that Festus Fadeyi’s children also called out Toke Makinwa regarding the later apparently having a sugar daddy relationship with their father and putting him into debts.
He said ” So it’s Festus Fadeyi! Interesting. I remember his children called out Toke Makinwa few years ago to leave their father alone. That the man was spending a lot of money on her while being heavily indebted to Skye Bank. Kai. Men are Scum”
Omotayo of Lagos wrote, another twitter user “If you ask Toke makinwa the source of her lifestyle, she will say its hardwork….lol… If nah so the hard work take dey pay, all of us for don buy house for Lekki nah..”
Toke Makinwa on the other hand has since been posting series of motivational quotes on her twitter page.
“Man will lift your hands, God will lift your life, even your helpers were sent by God so if their time is up don’t focus on what they didn’t do, trust that the one who orchestrated it all has a plan, he always does and never stop believing. I’ve seen it works”
“If it’s not happening now does not mean it won’t happen, God has come thru for you so many times he deserves more than your doubting him, my friends love me cos I wake the inner beast in them, I am undefeated, hand around me enough your faith will increase.”
Festus Fadeyi is the chairman of Pan Ocean Oil Nigeria limited (which has now been taken over by AMCON) he is alleged to be a chronic debtor owning Skye Bank alone up to 240 billion naira, owes his staff up to 6 months salaries. He is now being referred to as a former billionaire. Festus Fadeyi recently lost both his mansion and company Pan Ocean to AMCON. Assets management corporation of Nigeria also published an article stating how Fadeyi’s debt with Skye Bank ruined them.
Reports into the story has it that of the total N500 billion owed Skye Bank by heavy debtors, Fadeyi’s share is more than N240 billion. This heavy indebtedness to the bank led to the collapse of Skye Bank Plc and its eventual takeover by the Asset Management Corporation of Nigeria, AMCON, about two years ago.
Recall that the operating licence of Skye Bank was revoked by the Central Bank of Nigeria, CBN, on September 21, 2018, as the bank could no longer meet its obligation. According to the report by the independent auditors, which is yet to be made public, Fadeyi of the Pan Ocean Group’s cumulatively secured a total of more than N240 billion, (almost half of the total debt of Skye Bank) thus making it the most heavily indebted company to the bank.
This is the man that is allegedly to be responsible for Toke’s lavish and flamboyant lifestyle.
Here are more of the reactions to Toke Makinwa’s alleged house seizure.