Femi Otedola,boss of Zenon Oil who was once listed as one of the richest men in the world(forbes 2009)is in a financial meltdown over monumental debt to five banks.
The total debt of the Zenon oil boss is over $1billion as at December 2010.
A breakdown of the debt portfolio shows Otedola and his companies are owing Zenith 68billion naira,GTB 31billion,FCMB 19 billion,Access bank 15.526 billion,UBA 36.862 billion
Some of the banks are making moves to take over his property in Victoria Island,Ikoyi,Abuja,PortHarcourt and other places.The total asset used as security is valued at 70billion.He claims the banks over inflated the debt and has headed for the courts to seek reprieve.