This is a case of the rich also cry! When French writer, Abbe Leonor Jean d’Allainval wrote, ’the embarrassment of the riches’. It was like he had late Aare Musulumi of Yoruba land, Alhaji Abdul-Azeez Arisekola-Alao in mind. Several months after GTbank discomposed his rich memory by trying to sell his assets over N7Billion debt. His two son Idris and Lateef are also enmeshed in debt mess.
Since the demise of their father, things have suddenly gone the other way for the family, including Idris and Lateef Arisekola Alao. They are now in huge debt to first Bank Plc. The two sons of the respected Ibadan illustrious son, according to a gazette from the First Bank Plc, are listed to be in huge debt to the first generation bank, a whopping amount of N272, 776, 018:00, with accumulated interest.
They were said to have obtained a loan from the bank through their jointly–owned company Al-Fil Petroleum Company, located on Lister Building in Apapa, Lagos state, between August 2010 and August 2013 and till date, the loan is yet to be offset, with the daily accruing interest.
The bank, we gathered, was compelled to list Idris and Lateef Areisekola Alao’s names and company as chronic debtors when all efforts and measures to make them pay up the said loan proved abortive: and what is more! Their father, Arisekola Alao, who probably could have stood surety for them, being a principal shareholder and major depositor with the bank, is no more, thus making their case more complex.
The two are now said to be running helter-skelter to repay the loan before the sledge-hammer of the bank comes on them as it is done for loan defaulters. It may well be that the vast business empire of the great Ibadan son may have been built on borrowed money from banks.