The management of Skye Bank Plc in a letter to Acting President Yemi Osinbajo, is seeking to take over some oil wells belonging to Jide Omokore that were funded with loans from the bank, The Nation reports.

The bank said Omokore, a businessman involved in some corruption cases within and outside Nigeria, is indebted to it to the tune of about N110bn at an exchange rate of $1/N315. The loans were said to have been obtained through three companies namely: Atlantic Energy Drilling Concepts (N56 billion), Cedar Oil and Gas Ltd (N22.4 billion) and Real Bank Ltd (N31 billion).

The management of the bank said the repayment of the first two obligations is tied to the controversial strategic alliance agreements (SAAs) with the NNPC through its subsidiary; Nigerian Petroleum Development Company (NPDC) for development and financing of production from OMLs 26, 42, 30 and 34 – four oil blocks in all – in 2011. NPDC valued its stake in the oil wells at $1.8 billion then.