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One of the leading banks in the country, Guaranty Trust Bank (GTB) is currently facing tough times in recovering a debt amounting to N458, 340,000.00 (Four hundred and fifty-eight million, three and forty thousand naira only) from a Nigerian billionaire named Kola Aluko.

Aluko’s name is well-known as a higher level hustler, ‘private-partner oil-baron’. He has even been alleged by some as the money launderer for Nigeria’s former minister of petroleum, Diezani Alison-Madueke. He was said to have fled the public scene since the arrest of Madueke on October 2.

Recently, GTBank has ran to court to get an ex parte order to serve Aluko a bankruptcy notice after which the billionaire defaults in paying a debt he owes the bank.

Few years bank, the bank granted the billionaire a loan facility within the sum of N9,517,093,240.97 (Nine Billion, five hundred and seventeen million, and ninety three thousand, two hundred and forty naira, ninety seven kobo) with an interest of 22% per annum, but the businessman refused to honour the contract terms at a point, hereby prompting GTBank to sue him to a Lagos High Court to recover its funds.

Subsequently, in the course of proceedings in the said Suit No. LD/334/2012, the Debtor and the Creditor agreed to settle the suit, amicably out of Court, and accordingly, executed a terms of settlement dated 2nd November, 2012.

The executed terms of settlement was therefore entered as consent judgment by the High Court. And by virtue of the said terms, Aluko agreed to pay a sum of N3,250,040.000.00 (Three billion, two hundred and fifty million and forty thousand naira only)and as final settlement.

By virtue of the agreement, a sum of N500m was paid by Mr. Aluko with a payment of N2,750,040,000.00 to follow instalmentally in six quarters over a period of 18 months.

Mr. Aluko and int'l model, Naomi Campbell
Mr. Aluko and int’l model, Naomi Campbell

However, For five quarters, Mr. Aluko was said to have fulfilled its obligation, but without explanation and in flagrant disobedience of the final judgment, suspended the repayment of the outstanding balance of the sum of N458,340,000.00.

Despite several demands by the bank, he is unable to pay the outstanding sum till date.


In a petition recently written to the high court by GTBank and made available to, the bank claimed that Aluko “has with intent to defeat the claims of the creditor above, departed Nigeria or being out of Nigeria remained out of public domain and/or departed from his dwelling or otherwise absented himself from the petitioner’s reach…”

GTbank is now praying that the court should liquidate all assets belong to Mr. Aluko and that the proceeds should be applied towards discharging the debtor’s debt in the sum of N458,340,000.00.


Forty three year-old Lagos born Kola Aluko is a Nigerian energy business magnate with interests in African infrastructure development and aviation.

Kola Aluko is the founder of Fossil Resources, an oil trading company. He was CEO of Exoro Energy until it’s merger with Seven Energy, a leading independent oil exploration company. Aluko is now Deputy CEO and a large shareholder of Seven Energy and co-CEO of Atlantic Energy. He is also a member of the advisory board of Vistajet, a private jet charter company founded by Thomas Flohr.

Mr. Aluko is famous as one of the hitherto obscure individuals dusted up by the former Petroleum Minister to be fronts for her shady billion dollar schemes in the oil sector. A flamboyant man, Mr. Aluko relished his meteoric rise to stupendous wealth, purchasing villas, expensive cars, and a yacht, dating former supermodel Naomi Campbell, and partying with movie and entertainment stars in the UK, Europe and the US.

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