Pity! Chief Sunny Odogwu is hot under the collar

The false grin hides what the false heart knows. Underneath the arches of pride, phony airs and public smiles, the contemporary Nigerian deep-pocket groans under the burden of truth. Truth to the Nigerian deep-pocket is relative; it is malleable into several shades and flexible forms; that is why characters as fragile as clay toys parade themselves as billionaires. As you read, more people are parading themselves as billionaires. And how do they qualify as billionaires? Their claims to the esteemed status are wholly predicated on their acquisition of expensive homes, private jets and luxury cars. Flying chartered jets. The media celebrates them and extravagantly attach to them, the hackneyed appellations: “filthy rich,” “nouveau riche,” “Nigeria’s superrich and famous,” among others. But pray, these people are not real billionaires in the real sense of it.
They owe banks billions of naira often acquired in illicit deals and circumstances, and this is responsible for the high debt portfolio and financial crisis currently being experienced by Diamond Bank, Guaranty Trust Bank to mention a few. These self-acclaimed billionaires are actually nothing without bank loans. “Their day to day business activities depend on bank money.
No doubt, Chief Sunny Odogwu fits into this categories of billionaires. Ide-Ahaba as he is popularly called has been rich as long as he has been around. He is recorded to be among the early millionaires in Nigeria. When names of billionaire in Nigeria are been mention, Chief Sunny Odogwu’s name comes in among the first 10 in the country.
Prior to the trailing development, one wouldn’t have categorized Chief Odogwu as a “bank loan billionaire”. Who probably have lavished the money on expensive life style of the rich and famous, partying, jetting in and out, driving exotic cars, thereby forgetting the main purpose for the loan collected.
His plan to build a world class 7stars hotel like the Burj Arab 7 star hotel in Dubai has mostly like brought him to his greatest downfall as he is currently at war with Diamond Bank who had loaned him over N26 billion.
The uncompleted and abandoned twin 15 storey hotel of 340 rooms cannot be go unnoticed as it is located on the normal drive through Ikoyi Crescent.
The case which Justice Saidu has ruled over and has ordered Chief Odogwu to pay and his two companies: Robert Dyson and Diet Limited and SIO Properties Limited to pay N26.2 billion to Diamond Bank for failing to repay a loan obtained from the bank since 2008 till date.
He also granted leave to Diamond Bank to foreclose and sell the chief Odogwu’s property.
According to the Diamond, Chief Odogwu had agreed to execute 3rd party legal mortgage in favour of the Bankover the said property as a security for the facility availed them by the bank and that SIO Properties Limited, by a letter and a board resolution affirmed the said covenant to the bank.
It was gathered that base on the executed agreement that the bank granted the Odogwu and the two companies the loan in form of a bridge finance to the said N26, 229,943,035.22.
It is however evident that the Billionaire Chief Odogwu, who is known for his lavish lifestyle has gone bankrupt and unable to meet his financial obligation, with his loyalist, friends and bank lobbyist abandoning him at his critical moment.
Who will save the bank loan billionaire? time simply will tell.