Wanted Nigerian Oil Mogul, Kola Oluko, To Foreclose $50.9m New York Penthouse

  |   Nigeria News

A Nigerian oil tycoon, Kolawole “Kola” Aluko, owes a European bank millions of dollars for a mortgage he took out to purchase a $50.9 million luxury condo in New York, according to the New York Post.

Banque Havilland, based in Luxembourg, issued a $35.3 million loan to Mr. Aluko to purchase the 79th-floor penthouse at 157 East 57th Street in New York, but the oil tycoon has missed several payments, leading the bank to force a sale of the property next month.

The New York Post reports that the residential foreclosure could be the biggest in New York history. The bank has listed Mr. Aluko’s 213-foot yacht as collateral and will collect the mortgage payment it’s owed, which was due last fall, plus interest. In addition to his mortgage payment, Mr. Aluko owes property taxes and maintenance fees. The New York Post reports that he has not been seen “for some time” and could be hiding in his yacht.

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