Basil Lekapenos, an illegitimate son of the emperor Romanos I Lekapenos, had been castrated when young.

In about 945, around the time his father was deposed, Basil had been appointed parakoimomenos by Emperor Constantine VII, his brother-in-law.

He had retained this position under emperors Romanos II, Nikephoros II, and John Tzimisces.

As head of the Imperial administration, he has amassed a large personal fortune.

Reportedly, this had led to tension with John Tzimisces shortly before the Emperor's death in 976.

According to some sources, Basil had poisoned the Emperor.

He continues in office in the early reign of Basil II but in 985 the young Emperor—wishing to assume the government himself after being dominated by regents and caretaker emperors for thirty years—accuses him of sympathizing with the rebel Bardas Phokas and removes Basil from power.

All his lands and possessions are confiscated and all laws issued under his administration are declared null and void.

Basil Lekapenos himself is exiled and dies shortly afterwards.

Seeking to protect the lower and middle classes, Basil II makes ruthless war upon the system of immense estates which had grown up in Asia Minor and which his predecessor, Romanos I, had endeavored to check.