Connect with us

Opinion

Reign of Osibodus as Nigeria’s corporate power couple ends

Published

on

The reign of businessman and socialite, Victor Osibodu and his corporate titan wife, Funke, as one of Nigeria’s power couples has come to an inglorious end. At the height of their reign, they both bestrode the corporate and society scenes like true titans. On the social scene, they only attended A-list shindigs as most high profile individuals considered them worthy to be on their guest list. On the business scene, they both did well for themselves individually and as a couple. They combined their professional callings; Victor as a pharmacist and Funke as an economist/banker, to become one of Africa’s leading power couples, until things began to fall apart.

Victor and Funke are the brains behind Vigeo Holdings LTD. Although Victor is the founder of the multi-billion naira business empire, he co-owns it with his wife. She is a director in the group and the chief executive officer of Vigeo Capital Limited. The company’s operations are organised in five distinct business divisions operated through subsidiaries: Capital, marketing and distribution, oil and gas, power and shipping. Funke’s experience in the banking sector came in handy at the capital market operations where the company offers stock brokerage, asset management and advisory services in estate planning, insurance, finance, property acquisition, construction and project management, marketing, and sale of properties, off-plan real estate ventures and property and facility management.

At some point, the company provided marketing management services, such as corporate services, including corporate rewards, award services, accessories and memorabilia. Other services included various aspects of brand management, including merchandising, channel development, promotional materials, experiential marketing services, road shows and product launches. The outcome of their combined expertise and business leadership drive made Vigeo Holdings occupy a place of pride in the corporate sector.

ALSO READ  If you see me trekking, mind your business – Chiké says as he sells his Benz-GLE to fund music

Before setting up Vigeo in 1985, Victor worked in Boots Company Nigeria Ltd and Bodmat International Company. Funke on her part has almost 30 years of cumulative working experience in the banking industry where she started her career at NAL Merchant Bank and later moved over to Continental Merchant Bank. She is the first female to attain the height of managing director/CEO of a bank in Nigeria. She has the distinctive position of heading MBC International Bank Limited, Ecobank Nigeria Plc and finally, Union Bank Plc. Funke was once named one of the World’s 50 leading business women by the Financial Times of London. The global jury of experts chose her in recognition of her role in strengthening the management of the bank, improving discipline and ensuring transparency.

Advertisement

Unfortunately, all that shine and exuberance they exuded as a power couple soon began to dissipate. First, it took Ecobank dragging Victor and his company to court for owing a whooping sum of N8.7 billion for members of the public and society watchers to realise that the power couple has been battling with a monumental debt and only managed to keep it under the lid for as long as they could. The debt was almost going to make him lose two of his prized properties, one of which is the building housing Vigeo Holdings Limited on Osborne Road worth N800 million, as well as another building on Milverton Road, Ikoyi worth N700 million. While that was still on, his wife got kicked out of Benin Electricity Distribution Company (BEDC) by the Federal Government for underperformance.

ALSO READ  Bola Ahmed Tinubu: From Drug Lord To Presidential Candidate

Although Victor is the Chairman of Vigeo Power Limited in charge of BEDC, his wife until her unceremonious exit was the Chief Executive Officer of the company. Other Electricity Distribution Companies taken over by the Federal Government were the electricity distribution companies of Kano and Kaduna. Like Kano and Kaduna, BEDC was considered to be technically incapacitated, and financial insolvent after its loan facilities from Fidelity Bank became moribund, landing them in trouble with the bank.

The Boards of the three companies have since been dissolved and replaced. With the Osibodu led Benin DISCO, KC Akuma was appointed Chairman while Adeola Ijose and Charles Onwere were appointed members of the board. Also, the Bureau of Public Enterprises, BPE nominated Yomi Adeyemi as an independent director to represent the government’s 40% interest in the BEDC during the transition.

Reacting to the takeover, BEDC management said there is no contractual, statutory or regulatory basis for such and therefor no legal basis for the takeover of the company. It also said that its shares have not been given as security to Fidelity Bank or to any other party and therefore warned that any attempt by Fidelity Bank or BPE to intervene will be considered illegal, unlawful and will be resisted.

Hopefully, the power couple is able to gather the pieces of what is left of their empire and trudge on.

Advertisement

Source: TheWill

Opinion

Nigeria 2023 election and digital news media

Published

on

As the 2023 Nigerian presidential election draws closer, the importance of digital news media to the democratic process cannot be overstated. In today’s digital world, news media plays an integral role in informing citizens on the issues that are at stake in the election, as well as the various candidates and their respective platforms.

Given Nigeria’s rapidly developing digital infrastructure, digital news media has the potential to be an increasingly important tool for citizens to engage in the electoral process. Through digital news media, citizens can learn about the candidates, the issues at stake, and the wider political environment. Moreover, it can be used to reach more Nigerians, particularly those from rural areas who may not have access to traditional media.

Digital news media has the potential to be a powerful instrument for informing citizens about the upcoming election. Through it, citizens can access reliable and accurate information about the candidates and their respective platforms. This can help citizens make an informed decision when it comes to voting and help them become more engaged in the democratic process.

Furthermore, digital media can help to combat misinformation about the election. This is because digital media can be used to fact-check the claims of candidates and help citizens distinguish between fact and opinion.

Advertisement

In order to ensure that digital news media plays a constructive role in the 2023 Nigerian presidential election, it is important that media outlets take the necessary steps to ensure their content is accurate and unbiased. This includes verifying news sources, fact-checking information, and providing a platform for citizens to voice their opinions.

ALSO READ  If you see me trekking, mind your business – Chiké says as he sells his Benz-GLE to fund music

As a member of the larger media community, the Society of Digital Newspaper Owners of Nigeria, SDNON, has positioned itself through it members as a watchdog over misinformation and setting the pace in ensuring it members practise the trade at the highest level of professionalism.

In conclusion, digital news media is a powerful tool that can be used to inform citizens about the 2023 Nigerian presidential election and help them become more engaged in the democratic process. It is therefore important that media outlets take the necessary steps to ensure their content is accurate and unbiased, so that citizens can make an informed decision when it comes to voting.

Advertisement
Continue Reading

Entertainment

This thing called life is heavy – Timi Dakolo shares deep thought

Published

on

Singer, Timi Dakolo has taken to social media to share his deep thought about the human being existence, ‘life’.

The father of three took to micro-blogging platform, Twitter to share his thoughts. According to him, life is heavy and it only requires grace to live through it.

Sharing his two cent Dakolo advised that when the burden becomes too much, one should take out time to rest before forging on.

He tweeted: “This thing called life is heavy o, NA God Dey help Us carry am gracefully. Sometimes the weight go too much you even begin hear the cracks for ya shoulder. Abeg Sometimes Just stop and catch your breathe, before you move again. NA WHO DEY ALIVE DEY GET PURPOSE”.
Timi Dakolo shares powerful motivation with men

Advertisement

TheHeute News recalls that Timi Dakolo shared a powerful motivation with men who might be going through a hard time in life.

Timi who fondly refer to himself as the ‘chorus leader‘ shared a powerful post on his Instagram page. In the post, he shared a picture of himself in black and white while a crown is being placed on his head.

Captioning the post, he told men that their crown didn’t fall but shifted; however if it did ever fall, they should pick it up, dust and wear it again because it is a symbol of glory.

Timi wrote: “Dear kings, the crown didn’t fall, it shifted. but even if it did, pick it up; dust it up and wear it again. Crowns are symbols of glory. Stay glorying, that’s what kings do”.

ALSO READ  Why Agege Deserves A Mudashiru Obasa

Advertisement
Continue Reading

Opinion

The ‘havoc’ of bad leadership affects us all, take 2023 seriously

Published

on

By Chukwuemeka Ezike

Plato is an ancient Greek Philosopher from centuries BC, whose philosophical influence still hold sway in the modern day. So, when he philosophised that the heavy price for apathy towards public affairs is to be ruled by evil men, and worse, by our supposed inferiors, he was not just stocking up quotes for use after his demise. Indeed, time and again, world over, this has been proven true.

Now it’s the politicking season again, an important period in the life of our dear nation. Though, today, we are seeing politicians covertly, overtly and systematically campaigning across ethnic, religious and regional divides-some doing their best to divide us along those lines, we will be doing ourselves an obvious disservice in believing that politics and governance are one and the same thing. It takes the aftermath of the elections to realise that the impact of bad leadership is not selective. It doesn’t discriminate against the Christian or Muslim, the Yoruba or Hausa or even the Idoma man in Agatu. It doesn’t even look at age, status or any other ‘lines’ that most of our politicians love so much.

So, the obvious question is, how do we rise above our own disinterest or even better, self-interests to serve the common interest? We must come to the reality of who we are as a people. Like Pythagoras, another philosopher cum mathematician advised, “Man, know thyself.” As Nigerians, we are different people with different orientations, identities, religions, etc. I was born as a Nigerian into a Christian Igbo family. It was not a choice of mine, but something to identify with. That is the organic nature of life! We are born into a certain identity that becomes part of our life. Our differences make us, who we are, make us unique. But despite these differences, we have common interests.

Advertisement
ALSO READ  Bola Ahmed Tinubu: From Drug Lord To Presidential Candidate

When I go on Twitter, I see different forms of interest pursued diligently by people who have enjoyed the dividend of being close to the corridor of power. Such individuals will sell a goat as cow. Do you understand what I mean? How do you, the common man, buy into the message of the few who have been well-fed by the institution that has milked the country? There are situations that have become troubling for us as a nation and have not helped to harness the potential of us as a people.

The need for a leader that addresses the nation’s challenges in a disruptive way is what we should all seek as Nigerians. Decades have been spent on recycling the leadership of ‘settlements’ or ‘I need to be President.’ It should be a thing of the past. It has not helped move the nation forward.

We in the tech industry seek a better form of leadership to enable what we do. Great leadership will boost the tech ecosystem on a global scale. If you study blockchain technology in Nigeria, it has been self-sustaining and the tech founders have remained persistent in building on innovation within an unfriendly ecosystem. This will be due to belief in the potential of the nation.

In this forthcoming election, every Nigerian should seek the kind of leadership that will enable the different stakeholders in this country build toward a nation that we can all be proud of. At this point, we need to be positioned for all, not just for the few who have the privilege of globe-throttling whenever they want.

When you go to common places like a marketplace where you find all tribes and religions, ask if the leadership of today has affected their lives differently. I am sure you will get a certain answer that goes to show the common citizen will always get the dividend of bad leadership served. It is a call from your fellow citizens to go about this election season asking yourself the right question. The few people from this party who go door-to-door and fly around are trying to get into the circles of power to feel good about themselves.

Advertisement
ALSO READ  A standing ovation for Yeye Oodua, HRH, Erelu Dr. Abiola Dosunmu (Photos)

We have had enough of decades go by with promises made, repeatedly slammed in our faces and never delivered upon. How will Nigeria become a better nation if the people are not setting a course in that direction? As a people, we need to start demanding accountability from the leaders that we be put into positions. Let us not forget, they have demanded enough from us over the years, we have given but have received very little in return. We need to ask ourselves what we need to do differently to ensure that we are on the right track as a nation, this time.

For the 2023 elections, some of these politicians still believe that it is going to be business as usual and they are already forcing down non-existent ideologies, promises in well scripted manifestoes down your throats. They promise Eldorado itself and push ‘a superhero’ hero or heroes for the next four years. I implore you to ask yourself if that candidate is truly a superhero. How has he communicated his or her intentions to you? If a leader is communicating with only those that are seeking to keep an occultic form of fellowship, then you might end up voting a cultist into Aso Rock!

Why you are on the street facing reality on the ground. Those political influencers who talk more than they execute for any common interest will leave you behind and be settled in a position of power.

I’m from Nigeria’s tech community, and I think that with the right kind of leadership and a little bit of empathy, Nigeria will once again be able to play a big role in the world. Again, I say to you, don’t let anyone sell you on sentiments but focus on one with character towards nation-building. Due to inflation, every tribe and religion is paying more for items. This means that Nigeria is for Nigerians, and no one is safe from bad leadership except the few political operatives who rant on Twitter and elsewhere. Take the process of selecting a candidate for the 2022 elections seriously. This means a lot to the future of the nation.

ALSO READ  BBNaija 7: Three ladies are interested in me but I’ll consider Chichi- Deji tells Big Brother

With 90 million plus voters as declared by INEC, now is your time to take that voting decision process like a research project. Obey the call for a better nation.

Advertisement

Ensure you take the process of choosing your candidate very seriously. Not by sentiments or parades of beautiful uniforms sown by the milked wealth of the masses. However, through observations of practice and effective communication with the people they intend to serve, my hope is to see a greater Nigeria before my time elapses.

Chukwuemeka Ezike is a public affairs commentator who wears the dual caps of the Vice-President, Media and Publicity for the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), and Community Lead, Emurgo Africa.

Continue Reading

Trending

Copyright © 2022 TheHeute.