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  Manchester United Set a New Premier League Record

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  Ile-Ife history deeper than what’s available in academic institutions — Ooni

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

AN UNJUST TREATMENT OF EMURE EKITI PEOPLE IN EMURE LOCAL GOVERNMENT AREA OF EKITI STATE

Published

on

AN OPEN LETTER TO GOVERNOR BIODUN ABAYOMI OYEBANJI

Your Excellency,

We are concerned indigenes of Emure Ekiti representing all interest groups in the kingdom. We commend your Omoluabi portrait which has helped communicate why Ekiti State is Ile iyi, Ile eye. We equally appreciate your giant strides in all key sectors of the state, including education, tourism, agriculture and infrastructure. We are proud to have been part of your electoral success story justified by the number of votes from our town at the expense of our sons contesting with you then, at the election. We still voted for you massively at the poll. This shows how we cherish you Sir.

Mr. Governor Sir, we are constrained to openly write to you, following barricades around your office that have prevented physical engagement after several efforts. This letter is borne out of offhanded treatment of our deep-seated grievances by various established bodies in our dear State. The necessity for this is the neglect and exclusion of Emure Ekiti in the scheme of things, considering the volume of support we have shown to your government, your party and political family since 1999. All political positions were won by your party in 2022 and 2023 elections in our local government. Unfortunately, our community is now being treated with disrespect and dishonor despite its position in the state. Emure Ekiti kingdom is a local government with 10 wards and 43 sub-communities. Its traditional institutions is one of the 16 ancient institutions of the state that has existed for over three centuries.

Advertisement

PERSISTENT BLOWS TO OUR COMMUNITY THAT NEED URGENT INTERVENTION:

In recent times, we have observed the continuous throwing of blows to our dear land which has become worrisome. These misdemeanors include:

POOR ROAD NETWORK

Despite the ongoing 48 road projects in the state, none is sited in our kingdom and LGA. All the three major roads leading to the town are not motorable, making them flash points for criminal activities. Also, the present state of the Local Government headquarters (Emure-Ekiti) township roads is worrisome and nothing to write home about.

LOPSIDED RECRUITMENT EXERCISE

Advertisement

In all the recruitments carried out by your administration, Emure Ekiti indigenes were either not considered at all, short-changed or with the least number of appointees. This was never the case as recruitment was based on LGAs.

DISREGARD FOR TRADITIONAL INSTITUTION IN OUR LOCAL GOVT AREA

ALSO READ  Hellfire Straight: Reactions As Young Choir Passionately Sings Fireboy & Asake’s Bandana During Church Service

Obvious disregard of our traditional institutions as seen by your refusal to pay a condolence visit to our palace after the death of our revered Monarch-HRM, Oba Emmanuel Adebowale ADEBAYO, FCIA, one of the first-class obas in Ekiti by all standards which was brought to your notice. This is so pathetic and demeaning.

KIDNAPPING ACTIVITIES AT THE LOCAL GOVT AREA

Till date, the persistent kidnapping of the people of Emure Ekiti is at alarming rate without any serious effort by the government to put a stop to it. We were surprised that during the kidnapping incident involving some school children and Teachers, your Excellency did not visit the community as against your usual visits to other communities affected by similar acts. The reaction of the state leadership to the rise in insecurity within the community including the recent killing and raping of our families by hoodlums has not been given serious attention. We have been living in fear. On 29th day of January 2024, some pupils of Apostolic Faith School were kidnapped with the school’s Bus driver along Eporo Road while coming from school. The driver, Mr. Taiye Olugbaye, was later killed despite the collection of fifteen million naira (15,000,000.00) ransom by these criminals. Similarly, on the 13th day of July, 2024, Mrs. Atinuke Yewande Adanikin was also kidnapped at about 5pm near River Oyimo along Emure/Supare Road and later released after payment of five million naira (5,000,000.00) ransom. Also, on 31st August 2024, Oluwole Taiwo and Shile Ogunmolasuyi were killed while others were released after paying Ten Million Naira (10,000,000.00) ransom. The insecurity situation in the community is taking its toll on farming activities as our farmers are abandoning their farms for the sake of their dear lives.

Advertisement

RECKLESS DISPOSALS OF EMURE EKITI LOCAL GOVERNMENT PROPERTIES

The perceived sale of Emure Local Government property located at BM3, Irewolede Estate, Ado Ekiti by the local government Chairman to his political godfather and a crony of your administration, via his representatives has nearly thrown the community into pandemonium. Our plea to the Local government Chairman, Hon Oluwatosin ADEDAYO (a.k.a WACCO) for the reversal of the sale of the said structure in Irewolede Estate, Ado Ekiti was severely rebuffed. All true sons and daughters of Emure Ekiti feel affronted by the grandstanding, which we are sure Your Excellency will not condone. Unfortunately, the chairman added that anyone who wants to fight him over the property should know he is fighting the Governor. We are not fighting you but pleading for your intervention in recovering the House. His act of bullying is tolerated on the basis that we are one family and will not want acts that will discredit your administration. We have worked tirelessly with the security agencies within the town to avert protests and other acts that can breach public peace. Rumors being propagated within Emure populace that, the Chairman is selling those properties to a crony of your administration or giving them out as compensation to him and other supporters in your government which we believe to be false and handwork of your enemies. Mr. Governor Sir, a stich in time saves nine. We are at sea at the recent directive that all immovable assets in our LGAs be compiled for disposal, which some elements within the community have alleged, is another move to compensate and empower your associates and friends. This similar compilation was done in 2023 and early 2024 where about 11 immovable assets were alleged to have been disposed of, including the Duplex in Irewolede Estate, Ado Ekiti.

ALSO READ  Nnamdi Kanu has not dismissed us, IPOB lawyers tackle family

EKITI SOUTH NATIONAL ASSEMBLY MEMBERS

The attitude of our National Assembly members (Upper and Lower Chambers) to the community is appalling. We have compared their actions and commitments to other communities within the senatorial district and federal constituencies and we observed with dismay that we are like filthy rags to these NASS members. This is inhuman and unjust despite our votes in 2022 and 2023 for them. Some of these communities they pay attention to are not up to a ward in Emure kingdom.

APPOINTMENTS INTO POLITICAL POSITIONS AND STATE PUBLIC SERVICE

Advertisement

We observed that out of over two Hundred and Fifty (250) political appointments given out so far in this administration, only four (4) came to our Local Government. In the last four years, no single indigene of the Local Government has been appointed as a permanent Secretary nor Executive Secretary despite having numerous qualified sons and daughters in the Ekiti State Civil Service. We are aware that our Local Government council is not in short supply of qualified candidates for these positions and indeed, ardent supporters of your administration that can be given political appointments are readily available. But surprisingly, your administration seems to be following the trend of old and further relegated the local government with Ten(10) Political Wards in the scheme of things in the state.

OUR PRAYERS

Sir, in the interest of love, equity, justice and fair play, and especially granting your widely acknowledged reputation for progress, probity and transparency, we appeal to Your Excellency to consider our positions as itemized above and help address our concerns and pleas with utmost urgency and zeal in repositioning our dear local government and Ekiti State at large for the benefits of all and sundry.

ALSO READ  N3bn fraud: Oyo-Ita, others awarded contracts to own firms, EFCC alleges

OUR REQUESTS THAT NEED URGENT ATTENTION ARE:

The need for immediate review of the security architecture in all border towns of Ekiti State, including Emure Ekiti. In Emure, we are in dire need of additional police division in Eporo. Also, the establishment of police or military checkpoints in all the roads connecting our community to other states would further ensure adequate security of lives and properties. Also, the existing police division in the town is in poor state with no vehicles to conduct their operations. The available vehicle was last refurbished by some concerned indigenes of the town.

Advertisement

Our roads need urgent rehabilitation while palliative measures can be emplaced to allow quick drive through the established black spots on our routes. There is need for special security operation in our forest and farm settlements to flush out evil elements, thereafter making the forests suitable for agricultural purposes.

The need to increase the number of employed Agro-Marshals with provision of amenities and equipment that will help fulfill their responsibilities. The community presently has seven (7) indigenes employed as Agro-Marshals with complaints of inadequate equipment required to conduct their activities. This also applies to the LGA branch of the Amotekun corps in a helpless situation.

We demand a condolence visit to the community on recent happenings in the town especially on the demise of our Royal Father who has joined his ancestors out of respect and the love for the town.

The immediate reversal of the sale of our Local government building located in Irewole Estate, Ado Ekiti is of importance to the community at large. If need be, we are ready to refund the N8.5 million naira sales proceeds of the said property to the buyer and immediately refurbish the property for community use in the interest of justice, Equity and fair play.

God bless you Sir, Amen.

Advertisement

From Emure Ekiti’s sons and daughters both home and abroad.

Continue Reading

Opinion

Governor Fubara urges traditional rulers to promote unity and fairness in their communities

Published

on

Governor Fubara traditional rulers

Governor Siminalayi Fubara urges traditional rulers to foster unity, avoid victimisation, and work with all community members for peace and development.

 

Rivers State Governor, Siminalayi Fubara, has called on traditional rulers not to misuse their positions to victimise opponents or those who did not support their ascension to power.

Instead, he urged them to see themselves as fathers to all, acting without prejudice.

 

Advertisement

Also read: Fubara: No cause for worry over Appeal Court judgment

 

Fubara emphasised that the royal fathers should collaborate with all members of their communities to ensure peaceful coexistence, harmony, and development.

He advised them to embrace forgiveness and refrain from acting against anyone for past grievances, encouraging them to lead with a heart that carries everyone along.

The governor gave this counsel during the presentation of certificates of recognition and staff of office to two first-class traditional rulers, King Marcus Oduma Woyike and King Ndamzi Nsirim, in Port Harcourt.

He stressed the importance of their roles in promoting peace and security in their respective communities and urged them to support the state government’s efforts to deliver good governance and development.

Advertisement

Fubara reminded the monarchs that their new status as members of the Rivers State Council of Traditional Rulers should be used to serve their people selflessly, ensuring fairness and just governance.

He concluded by wishing the rulers a successful reign and urging them to leave a legacy of good leadership.

ALSO READ  What happens when young people grow up with porn?

Continue Reading

Opinion

Tinubu seeks unity among African countries

Published

on

Tinubu seeks unity among African countries

President Bola Tinubu says African countries must, as a matter of urgency, pursue peace and unity to achieve collective sustainable growth.

Tinubu argued that the old legacies of nepotism must give way to unity and peace, which are non-negotiably important for Africa’s development.

 

Also read: Tinubu orders immediate release of 102,000 metric tons of grain

 

Advertisement

“We better roll our sleeves, put on our nickers and move for peace, stability and progress,” Tinubu said at a dinner in Malabo, organised in his honour by President Teodoro Mbasogo of Equatorial Guinea on Wednesday.

The dinner is part of events lined up as Tinubu undertakes a three-day official visit to the Central African country.

Earlier, the Nigerian leader and his host held talks and signed agreements in various areas, including petroleum, and security, among others.

At the dinner, Tinubu told his host that Africa must take charge of solving its problems, rejecting external expectations that only birth conflict and instability.

“We have to work together to make peace the focus of our development to develop. Without peace, you cannot develop.

Advertisement

“Our problem is not that we don’t know what to do, we identify them, we understand what to do, our problem is how and when we should do them and I say the time is now.

“We better roll our sleeves, put on our nickers and move for peace, stability and progress,” he said.

The President cited the massive brain drain Africa is suffering due to poverty, archaic judicial systems and tribalism, saying leaders must address these root causes to foster development.

ALSO READ  Governor Fubara urges traditional rulers to promote unity and fairness in their communities

He said, “Why are we complaining about healthcare problems if our doctors cannot have a home in their continent if our nurses are faced with destitution, if our judicial system is archaic and if the tribe is the hero in the middle of nothing?

“Tribalism has no place in Africa, we have to take the continent and take it strongly and together, help one another, develop our resources for our progress, find solutions among ourselves, dwell on research and development, reward those research and development programmes, bring out the results, don’t sell it out.”

Advertisement

President Tinubu appealed to international organisations to invest more in African research and development.

“To the international organisations, we say thank you, we are partners, we’ll continue to partner, but put more than half of the results of research and development here in the continent, we have a lot of youths to cater for, millions of them yearning for progress,” he called.

Tinubu said the long-standing conflicts in the Congo and Sahel require collective action if peace is the goal.

“We definitely will continue to promote peace and stability throughout the continent.

“Some others of our brothers in shackles, are still there at each other’s throat. We must work together, and do everything possible to promote peace between them.

Advertisement

“What we are seeing in the middle of the region, Congo Republic and other areas of the Sahel is not pleasant for our today and promising for our tomorrow,” he said.

ALSO READ  Hellfire Straight: Reactions As Young Choir Passionately Sings Fireboy & Asake’s Bandana During Church Service

Tinubu noted that Wednesday’s gathering is “a significant milestone in the history of Africa and particularly West Africa, between the Federal Republic of Nigeria and the Republic of Equatorial Guinea.”

He continued, “I am very happy to have listened to the very deep thinking coming from my brother, the President of Equatorial Guinea on Africa.

“Yes, it is Africa that must solve its problems. They want Africa wretched and raggedy, full of conflicts, and antagonism of one another, but we’re saying no. Peace, stability and democracy are the way forward for a progressive development and we agreed on that.”

In his remarks earlier, President Mbasogo thanked President Tinubu for accepting his invitation to visit Equatorial Guinea.

Advertisement

While hailing the strong relations between the two nations, the host President said he is satisfied with the growing cooperation between Nigeria and Equatorial Guinea, citing education, mining, hydrocarbons, trade, defence, agriculture and investment.

Mbasogo praised Nigeria’s extensive experience in agriculture, trade, tourism, and economic development, and expressed his desire for a mutually beneficial exchange of experiences between the two countries.

The Equatorial Guinean leader also emphasised the need for African solidarity, calling for stronger regional and international cooperation to address challenges such as maritime crime, security threats, and economic diversification.

He argued that African leaders must strengthen constitutional institutions and fight injustices, advocating for greater African representation on the global stage, particularly on the United Nations Security Council.

He thanked Tinubu for his visit, expressing confidence that the new spirit of cooperation between the two nations would deepen their ties and promote mutual benefit for their peoples.

Advertisement
ALSO READ  FG pays $120m from gas debts as blackout spreads

Continue Reading

Trending

Copyright © 2022 TheHeute.