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THE FALL OF A BILLIONAIRE: HOW OBA OTUDEKO LOST PRIZED HOME TO MIKE ADENUGA….. … MOVES TO RENTED APARTMENT IN IKOYI

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3 years ago

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If he were livestock, financially impotent Obafoluke Otudeko, the disgraced former chairman of First Bank of Nigeria PLC, would probably be a peacock. Like the flightless bird, Otudeko is so stuck up on ego that he may have begun to over-estimate his own worth. A self-acclaimed billionaire, Otudeko, unknown to many people, lived in a rented luxury apartment on Bourdillon road, Ikoyi, until the billionaire chairman of Globacom, Dr Mike Adenuga, bought the building and sent him on a house-hunting trail. Oba cried blue murder, yet no dice.

Now, Oba lives on Gerard Road, Ikoyi, at one of the luxury apartments of Pascal Dozie, the founder and former Chairman of Diamond Bank Plc. But, wait a minute, why is Oba at his level living in a rented apartment? The life of a billionaire is oft befuddling. More often than not, they exhibit weird and wonderful characters that distinguish them from peers. But sometimes, they do things that make them look like the average man in the street. This is why the case of Otudeko blurs the line between utter incredulity and utmost curiosity. In spite of his ‘billions’ however, Otudeko is a proud tenant in the same city he has made tons of billions!!!

Curiously, however, those who know say his life and lifestyle are built on a facade of prosperity; and that the underbelly of his presumed wealth is a seamy bubble of debts.

For emphasis, Oba Otudeko is also the founder and chairman of the Honeywell Group. Until days back, he served as the chairman of FBN Holdings PLC, the holding company which owns First Bank, where he was chairman until 2010. Oba Otudeko was ignominiously removed from his exalted position at the FBN by the Central Bank of Nigeria, CBN, Thursday, April 29, due to the apex bank’s regulatory forbearance (a financial term for softening some of the strict rules that banks must comply with if they were to avoid being taken over by the CBN) and support in the corporate restructuring of the bank to protect it from crumbling under humongous insider loans running into trillions of naira.

Oba Otudeko’s Honeywell, among other corporate interests, is hugely indebted to the FBN. Days back, the CBN wrote the bank, stating, “The company (Honeywell Flour Mills) is required to fully repay its obligations to the bank within 48 hours, failing which the CBN will take appropriate regulatory measures against the insider borrower and the bank.”

A big regulatory concern was Honeywell Flour Mill’s collateral for the loan facility. According to the CBN’s memo, “We further noted that in four years, the bank is yet to perfect its lien on the shares of Mr Oba Otudeko in FBN Holdco which collateralised the restructured credit facilities for Honeywell Flour Mills contrary to the conditions precedent for the restructuring of the company’s credit facility.”

The CBN further stated that the insiders who took loans in the bank, with controlling influence on the board of directors, failed to adhere to the terms for the restructuring of their credit facilities which contributed to the poor financial state of the bank.

According to Godwin Emefiele, Governor, Central bank of Nigeria, “The CBN’s recent target examination as at December 31, 2020, revealed that insider loans were materially non-compliant with restructure terms (e.g. non-perfection of lien on shares/collateral arrangements) for over 3 years despite several regulatory reminders. The bank has not also divested its non-permissible holdings in non-financial entities in line with regulatory directives.”

In a move that sent the financial industry into a seismic shock, the Board of Directors of First Bank of Nigeria Limited, Wednesday, whilst trying to outsmart the CBN, said that it had appointed Gbenga Shobo as its Managing Director/Chief Executive Officer (CEO). Shobo’s appointment followed the news that the former MD/CEO, Dr Adesola Adeduntan, had retired.

But the CBN nullified that transition process and said the board has no justification because Dr Adeduntan’s tenure had not yet run out, and there was no notification from First Bank to the CBN over the transition. Adedunatan is back in the office while Oba Otudeko and other top directors of the bank are now out in the cold.

THE CAPITAL.

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Society

Nigeria @64: Oando Boss, Wale Tinubu Urges Nigerians to work together 

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2 days ago

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October 1, 2024

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As Nigeria celebrates her 64th Independence anniversary, the Group Chief Executive of Oando group, Mr. Wale Tinubu, has enjoined the citizens to work together for the growth of the country.

 

In a statement posted on his social media handles, Mr. Tinubu wrote:

 

 

‘’Stitch by Stitch, We Weave Our Nation’s Tapestry.

 

 

 

 

As we celebrate Nigeria’s 64th Independence Day, we reflect on the journey that has brought us this far. Like a tapestry woven with care and precision, our nation is a beautiful blend of diverse cultures, resilient spirits, and bold aspirations.

 

 

 

Today, we honour the past, celebrate the present, and look forward to a future filled with promise. Let us continue to work together, stitch by stitch, building a nation that is vibrant, inclusive, and unafraid to dream big.

 

 

 

Happy Independence Day, Nigeria!

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Society

Book Launch: You Can Become Unstoppable, Says Olusola Oduola

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3 days ago

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September 30, 2024

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Olusola Oduola, the author of the book entitled, ‘Rising Above Adversity: Stories of Resilience and Triumph’, has insisted that regardless of one’s setbacks, “You can become unstoppable.”

 

 

Speaking at the launch of his book on Monday, August 5, 2024, which was held at the MKO Abiola Gardens Estate Hall, Alausa, Ikeja, Lagos State, Oduola who declared that not all storms come to disrupt the life of a person, maintained that, “Some come to clear your path and that when life throws a curveball at you unexpectedly, and it knocks you down or takes you out, how do you deal with it?”

 

Referring to the words of the American poet, Berton Braley on the ‘Will to Win’, the author said, “You can become unstoppable no matter the magnitude of your setbacks.”

 

On his part, the Managing Partner, Alex Taiwo & Co Limited, (Human Resource Consultants), adds that, “Adversity comes to all. Whether you are big or small, young or old, wealthy or not, learned or unlearned, at different stages of life, you have to build yourself abinitio,” explaining how to bounce back after an adveristy.

 

Also Mr Tope Makun of T Consult Limited (Business Consulting & Services) referred to a recent study about a factor that emerged as a significant predictor of success — GRIT.

 

In his words: “GRIT is an acronym for Growth, Resilience, Instinct, and Tenacity. The meaning of the acronym reflects the definition of GRIT referring to one’s ability to show bravery and resolve when confronted with setbacks and obstacles as a major success factor.”

 

The proprietor of Preston International Schools, Akure, Ondo State, Toyin Ajayi stressed the need for resilience and perseverance to help surmount the hurdles along life’s journey and the fact that these ingredients are exhibited in the real-life stories in the book ‘Rising Above Adversity’, “Gives hope to the reader that it is also possible to bounce,” just as Reverend Festus Oyeniyi, in doing Justice to the book, highlighted the salient issues in the 9 chapters as contained in the book.

 

Aside from the speakers, other personalities present at the book launch are the chairman of the occasion, Prof Modupe Asokhia – The Pro-Chancellor of Crawford University; Ebenezer Falade – Managing Director/CEO of JDB Nigeria Limited (Builders & Civil Engineering Company); Eni Ibukun Adebayo – CEO of Cleanace Dry-cleaners and Launderers, and Richard Fadiora – CEO Richard Brainsworth Resources Limited (Real Estate Developers).

 

The book, which is an inspiring collection of real-life stories, showcases individuals who have overcome incredible challenges, embodying the spirit of resilience and triumph.

 

Through a series of captivating narratives, Olusola Oduola sheds light on the power of the human spirit to rise above life’s adversities.

 

To acquire the book, you can visit any of the author’s partner bookshops in Lagos including the following:

 

* @Patabah Books

 

* Bible Wonderland

 

* Roving Heights

 

You can also scan the QR code posted on the author’s timeline at The Knights’ Place on Instagram to order your copy directly.

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If I say anything without seeing Bobrisky and EFCC Chairman, let me die. – VDM tells Reps panel

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3 days ago

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September 30, 2024

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Martins Otse, popularly known as VeryDarkMan, has declined to speak further on the allegations by Idris Okuneye, fondly called Bobrisky, that officials of the Economic and Financial Crimes Commission and the Nigerian Correctional Services demanded the sum of N15m from him to serve his prison term at a VIP Section of the Kirikiri Medium Custodial Centre, Lagos.

 

Invited to the podium to brief the Investigating Committee, VDM said, “I don’t know why I will be here and the person who made these allegations is not here.

 

“Bobrisky said in the voice note that there is a godfather. Maybe the godfather told him not to come. He has disrespected this committee by not coming here.

 

 

You are already threatening me with arrest. If you detain me, I will stay in the cell.

 

“If Bobrisky is not here, I will not say anything. If I say anything, let me die,” he said.

 

At the time of filing this report, members of the committee were prevailing on him to speak on the allegations, assuring that Bobrisky would similarly face the panel.

 

 

 

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