Tuesday, May 25, 2010

SKYE BANK SET TO ACQUIRE WEMA BANK
With the June 30, 2010 deadline given by the apex bank, Central Bank of Nigeria to all banks to have its yearly report submitted, doom is said to be looming at one of Nigeria’s oldest banks, Wema Bank.
Impeccable sources divulged that Wema Bank’s initial move to raise fund through public offers to recapitalize ahead the deadline has been dropped and the acquisition of the financial house has now been the option. Those who should know revealed that Wema Bank’s poor results, unending boardroom crisis, among others has been a torn in the flesh to the management of the bank. Insiders revealed that despite the new investors in the bank- SW8 Investment Limited that nominated the current management led by Mr. Segun Oloketuyi as Group Managing Director/Chief Executive Officer (GMD/CEO), the bank still contends with many internal financial crisis that has made some shareholders to take a leave.
Sources revealed that when SW8 Investment Limited took over the management of Wema Bank, some foreign investors showed interest in the bank to inject substantial amount of capital to help the situation, but later found out that N87 billion lifeline requested by Central Bank of Nigeria is an impossible target, looking at the bank’s present situation.
Another impeccable source alleged that the movement of Mr. Segun Oloketuyi who was an executive director from Skye Bank, to Wema Bank is a strategy to study the financial situation of the bank, which its management knows will soon crash and then sell it out to Skye Bank.
The source alleged that the management of Wema Bank’s finances by its former GMD/CEO, Mr. Adebisi Omoyeni threw the bank into its bad state.

ACCESS BANK BAGS IFC’s MOST ACTIVE ISSUING BANK IN AFRICA AWARD
Access Bank Plc has emerged the winner of this year’s International Finance Corporatives (IFC) award in the category of “Most Active Issuing Bank in Africa.”
The award, which was under the IFC’s Global Trade Programme was announced at the 3rd IFC’s Partners meeting held in Istanbul, Turkey few weeks back.
The Global trade Finance Programme has 380 member banks from 182 countries around the world.
By its emergence as the winner of the prestigious award, Access Bank Plc has reinforced its exceptional capacity in trade services for the third year running, having clinched the IFC’s award for “Innovations in Trade Structures” and Best GTFP Network Bank at the 2007and 2008 meetings respectively.
The award places Access Bank as one of the few banks globally who will enjoy the status of being both an issuing bank (in Nigeria) and a confirming bank (in the United Kingdom).
The recognition accorded the bank by the international finance corporation, participating under its Global Trade Finance Programme, is an eloquent testimony to the Bank’s expertise and excellent capacity in the trade finance and also underscores the level of progress of the bank’s investment in its trade finance capacity, competency and delivery has recorded and is an indication of its tremendous value inherent in its compelling trade finance value proposition.

Tuesday, May 18, 2010

FIRST BANK DANGLES N60BILLION ON ETB ACQUISITION
The crisis in Equatorial Trust Bank (ETB) has taken another dimension after the initial N30 billion owners of ETB had agreed to pump into the bank. The crisis that started immediately after the banking reformation and when the business mogul, Dr. Mike Adenuga, the majority shareholder in ETB had decided to review his business plan away from banking and diversified into other core business areas such as telecommunications and oil and gas where he currently enjoys a competitive advantage, has led to First bank’s interest in the bank.
Those who should know revealed that First Bank now dangles N60 billion on the acquisition of ETB after a meeting with top officials of the Central Bank of Nigeria (CBN) and ETB with the conclusion that the buying bank would have to put in place at the ETB all payments to the original owners before total take over.
Impeccable sources added that First Bank has swung into action by employing the services of one of the leading auditing firms in the country, KPMG, to do due diligence study on ETB with a view to give an accurate valuation of the troubled bank.
When A&B made a call to confirm the authenticity of the story both First Bank and Equitorial Trust Bank never denied the story, but they said there is no directive yet for them to talk on the issue
N10MILLION FRAUD IN FINBANK
-BANK MANAGER @ LARGE WITH CUSTOMER’S MONEY
The Abuja reginal head office of Finbank has been allegedly involved in a N10million fraud. The allegation which revealed that Miss Oloyede Oluwaseyi Renike who happen to be a top staff at the Abuja branch of Finbank made an illegal transaction of N10million from Baye-Ebi Nigeria enterprises acoount to another account without the concept of the above named customer.
Impeccable source revealed that Baye-Ebi Nigeria enterprises is a regular staff of the Abuja branch of Finbank and it has in its account a huge some of money which made it possible for the bank manager to play pranks of its savings.
Those who should know divulged that Miss Oloyede transferred the said amount of money into another account in the branch belonging to one Easy trade concepts. It was also gathered that the account of Easy trade concept in the branch was newly opened and immediately the deal was done the money disappeared from the account.
The customer of Finbank, Baye-Ebi Nigeria enterprises was said to have reported to Economic and Financial Crime Commission (EFCC) immediately the fraud was noticed and wrote a letter to the branch manager to explain the disappearance of N10million from its accounts.
Findings revealed that Miss Oloyede, who happens to be in the credit and marketing department of the bank manage the account of Baye-Ebi Nigeria enterprises as she is closed to the management of the company.
The alleged transaction was said to have revealed Miss Oloyede’s name and immediately the EFCC officials sent a notice to visit the bank on the issue, Miss Oloyede was said to have stop coming to the office.
Source added that Miss Oloyede sent her resignation letter few days after she stopped coming to the office.
The management of Baye-Ebi enterprises has vowed to see the root of the fraud and recover its money back.

Tuesday, May 11, 2010

FRAUD IN ECOBANK:
N108 MIOLLION MISSING IN CUSTOMER’S ACCOUNT
One of Nigeria’s leading banks, Ecobank has been allegedly involved in fraud due to a customer’s missing money that amounts to N180 million.
The Customer, Matrix Energy Nigeria Limited operates three different accounts with Ecobank’s Adeola Odeku, Victoria Island, Lagos branch since 2007 and has been a regular customer until the alleged fraud that claimed its savings.
The Alhaji Abdulkarbi Aliu-led Matrix Energy Limited noticed strange phony charges which was discovered illegal and sought the assistance of a financial consultant who unraveled the fraud and promptly reported the case to the Adeola Odeku branch and Ecobank head office.
The fraud was alleged to have involved the branch manager, the account officer and the Matrix Energy Accountant who within August 2007 and December 2009 charged Matrix Energy Limited a sum of N108 million as services charges on transactions.
Impeccable sources divulged that Alhaji Aliu personally wrote a letter to the branch manager of Ecobank over the missing money to schedule an appointment, but was turned down until there was an issue of missing money at Matrix Energy Limited when the accountant was handed over to the police and who later divulged the names of those who he has been using to perpetrate the misdeeds.
Those who should know revealed that for the case not to become a public notice, the branch manager of Adeola Odeku, Victoria Island wrote a letter to Alhaji Abdulkarbi that the he has some money to refund, but not the amount mentioned in the letter by Matrix Energy Limited Management.
The account officer of Matrix Energy Limited, who is a staff of Ecobank was said to have been arrested by the police, and he was alleged to have mentioned the name of the branch manager as the mastermind behind the phony charges or the company’s transaction.
On April 10, 2010, Ecobank official wrote a letter to Matrix Energy Limited, admitting the irregularities in the accounts by its branch, but however disagreed with the figure being demanded. Ecobank was said to have offered to refund a sum of N14 million instead of the N108 million demanded for by Matrix Energy Limited as the missing money in its accounts.

UNTOLD SUCCESS STORY OF CAPITAL OIL BOSS, IFEANYI UBA
That he started in a humble way is no news, but his laudable achievements in the oil and gas industry is what most people envy. Ifeanyi Patrick Uba, the Chief Executive Officer of Capital Oil & Gas Industries Limited hails from Nnewi, Anambra State of Nigeria and has created a niche for himself. He holds a Bachelor of Science B.Sc (Hons.) degree in International Relations and is an astute and accomplished businessman.
Capital Oil & Gas Industries Limited was incorporated in 2001, but commenced full operations in 2003, following the deregulation of the downstream sector of the oil and gas industry by the Federal Government of Nigeria. It started with the supply and distribution of petroleum products and had a speedy growth which culminated in the establishment of a petroleum depot in Apapa, Lagos. With the commissioning of the first phase of her ultra modern tank farm in 2007, the development of the 2nd and 3rd storage facilities in 2008, the acquisition of four tanker vessels, a fleet of trucks and a dedicated private jetty at Ibafon, the company has become one of the leading indigenous petroleum marketers in Nigeria.
Its recent achievements include the Lagos ultra modern truck park that can house close to 5,000 trucks at once. Other facilities lays outside Lagos, confirming the company’s vision to become Africa's first choice provider of energy solutions through continuous innovation, strategic partnership and customer service delivery.
To provide excellent service aimed at totally satisfying its numerous esteemed customers in the Oil and Gas Industry by continuously striving to meet their sophisticated needs and requirements through modern practices in a safety conscious environment, using a team of motivated and highly dedicated professionals of multidisciplinary background and relevant experience, and maintain healthy financial returns to the company through sustainable growth, Capital Oil and Gas limited is set to give scour to Nigerians in rendering community service responsibilities that include road construction to donations of values to both government parastatal, corporate bodies and individuals.
Speaking with the business tycoon penultimate week, he said this about his company “We own the largest private jetty in Nigeria today, we own the largest storage facilities in the country today, we own the biggest truck parking facility in the country today and we have the biggest strategic reserve in the country today. We are the only company that has loading arms that can serve three days of Nigeria’s consumption need.”
The rising profile of Capital oil and Gas limited cannot be over emphasized.
How Bank PHB’s Lawyer,Ajibola Aribisala got into trouble with presidency
The statement allegedly credited to Chief Anthony Ajibola Aribisala (SAN) in a newspaper report during the case of his client, Bank PHB and Zenon Oil and Gas which came up in Lagos High Court recently may have put the legal luminary in a serious trouble.
Chief Aribisala, the well respected legal mind was reported in a Lagos based newspaper that his client- Bank PHB's Managing Director, Cyril Chukwurah was threatened by Acting President Goodluck Jonathan to reach an amicable settlement with Femi Otedola, the Chairman of Zenon or risk sack.
After the report came out, Mr. Ima Niboro, the Media Adviser to the then Acting President (Jonathan has since been sworn-in as the President after the death of ex-president Umar Yar'dua last week) debunked the threat story and said there was never a time Jonathan called the bank MD, and informed that security agencies had been directed to investigate the issue.
Meanwhile, sources informed us that the management of the bank had washed its hand off the whole issue, saying that it did not ask the lawyer to drag the name of Jonathan Goodluck into the matter.
The source further told us that as the bank has cleared itself; security agencies are on the neck of Chief Aribisala to come explain himself.
“The presidency is not happy with the issue. How can the name of President Jonathan be dragged into a court issue between a bank and its client. It was meant to rubbish Jonathan and this is why the lawyer is being investigated,” a source in the presidency said.
So, if the management had denied ever putting words into Aribisala's mouth, the question on the lips of many is how the allegation got into the papers.
A source close to Aribisala who spoke with us said the journalist who wrote the story was mischievous.
“Was his newspaper the only one in court that day? Why didn't others report it? We all know the owner of the paper is on the run, and it was intended to discredit President Jonathan. Chief Aribisala is a honourable man with wealth of experience who cannot make unguarded statement.” The source said.
Nevertheless, we gathered that the whole scandal has put the legal expert in the bad books of Aso Rock, although we are yet to know the outcome of the investigations by the security agencies into the matter.

CECILIA IBRU FINGERED
IN AERO CONTRACTORS’
70MILLION DOLLARS GROWING DEBT
*AS TROUBLED AIRLINE FACES LIQUIDATION
Sacked bank chief, Cecilia Ibru has been fingered as the catalyst of the growing debts crippling the operations of popular airline, Aero Contractors.
The Airline which is presently struggling hard to meet it’s obligations is said to be in great debt to financial institution, Oceanic Bank Plc.
The debt folio is said to be in the region of seventy million dollars and growing by the day.
Taken in the form of loan to be repaid over a specified period of time and stipulated rates, the fund was meant to enhance the services of the Airline.
It has been discovered that the gargantuan debt could have been done away if prudency had been employed by the facilitators of the business arrangements between Oceanic Bank and Aero Contractor.
The deal which placed the Airline in this economic tight corner was said to have been put together by former bank Managing Director, Cecilia Ibru, while she was the head person of Oceanic Bank and also doubled as the Chairman of Aero Contractors.
The Ibrus own substantial portion of both businesses- but recent findings revealed that Cecilila Ibru might acted more out of personal than corporate gains in setting up the business.
This discovery was unearthed by Central Bank of Nigeria's investigations into the books of Oceanic bank as part of moves to turn around the precarious economic situation the leadership of Cecilia Ibru placed the bank before she was booted out, along with her board of directors.
Among new discoveries that indicted Cecilia Ibru in the deal that is threatening to cripple the operations of Aero Contractors is the purchase of five units of boeing 737- 500 series aircraft at the alleged inflated cost of 12.5million dollars each. Further investigations revealed that similar purchase could be made for $7million in the open market.
Oceanic Bank under Cecilia Ibru had gone ahead to lease the acquisition to Aero Contractor at monthly rate of 280,000 dollars per month.
Oceanic Capital, another subsidiary of Oceanic Bank served as the go between in the deal experts claimed is obtainable in the United States of America- or Europe for just $80,000 per month..
Aero Contractor is said to be finding it hard to be meet the terms of payment of the deal based on it current level of patronage.
Further investigations revealed that in other to protect i;st survival- and safe guard the job security of the about one thousand two hundred staffers on it pay role and the handful of foreigners helping to pilot the ship of it success, informers explained that the management of Aero Contractors have started balking over the terms of agreement in the loan- they are said to have started making spirited moves to renegotiate a more favourable terms.
The management of Oceanic bank are said to be passionately kicking against the move.
According to a source 'they need all the cash to turn around the bank- and if Aero Contractor get away with it, there will be an unavoidable shortfall in their expected income, so for them the move by Aero is a no no'
Industry news has it that should the Airline fail to wriggle out of the strangling loan arrangement with Oceanic Bank- against the background of it other debt commitment- it should be considered liquidated except of course reprieve come from an unexpected angle

Friday, May 7, 2010


REAL REASON CAPT. DAPO OLUMIDE RESIGNED FROM NIGERIA EAGLE AIRLINES
That the Chief Executive Officer of Nigerian Eagle Airlines (formerly Virgin Nigeria Airways), Captain Dapo Olumide, resigned his appointment from the airline is no news, but circumstances that led to his resignation was an allegation that he could not stand a situation where Jimoh Ibrahim will be his boss.
Those in the know divulged that his leaving as the head of one of the nation’s major airlines operators is not unconnected with the sale of the airline. He was alleged to have tried his possible best to hinder the sales of the airline to the entrepreneur, Jimoh Ibrahim, which made him to allegedly set up a company with his foreign friends to bid for the acquisition of the airlines for him to have a controlling stake in the company.
Olumide, an aviation professional and a trained pilot with over 28 years experience, was alleged to have used his foreign friends to bid higher than all applicants in the acquisition, but lost out on the fact that most of the members of the board of directors in the company he used were foreigners, which eventually gave way to Jimoh Ibrahim.
Capt. Olumide who joined Nigerian Eagle Airlines in November 2008 as the Chief Commercial Officer after a brief stint as a banker with the Africa Finance Corporation (AFC), specifically in the area of transport infrastructure project development before he was appointed CEO, had helped the airline which was at the brink of liquidation when he took over its management, and sustained it without external funding till its acquisition recently.
Impeccable sources added that the future of the airline is bleak, looking at the fact that there are heavy debt profiles inherited by the management that the former CEO was trying to offset with his connection outside the country.
Despite that, the new owner of the company, Ibrahim, had at the weekend said Olumide would retain his position in the company because of the vote of confidence passed on him by the board of the airline. Capt Olumide was alleged to have said he could not work with the Ethiopians that Jimoh Ibrahim is set to use in top management post.
Jimoh Ibrahim was also quoted to have directed that all maintenance contracts be left completely in the hand of Lufthansa Technik, a subsidiary of Lufthansa Airlines.
He has also directed the payment of all outstanding liabilities to the German company.
The new owner of Nigerian Eagle was described by observers as someone with a record of failed businesses. Instances were given of Global Fleet, a petroleum company that has now gone underground, and National Mirror Newspaper, which also went underground, but Jimoh is reported to have made efforts to revive the media house. Despite this, Jimoh’s critics see him as an adventurer with little experience on how to sustain businesses.

CAPITAL OIL LAUNCHES ULTRA MODERN TRUCK PARK FACILITIES

CAPITAL OIL LAUNCHES ULTRA MODERN TRUCK PARK FACILITIES
The Ifeanyi Patrick Uba-led Capital Oil recently berth an ultra modern truck park facilities, which is meant to decongest the heavy traffic on the busy Oshodi-Apapa Expressway in Lagos. The event, which was attended by the Honourable Minister of Works and Housing, Sanusi Daggash, Minister for State for Works, and many other dignitaries was used to unveil the facilities that has over 400 haulage trucks, NNPC fleet/haulage management operations among others to ease the industrial area of Apapa that houses many blue chip companies and clustered with more than 18 major indigenous oil and gas marketers with each owing a depot along the axis with major concentration at Ibafon.
Speaking at the event, the Works and Housing Minister said that the project is one of its kinds in Africa as a whole. “This is a laudable project from an individual. It’s a simple way to tell the citizens that they don’t really need to wait for the government to actualize their dreams. The Nigerian government is interested in private sector initiative and we will always give our support in all ways,” the minister said.
The Capital Oil boss said that the park is not just what the company is ready to showcase, but that there are others in places like Enugu, Katsina, Kano and most especially in Abuja, which he said is situated on 11 hectares of land in Suleja, all to help the Federal Government in developing our economy. “The kind of facilities here today can give 5 million liters of petroleum in a day. All these might not really work well without good roads, that’s why we need the support of the government, both the state and federal, to support this landmark achievement of ours,” he said.
“It is the desire of all stakeholders that Apapa-Oshodi and Oshodi Apapa expressway are decongested of trucks that park on the highways to ameliorate the suffering of the teeming road users. Consequently, we have held meetings with various stakeholders like NARTO, NUPENG, LASTMA and the Federal Ministry of Works to use our ultra modern truck park facility to provide lasting solution to the menace. To this end, we believe that the visits of the honorable minister will no doubt fast track the realization of this dream,” Ifeanyi concluded.
Capital Oil, which was incorporated in 2001, but commenced operations in 2003 following the deregulation of the downstream sector of the oil and gas industry by the Federal Government of Nigeria, had contributed to the economy with its facilities that include six ocean going vessel, four finger jetty with capacity to berth four vessels at once. It has petroleum product storage capacity of 174.5million, sophisticated 22 loading gantries with load out capacity of 55million litres per day, ultra modern truck park facility capable of holding 1,100 trucks at a time among others. The company is actively involved in marketing and distribution of quality petroleum products. In addition to wholesale at its Ibafon depot, it engages in retailing of petroleum products and with the ambition to erect over 180 stations within the next there years covering the whole country.
On Corporate Social Responsibilities (CSR), the company has donated buses to government agencies, N20 million to the Lagos State Security Trust Funds, donation of $30,000 to victims of the recent earthquake in China and constructed many roads both in Lagos and eastern part of the country.

LOOTING IN CHRIST EMBASSY CHURCH BRANCH OF PARRALEX MFB

LOOTING IN CHRIST EMBASSY CHURCH BRANCH OF PARRALEX MFB
Parallex Microfinance Bank has been allegedly hit by a massive fraud, involving ladies staff of the high profile bank. The fraud, which was committed at the Christ Embassy Church Headquarters, Oregun, Lagos State, of the bank was said to be in the tune of about 25 million Naira.
The scam, which involved four ladies who are staffers of the Parrallex Microfinance Bank with it's Headquarters at Ogunlana Street off Allen Avenue, Ikeja, Lagos was said to have allegedly looted the accounts of customers of the bank.
The suspects, who are staffers of the bank include Orie Nwakaego Felicia, Keneyinboh Mariam Eneyi, Ezeagwuna Chinaelo Hannah and Essien Mabel UfonAbasi are said to have confessed to the crime which is presently under prosecution.
Insiders confirmed that Miss Ezeagwuna has been living large with rented apartment at Ogudu area of Lagos State, state of the arts cars while Keneyinboh, was said to have resigned from the establishment in December 2009, but had her resignation rejected when it was uncovered that N2.3 million was missing in one of the accounts she handled. She was alleged to have confessed to her close acquaintances that "she had to stop the looting spree because her conscience could not carry on with the stealing."
Orie Nwakaego Felicia, simply referred to as "Ego” allegedly stole over 14 million Naira, part of which she lodged 2.3million Naira in one of her numerous accounts. She has refused to disclose her other accounts. She is also alleged to have bought a Pathfinder Jeep for her boyfriend who promised her marriage by May this year.
Impeccable source revealed that unlike the other suspects, she has remained stubborn with investigators in detention and has blatantly refused to confess to the N14 million fraud.
Investigations also revealed that the suspect believe that by dragging the The matter, which is already in court, is said to have generated crisis in Christ Embassy church as most of the suspects are member of the church.

DANGOTE SET TO ACQUIRE ETISALAT
Industrialist and billionaire, Alhaji Aliko Dangote is set to acquire one of the latest entrants into the GSM industry, Etisalat. Aliko Dangote’s Alheari Engineering Limited was said to have offered Etisalat Nigeria a whooping sum of $150 million to operate on its platform and render services that include 3G, an enabler of Mobile Communications services which is one of the latest services in the telecommunication industry.
Impeccable sources gathered that Alheari offered partnership deal that will lead to utilization of the license procured from Nigeria Communication Commissions (NCC) in 2007 by Etisalat, but the deal was said to have gone sour when the Nigeria partner insisted that they were being marginalized by its foreign counterpart and ready to pull out. Those who should know revealed that Alheari is set to give services like roaming capability, broad bandwidth, optic fibre and high speed communication upward of 2Mbps which are not being offered by Etisalat presently.
It was also alleged that the proposed acquisition has thrown top management staffers of Etisalat into confusion which made them to call an urgent management meeting schedule to hold next week.
The President of Dangote Group is said to worth more than 3.3 billion dollars and was rated among richest in the world according to the 2009 Forbes list.

IMFB STAFFERS TURN CLUB TOUTS

IMFB STAFFERS TURN CLUB TOUTS
The turn of things after the closure of Integrated Microfinance Bank has made its staffers to turn club touts in their bid to recover debt which are owned by either the club management or the performing artist in the clubs. Their acts have really proved that an hungry man is an angry man.
Some staffers which include Soji Ogunladi and Dare Ogunleye and some others in Olowu branch of the bank have become regular visitors to clubs like King Size, Lascofis and other top clubs in Lagos in their bid to recover debts from the musicians that perform their weekly and even the some personnel of the clubs.
An example of such was when the aforementioned staffers of the bank stormed Lascofis to seize the equipment of a musician who happens to be the choice of fun seekers at the club. This resulted into a fight and one of them was said to have broken a bottle with a threat that he would stab anybody who begged on behalf of the musician who they claimed was owing the bank close to half a million naira. The bank staffers went away with the musician’s equipment such as speakers, microphones, guitars among others.
One of the fun seekers who was at the club at the time of the incident, claimed that the Central Bank of Nigeria has released a particular amount of money to the bank’s management to cover for the bad debt, which was why the bank was closed indefinitely. Those who should know revealed that the bank has not sent the staffers out to recover debt, but that they were doing it out of their initiative, claiming that the bank has directed them to use the debt to cover for about seven month arrears of salary the bank is owing them. One of the staffers was alleged to have said ‘how do I feed my family when I was thrown out of job without notice or salary for many months. I must use what I have to get what I want. All customers that I facilitated their loans and who have not paid the bank must surely pay to me or else….’ he lamented.
Impeccable sources added that a similar incident occurred at King Size, where a young man was attacked by a staff of IMFB, claiming that he was owning the bank some amount of money. A source added that the man was disgraced in the presence of his guests, and even his car was impounded and that the key was released to him after paying N50, 000. Those who should know claimed that a top staff of King Size nite club is one of the debtors of the bank. It was alleged that there was an occasion when the bank staff visited King Size like a customer and ordered for drinks worth N30.000 and asked the attendant to go and collect money from their debtor, who happens to be a top staff of the relaxation centre. The case was said to have led to a disagreement among the bank staffers and some of the club’s attendants who claimed that they had no business with whoever was owning them, that what they were after was the money for the drinks.
GUINNESS MANAGER IN MULTIPLE SEX SCANDAL
…..+ Real Reasons He Personally Audition Promotional Girls For Products Activation
Investigations conducted by AB have revealed that there is more to the alleged scandals against the Sales Manager of the Lagos Division of Guinness Nigeria Plc, Mr. Kayode Adebiyi.
Insiders alleged that the said manager’s atrocities include luring undergraduate ladies into sex on the pretext that they would be used for brand activation. Our source added that the companies that supply the university undergraduates used for brand sampling and product activation all around the country are owned by some of the friends of Adebiyi. And it was alleged that it is their habit to ‘arrange’ girls for their white partners from overseas any time they visit the country.
Those who should know alleged that Kayode Adebiyi have caused serious fight and competition among the girls who were recruited for promotional job. An example of this was cited to be that of an activation programme held at Golf Club Ikeja Lagos, months back during the re-launch of some Guinness brands where ladies were rough handled by the said manager and his friends during auditioning.
Adebiyi is said to be fond of discreetly dating two or more friends. He is fondly called ‘town man’ and is reputed to have dated countless ‘big gals and models’’ from various campuses across the country.
Source revealed that he has been sexually involved with Akama, Bukky, Priscillia, Funke, Tonia, Cynthia, who used to be close friends, but that bubble burst when they all found out that they were dating the same man in Guinness Nigeria Plc. He was alleged to be responsible for the constant job opportunities these girls enjoy from the company’s promotional jobs.
Information making the rounds within the establishment indicates that Kayode doesn’t waste time with his new catch, and that he often sleeps with them inside his wonders on wheel-BMW X5. He was further alleged to have sacked old female promoters in his bid to favour his new catches, who he promised casual jobs in the establishment.
Sources said that most of his colleagues in Guinness Nigeria Plc are not happy with him because he has used his position and randy nature to rob them of their babes, and that he often jokes over this whenever they gather to enjoy themselves with drinks. Those who should know claimed that the fact that Kayode is married did not stop him from chasing these young girls each time the opportunity comes.

X-PRESSION BRAIDS AND WEAVONS ARE THE BEST IN THE MARKET

X-PRESSION BRAIDS AND WEAVONS ARE THE BEST IN THE MARKET
Sundance T. Ko, Marketing Manager, Linda Manufacturing Company Limited
In the area of beautifying the womenfolk, X-pression products come to mind, and the products have since become a household name. It is not just about marketing or distribution; X-pression Braids and Weavons have been tested and trusted by fashionable ladies and those who know the value of good products.
Despite this, X-pression products are still relatively cheap, and in a chat with Advertising and Brands, the Director of Solpia Group in Nigeria, the company which produces the products, speaks extensively on the achievements of the company and why X-pression products have been accepted by the consumers.

How long have you been in the industry
We have been in Nigeria since 1997, which makes it 13 years now. However, the Solpia Group as a whole has been in the industry for well over 20 years in the United States of America before expanding to Africa and other parts of the world.

What are the challenges your kind of business is facing in Nigeria
Apart from the general problem of high cost of production occasioned by erratic power situation in the country, multiple taxation and high rate of inflation, I think our major challenge is that of fake and imitation of our products by some crooks.

How have you been able to cope with these
We have employed all available legal means in our fight against fake and imitation of our products. Presently, we have devised a number of programmes aimed at educating the consumers on how best to assist our company in this fight against fake products, and that is by insisting on destroying the labels and tags of every used X –pression Weavon braid.

What is the range of products available in your collection
X –pression collection comprises braid and weavon. In braids, we have X –pression Ultra Braid, which is the best braid in the whole world (if you don’t mind my saying so) and Naomi Plus. We do have a whole lot of styles in weavon, these include X –pression Daniela, Annie Curl, Rose Deep, Shimmer, Ripple wave, Flexy, Yaki flip, Super Mirielle, Mini Mirielle, Diva, Diana, Razor Cut, Liza, T –Curl, Funky, Silky wave, Holly, Mini Bebe, and many more.

What is your coverage area
If by that you mean where our products are sold, then the answer is –all over the world. There is virtually no part of the world that you would walk into a salon and not find X –pression products on display. This was made possible by the substantial number of distributors we have all over Africa, Europe and America. These set of people whom we call our partners in progress have helped us to reach our loyal customers all over the world.

How have you been coping with competition
Very well. You see, competition is good; it brings out the very best in us, spurring us to strive harder in developing new and better products in order to maintain our leadership position in the market. Without competition, the hair industry will be miles behind what it is today.
Do you plan to introduce any new product soon
Yes, certainly. But for now, we are letting our recently introduced weavons, X –pression Daniela, Annie Curl, Rose Deep, Shimmer and Flexy run through the market before we introduce other products.

Where do you wish to see you brand in a few years to come
In the next few years, I expect the X –pression brand to be not just at the top of the pack where it presently is, but miles ahead of other competing brand in terms of quality and market dominance.

Any message for your teeming customers
Our message is still the same as always, X –pression Weavons and braids are still the best in the market. To ensure that you buy only original X –pression product, insist on destroying all used X –pression tags and labels.

MPC BOSS, KUNLE ONIME BAGS INTENATIONAL AWARDS

MPC BOSS, KUNLE ONIME BAGS INTENATIONAL AWARDS
The many achievements of Marketing & Promotions Concept cannot be over emphasized. The agency, which is the first experiential marketing company in Nigeria, has been existing for over 10 years, giving excellent services to notable brands in the country.
The egghead of the organization, Kunle Onime was recently inducted as a fellow of the Institute of Direct Marketing in the United Kingdom due to his contribution to the marketing industry both at home and abroad.
Marketing & Promotions Concept has been home to many notable brands and has single-handedly made some brands household names in the country

BHARTI AIRTEL SET TO ACQUIRE ZAIN NIGERIA

BHARTI AIRTEL SET TO ACQUIRE ZAIN NIGERIA
Bharti Airtel, the largest Indian telecommunication provider, has concluded plans to buy the African assets of the Kuwaiti telecoms company, Zain, for about $10.7 billion, acquiring the Nigerian part as the first step.
The negotiation, which has been on after Vivendi pulled out of the deal recently, sees daylight as banks like Standard Chartered Bank and other financial houses threw their weight behind Bharti Airtel to acquire the telecommunication house.
The company’s Chairman, Sunnil Mittal visited Nigeria penultimate week to inspect the infrastructure on ground since Nigeria Zain will be the first to be acquired before spreading to other African countries.
Those who should know revealed that Bharti Airtel has tied up good amount of money and all logistics with Standard Chartered, Barclays, and other financial houses to speed up the acquisition process. It was also revealed that the dispute between Zain Nigeria and South Africa-based Econet Wireless Holdings — a minority shareholder — had been a complication in Indian group Bharti’s third effort to get its hands on a meaningful business in Africa until some Nigerians were sidelined in the transaction. The network, which started as Econet, later transformed into Celtel, then V-mobile before becoming Zain that is about to be sold to Bharti Airtel.
DAARSAT HIT BRICKWALL
…AS DEBT ACCUMULATED WITH PR AGENC
Y
The latest entrant into the pay television list, DAARSAT, owned by Raymond Dokpesi has hit a brickwall following its low subscriber’s level. The pay-TV has enjoyed low patronage since inception despite massive media hype given to it by the operator.
According to a user, the DAARSAT crisis started from bad signal to bad decoder which eventually led to the untimely death of the pay-TV.
Those who should know divulged that for subscribers not to raise eyebrow over non-performance, the operator has decided to air local AIT channels on DAARSAT channels. It was even alleged that the only existing channel on DAARSAT now is FAAJI TV which is being co-ordinated by Ambrose Somide.
Impeccable source divulged that local channels like AIT Lagos, Port Harcourt and AIT International are what is being aired on DAARSAT now after other 32 channels have pulled out due to low subscriptions of viewers.
A source revealed that subscribers are being swindled by DAARSAT claming to have more channels and lowest tariff than its counterpart, whereas local channels are what they now aired and the signal is always bad.
Insider alleged that Raymond Dokpesi was lured into the business with the deceit that he will make millions of naira in a twinkle of an eye from the business. It was gathered that the late Ladi Lawal was not in support of DAARSAT, but insisted that the local television stations and staff welfare should be standardized first before going into satellite television.
Another development revealed that DAAR Communications, owner of DAARSAT allegedly owe the public relations outfit that managed the company about N140 million. According to an insider, Verdant Zeal, the PR outfit, has scheduled many meeting with the DAAR Communications Directors to fashion out ways to settle the accumulated bills but were always turned down by DAAR communications. A source revealed that Verdant Zeal has threatened to wash its hand off DAARSAT with all its alleged atrocities.
Insider from Verdent Zeal revealed that the agency is now bidding for another satellite television operator, HITV precisely with another name user name called First2Event to handle the public relations of its pay-TV since DAARSAT has become a torn in the flesh to them
Those who should know added that the son of Raymond Dokpesi, Raymond Jnr., allegedly approach key management staffer of Verdant Zeal with N50 million to erase the accumulated debt and be ready to support DAARSAT against all odds. The said money has divided top management staffers who claimed that collecting the money might hinder the negotiation of new clients.

N250 MILLION FRAUD ROCKS INTERCONTINENTAL BANK

N250 MILLION FRAUD ROCKS INTERCONTINENTAL BANK
Intercontinental Bank Plc has been involved in a fraud following the disappearance of N250million belonging to the Alhaji Rasak Shauibu-led AROCOM which has its head office in Abeokuta.
The Sapon, Abeokuta, Ogun State branch of Intercontinental Bank, where AROCOM opened its account, penultimate week declared the account balance of the pyramid scheme house to be lesser with N250million against the calculations of the teller submitted by the customer of AROCOM. AROCOM which is a pyramid scheme house that empower artisans with tripple amount of money saved, has branches spread across the nations with district coordinators who collect money from participants and pay into a specified Intercontinental account weekly. The payment, according to a south west co-ordinator, will indicate what has been saved by participants and how loan will be granted.
The coordinator revealed that the fraud was revealed when some participants stormed the Abeokuta office of AROCOM to inquire why their loans have to be granted after saving the required amount within the stipulated duration. It was revealed that the tellers show what has been saved, but the account balance was contrary. Investigations revealed that the money saved at Sapon branch of Intercontinental Bank by the participants are the ones among the missing millions.
According to an impeccable source, Alhaji Rasak Shuaibu make it clear to all participants not to save in any Intercontinental Bank until there is a directive from them to do so and he gave an ultimatum of three weeks for the branch manager to produce his N250million or face the wrath of the law.
The source added that the missing N250milions was accumulated within 3months of savings by the participants and that the issue has been creating problem in smooth operation of AROCOM.