REIGN OF OSIBODUS AS NIGERIA’S CORPORATE POWER COUPLE ENDS
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.
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.
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. 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.
Last weekend, Ilorin, Kwara State came alive as dignitaries stormed the town for the first leg of the line-up of wedding ceremonies with the traditional wedding/Nikkai ceremony of Keji Maryam, the daughter of Justice Alfa Belgore, a former chief Justice of Nigeria to the love of her life, Eyisan Boyo, son of veteran actress and movie producer, Ego Boyo and Omamofe Boyo, the deputy group, chief executive officer of Oando PLC.
During the ceremony, Eyisan was given a Muslim name, Abdulrahman, perhaps in accordance with the Muslim/
Kwara culture. The bride, Keji, is a UK-trained physician who graduated from the University College, London. She is also based there. Emisan is also based in London and that is where his and Keji’s love story began.
While the Belgores known for hosting big parties had their creme of influential guests around for the wedding, movie personalities like Ego’s on screen lover, Richard Mofe-damijo, Joke Silva, Kate Henshaw, Rita Dominic and movie producer, Mildred Okwo, honoured the entertainment entrepreneur with their presence.