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The lives of some Nigerian millionaires and billionaires will resonate as one dismal lie from one end to the other, by the time Access Bank Plc completes its revenue recovery drive.

While this sad reality extends beyond the reaches of Access Bank, the pathetic case of Muyiwa Bakare and some other bank debtors has become hot gossip across the cubicles and halls of first generation banks and Nigeria’s high society circuits.

According to The Capital, Bakare, who is the son of a former billionaire auto magnate, Chief S. O Bakare, founder of Oluwalogbon Motors, and also the former MD of the moribund Metropolitan bank, is currently indebted to Access Bank in several millions and this has incited the dissatisfaction of the bank’s management led by meticulous banking Czar, Herbert Wigwe.

The latter has reportedly embarked on a debt recovery scheme as part of his drive to recover outstanding debts from the bank’s chronic debtors.

It is interesting to know that Bakare is simply one of many debtors of Access Bank whose outrageous debts may put the bank in precarious financial situation if the bank’s management does not recover loans owed by them by year’s end.

At the backdrop of Access Bank’s debt recovery drive, pundits note that Skye Bank may need to initiate a similar scheme to recover debts owed it by debtors such as Festus Fadeyi, Pan Ocean Corporation boss, who allegedly owes the bank N196 billion.

Besides Access Bank and Skye Bank, several other new generation banks are doing battle to recover outrageous debts owed them by career debtors.

The latter despite their disgraceful insolvency and indebtedness in billions, continually parade themselves as Lagos big boys and sophisticated members of Nigeria’s high society.

In reality, they are chronic debtors and poor managers of wealth who have gone bankrupt, argued a highly placed source in one of the banks affected by their debts.

Interestingly, however, you couldn’t have forgotten so soon the Bakare’s expensive 50th birthday shindig for his wife recently.

The party was allegedly borne of his desperation to save face and make the world believe that even though Access Bank aggressively seeks to recover debts owed it by him, he is still rock solid.

Further findings substantiated the fact that for Muyiwa, the birthday celebration goes beyond just celebrating his wife; it presented a platform and opportunity to keep up appearances.

An alumnus of California State University in Northridge California, Warwick Business School and Lagos Business School, not even his education and exposure and privileged background could save his bank from going under then. And so went his cash cow too.

Several friends gave up on him and business associates deserted him but he was blessed to still have the likes of Saraki and Access Bank MD, Herbert Wigwe, in his corner.

The CBN governor, Godwin Emefiele, contended that the intervention became inevitable in view of the bank’s liquidity and non-performing loan ratios which had been below and above the required thresholds respectively for a while.

 

Capital

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JUST IN: Ooni’s Ex-Wife Naomi, 7 Others Arrested Over Children’s Funfair Stampede In Ibadan

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The Oyo State Police Command has announced the arrest of the ex-queen of the Ooni of Ife, “Naomi Silekunola”; the Principal of Islamic High School, Ibadan, “Fasasi Abdulahi”; and six others in connection with the deaths of several children during a stampede at a funfair in Ibadan, the state capital, on Wednesday.

The ex-queen was identified as the primary sponsor of the event.

Furthermore, the number of children who have died from the stampede has increased to 35, while six others are critically injured, according to a statement issued on Thursday by the State Police Public Relations Officer, “Adewale Osifeso.”

The event, which was held at the Islamic High School, Basorun, Ibadan, was intended for 5,000 children, but reportedly over 7,500 attended.

 

More to come…

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NAFDAC Seal Shops, Destroy Items Worth N5bn In Aba Market Over Fake, Expired Products

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The National Agency for Food and Drug Administration and Control (NAFDAC) has shut down 150 shops at Eziukwu Market, Aba, Abia State.

The Agency disclosed this in a statement it posted on its X handle on Wednesday.

It said its team uncovered large-scale production and distribution of fake and expired goods, including beverages, carbonated drinks, wines, spirits, vegetable oils, and revalidated food items such as “noodles,” “powdered milk,” and “yoghurt.”

NAFDAC noted that the team destroyed items that were valued at ₦5 billion.

Describing the market as a hub for counterfeit and substandard products, the Agency’s Director in the Southeast Zone, Martins Iluyomade, expressed dismay at the continued illegal activities, despite a previous undertaking signed by market leaders in December 2023 to expose counterfeiters.

The statement added that NAFDAC DG, Prof. Mojisola Adeyeye, reaffirmed the Agency’s zero tolerance for such practices and emphasised its unwavering commitment to safeguarding public health while working toward a permanent solution to the problem of counterfeit products in the market.

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Lil Smart Files Petition Against Naira Marley, Zinoleesky Over ‘Threat To Life’

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Lil Smart, the Nigerian dancer, has filed a petition against Naira Marley and Zinoleesky over an alleged threat to his life.

On December 9, Smart shared disturbing photos and videos on social media, claiming that his life was at risk.

He warned that Naira Marley and Zinoleesky should be held responsible if anything were to happen to him.

Zinoleesky, however, denied the allegations, accusing Smart of “chasing clout.” He also threatened legal action against the dancer.

In a recent (now deleted) Instagram post, Smart claimed that he had previously endured bullying from the singers but lacked the evidence necessary to take legal action.

He mentioned that he has now officially submitted his petition, with the required evidence, to the authorities and is hopeful that the legal system will provide him justice.

“This has not been the first or third time I have been experiencing this bullying. But I did not have enough evidence to face the law. Now, I thank God that I have very good evidence, and I will put everything I have in line to make sure this bullying and threat to life is stopped,” he said.

“With my evidence, I really hope that they are not too big to be apprehended and face the law. I have submitted my petition, and I have provided my evidence to the authorities. By God’s grace, the law that binds us as citizens of Nigeria will make sure I get the justice I deserve.”

Naira Marley has yet to comment on the allegations.

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