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Exposed: How soured businessl tore Oluwalogbo, Remi Adiukwu marriage apart

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When the marriage between former Lagos State governorship hopeful and female politician, Chief Mrs. Oluremi Adiukwu, and Epe-born socialite businessman, Chief S.O Bakare, popularly known as Oluwalogbon, ended about ten years ago, a number of reasons were suggested for the unexpected split.

But none of these adduced reasons was confirmed by either of the concerned parties. Since then, many have been looking forward to learning why the union collapsed.

It has now been revealed that the two went their separate ways because of a soured business deal. Sources said the business was carried out by Oluwalogbon when he was still in charge of Metropolitan bank.

Remi Adiukwu, who also was as a Commissioner under Asiwaju Bola Ahmed Tinubu as governor in Lagos state, wedded Chief Bakare, the Babalaje of Ijebuland and owner of Oluwalogbon Motors, in December 2002 after dating him publicly for a couple of years.

But their union ended abruptly in 2013. What started as a rumour was confirmed when Adiukwu dropped Bakare from her name. But nobody explained the circumstances that led to the collapse of the marriage.

But it has now been confirmed that a business deal which started in 2001 when Chief Bakare (Oluwalogbon) registered two companies in the name of Remi Adiukwu and his friend, one Mr. Omole, led to the failure of the marriage.

Sources said the two companies got a Commodity Import Finance loan totalling about N1 billion from the Metropolitan bank.
Oluwalogbon could not use his own name for the transaction because he was the chairman of the bank at the time.

The commodities imported with the fund which were iron rods, were warehoused by Metropolitan bank, in Oluwalogbon’s premises at Ikeja in Lagos.

It was also gathered that no single one of the iron rods were sold without the approval of the bank. Sources added that neither Adiukwu nor Omole were really involved in the business transaction from beginning till the end. Adiukwu who was nursing a governorship ambition at the time, was too involved in partisan politics to care about the deal.

Somehow, the deal went sour and since then there has been issues with the companies and the Nigerian Deposit Insurance Company (NDIC). That was when crisis started in the marriage as Adiukwu troubled as Adiukwu was asked to come and explain what happened to the transaction by the NDIC. During all her appearances, she made it clear that she knew nothing about the deal as both the running of the business and the management of the funds were solely handled by Chief Oluwalogbon.

But her name as a director of the companies remained an issue. Soon, she became displeased that her husband failed to resolve the matter over the years in spite of the embarrassment it is causing her and this led to the abrupt end of their marriage in 2013, according to reliable sources. Though the two are no longer married, the matter is yet to be settled as the NDIC continue to drag Adiukwu and Omole over the failed transacrion.

It was also gathered that Chief Bakare has never denied his involvement in the business transaction. According to a source, he is trying to resolve the issue with the NDIC while assuring Adiukwu and Omole that they will not be implicated for their name in the company registration but his former wife gets more and more disappointed day by day foreclosing any chance of their being reunited.

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The Big Story

Senator Adeyeye to Emir Sanusi: Tell the world all you did to mess up our banking sector

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  • How you took over Intercontinental Bank from Akingbola to your close pal Herbert Wigwe
  • Why N11 billion was written off Saraki’s loan at Intercontinental Bank?
  • Is he able to recall how Aigboje Aig-Imoukhuede secured N50b loan from a bank where his mother-in-law was CEO?

During a substantial exchange of WhatsApp messages, former Central Bank Governor Emir Sanusi Lamido Sanusi and Senator Olusola Adeyeye engaged in a debate regarding the banking reforms that were implemented during Sanusi’s tenure at the apex bank, questioning the circumstances surrounding the former Intercontinental Bank Managing Director Erastus Akingbola.

Sanusi recently shared a WhatsApp message in which he defended the reforms he enacted during his time at the Central Bank of Nigeria. His message particularly addressed the controversial actions taken against Akingbola, which resurfaced following the tragic passing of Herbert Wigwe last month.

It should be recalled that on January 31, 2012, Wigwe-led Access Bank acquired Akingbola-owned Intercontinental Bank after previous CBN Governor Sanusi removed the latter.

Following Sanusi’s emotional outburst during Wigwe’s funeral, many, including Senator Adeyeye, have questioned the intentions behind the decision to choose Wigwe to oversee Akingbola’s Intercontinental Bank.

Senator Adeyeye wrote, “Let the bankers tell us where and what SLS did wrong. It should not be difficult for them to disclose whatever malfeasance and iniquities occurred under his watch. For example, how many of his friends and cohorts operated bureau de change? To what extent did he look the other way when Government was committing monetary and fiscal atrocities that weakened the country’s economy?”

To this, Sanusi replied, “In almost all the banks that we took over, we discovered that these so-called owner managers set up SPVs, lent money to these SPVs, turned round and purchased their own bank shares with these funds -and that was how they acquired control.”

He further revealed damning details, stating, “One of Akingbola’s executive directors joined the bank as an officer and was his PA. Akingbola was MD of his bank for 22 years or so. All his so-called EXCO were his ‘boys’.”

Sanusi, undeterred, reiterated his stance, asserting, “Banks are not a business… Banking is a profession.” He announced plans to publish his CBN memoirs next year, titled “Confronting vested interests: Central banking in a rentier economy,” to shed light on his tenure.

In response, Senator Adeyeye remained skeptical, warning of potential backlash for Sanusi: “Let SLS come up with his book… knowledgeable in all he did to mess up our banking sector might open him up for ridicule – his appropriate comeuppance.”

The Senator queried further, “Why, for instance, did SLS forget that eleven billion naira was written off Saraki’s loan at Intercontinental Bank? Is he able to recall how Aig secured N50b loan from a bank where his mother-in-law was CEO? How time can change perceptions!”

Former Kwara state governor Bukola Saraki and notable banker Aigboje Aig-Imoukhuede were accused of having large loans written off at Intercontinental Bank under the new administration after Akingbola. Saraki was a major shareholder at the largely distressed bank, Societe Generale which later entered into a merger with Intercontinental Bank. In Akingbola’s petition to the Attorney-General of the Federation in 2010, he wrote “Dr. Saraki has now used his political power to take over IB Plc after his failed peaceful merger attempts.”

In the midst of the resurfaced allegations between Akingbola and Sanusi, Adeyeye wrote, “Let each person answer on the basis of his verifiable record. Let us stay off non sequiturs”.

Several commentators on the issue also questioned Sanusi’s qualifications and competence to lead the nation’s apex bank.

The former CBN chief, who is a spiritual leader in Nigeria’s Tijanniyah Sufi order, has a degree in Islamic studies from the International University of Africa in Khartoum, despite having previously obtained bachelor’s and master’s degrees in Economics from Ahmadu Bello University in Zaria in 1981 and 1983, respectively.

To this, Adeyeye urged accountability based on verifiable records and cautioned against irrelevant remarks. He defended Sanusi’s qualifications, stating it was disingenuous for some persons to fault the former monarch’s academic credentials. He said, “it is disingenuous to sneer that SLS got to be CBN Governor after studying Islamic studies. Did he not have a first degree and a Master’s degree in economics? How many of those who rose to the position of CBN had better education than SLS?

The intense debate demonstrates Nigeria’s deep differences and unresolved worries over banking reforms, with both sides vehemently defending their positions. As Sanusi prepares to publish his memoirs, the news is sure to reignite debate and criticism about his tenure at the top bank.

 

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