December 4, 2022

Global News

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Crisis Hits Jimoh Ibrahim’s Air Nigeria – Diverts airline profit

3 min read

Many will argue that he’s one of the most successful businessmen in the country, while others will call him a killer of ailing business. Whichever of the two categories, self-acclaimed billionaire, Chief Jimoh Ibrahim fits in well. The man who at a time tagged himself Donald Trump ofAfrica, has for some time now been buying into many businesses, especially ailing ones.

He started when he bought into Government-owned African Petroleum (AP) but he was surprised when the ownership was later taken away from him, after which he complained bitterly.

He recently acquired the country’s national carrier, Virgin Nigeria, and he immediately changed the name to AirNigeria. Though at the initial stage he released money for the new company to buy new aircraft to facilitate the running of the airline. This forced many who were sure he would kill the business to think that the airline would not go the way of EAS, an airline he bought which he allowed to die on the allegation that he had a disagreement with the board.

It has been more than a year since he took over the administration of AirNigeria, and unknown to many, the company is at the moment enmeshed in a crisis that may lead to where most of his acquired businesses end up. The crisis is that the man who wants to be the only authority in all his businesses has no regard for due process and has been accused by many of his staff of not being a good administrator. A source informed that he enters into the company anytime he likes to empty their earnings and this, we learnt, has forced his Human Resources Manager (HRM) to resign his appointment. Sources said the man was forced to resign when he realized there’s no present there not to talk of future.

The HRM’s resignation, we gathered, has been a chain reaction as many of the company’s staff are following suit: looking for job even in places where they are expected to be paid less than the airline. And this is threatening the existence of the company, which may soon die as others before it under the ownership of the Ondo State-born businessman.

It will be recalled that not too long ago, he took over the ownership of Newswatch magazine after it had been battling financial crisis for a couple of years. But information reaching us is that the lawyer turned businessman may be planning to pull out of the company he bought some months back. Sources revealed that Jimoh Ibrahim, who had deceptively collected back the money he paid to assume ownership of the company, is even planning to completely pull out his supposed financial commitment from the company on the basis that they should by now be self-sustaining, even when his financial impact has not been felt since he took over the running of the magazine.

The failed companies’ history of the lawyer can also be traced to when he took over the government-owned National Insurance Corporation of Nigeria (NICON), which he has successfully run into insignificance since he took over. The company’s fortune took a downward stroll, which confirms why former President Olusegun Obasanjo must have preferred another company’s bid for AP then.

The list of companies this lawyer-businessman has been able to help kill include Oceanic Bank, where he was said to have been a director; the story of the bank is still fresh in our minds. Others include the flagship hotel of Ondo State, Owena Motels, which was in a state of disrepair when he took over but which has worsened under his leadership. The EAS Airline and VCG Communication have also gone the way of others. Some other businesses he bought into in the recent past have also since been laid to rest as they cannot continue due to lack of required funds from the owner.

His ability to help budding or ailing businesses to die and his usual maladministration has earned him the nickname “Undertaker” among his peers in the businesses world. And with the current situation of things in AirNigeria, it is only a matter of time before that one goes the way of the others.

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UBA Foundation Rings in The Yuletide Season, Lights Up the Lagos Marina Africa’s Global bank, United Bank for Africa, through its Corporate Social Responsibility Arm, the UBA Foundation, on Tuesday, held its annual Christmas Lighting ceremony to mark the start of the festive season. The brilliant Christmas Lights of the UBA Foundation Gardens at the UBA Head Office on the Marina in Lagos, were activated by the bank’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, in a grand ceremony which was witnessed by key management staff and some customers of the bank. Alawuba, who addressed attendees at the ceremony, reiterated that the annual Lighting event is a symbol of hope for the coming year, the future and all the goodness it will bring into people’s lives. Alawuba said, “The UBA Foundation is focused on touching lives and giving back to its host communities. UBA through its foundation, the UBA Foundation desire remains is committed to improving lives in whatever way we can. We want to give back always and this event is quite symbolic as it represents the affinity we have towards our customers, employees and associates as well as our communities.” The CEO of the UBA Foundation, Mrs Bola Atta, said that the Christmas lighting ceremony was important for the Foundation adding: “Today is significant. All over the world, it is known in the advent period as Giving Tuesday. It is a time to give back to those who don’t have enough. It is a time to shine light on others, to give hope and give gifts. Today we gave out a lot of gifts and people were happy as we lit up the Foundation gardens to symbolise joy and hope. We are constantly reminded as an institution, of our promise to continue to touch lives and show kindness. In these difficult times, sharing even a little bit, goes a long way.” The lighting ceremony was attended by UBA staff members and customers who were serenaded with Christmas carols by the UBA Customer Fulfilment Centre’s choir. It ended with a guided tour around the UBA Foundation gardens on the Lagos Marina. Over the years, the UBA Foundation has been very active in creating sustainable development in its host communities and as part of its corporate social responsibility, the Foundation will be feeding tens of thousands of people across Africa during this festive season. UBA Foundation, the CSR arm of the UBA Group, is committed to the socio-economic betterment of the communities in which the bank operates, focusing on development in the areas of Education, the Environment, Economic Empowerment and other Special Projects.

13 thoughts on “Crisis Hits Jimoh Ibrahim’s Air Nigeria – Diverts airline profit

  1. What do you expect from this money laundering front for politicians. Most Nigerian businesses are loot from politicians and the so called business moguls like Jimoh know nothing about Business but stealing.

  2. jimoh pls try and be a good business man.its ur God ordained role to play in this world.money aint everything but instinct.you have made so much money in life so keep focused and let ur business thrive.

  3. Global news U̶̲̥̅̊ guys re doing A̶̲̥̅̊ great job………………Jimoh ibrahim does ₪☺t knw wα̲̅Τ̲̅ he wants from Banking †̥ telecom †̥ petroleum and now avaition I think he should be properly advised.

  4. i don’t know jimoh Ibrahim of such damaging characters. He has been a brilliant and smart BOBO since UNIFE ie OAU days. Also even he was one of IBB/Abacha boy then, he has redeemed himself from any frivolity. Air Nigeria must not die it must be sustained.

  5. JIMOH IS A BAD MAN DEALING FOR ROGUES ONLY!

    HE WOULD HAVE DIED OF HYPERTENSION IF HE TRULY USES HIS FUNDS FOR THE FUNNY THINGS HE DOES, ALTHOUGH HE QUICKLY MAKE MONIES FROM THE SALES OF WHAT HE BUYS AND GET-OFF FOR THE NEXT BUYER TO WORRY.

    WE WOULD SURELY SEE THE END OF ALL THE DRAMA.

    I CALL HIM “THE ONE MAN MAFIAN SQUAD”!

  6. Dont think the young man stands to gain anything by killing his own investments.But like any investor businness is a risk and u may not succeed in all ventures,but that he keeps investing prooves two things{1] that he must b succeeding in something that finances the investments[2] that he demonstrates hope in our ailing economy for which he should b commended.

  7. Jimoh Ibrahim is a thief and a rogue! period! He only buys this companys over to make quick money and then withdraw his money, he is not beta than the indians. He is not a business man but a thief. I have had dealings with his whether senior or junior brother who is also a lawyer, they are both thiiefs…

  8. Jimoh Ibrahim is a smart young man blessed by God, why are u calling him names? he has the right like any other Naija to invest in any biz of his choice and interest.
    My pple, wen u point a finger at Jimoh, pls remember dat d rest are pointing back at u.
    We should learn to appreciate our own so that God we also appreciate us.

  9. Jimoh Ibrahim is one of the most intelligent business men I have ever met in my life and I have high regards for him. I don’t know him for such character he is being described for. He trained in one of the best business skol in d world (Harvard business skol) and he employs professionals to investigate at d prospect of any business b4 he acquires dem. As human, I think he has the liberty to pull out of any venture at any time xpecially considering the kind of funny environment we live in. Am sure there are issues or pple acting as treat to his investment at that time and as human and a good business man. You have to be wise.

  10. Jimoh I brahim is just a deceiver. He hit his money through a former military administrator whom he was fronting for then. He even 419ed the man also who was later paralysed and this same jimoh now bought shoe this paralysed man. Can you imagine that.
    Jimoh is a rogue and all those people that are destroying our country will not see the light of the day.

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