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Tuesday, July 19, 2011

DIAMOND MOVES TO ACQUIRE OCEANIC BANK

Alex Otti, MD Diamond Bank Plc
The number of troubled banks in the country, have continued to increase by the day. First it was Intercontinental bank and now Oceanic, while that of Finbank is still on the way.
A statement by the group managing director of Diamond bank Plc, Mr Alex Otti few weeks back  indicates 
that Diamond bank is seriously warming up to take over Oceanic bank following thw possibility of Intercontinental Bank take over by Access Bank and the financial ‘romance’ between FCMB and FinBank, Diamond Bank.
 It would be recalled that Oceanic Bank was one of the ailing banks bailed out by Central Bank of Nigeria when the toxic debts profile of the bank became unbearable. At the peak of the crises that rocked the Nigerian financial sector, the former managing director, Mrs. Cecelia Ibru was arrested for mismanagement. She was jailed by the court.
 If Diamond Bank eventually takes over Oceanic Bank, then it would be good news because Central Bank had given it up to September 30 to get a buyer. we were further informed that the take over won’t involve cash purchase, rather it would be a share to share combination.
 At the moment, the Oceanic Bank in Sao Tome, which was owned by the bank, had been sold to Mr. Jimoh Ibrahim, a billionaire businessman, founder of Global Fleet Oil and Gas. He is also the chairman of Air Nigeria, Mirror Newspapers and Nicon Group of Companies. Ibrahim bought Oceanic Sao Tome 100 per cent.
 Diamond Bank is a new generation bank under the leadership of Alex Otti, a financial expert/ He was an Assistant General Manager with UBA before he left to join Finbank. He rose to the position of executive director with Finbank before he joined Diamond Bank as MD.
 It would be recalled that few months ago, the managing director of First Bank,Mr. Bisi Onasanya said his bank dropped the idea of acquiring Oceanic because it was not a good deal.

CHARLES AHIZE TALKS ABOUT TRIBECCA, NEW LOVER MAUREEN EMENALUM AND MORE

Charles Ahize and Maureen Emenalum
What haven’t they said or written about Lagos businessman, Chief Charles Ahize, in the last few weeks?
From the failed Tribeca partnership to his crumbled marriage and even his new love interest, we’ve been serenaded with all. Yet none of those feasting on these stories has bothered to hear his side.
In this interview, the Atlantic Auto boss took time to dissect issues as itt concerns the many controversies hovering around him for sometime now, his crashed marriage, his new lover Maureen Emenalum, Tribecca et al. excerpts

What has been happening to Chief Charles Ahize?
Well, a lot of ups and downs; family, business, politics. But at the end of the day, I’m on top of things. I’m alive, healthy, a brand new man, happy and I meet up with my demands, because that’s the most important things in my life.
You’ve been in the news heavily in the last few weeks, unlike before. How do you feel about this constant mention in the papers?
My first advice is to my opponents or my enemies: be weary of going into partnerships when it comes to business. On my marriage, two adults, two consenting adults can go into marriage and when they fall out of love, they can resolve amicably to go their separate ways. It’s natural, it’s normal, and especially with people in high society.
Earlier, you advised against going into partnership. Were you referring to the Tribeca drama?
Definitely!
So, what exactly is the problem or issue between you and your partners at Tribeca?
Definitely, definitely! It is the issue of entertainment. I never wished to get into entertainment and I abhor men who present themselves as Jack of all trades and master of none. My business is armoured vehicles, cars, automobiles generally. I never wished to venture into any other thing apart from that. Whenever I meet anybody in a position of authority or those I see prospects in, the beginning and the end of what I will tell them is automobile business. Delving into entertainment was just borne out of my desire of being a jolly good fellow. I like having fun and when somebody mooted the idea to invest in a lounge and a wonderful restaurant, I saw it as an avenue where I can entertain my guests, because I have too many people in high places and even below as friends. So, I just thought that if I have a place I can call my own and where I can also entertain my friends, it won’t be a bad idea, because it costs me so much entertaining my guests in highbrow restaurants and lounges. That was actually what attracted me; not the money. Because I mean, how much can somebody make from bars and restaurants? My greatest attraction was for me and my clientele; if I have any of my friends who is coming into town and I want to entertain the person, I can take them there. But I was beaten to that because there is one Igbo adage…You know I’m an Igbo leader and we do not express anything deep without a proverb. Do you know what they call bitter kola? The sound of a bitter kola when chewed is quite different from its taste. When you hear the sound, you will think that it is a sumptuous thing to eat, but if you taste it, it is very bitter. So, the way they sold the proposal to me, honestly, it is still like a mystery to me till today.
So, who sold the idea of investing in a lounge to you?
It’s Ahmed (Uwhubetine), it’s Ahmed. Ahmed has been my friend, my social friend.
But there are three of you…
(Cuts in) It was Ahmed that brought Solo. Solo is my friend, but a social friend as well; a distant friend. But it was Ahmed that brought us together. Actually, Ahmed wanted to bring more people, but I told him no, that I didn’t want a crowd. In fact, I told him that I didn’t want a third person, but he said he had been committed to Solo. And because I see Solo as a reasonable gentleman, I said okay, let him come on board.
So, how did you people now fall out because at some point Ahmed was eased out?
Nobody eased out anybody. I am the person that incorporated Tribeca Entertainment. And it was done in good faith. In fact, I commend the maturity of Solo and Ahmed because when they said I should incorporate Tribeca Entertainment, we didn’t talk about allocation of shares. They left me, gave me a free hand, I incorporated it and gave everybody equal shares. We all have equal shares in Tribeca.
But one person must have 34 percent?
We all have equal shares.
If all of you have 33 percent each, how about the remaining one percent?
We kept it for staff encouragement. Yeah! They didn’t follow me to Abuja. I incorporated it and we didn’t even discuss it. I just brought the file and gave it to them; that I’ve given everybody equal shares.
So, at what point was Ahmed shoved aside, because the news was all over town then when he left?
My brother, my brother, anybody who has followed board room politics, when three people are shareholders, in a meeting, two people are in the majority. It’s simple. So, if you are managing an outfit owned by three people, when two people say it’s their turn now, let others also try, it’s not in bad faith. Because the person was there before. It could have been the other way round; if it was Solo that started the management, we could half way, tell Solo, let Ahmed manage. Me, from the beginning, no, because I’m too big for that.
Ahmed later came back at some point, why was he brought back?
Nooo! Ahmed is a director, he’s not a shareholder. He owns the business. So, no matter the acrimony there, you can’t wish him away. Even if he takes a walk! It’s like a house you built, any day you like, you come and ask what’s going on.
How about the tale that at inception all of you were supposed to contribute a specific amount, you and Solo did, but Ahmed didn’t?
I think you should ask Solo and Ahmed about that first. I’m older, I’m an older man and older people don’t divulge information easily. It is the younger ones who do. So, I think you should ask them first.
It was also said that when you took over the running, you were not doing it well and that at some point you had to turn down a N2 million business just to stage a party for your lover? And that you even lied that the event was your birthday instead of hers…
My brother, that story is totally false. I’ve never managed Tribeca. It’s an insult to my person. How can I come and manage a restaurant and a lounge? For what? Am I placing a curse on my personality? Never! Anyday I desire to do such a thing, that means I have a problem. Don’t you know I have grown up children? I will suggest they take me to a pastor to deliver me any day I do that. My mates are looking for oil blocks and oil license and I’m going to manage a club. How much am I going to make there? Can it service my lifestyle? Never! I’ve never! Rather, as an older person and somebody who is more experienced, whenever there was an issue between Solo and Ahmed, I tried to use my wisdom to whittle it down. I never managed Tribeca and I never wanted to.
How about the allegation that some people wanted to pay N2 million to use the place and you turned it down and later used the place for a party?
My brother, these things are false. What’s the sense in somebody being offered N2 million and he will instead prefer to stage a party for a girlfriend? Everybody knows that my birthday is in November. I was born on the 7th of November. And this party happened in November, so is it that I’m lying to people that it’s my birthday? If the thing was in July, then somebody could say maybe I was lying. Moreover, somebody of my caliber, if I have a birthday for myself that had been planned ahead and somebody comes to offer me N100 million, do you think I should accept it? Even if you pay me N100 million and I accept it, you should know that I don’t have dignity and any principle. So, nothing like that happened. There was no issue like that. There was not even an offer. Now, on a lighter note, if indeed there was somebody that wanted to pay me N2 million, I would have just shifted my party for him. I’m an Igbo man (General laughter). I did not see money, I did not see offer, so there was nothing like that.
How about the tale that in spite of getting a new person to run the place, you people are yet to sign the necessary papers?
My brother, there is nothing like that. In a bid to make up stories, people cook up stories that never exist or existed. Look, we got somebody to manage the place and the person has gone in and started doing his business.
But they claimed you people are yet to sign the papers?
Do you need an agreement when the club is already running? So, if it was the issue of agreement, why did the man put his money there in the first place? The club is running! The club is open. The new management has taken over and it’s been like that for over one month and somebody is still talking about an agreement. What agreement!
Did the guy buy you people out or a new partnership has begun?
No! We gave him the place to run. We gave him one hundred percent free hand to run the place and make his money. Any proceeds he makes, he gives us what is due to us.
Why is the current state of your relationship with Ahmed and Solo?
Very cordial. Very, very cordial. Ahmed did not sleep with my wife neither did Solo. Or did they kill my father or my mother. It’s a business. I invested money and I didn’t see my returns and there was no good management and we’ve given it to a totally new person that I believe can turn the place around. All I need is returns.
Why would you say the partnership failed?
I am not into entertainment and I don’t want to be. Solomon, I know, is also not into entertainment. Solomon is an architect and a builder. So, our professions are complete opposites to entertainment. The only person that is into entertainment is Ahmed and I believe that probably time has left Ahmed. Because, you see, the things the younger ones will do now to get their clientele, Ahmed has overgrown them. That is what I think. Ahmed knows big men, but these younger ones that their clubs are rocking, they are young. They can move from here (Lekki) to go and see a group of girls. Ahmed cannot do that. So, I believe that time has overtaken Ahmed. I believe seriously that time has overtaken Ahmed, about what people do now in that line of business. Ahmed cannot mix up with everybody and night club business means that you have to mix up with anybody which makes you to build a good clientele, but which Ahmed’s personality, I don’t think, can fit into now. That’s actually what I think. There are other clubs that have older crowds, but those people, probably, have a clique already existing. Ahmed’s clique, for now, I don’t think they are the ones that want to drink to die.
Do you still look forward to the resurrection of Tribeca or is Tribeca dead and buried?
What is in a name? There’s nothing in a name. I’ve told you, my involvement there is to see where I can catch my fun with my friends. Where I can entertain my friends in government, business partners and if there are proceeds from there, I put in my pocket. So, what is in a name? Whether it is Tribeca, whether it’s Chrome, whether it’s Mango, all I need is existence. Let the place exist and let it serve the purpose I invested in it.
They said a lot of people were owning Tribeca, they couldn’t pay and that, that also contributed to the demise?
Like I told you, the major setback we had there was our personalities. Especially for Solo and I. Our incomes didn’t depend on what we made from there. So, it’s neither here nor there. So, the zeal with which we would have chased people who are our debtors wasn’t there. We took it for granted because we felt that everybody was as comfortable as we were.