Ibadan’s Popular Night Club Owner, Edward Okotieboh Falls Over Bad Times

. How His Businesses Ran Aground

Edward Okotieboh is not an unknown personality in the business and social circles of the Ibadan-Lagos axis. The unheard of secret now is that he is trying as much as he can to bounce back into financial reckoning. His claim to fame was mainly his investment in the telecoms business and for years, his Bamisoro Telecoms drew goods worth not less than N 70 million every week from Nokia. Then, employees in his outlets in strategic locations across Ibadan were ever busy attending to customers and retailers from across the country who thronged the stores in search of high quality phones and accessories. In those days of Bamisoro, buying anything there was as good as buying directly from Nokia. With what he bought every week, the phone giants had no choice but to agree that a warehouse be sited in Ibadan. He soon became the hottest in terms of phones. With time, he diversified into other things and he started a transport line that was for the exclusive use of some corporate bodies in Ibadan. Hew also opened Le Merville, a night club off Adeoyo Road. Despite the location which many felt could walk against the club, it was the toast of a lot of funs seekers as people came to the place even from the Bodija axis where most clubs in Ibadan are located. One of the main reasons was that he never stopped bringing in innovations into the club.

According to Street Journal’s findings, trouble started for Bamisoro when his main warehouse was burgled twice in one year. The incident reportedly set him back by hundreds of millions and while he was trying to recover, supplies stopped coming from Nokia as he could not pay some outstanding funds. The business was eventually shut down when there was little or no capital left to run it.

Soon, he was left only with the club and not too long after, trouble came knocking again. Isaac Fayose, the owner of the property in which Le Merville was situated refused to renew the lease which was a short-term deal. Street Journal gathered that one of the causes of the trouble between Edward and the former Ekiti Governor’s brother was that one of the cheques with which Edward tried to effect payment was returned by the bank. It got so bad that between them that Edward’s properties were locked in the sprawling complex for months before he could move some of them out.

Some of those who know him closely have over time disclosed that the young, fun-loving businessman is broke. One of the proofs adduced was that sometime last year; he put his Chrysler up for sale. He claimed then that he wanted to sell it in order t o raise funds to clear some vehicles he was bringing into the country. For some time now he has been out of circulation and no one has seen most of his exotic cars and power bikes, neither has anyone seen the new cars he wanted to import. Though a few people who claimed to have spoken with him recently are saying Edward has intimated them of plans to re-open Le Merville with a big bang soon, Street Journal has however found out that Edward now hangs with one of his friends, Uche who is building a hotel somewhere in Iyaganku GRA. As it stands, Edward acts as the supervisor of the site and it is as if he is on his payroll. Checks also revealed that he is still trying to convince Uche who deals in building materials to allow him manage the hotel when it is completed. There are insinuations that he will re-open the club when the yet to be completed hotel commences operations.

 

Author: NewsAdmin

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