Without disputation, late MKO Abiola was a successful
businessman during his days, but so much turned
against him after his great financial fame and political
ambition went down the drain when in 1993 he was
denied the right to the presidential seat by the then
military head of states, General Sani Abacha.
MKO Abiola's investments cut across major
sectors in Nigeria's economy, such as banking,
telecommunication, education, aviation, oil and
gas. Most of these were at best drastically
affected and at worst put to an end with the
supposedly ill-fated June 12 presidential election.
Almost all his businesses collapsed twenty-five
years after his death. A list of some of Abiola's
defunct businesses are listed below, Vanguard
reports.
Habib Bank
The bank, which got its license to operate in
1982, was founded by Abiola and late Shehu
Musa Yar’Adua. It was formed in partnership
with Habib Bank of Pakistan, which holds 40
percent shareholding of the bank.
The bank lost its operating license in 2011 owing
to its inability to cope with the recapitalisation
scheme instituted by the Central Bank of Nigeria
(CBN) the same year.
Summit Oil
Summit Oil was an oil and gas firm formed by
the late business tycoon in 1990. The company
obtained Oil Prospecting Lease (OPL 205) and
was located at the Anambra basin, north of the
Niger Delta. Summit Oil was a top contributor to
Nigeria's oil and gas industry at the time.
However, after Abiola death, not much came out
from the OPL 205 in terms of actual production
even till presently. Economic experts report that
its license would have expired by now, with little
or no activity going on at the firm.
Concord Airlines
With so much expectation and funfair in the
Nigerian aviation industry, Concord Airline came
into existence in 1990. The airline, which had
close to four fokker27 aircraft and Abiola’s
private jet in its fleet, flew high with the
popularity of its owner.
Regrettably, before it could be counted among
the serious players in the sector, it flew into the
crisis that came after the 1993 presidential
election and met its doom.
Abiola Bookshop
What now remains of the once famous bookshop
located at No. 362 Herbert Macaulay Way in
Yaba area of Lagos, is a building, which
according to many, has not felt the stroke of
paint brush for many years. Visitors at the
bookshop reported that the premises is unkempt
and looks like a place left uncatered for.
Concord Press
Concord Press came to the media space in the
early 1980s. It rose to eminence soon after it was
established, with its sale of copies of daily news
amounting to more than 400,000 per day. It was
also a victim of ill-luck as it saw its fall soon
after the June 12 presidential election.
Banuso Fisheries, Berec Batteries and ITT company
The above-named investments which dealt in
animal husbandry, energy and communications
respectively, were also hugely affected after the
presidential election in 1993 went against late
MKO Abiola.
Meanwhile, adegokblog.com reported that late Chief
MKO Abiola made his supposed inaugural speech
on Saturday, June 11. This move by Abiola cost
him his freedom and chance to rule as Nigeria's
president.
businessman during his days, but so much turned
against him after his great financial fame and political
ambition went down the drain when in 1993 he was
denied the right to the presidential seat by the then
military head of states, General Sani Abacha.
MKO Abiola's investments cut across major
sectors in Nigeria's economy, such as banking,
telecommunication, education, aviation, oil and
gas. Most of these were at best drastically
affected and at worst put to an end with the
supposedly ill-fated June 12 presidential election.
Almost all his businesses collapsed twenty-five
years after his death. A list of some of Abiola's
defunct businesses are listed below, Vanguard
reports.
Habib Bank
The bank, which got its license to operate in
1982, was founded by Abiola and late Shehu
Musa Yar’Adua. It was formed in partnership
with Habib Bank of Pakistan, which holds 40
percent shareholding of the bank.
The bank lost its operating license in 2011 owing
to its inability to cope with the recapitalisation
scheme instituted by the Central Bank of Nigeria
(CBN) the same year.
Summit Oil
Summit Oil was an oil and gas firm formed by
the late business tycoon in 1990. The company
obtained Oil Prospecting Lease (OPL 205) and
was located at the Anambra basin, north of the
Niger Delta. Summit Oil was a top contributor to
Nigeria's oil and gas industry at the time.
However, after Abiola death, not much came out
from the OPL 205 in terms of actual production
even till presently. Economic experts report that
its license would have expired by now, with little
or no activity going on at the firm.
Concord Airlines
With so much expectation and funfair in the
Nigerian aviation industry, Concord Airline came
into existence in 1990. The airline, which had
close to four fokker27 aircraft and Abiola’s
private jet in its fleet, flew high with the
popularity of its owner.
Regrettably, before it could be counted among
the serious players in the sector, it flew into the
crisis that came after the 1993 presidential
election and met its doom.
Abiola Bookshop
What now remains of the once famous bookshop
located at No. 362 Herbert Macaulay Way in
Yaba area of Lagos, is a building, which
according to many, has not felt the stroke of
paint brush for many years. Visitors at the
bookshop reported that the premises is unkempt
and looks like a place left uncatered for.
Concord Press
Concord Press came to the media space in the
early 1980s. It rose to eminence soon after it was
established, with its sale of copies of daily news
amounting to more than 400,000 per day. It was
also a victim of ill-luck as it saw its fall soon
after the June 12 presidential election.
Banuso Fisheries, Berec Batteries and ITT company
The above-named investments which dealt in
animal husbandry, energy and communications
respectively, were also hugely affected after the
presidential election in 1993 went against late
MKO Abiola.
Meanwhile, adegokblog.com reported that late Chief
MKO Abiola made his supposed inaugural speech
on Saturday, June 11. This move by Abiola cost
him his freedom and chance to rule as Nigeria's
president.
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