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IBADAN: Real Reason Why Odu’a Investment Shut Down Lafia Hotels

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THE Management of Odu’a Conglomerate Limited, has shut down, one of its three hospitality concerns called Lafia Hotel, located along Abeokuta road in Apata, Ibadan, Oyo State.

The company’s Head of Corporate Affairs, Mr Victor Ayetoro, who recently, through a statement hinted that the closure became imperative following the directive of the Odu’a Board/Shareholders to put a stop to the recurring losses being incurred by the hotels in the group over time to salvage the legacy of the heritage bequeathed by their forebears.

The hotels, as learnt have been struggling with inability to meet up with their financial obligations which include among others; backlog of workers’ salaries, huge debts to creditors, non-remittance of statutory commitments such as VAT, WHT utility bills amongst others.

Also, Mega Icon Magazine reliably gathered that Odu’a Investment Co. Ltd, the sole owner of the hotels had on many occasions came to the rescue of the hotels by releasing funds for renovation purposes and settling some of the outstanding hotel debts/statutory obligations which had been the experience in the past years without any significant improvement in the fortunes of the hotels.

Ayetoro informed that the move kickstarts a new strategy to reposition the hotels in the conglomerate’s chain.

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The statement reads: “Odu’a Investment Co. Ltd, which is the sole owner of the hotels, had on many occasions rescued the hotels by releasing funds for renovation purposes and settling some of the outstanding hotel debts in past years.

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“The interventions did not yield fruits in the case of Lafia,

The company further assured the public that third party claims would be reviewed and sorted out while the staff would receive their entitlements as may be agreed after ongoing discussions.

Lafia hotel is one of the hotels inaugurated by Chief Obafemi Awolowo’s government as a step to tap in the tourism economy together with the Premier Hotel and Lagos Airport Hotel . All the three are under the auspices of Odu’a Conglomerate and they all maintained the sanity of a prosperous hospitality concern.

Lafia Hotel was one of the best hotels in Nigeria in the 70s which was the only one fit enough to accommodate the then Head–of–State, General Yakubu Gowon who paid a visit to the Western State then .

The Hotel has like other hospitality outfits been operating within the economic dictate and contemporary business climate overing in Nigeria. That is going from fair to good and for the better.

However, in the past four years, the hotel’s fortune has consistently slid from the good, to the fair and to the bad.

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FG Unveils Unbundling Plan for Electricity Distribution Companies

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In a bid to enhance efficiency within Nigeria’s power sector, the Federal Government has initiated the unbundling process for 11 electricity distribution companies (DisCos).

This move aims to streamline operations and bolster effectiveness within the sector, as highlighted by Nigeria’s Minister of Power, Adebayo Adelabu.

Addressing the Senate Committee on Power in Abuja, Minister Adelabu emphasized the necessity of restructuring the DisCos into more manageable entities aligned along state lines.

He stressed the impracticality of current setups, citing examples such as the Ibadan Disco, which spans across seven states, hindering operational efficiency.

Also, Minister Adelabu disclosed the government’s intention to exercise its ownership rights in the DisCos, reclaiming management responsibilities to rectify operational shortcomings. He underscored the imperative of governmental intervention, citing past mismanagement by private sector operators.

In tandem with the unbundling initiative, the Federal Government has directed the sale of DisCos currently under the management of banks and the Assets Management Corporation of Nigeria (AMCON). Four DisCos, including Abuja, Benin, Kaduna, and Kano, are now under bank management due to loan repayment issues, signaling a broader need for industry-wide reform.

The Senate Committee on Power echoed concerns over DisCos’ inefficiencies, advocating for comprehensive overhauls to address longstanding performance deficits. Senator Danjuma Goje decried DisCos’ lackluster contributions to the power sector, labeling them as “complete failures.”

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In response to mounting challenges, Minister Adelabu outlined key strategies to revitalize the sector, including stringent regulatory measures, franchise agreements, and accelerated completion of transmission projects. Additionally, efforts are underway to bridge the metering gap and expand renewable energy capacity to bolster the national grid.

Looking ahead, the Federal Government remains committed to realizing its vision of a robust and sustainable power sector, with plans underway to achieve a target of 6,000MW of power generation by the year’s end. As stakeholders collaborate to address systemic deficiencies, the trajectory of Nigeria’s power sector points towards a future marked by resilience and progress.

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Nigerian Army Dismisses Two Personnel Over Alleged Theft at Dangote Refinery

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The Nigerian Army has swiftly acted on allegations of misconduct within its ranks, as it announces the immediate dismissal of two of its personnel implicated in a reported theft at the Dangote refinery in Lagos.

Director of Army Public Relations, Onyema Nwachukwu, affirmed this disciplinary action in a statement released on Monday.

Corporal Innocent Joseph and Lance Corporal Jacob Gani have been relieved of their duties and handed over to the police for further investigation.

“As a demonstration of NA’s zero-tolerance for misconduct and criminality within its ranks, the two soldiers have been dismissed from the NA with immediate effect and handed over to relevant authorities for further prosecution,” Nwachukwu stated.

Major General Nwachukwu outlined the charges against the soldiers, citing their abandonment of duty post and unauthorized possession of materials. He noted that they were summarily tried and found guilty in accordance with military laws.

“This decisive action underscores the NA’s resoluteness in maintaining its institutional integrity and reputation,” Nwachukwu added. “The NA reassures the general public of its dedication to upholding integrity, discipline, and accountability at all levels.”

“We remain resolute in our duty to protect and serve the nation with honor and dignity,” he concluded.

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OYO101: ADELABU— When will this generational ‘UP NEPA’ chant stop?| By Muftau Gbadegesin

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The Minister of Power, Oloye Bayo Adelabu, has apologized for lashing out at Nigerians over poor energy management.

I hope Nigerians, especially our people from Oyo state, forgive and overlook his Freudian slip. Given that apology, I believe the minister has realized his mistakes and will subsequently act accordingly. In days that followed the minister’s vituperation, many otherwise cool-headed and easy-going observers quickly joined the band of critics and cynics. By the way, what BAND do you think those critics belonged to?

Plus, how best do you describe kicking someone who is down already? The flurry of condemnation that followed Oloye Adelabu’s ‘AC-Freezer’ sermon must have surprised and shocked him. Instead of sticking to his prepared speech, he decided to dash off by telling Nigerians some home truth. Quite amusingly, the truth, it turns out, is not the truth Nigerians want to hear. And as they say, ‘There is your truth, my truth, and the Truth.’ The fact is that Nigerians are angry at many things, the sudden hike in electricity tariff being one.

Perhaps the Minister’s press conference, an avenue to calm fraying nerves and address critical issues, quickly congealed into an arena for an intellectual dogfight – if you watch the video, you will hear the murmur that rented the air the moment that terse statement was uttered. While some influencers tried to downplay the minister’s jibe, they were instead flogged in their whitewashing game. Frankly, I am not interested in the minister and the energy management brouhaha. What I am indeed interested in is what the ministry and minister are doing to restore light in a country where darkness has permeated much of its landscape – don’t mind the confusion the minister and the ministry have created to disrupt the conversation around that vital sector of the economy.

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‘Up NEPA’, Lol

Trust Nigerians. When the defunct National Electric Power Authority failed to end the perennial and persistent darkness in the country, it was ironically dubbed ‘Never Expect Power Always.’ And when the company morphed into PHCN, Nigerians berated the name change, saying the company would hold more power than it would release. True to that assumption, PHCN indeed held more power than it gave to the people.

Then, in 2013, Nigerians woke up to the news of DISCOs, GENCOS, GASCOs, and so on. DISCOs for distribution companies, GENCOs for generating companies, and Gascos for gas suppliers. Of all these critical value chains, only DISCOs were handed down to private enterprises. Think of IBEDC, AEDC, IEDC, BEDC, etc. Unfortunately, the privatization of the distribution chain hasn’t transformed the sector’s fortune for good. More interested in the money but less motivated to do the dirty work of revamping the infrastructure.

Like a typical Nigerian in a ‘band E’ environment, I grew up chanting the ‘Up NEPA’ mantra whenever power is restored at home – and I am not alone in this mass choir. As a rural boy, the ‘Up NEPA’ chant is etched into our skulls from time immemorial. Sometimes, you can’t even tell when you start to join the chorus; you only know that you say it automatically and auto-magisterially. Many years down the lane, the persistent power cuts, blackouts, and grid collapses have worsened. And under Minister Adelabu, power supply, based on my little experience, has never reached this depressing point in history.

As a content creator, I can tell you Oloye Adelabu may likely go down in history as the most inconsequential minister of power unless something drastic is done to restore people’s confidence and bring about a steady, stable, frequent, and regular power supply. You may have seen on social media how most Nigerians who migrated abroad often find it difficult to shed that ‘Up NEPA’ chant from themselves once a power cut is fixed in those countries. Like the rest of their countrymen, they have internalized that mantra. Only after they’ve acclimatized to their new environment would they become healed of that verbal virus ultimately.

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‘Adelabu, end this chant’

This is a challenge. In my column welcoming Oloye Adelabu into the critical ministry of power, I asked a rhetorical question: Can Adelabu end the penkelemesi in the power sector? In Nigeria, is there any other economic sector troubled by multidimensional and multifaceted peculiar messes than the power sector? Adelabu’s grandfather, Adegoke Adelabu, was nicknamed Penkelemesi. History has it that the colonial masters, tired of that Ibadan politician, decided to describe him in the punchiest way possible: a peculiar mess. Quickly, a peculiar mess spread across like wildfire: the white men have described Adegoke as a peculiar mess. Translated to Yoruba, we have Penkelemesi. In retrospect, the minister must have realized the situation he met on the ground is better than what is obtainable now. He needs to own up, chin up, and take full responsibility for this total blackout.

‘Minister Fashola’

Babatunde Fashola, SAN is a clever man. For four years as minister of power, he avoided cutting controversy. But long before he was appointed, he had stirred quite an expectation around fixing the rot in the sector. He had jokingly said his party, the APC, would resolve the crisis of perennial blackout in one fell swoop. He categorically gave a timeline of when Nigerians in the cities and villages will start to enjoy regular power supply: six months. After four years of setbacks, Minister Fashola was forced to eat his vomit: the power crisis in Nigeria is deep-seated and chaotic. Oloye Adelabu has made more enemies than friends in less than a year. The minister may survey his performance among Nigerians to test this hypothesis. The truth is the truth. The mismatch between the minister’s area of competence and his assigned portfolio hasn’t helped matters as well. And this is a cavity many of his critics and traducers are banking on.

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For the first time in decades, Adelabu stands on the threshold of history: will he end this generational ‘UP NEPA’ chant once and for all? Time will tell.

OYO101 is Muftau Gbadegesin’s opinion about issues affecting the Oyo state. He can be reached via @muftaugbade on X, muftaugbadegesin@gmail.com, and 09065176850.

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