Society Gists

-His Luxurious Life That Plunged Acorn Into Bankruptcy

These are not good times for Nigerian business men especially those on the list of delinquent bank debtors. Although Doyin Adeyinka, the embattled managing director of Acorn Petroleum, is yet to be mentioned, he is reportedly already whimpering like a school child and now running helter skelter to save his head from the long arm of the law. As you read this, fresh information are now coming in on how the debonair dude greedily sent the once blooming company into the abyss of bankrupcy

Recall years back, the hitherto hardworking Doyin Adeyinka, as helmsman at ACORN Petroleum Plc, was brilliantly doing well; delivering mouth-watering dividends to shareholders. And on account of his upscale business acumen and dint of hard work, diligence and inestimable corporate relevance, he deservedly became the toast of the high and mighty, climbing the ladder of success with accelerated steps.

But all that have now been relegated to the pocket of history, no thanks to the Tsunami that hit the banking industry when the present Emir of Kano, Sanusi Lamido Sanusi held sway as Central Bank Governor. The banking reforms interestingly exposed Doyin’s many shady deals, and in no time he started having disagreements and running battle with the directors and shareholders of the company, to the disappointment of many including his mentor Victor Osibodu. On the exposure by the CBN banking reforms, the directors individually and severally accused Doyin Adeyinka of financial misappropriation, deliberate misinformation and managerial irregularities including obtaining high loans from banks without due approval from the board, while simultaneously misleading shareholders and the Securities and Exchange Commission, SEC, to believe that the company was making profit, while it was not. Now, Doyin Adeyinka’s dilemma is far from over, instead it is turning from worse to worst, as he may have lost all the needed push to lift the company up from the verge of imminent collapse and outright extermination from the oil and gas industry.

It was gathered that Doyin Adeyinka was actually working for Vigeo Holdings, owned by Victor Osibodu, and on account of his sound managerial skills, was moved to Acorn company as Managing Director many years back. But no sooner than Acorn began to perform on the stock exchange, Doyin Adeyinka went on a spending spree, luxuriating in the finest things money can buy. UrbanLife gather that in connivance with Biola Kalesanwo, who was in charge of the depot, top management musketeers like Tunde Mafikuyomi, Banji Omisore ;others, made mismanagement and underhand dealings, the order of the day, while his younger brother Kunle Adeyinka, was doing all the illicit deliveries through his haulage firm. All to the detriment of Acorn, and it later culminated into the present and financial insolvency. With this development, Doyin Adeyinka desperately decided to downsize the work force by laying off over 90% of the staff strength giving them two months’ salary as pay-off.

The situation now generated to a big face-off with the members of the board of directors who are threatening him fire and brimstone for mismanaging their investments in the company, just as the company’s depot in Apapa near Integrated Oil has gone comatose and non-functioning. Those in the know squealed that Doyin Adeyinka is the architect of his present dilemma because of his reckless lifestyle when the going was good. We gathered that with huge money and financial resources at his disposal, he lived life to the hilt, embarking on expensive trips to big cities of the world, changing women of easy virtue at random, riding expensive cars and partying wild on the high octane social circuit and attending high profile social weddings where he spent money in local and foreign currencies as if they were going out of circulation. In no time, the reckless spending and flamboyant lifestyle of the handsome husband of Olumoroti, began to have a spiraling effect on the company gradually grounding it to a halt with no
hope in sight of any redemption.
Culled from UrbanLife Magazine