This story delves into the world of corporate mind games, maneuvers and one of the deftest company takeovers ever seen in Nigeria
It all began in 1977, when 3 young Nigerian Doctors, who just returned from overseas decided to come together to setup a hospital. One of them practiced Medicine, the other was a surgeon and the third was a gynecologist. They converted an apartment owned by one of them, which was located in Alhaji Danmole Street, Surulere, Lagos into their specialist hospital and shared the rent equally. They named the hospital Mercy Specialist Hospital, and began operations in 1977. They quickly gained popularity among lower and middle-class Nigerians and attracted many patients due to their versatility
Interestingly, the 3 doctors worked at the teaching hospital in Lagos but managed their own hospital part time. A model still being used today by many medical practitioners. But as with anything in Nigeria, their luck would soon run out as the then Military Ruler General Obasanjo promulgated a decree. The decree said as a medical doctor you were not allowed to work in a teaching hospital and have a private practice at the same time. And so, the trio had a huge decision to make on whether to face the rough seas of the corporate world or remain employees of the government. After some advice and soul searching, they decide to take their fate in their hands, took a bank loan and went full time. And so, in 1982, Alexander Eneli, Sunday Kuku, and Augustine Obiora came together to cofound a hospital named EKO Hospital Ltd.
The hospital name was coined from the first letter of their surnames.
Standard Alliance Insurance plc: What happened to the most capitalized insurance company of 2010?
After a 39-year journey of high and lows, shareholders await Awodiya to deliver on the promise of profitability.
Standard Alliance Insurance Plc recently held its Annual General Meeting, the first in the last four years. The financial reports received at the AGM were that of FY 2017 and 2018, bringing up the million-dollar question; what is going on with this underwriter?
Nairametrics Company of the Week focuses on the 39-year-old highly ranked insurance company, its past achievements, and current realities.
Almost 40 years ago, the company was incorporated in July 1981 as a Private Limited Liability Company. At this time, it was known as Jubilee Insurance Company Limited until August 1996 when it became Standard Alliance Insurance Company Limited.
Corporate Story: Intriguing tale of Seven-Up’s ugly fight for market share in Nigeria
For many years, competition in the Nigerian soft drink market was mainly between Coca-Cola and Seven-Up but in 2014, Rite Food came and disrupted the space.
It was early morning on Wednesday, November 13th 2019, and Ziad Maalouf was not asleep. He could not sleep, not with his mind burdened by what had become a serious problem facing Seven-Up Bottling Company, which he oversees. It was part of his job as the Managing Director to figure out a solution to this challenge. And that was exactly what he was doing as he sat in his study that early morning, typing furiously on his computer.
By 4:37 am that morning, Maalouf had sent out an internal memo and copied 25 top executives of the soft drink manufacturing company. In the memo, he made it clear that he was ready to declare war against the company’s competitors. He would not rest until the war was over and Seven-Up had emerged victorious, he declared.
But the internal memo leaked
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