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Corporate Stories

#CorporateStories: Eko Hospital and the ‘Barbarians’ at its gate

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Eko hospital

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.

 

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Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

1 Comment

1 Comment

  1. Clinton

    June 26, 2018 at 9:03 am

    Posting this on FB. Who is Dr. Geoff Ohen. Can i worship at the feet of his lawyers?

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Corporate Stories

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.

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Corporate Story: Intriguing tale of Seven-Up’s ugly fight for market share in Nigeria

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.

Corporate Story: Intriguing tale of Seven-Up’s ugly fight for market share in Nigeria

Seven-Up Factory

But the internal memo leaked

 

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Corporate Stories

A bitter family feud has continued to hamper this company’s growth

Sometime in early 2012, a wealthy, sophisticated, and beautiful middle-aged Nigerian businesswoman walked into a Lagos courtroom to testify before a judge.

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A bitter family feud has continued to hamper this company’s growth

Sometime in early 2012, a wealthy, sophisticated, and beautiful middle-aged Nigerian businesswoman walked into a Lagos courtroom to testify before a judge. She had just filed a lawsuit before the court in a desperate bid to salvage her late husband’s investments in the Tourist Company of Nigeria Plc (TCN). She was also understandably trying to secure her financial future and that of her children. Her husband had just died, and she suddenly found herself thrust in the position of the sole breadwinner of the family.

The woman is Mrs Maiden Ibru, the widow of renowned businessman and politician, Alex Ibru. During her testimony on that fateful day, she made some pretty shocking revelations, albeit with some dramatics.  She told everyone gathered in the courtroom that just as she was walking in, she supposedly saw the apparition of her late husband telling her to fight. So, fight she did, by spilling all the secrets about the company.

Tourist Company of Nigeria Plc

Mrs Maiden Ibru appearing in court to testify.

Apparently, all was not well with the Tourist Company of Nigeria Plc, a hospitality company that owns one of Nigeria’s oldest luxury hotels – the Federal Palace Hotel. Perhaps no one would have known about TCN’s woes if Mrs Ibru hadn’t instituted her lawsuit and subsequently given her bombshell testimony. However, the sad thing is the fact that though it’s been seven years since Maiden Ibru’s court appearance, all is not still well with the company.

 

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Corporate Stories

Cement Wars: The battle for Cement dominance between Ibeto vs Dangote

A story of the battle for Cement dominance in Africa’s largest economy, Nigeria.

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dangote ibeto

A story of the battle for Cement dominance in Africa’s largest economy, Nigeria. How one man surmounted rivals, both big and small, to become the undisputed King of African Cement and another battled with the guardians of the corridors of power.


On a cold afternoon in November 2005, Federal Government operatives, acting on orders from above, swooped down on a busy factory in the oil rich city of Port Harcourt. They were under instructions to seal off a warehouse whose operations had contravened a government policy – a policy that would later prove decisive in a brutal race for market share in an industry worth over N1 trillion.

At first, the closure appeared to be due to a mix-up between an agency of the Government and the owners of the warehouse. It was expected to be resolved in a matter of days by the billionaire Chairman of the company. Emissaries were dispatched to help resolve whatever misunderstanding may have led to the seemingly excessive act by the government.

As days turned into weeks and weeks into months, it dawned on the owners of the multi-billion-naira conglomerate, which was based in the South-Eastern part of Nigeria, that they were dealing with powers that stretched far beyond the red sands of the South East. Something had to be done to resolve this issue. At stake was not only the reputation of the company, but billions of naira in inventory that could erode all the wealth that had been built over the years.


Flashback – School boy

It was January 22, 1966 in the bustling suburb of Nnewi in Anambra state, South-Eastern Nigeria. Nigeria had just witnessed a deadly coup one week earlier, and the mood in the country was still tense. But for a certain household, a major decision had to be made. Cyril, the eldest son of the home, was having a chat with his father that would decide the fate of one of his siblings.

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