Ever since the Cadbury Plc Saga with Bunmi Oni, many of us young career people and entrepreneurs who valued the integrity for which Bunmi Oni had been known, have wondered. We have wondered what exactly happened, is it true? Did he really defraud the company? Did he defraud the Shareholders? We searched frantically through the papers for a clue of his response, we longed to see him, and ask, “what is your version of the story?” For years, Bunmi Oni was the business icon of integrity and a role model to many of us who wanted to do things right. He was the beacon of hope, that in a dark dark world of guerrilla managerial gimmicks and self aggrandizing maneuvers, it was still possible to rise to the top of an establishment and play big time in Nigeria’s business terrain without compromising true north values. All that was challenged when the issues were raised. Many of us jumped into conclusions, some of us hoped for his comments and assumed that the silence of a man of integrity meant consent. In a 4hrs meeting with him yesterday his testimony shocked me, and rekindled the light of hope in my mind for value based thinking and integrity. I asked him before I left (I went with a colleague though), if I was allowed to talk about this, and … I am…
The first question he asked me when I dropped the bombshell was, “how much time do you have?” I told him I was willing to wait for as long as it was going to take. When he continued the story, I understood it perfectly. I had also spend 4yrs plus working in a manufacturing company and was fully in touch with the experiences he shared.
The details of the interview and the things I learnt from Bunmi Oni cannot be shared in one post, expect me to complete this episode in the next coming days. But here are a few quick outlooks.
1. No personal profits were made – Bunmi Oni did not defraud the company in any way. Cadbury together with all the bodies that investigated the case have published publicly that no personal profits or gains were made from whatever they claimed happened.
2. He did nothing Wrong – I’m not a judge, but I have high personal and moral standards. I listened to the accusations against him, the things they said, and the things they kept from saying, and frankly if Bunmi Oni can be faulted for integrity, then there is no man known to me on earth that has it. He did all that he did in the integrity of his heart and in the best interest of the company and it’s shareholders. I pride myself as one that can be trusted, and one that will swear to his hurt and stand by it. This man still stands tall as a role model for these values in my eyes.
3. Underneath the activities seen on the surface is a clear plot to introduce a foreign MD to Cadbury Nigeria Plc operations. Under Bunmi Oni’s watch, he had stood against any unnecessary overstay by any expatriate. He always gave firm timelines by which they must have developed a successor, he always ensured that when it came to the machines, Nigeria had the best, not the ever frequently suggested second hands -“tokunbo”. Bunmi is an Nigerian with a lot of pride in his nation and race, and might have been positioned as a necessary prey for Cadbury Uk plot to have more control access to the Nigerian market. In contrast with companies like Procter and Gamble who have never had a Local Sales, Finance or Plant director, let alone a Managing Director, Cadbury Plc management have proved themselves exceptional.
4. The investigators PWC UK, who were given the “brief” to investigate the case, did not have a single interview with Bunmi Oni before submitting their case. The reported that there was no money stolen, they also reported a lot of funny petty things, that are just so absurd. Remember, they did not even bother to ask him for his perspectives or defense on any of the issues. It seemed a Kangaroo arrangement with unpublicized objectives.
5. When it became apparent that the case was not going to be as easy as to discredit Bunmi Oni, get him out of the picture and get someone else (Expatriate) in, and that the SEC injunction was going to have repercussions on more than Bunmi Oni as an individual, they started communicating with him on the possibility of working together to clear the issues with SEC, after which they will unsay what they have said and make full restitution. As of today, he is yet to be paid a kobo of amounts due to him, for serving Cadbury for 29yrs like his own company. He has gone ahead to sue Cadbury and SEC, and the matter is now in court. He only kept quiet all along because he believed that Court was a last resort to resolving disputes, maybe he was wrong.
He shared a few lessons learnt, a few philosophical changes and shared wisdom for our generation. Like I said it’s too much to be said in a single post, but have this for a fact – Bunmi Oni still remains a role model for integrity, Bunmi Oni did not do so many of the funny things that have filtered out with his name on it. Bunmi Oni took responsibility for managing the company in days of success and in times of failure. Bunmi Oni’s career has been impeccable for 29yrs, out of which he had spent 10 as MD of Cadbury.
I’ll give you a lot more of the details shortly. Till then, you can get to read his news articles on www.bunmispeaks.blogspot.com. The only reaction that is required by good for evil to rule is silence, the only reaction for light to cooperate with darkness is not to express.
45 thoughts on “One on One with Bunmi Oni – 1”
I’ve been wondering what has been happening that we’ve not heard the other side of Bunmi Oni’s gist. People would love to hear him defend himself, people will only believe the person speaking even if they yarns “dust”.
thanks deolu, for searching him out, listening to him and reporting to us that, there is indeed- the other side.
Bunmi Oni still remains a role model, at least he is not absconding.
let’s share our thoughts on this one!
I have also admired Bunmi Oni from a distance and found it difficult to believe the story making the rounds. Thank you for the interview and the blog…
Yeah! For me Bunmi Oni’s court action is one of the ways to further establish Judicial Independence & Supremacy in Nigeria. A country that is gradually embrassing ‘Rule of Law’.
We keep our fingers crossed!
Akin
Nice one Deolu,
You have done just what the Bible admonishes: “Don’t judge a matter before you hear it”. Don’t really know much about the man, Bunmi, but the UK conspiracy theory to the whole saga makes me cry for our country.We tend to believe any thing foreign not minding the implications. May be to gain some foreign commendation/approval.
Of course i am aware that there is no smoke without fire.
That said, I still blame Bunmi for not speaking up and trying to call attention to this conspiracy even if it means him quiting cadbury. Surprisingly, he was willing to open up to you on this and not to the media or the public.
The findings and rullings of the various bodies involved (including SEC) are now common knowladge. And not even a court rulling can fully remedy the damage done to his person. I feel for him if actually is a victim of “onyibo” conspiracy.
He’s headed to court to seek redress for what? His entitlements or to prove his innocence?
There is certainly more to this than we already know.
we needed to have known this for a long time. thank God it’s all coming to the fore now.i feel so proud of Mr Bunmi Oni.if we have to live a life of integrity, then we have to go all out.
@Royal Prince,
He is opening up to the media, if you check his site, you’ll see the article is with the press already. According to him, he kept his peace because it’s his style to.
He is going to court to challenge the many false allegations made on his name, and the judgment that was effected without his opportunity to offer any defense.
I guess not all of us go by the method of speaking up, I think the older mature generation tend to believe that there are alternatives to dispute resolution.
One thing is clear to me though, and it’s that there is more to what happened than we have been told, and no matter how thin any issue is cut, it will always have two sides. There is more about the other side… I’m working on it.
It’s great to finally start hearing the other side of the story. I once worked at PwC, and i did overhear some gist with regards to financial mistatements on the part of Cardbury. The truth is financial information as stated by companies can to a large extent be subjective and still be within acceptable financial and sovereign company laws.
However, it could also be easy to indict management if the owners and more influential equity holders (expatriates in this case) have a score to settle. Welcome to the corporate war zone!
I strongly believe whatever Cardbury was accused of perpetrating (under Bunmi Oni) would certainly be incomparable with the tricks Nigerian Banks are playing with their financial (mis)statemets and their ‘casino-like’ profits that i believe are just in the books, and not real.
At a GARP conference i attended recently, Kim Norris (A Canadian, and Special Adviser to CBN Governor on Banking Supervision) confirmed the poor state of risk managment in our banks and expressed amazement and bewilderment at their soaring profits, but he also seemed pessimistic about significant improvement in the state of our financial services industry. I believe the Nigerian government hired him (and are paying him heavily) to help sanitise and wield his immense experience in proferring practical solutions to our problems, not join others in branding Nigeria a “unique” country where the laws of Economics do not work and Strange things happen.
We must break free from western ideologies and take hold of our destinies as Africans. Indeed, we need a “strategy of subversive rationalization” that will help mordernize and develop Africa in a unique way, and not in the way the washington concensus would eagerly dictate to us.
@Adetayo,
I couldn’t agree with you more. Well said.
I think integrity always wins. God will vindicate him completely. The last laugh is always the best
I’m just amazed at how petty these foreigners can get. We own the land and the market, yet they wont let us run the show.
I’m beginning to think Nigerians who run other blue chip companies are just chicken if they can’t go on a Bunmi-Oni-like crusade with regards to pre-agreed timelines for expatriates to hold on to key job positions that locals can handle.
Anyway, it’s good to know that the truth has started its journey. Of a certain we know that though it will catch up with and overtake the many lies.
Daddy Ire.
I am very happy that this is coming out now. Its been a worrying waiting period for me as someone who sees Bunmi Oni as a beacon of light in the perpetual darkness of the Nigerian corporate world. I also hold a sentimental attachment to him because I attended the same fellowship he did back in Ife and had in the past attended reunion with him. I never believed the story but I was very agitated and surprised that he was not speaking out not because it confirms his culpability but the implication on the people with low fuses.
So, I have you to thank for this and I hope the media will expose this hypocrisy and wrong-doing. Cheers!
It`s so good that we are hearing Bunmi Oni`s side of the story. Yorubas say only a wicked man judges a case after hearing just one side. Truly there are a lot of wicked people in this saga and obviously the plotters and detractors of Bunmi Oni are wicked. It`s just a matter of time, even if falsehood runs for 20years, truth will catch up with it in one day. The truth is catching up already. One thing i know is that after everything, Bunmi Oni will come out better than before the whole story started. His is a lesson for all young people who have taken solemn vows of integrity. God is always on the side of the just.
Chairman, thanks for doing this for all of us.
To know the type of characters that operate in our coporate world we should be intrested in knowing WHO AND WHO in Nigeria(Nigerians) collude with the foreigners to smear his image cos I don’t see how they could have done what he claimed they did without inside help.
@Deolu,
thank you for the clarification.
“Lies may win the battle but truth will always win the war”
Best wishes to him and I hope he comes out of it stronger than ever.
Oga Deolu. This piece is timely and i had long believed there is more to this saga than meet the eyes.
I also held the man in high regard and agree with Tolu that it’s a function of time before the truth catch up with those over-exagerated “propaganda” but then………..what happens to the reputation of the man?
even if he had made some/any mistakes(if there is )
I will continue to say that Nigeria will continue to be in this rot if we dont ask questions and hold govt/ppl responsible for their actions, challenge the ‘forces’ and wicked gang that had continually mess up the destiny & wellbeing and progress of this POTENTIALLY great nation for selfish personal greed and foreign ridicules.
We need a REVOLUTION!
Chairman,
Much love from Cape town. The Natives are really restless over here, I remember seeing Mr Oni at the Lagos Economic Summit where I overheard some revealing things about him. From what I heard, I think the greatest evil under the sun was dished to the man for nothing. I was one of the people that castigated him based on what the media fed us. I thank God he is finally speaking up. The Lord will surely grant him victory. Love to the family.
Deolu,
Thanks for this opportunity to discuss cadbury in this forum. I think we will learn a lot from this discussion. Pls can I start with a few questions. I expect response from any member of the forum.
1. I understand that before auditors and / or other investigators submit their report, they normally discuss the report with the Directors so that each person could defend and explain any grey area. Did PWC do that ? If not, What did Bunmi do ? or why did Bunmi keep silence ?
2. SEC is made up of Nigerians most of who are Bunmi’s friends, brothers and colleagues who understand too well the intricacies of board room politics, the expatriates vs nigerianisation politics. Was Bunmi invited by SEC for his own side of the story?
The fact that Nigerian banks and indeed most / all publicly quoted companies play around with their financial statement does not mean that doctoring books has now been legalised.
3. Was Bunmi accused of embezzlement or doctoring books ?. If it is embezzlement, then his distractors has missed the point but if it is doctoring books, then its very unfortunate.
4. If it is doctorig books, can you estimate how much nigerian investors have lost on cadbury stock by that singular act even though no kobo can be traced to Bunmi’s pockets.
5. Deolu, as you had one-on-one with Bunmi, why has he decided to break his silence now ? Why has he decided to go to court now, about two years after the accusation ?
6. What has he gone to court to acheive ? To reclaim his entitlement and retirement benefit from cadbury and compell SEC to de-freeze his CSCS account so that he could sell off his massive stock investment or is it to restore the massive losses incured by poor investors like you and me who acted on the doctored financial statement ?
I rest my case while awaiting answers.
Ed
Hmm! This is quite insightful.
Funny enough, in times past, i had encounters with some of the accountants that reported directly to him and the Financial Director, and the information i heard then seems to be different from what i have read here.
I’m really looking forward to the concluding parts of this story.
Well done sir!
Most Nigerians never for a fleeting second believed stories of fraud emanating from Cadbury.
Having worked in Texaco Overseas I have seen plots like this before.I started having problems with my chief geophysicist when I was less than 6 months in the Outfit.I dumped the 4 years later!I have done my own biz for the last 18 years.
Concerning the so called expatriates,the truth is that most of these foreign companies want to enjoy their investment in any foreign country to the fullest.The companies send third rated technicians in the name of senior engineers to boss you.Working closely with these class of expertriates,you are convinced they are no better than you though you may initially learn one or two things from them .
Mr Oni being somebody I respect so much, I just pitied him for not seeing all of this coming.
And this is a lesson for those of you out there thinking you are so indispensable to your companies-big or small.
Mr Oni became too loyal to Cadbury,with all the so called postings to Cadbury installations all over the world.
I am now seizing this opportunity to advise those of you “big executives” working for outfits where you are not shareholders to get wise,get out and and start your own bussiness.Dont even work for your father.
Somebody like Mr Oni should have started something like ONISONS to start competing with Cadburies of this world.
For you bankers there,you managers there,Kick you employers before they kick you after using you and paying you slave wages.
lol… interesting perspectives.
To Ed I’ll love to respond though… to a few of the points, based on my understanding…
1. PWC (UK, not done by Nigeria) did not ask Bunmi any questions. Cadbury UK did an initial investigation that made them ask some questions, from what I understand, they were asking questions as if to know who was to blame for the issues of “misstatement of account”, he told them they didn’t need to look for who was to blame for any issue, as he was willing to be responsible for everything that happened within his watch. PWC came with a brief, which measured by it’s findings and results, seems to have been a hunt for finding who defrauded the company.
2. Bunmi says SEC asked him questions based on the report that PWC UK sent to them, which he did not see, nor was aware of. He told them, that he did not see the report, not was he consulted in coming up with it. He believed it wasn’t proper to use a report he was unaware of as a basis for questioning him.
3. His accusations have rippled into many assumptions and support accusations. The key one was miss statement of account… what you can call doctoring. He explained what he did, and what they came up with. I think you should hear it and judge, not before.
4. Let’s assume for the sake of this answer, that books were doctored… does that make shareholders lose money? Maybe I don’t understand the stock market enough, but go research this -” the day the stock market will crash is the day truth enters it”. The stock market is built on speculations, rumors, lies and some fundamentals. I can recount extremely funny scenarios to you of share appreciation in the presence of recorded losses. I think slightly differently from shareholders lose money when books are doctored. All the books seem doctored to me, and money is being made by shareholders.
5. Is it 2yrs? He had gone to court a while back though, I just found out when I asked him. His lawyer had been advising him to sue since, maybe he made a mistake in believing it could be resolved otherwise. In fairness, he showed me communication that showed that Cadbury UK was willing to do full restitution and unsay all they had said. They still claim to want to, but after he helps with solving the issues with SEC. As SEC now seems to them a common enemy.
6. He is going to course to get justice. His side has not be heard, and his integrity is currently under public questioning. It’s taken him time to speak out, I guess my father would have done a similar thing. They keep complaining that our generation is too much in a hurry… and too confrontational. Or maybe it’s the phlegmatic in them both.
Deolu,
Thanks for the clarification. Let’s be patient for the full details of the story in your second post. But before then let me comment on your respond.
1. The Cadbury saga blew open around Nov 2006, so its about 18 months now.
2. The key allegation, as you rightly pointed out was account mis-statement, which I understand was for a period of 3 years. That is converting losses to huge profit for a period of 3 years. I will really like to hear his own side of the story on this particular point as it is the only basis for SEC judgement. If and only if there is merit in the allegation, it then implies that Cadbury had actually been on RED since 2003.
3. In 2004, around April, Cadbury stock traded all time high of about N100.00. Somebody bought it at that price, certainly using the company information at that time.
4. For a long time now, Cadbury stock has been trading BELOW N50.00; excluding inflation and cost of fund. And you tell me that people have not lost money.
5. The stockmarket is built on speculation, rumors and some foundamentals but for “lies” especially delibrate account mis-statement and falsification, that’s the essence of the regulatory authorities; to reduce it to the barest minimium through the application of sanctions on identified offenders.
6. Our ears are really itching for the 2nd part of this story.
Ed
@Deolu
There definitely is more to this than meets the eye but I will not want to approach this with the typical conspiracy theories. Atimes, the crux of a matter gets buried in innuendoes and the various biases with which various parties approach the issue.
The basic fact remains that accounts were misstated and for anyone to gloss over that and feed us with even more unverified stories of persecution on the basis of nationality is a disservice of the greatest degree to our progress as a nation.
At the very least, there is a document from PWC UK which indicts Bunmi Oni upon which SEC acted to punish (just for the records not only Bunmi Oni but Akintola Williams the cadbury auditor and the Registrar company which I think is Union or Wema registrars)
Please let us put our biases and this misplaced patriotism which will not bring any development or advancement to our country aside and call a spade what it is and not just a generic term like an “agricultural implement”.
Something stank at Cadbury and terribly too just like it did in Enron and WorldCom in the US, but unlike the truly patriotic americans who took notice and blocked the loopholes in the system it seems you are canvassing for a burial of the murky issues thrown up by this occurence just to launder the image of one man.
I beleive true patriotism is when we stand up for what is true and right in our society no matter who it affects, it is when we are able to do this that we will be able to stand tall among the committee of nations.
This persecution complex we seem to be developing will not get us anywhere. The Asian Tigers did not become an economic force threatning to overtake the west by moaning about what foreigners did or did not do to them, they sanitised their system in their own way and created a favourable environment for economic advancement. I don’t think mis-statement of company accounts is in any way along those lines.
Bottom line is that Bunmi Oni violated corporate governance rules and was punished for it (not by the whites but by our very own SEC no matter how incompetent it might be).
thank GOD the truth is gradually coming out.we shall see the TRUTH very soon.
oga deolu,
well done.
@Babatunde
SEC has done their own conclusion just like PWC but it will be wise to draw our own conclusions after getting the man’s side of the story.
That is not to say you are wrong,but give the man a chance to say his piece here or on the pages of newspaper.
Lesson though,we are all learng from his experience.
@ Babatunde
I agree with you. We’re only truly patriotic when no matter who it affects we promote the right away of doing business in our society. Its very easy to get carried away in the discussion that foreigners go and do business in our country and want to be in absolute control, even though its true in a lot of caes. We still need to lay aside all bias in this situation. There’s a saying “there’s no smoke without fire” , I’m almost sure this is true in this case, he might not have done all he’s been accused of, but he most likely did some , knew about some and did nothing about them.
@Deolu
Speculations in the stock market is not the same as doctoring books. The former includes opinions on the perceived trend in the market based on experience and forecasts while the latter is a purposeful falsification of accounts which is definitely wrong.
@all
This is just another reason why we need to ensure that everything we’re involved with is done in the right way.
Looking forward to hearing what Bunmi Oni has to say in his defence to conclude forming my opinion of the situation.
To all,
Its a pity Deolu can ask a question whether money is been lost by shareholders if a report is doctored? This is just a case of double standards.Lets not try to launder the image of Bunmi Oni because we are close to him,the man and his Finance people tried to cheat the system and were caught.
Anybody who knows cadbury well will know that the company has not been doing well compared to Nestle which can be see as their major competitor.
Bunmi Oni as MD of cadbury is a product of Godfatherism in Nigeria. He joined the company as a graduate in 1977 and rose to become Personnel Director in 1989 just after 12 years in service,became MD in 1992 and later MD/CEO in 1995 when Christopher Kolade relinquised the CEO portfolio and remained as Chairman.This man read Food Tech fro Ife with 2:2 and had an extra year.He became MD when most of his colleagues who came in together with him where still Managers. The other senior directors resigned in annoyance when they could not stomach it except a few like the Finance Director.
FYI,Christopher Kolade lived with Bunmi Oni’s father while growing up,so in paying back the favour he bulldozed Bunmi tothe top when he was the least qualified. If you doubt this,go and read the profiles of CEOs of multinationals and tell me where a fresh graduate joined the company and became a director under 15 years.
The digression aside,the company has not been managed properlyand they have been hiding the poor results. Lets not try to hide facts under patriotism.
If he feels he is innocent let him go to court and prove it.
People have lost their hard earned savings due to their dishonesty. Other companies doing so will meet their waterloo one day.
Please publish the second part of the story.
@Babatunde and Ola,
Please don’t get me wrong, I don’t believe that Patriotism is supporting ourselves in the wrong on the argument of sharing geographical origin. I don’t even know who made this a patriotic us vs them issue, it’s not. It’s a values issue and I think this should be the focus of our debate.
I don’t know Bunmi Oni from Adam, I’m not a member of his family and as far as he was concerned, talking to me that day was his first time of seeing me. I have no interest or bases for interest in laundering his image. I’m just interested in what happened, and the benefit of his own side of the story.
If a man we have known to be a role model for integrity, who was a member of an integrity standards organization for Nigeria, lectured on topics bothering on values and integrity at the highest rated Business School in Nigeria, and won and award for CEO of the year with high rating by his colleagues… if such a man is suddenly discovered to have been perpetrating values contrary to his public opinions, should we not ask to know? I like you, read the news, and believed that smoke must have fire. I, like you took a position and pointed fingers, but somehow it didn’t all add up.
I also agree that “everybody is doing it” is not grounds for why it should be done. Interestingly even if you patiently get the full picture, we could still judge the case differently.
I remember a story shared by Covey, when we don’t know the why, we tend to harshly judge the what? All on board a train shouted at a man for his unruly children, until he told them their mum just died and they were coming from the hospital. Bunmi certainly did some things, the questions are what exactly and why? Is there sufficient motive for him to misstate? In Enron and Worldcom, like in most similar cases, the top executives dump their shares and make a killing ahead of the plunge, but here no money was made, is that normal? I guess such questions are answered in court, and thankfully, that’s where the matter is.
Others…
Please let’s debate this issues without getting personal, saying that I have double standards for just asking a question intended to make Ed explain something to us all is as simple as it is. I asked, I don’t know all things.
About Cadbury share prices… I think there are other ways to look at it, but first let’s focus on the issue at hand. I’ll do the second post now… been extremely busy
… by the way… the HR Director of CocaCola Africa became at less than 37yrs of age… without any Godfather… and there are so many others…
I also became a few things as well, a bit early without any Godfather, so I really won’t say that was based on Godfathers, or mentorship… I actually didn’t know all you said, I just liked the idea that they developed local leadership and it seemed to be working.
@ Babatunde
I hope you know what you are talking about when you state “Bottomline, Bunmi Oni did….” I’m not saying you are wrong, but i’d like to ask whose story is right with regards to Jimoh Ibrahim and the FG’s taking over of Nicon?
What’s the true story behind Bernard Longe’s first bank scandal?
Why is it that Nigeria Brewries hasn’t seen as much profitability as before even though they have built and commissioned their Ultra Modern plant for a few years now?
Why was Festus Odimegwu removed from Nigerian Breweries as MD? I know what we read……
What really happened in Wema Bank?
What is the real story behind Transcorp?
I’m not necessarily alluding that these cases are like Cadbury’s but whose report do we believe is what i ask? If Ndi Onyuike-Okereke had such a visibly strong involvement in a company like Transcorp that sucked in Nigerians monies like a vaccuum and went belly-up, who is then going to stand as judge in the Cadbury case?
A few questions I’d like to ask:
1. Why was Bunmi Oni not arrested? Why was he never charged to court? Why did the regulatory authorities not ask him to submit any documents as regards the charges brought against him?
2. Why is Akintola Williams, the accountants of Cadbury Nigeria during period under question suing the SEC for wrong assessment and judgement in the Cadbury saga?
3. Why would I see Bunmi Oni at the state dinner of the Lagos Economic Summit Group 2008 as an invited delegate? Why would he dare to come into public glare without fear?
I understand your viewpoint and your seeming disappointment but i’d wait till i heard the whole story if i were you.
I’m not sure i can visualise you eating your words as loudly and publicly if the case ends in favour of Bunmi Oni at the end of the day.
@Stranger
You are writing as though Bunmi Oni has not had an outstanding record as MD/CEO of both the Nigeria and Ghana branches of Cadbury. Check the profitability of the company under his watch as against his predecessors. You’ll discover that he outshines them all.
As if his contributions to the National Economic Summit Group and other Pro-Nigerian initiatives were gotten as a result of godfatherism.
I really don’t understand what you mean by he’s a product of godfatherism.
-Did his godfather send him to University?
-Did his godfather ensure that his final year thesis which he returned to fine tune after his service year was published in an internationally reputed journal in Japan?
-Did Cadbury become an investor’s delight while his godfather was in the seat as MD?
-Was it his godfather that got him a lecturer’s position at Pan African University where he trained and developed leaders
-If indeed the members of the board all except one resign when he was appointed MD, was it his godfather who ran the board alone with Bunmi and the FD to keep the company’s profit growing.
-Please, if you envy the man’s record, say so. All the details concerning his 2:2 grade and extra year are balderdash. I can come up with a list of those who didn’t even have up to that who are running great companies in the world today.
Please try and be objective till the whole story unfolds otherwise can you tell us something else you know or have heard or read that Bunmi Oni did that was in discordance with integrity, rule of law and corporate governance or even the basic moral value systems?
If not………………………………….
To Busee and Deolu
I can see you guys dont like any views contrary to your opinions particularly Deolu cos this is his forum and i have had cause to read such in the past.
In life there are always people who will not share the same ideas with you and will see things from a different perspective.
I pointed out that this man was a product of Godfatherism and in no way insinuate he was a dunce. He got to that position at the expense of other more qualified people.The Finance Director(this same one,Ayo Akadiri) got to the board 3 years before Oni like some others and Oni was still chosen as MD ahead of them. I implore you to put forward resumes and profiles of people who have been CEOs of multinationals and compare their credentials.
If you get to see him again,ask him if any of the things stated here are false and his relationship with Dr Kolade.
The man had an outstanding record as CEO better than anyone else thats why cadbury is in debt to the tune of billions and shareholders are suffering as a result of the outstanding records. The so called profitability has been shown to be a farce. Take your time to look for anybody who works in cadbury and they will be in a better position to tell you.
Been a genius or even an emeritus lecturer does not make you not to commit blunders and falsify records.Anybody can be a guest lecturer,at least Deolu delivers lectures too.I am not judging her,but Prof Grange comes readily to mind amongst many others.Even our dear Obj used to speak so much about the doctrines of God that you can mistake him for Christ himself if you were meeting him for the first time.
The HR Director of Cocacola Africa did not start as a trainee in the company,pls go and read up his profile.I stand by my point that there is hardly any individual who would come into a multinational as a trainee and become MD less than 15 years.
Nigerian Breweries has been doing better every year,you may need to get an accountant to explain financial results for you.The company has been offsetting their loans.Check out the results next year.
As for wemabank,the bank has a lot of horrible debts that i cant imagine. I know one highly placed customer who owes the bank close to 2bn and there is no sign he will ever pay because some top management staff benefitted from the loans.With such information i have vowed i will never buy wemabank shares again. I leave the story of wemabank for another day.
Please lets not hide under the umbrella of patriotism and mentorship to encourage whats not right.The case is in court,let the judge decide if he is innocent.
Cadbury over the years had been struggling to stay afloat due to bad management decisions and were far behind with Nestle. Even in terms of remuneration for staff.
NB, I am not a staff of cadbury,dont even live in Nigeria but have very detailed info about cadbury.
@Bussee
I made that statement based on the facts in the public domain which Bunmi Oni (so far) has done nothing to repudiate. I stand to be corrected and will gladly tender an apology if facts to the contrary come into light pardon me for this because no man is omniscient and please remember that some people in times past were sentenced to death by a competent court for offences they didn’t commit (which is why I personally don’t support the death penalty because there is really no compensation for the dead)
I have also not said Cadbury Schweppes UK are innocent in this matter (the corporate guys in the western world perpetuate as much vice if not more than our people back home they only go about it smarter and don’t do it as brazenly as our people do and you can beleive me because I’ve experienced nepotism first-hand here in Ireland).
Unfortunately Cadbury Schweppes UK is not directly under the Jurisdisction of SEC therefore they cannot be scrutinized further.
I am more concerned in this case with consumer confidence in the Nigerian Stock Exchange. I am an ardent marketer of the NSE to my fellow Nigerians in the diaspora and most of them are skeptical of the security of their investments in the NSE.
Cases like what happened in Cadbury do untold damage to the capability of the NSE to attract investments and only reinforce the aforementioned skepticism. It also gives a very bad name to Nigeria outside of it as Deolu has pointed out in a couple of his articles. The vices that Cadbury Schweppes UK will perpetuate in Nigeria will never be done by their staff in the UK (You will remember the Halliburton case of recent memory in the US) but they will always look down on us as corrupt people because they always find willing allies in their corrupt schemes from the “Creme de la creme” of our society.
Based on Deolu’s discussion with Bunmi Oni (whom I also respected so much and was proud of because he had his ancestry on the mother’s side from my home town), I can only deduce that he was a victim of his own earlier successes.
Performance in corporate leadership positions are usually judged by targets against which the data from the accounting books are judged (Just like a Premier league manager is judged based on results on the soccer pitch). My conjecture (which may be wrong) is that Cadbury’s accounts were manipulated to show impressive performance while the reverse was the case.
I do not know of the inner workings of Cadbury enough to know who was responsible for this or if Bunmi Oni had an agreement with his superiors in management to do this or what his motives were for condoning such an action but misleading information was presented to the shareholders of Cadbury under Bunmi Oni’s watch and he himself says that he takes full responsibility.
True, Bunmi Oni might partly be a victim in this case but he can not be held wholly innocent based on the facts on ground at present and that should serve a note of warning to the next “Maverick” in the Nigerian business arena but the question is “DO WE EVER LEARN?”
@Deolu,
I’m sorry if I came across as if yu were doing an hatchet job for Bunmi Oni, you were only relating what he said and your conjectures from his first-hand “revelations” of the events. I definitely would expect Bunmi Oni to launder his image (I would probably do the same if I were in his shoes)
My grouse was with this tendency to blame everythin that goes wrong on the western world’s intent to ensure our continual backwardness even when there are more glaring causes from within. It sort of reminded me of Emperor Nero who resorted to blaming everything on Christians or Hitler who chose the Jews as his fall guys for everything that went wrong.
Some other additions….
That Bunmi Oni attended a dinner means nothing,Obj still attends functions freely.He was in Abuja the other day to attend/receive an award from a body of Engineers.
Festus Odimegwu was removed as MD of NB due to his romance with politics,he had abandoned his role as MD to become Obj’s campaign adviser which could have been detrimental to NB if they didnt ease him out.
That he has/ was not arrested is a sorry indication of the way things are run in our dear country.
FYI,while Tony Blair was PM he had been invited several times by the Police when his party was said to have not declared donations made to them.
Lets wait for the judicial system to play their roles and not be sentimental about this cadbury issue.
The bottom line still remains,the records of that company was doctored for years.
@ Stranger,
I’m sorry about that perception of my being intolerant of views different from mine. I am actually not intolerant. I also actually prefer it when people also use real names, and don’t use masks to protect their identities, but that notwithstanding, I allowed your comments to fly, because I respected your right to different views. I’m also learning a lot of new things from what you are writing, so please… don’t cripple my arguments with it’s my forum. And by the way… if you know any Godfather that is recruiting for Godsons… please let me know, it sure seems a fast way 🙂
Back in our school days it was all about the books, some people achieved the same results with relationships and we the book worms felt irritated. In the corporate world, people don’t even recognize what you know, until the know you, like you and trust you.
@Babatunde,
I understand where you are coming from… and respect your views. About the NSE and about the lame blame we point at the Western world. When you break down all the geographical boundaries and colours, we are all human beings (dysfunctional as far as SIN is concerned), with naturally corrupt tendencies. I have also been taught, that no matter how thin we cut any issue, it always has two sides. And thought we should give him the benefit of airing his views.
@Stranger
I beleive Deolu is fair enough in his views and in his moderation of the comments. Accusing him of intolerance of other’s views might be stretching things a bit.
I can remember also hearing stories about Bunmi Oni similar to those you point out as Godfatherism (and from sources I respect too) but my sources and I would not go so far as to lay Bunmi Oni’s quick ascension up the corporate ladder wholly at the feet of Godfatherism alone. And no matter what anyone says, who you know does really matter in anything you do in life but there is a clear difference between picking your favorite amongst princes and placing a slave (pardon my use of the word) who has no iota of nobility in him by birth or by disposition on the throne of a kingdom.
Let us give the man his dues, he really was a shining light of performance combined with propriety and he really encouraged the development of ideals in the upcoming generation.
His case is actually similar to that of the American Governor who had to step down recently due to his dalliances with a prostitute. It is an often common reminder that it is easier to talk the talk than to walk the walk and that the best of us men are still at heart only men and subject to the influences of the inherently unstable nature of man.
@Deolu
I also wanted to point out that the fact that no profit was made is not an iron-clad defence in this case as the guy who almost wrecked Societe Generale (The french bank) recently also made no profit but played games with other people’s money and the books same as the guy who took Barrings Bank (the oldest bank in the UK then ) under.
A point of interest in the above mentioned cases is that the culprits always said that upper management superiors were aware of their initial success and did not raise an eye-brow and that they were only being made scape-goats because the earlier successes later became failures with them having to resort to mistating accounts to keep the books balanced.
Deolu,
I really dont know why Bunmi Oni who has been, painfully to me,silent all along now considers u a veritable medium to defend himself. Is it that he doesnt trust the Nigerian media?
What is it with this sight-tight attitude of our Nigerian leaders even in corporate world? Can they just resign when things are going wrong or their integrity is being questioned? Must they wait till they are disgraced or booted out?
I want to say thank you to Deolu for having/finding time to speak with Bunmi Oni.This forum has educated us all in one way or the other.
While we wait for the outcome of the court proceedings in this matter,we all need to be careful in our variuos spheres of life so that we dont run foul of whatever laws that govern us so that the enemy will not steal all that we have laboured for in life.
If indeed these findings are true, then its appalling to know that people can be so cruel.Is that how to repay someone for serving a company for 29 solid years? Thats no joke;However, time always tells.
Great job Deolu.It takes someone with good values to stand for good values.
If indeed these findings are true, then its appalling to know that people can be so cruel.Is that how to repay someone for serving a company for 29 solid years? Thats no joke;However, time always tells.
Great job Deolu.It takes someone with good values to stand for good values!
@Kroy,
Bummi Oni normally is an easy going person and would never want to make a scene just because everyone wants him to act….
He is the kind of person that would go for a tour round the factory with an expatriate and if they tell him “yeah this is impressive” He would reply–” were you expecting less? He was a hard working man with integrity.
So unfortunate that the era of Nigeria CEO’s of international companies came to a halt with him.
Now I expect him to nail those who Humiliated his person….
Well done Deolu……….Impressive
@Joseph,
The Corporate world is not a church where you can afford to suffer indignity withous saying a word in your defence because you want peace besides doesn’t the Bible say we should stand for what is true and right?
Even in the Church, people are going to court (for example in Ireland, there was so much noise about a case recently where the Archbishop of the Catholic Church in Dublin was taken to court for trying to keep evidence of Priest’s sexual abuses out of the public domain).
Bunmi Oni played that corporate world for 29 years and I’m bold to say that even he admits he did something wrong (his excuse is the often cliched “It was done in good faith”).
I’m bold to say that one can do the wrong thing for the right reasons and vice versa only that in the former case judgement is by humans often on the basis of the letters of the Law while in the latter case you can only be judged by Divinity based on the purity of the intentions of your heart. The Bunmi Oni saga might just be an occasion of the former.
Like stranger said, the watchword is propriety and integrity in all things as a single stain often stands out on a piece of pure white cloth while it might blend into the background on a multi-colored patterned piece of the same dimensions.
Posterity is always there to vindicate the righteous. one thing I’ve discovered about is that they ind it so easy to believe lies and difficult to believe truths . when we hear or red that one man has impregnated his daughter or his wife’s sister, we jump into conclusions and say yes its true, he used to run after that girl, but the next time we see in the dailies that the same escaped assassination attempt by unknown assassins, we quickly say again that: ah this man is so nice o, why will people want to kill such a good person. see the contrast. which is which and where lies the truth. we must believe in our own people and create a sense of trust in the attitudes no matter the circumstance. lets keep our head up high and together we would save Nigeria from these people who do not wish to see us living well.
thank you for not leaving us in the dark.
Though I prefer to believe that Bunmi Oni’s side of the story is right, it certainly doesn’t add up. What gains has CadburySchweppes to destroy the brilliant career of an outstanding and committed employee on the eve of his retirement? They could wait for him to retire in a few months to step in. I certainly admire this man and still do. I believe he goofed but he still has a lot to offer on management etc. I really dont wish him to disappear into obscurity, he certainly stood out in his time in terms of brilliance, charisma and all the other things. I love him to come out straight to tell us what he diid right and wrong and the moral lesson he has learnt.
Femi,your approach appears to be the best out of all the other comments. The ‘overstatements’ really existed.I was part of the system for some years and I know what transpired. If there was no basis, the foreigners would never be able to ‘overthrow’ him. ‘If there was no crack on the wall the lizard wont be able able to gain access’.Certainly there were mistakes and the most honorable thing is to accept the mistakes and learn from them.He will be a hero if he decides to share the mistakes with upcoming entrepreneurs.Success is not only measured by how long a person can stand but even more importantly, is how to rise after a fall.
just read the thread! Amazing work.
just examined the topic. Amazing work.