Jimoh Ibrahim removes NICON Insurance, Energy Bank MDs, as cash crunch hits Group

The Group Managing Director of Energy Group, Barrister Jimoh Ibrahim, has removed the Managing Directors of Nicon Insurance Plc, Emmanauel Jegede, and Energy Bank, located in Ghana, Sam Ayininuola.
Jegede, who has been in the saddle since 2007, is to be replaced by Samuel Bayode, said to be the mole for Ibrahim in the company before he bought it off the Federal Government.
Jegede now moves to the headquarters of the Energy Group in Lagos as the Vice President.
There are however fears of an implosion at the headquarters of the Energy Group as a power tussle is said to be imminent between Jegede and the CEO of Global Fleet Oil and Gas, Bridget Henry-Iyasere, who is said to be threatened about the security of her job.
Henry-Iyasere’s major fear is that with Jegede as her boss, her influence on Ibrahim might be whittled.
Though most of the filling stations under Global Fleet Oil and Gas are fast winding down operations, Henry-Iyasere is still regarded as the first among equals within the circle of CEOs in Ibrahim’s companies due to her closeness to the GMD.
Less than one week after assuming office in Lagos, Jegede has reportedly returned to Abuja where he was superintending the NICON group before his “promotion”, on the pretext that he was going to handover to his successor.
However, sources said Jegede, a childhood friend of Ibrahim from his hometown of Igbotako in Ondo State, sees his promotion as a way of making him irrelevant in the scheme of things.
And with the confrontation with Henry-Iyasere imminent, he is said to be avoiding the head office passionately.
He is reported to have pleaded with Ibrahim “tearfully” to return him to Nicon Insurance Plc, which many said has lost its old glory due to loss of accounts.
Ayininuola, said to be a First Class graduate of Economics of the Obafemi Awolowo University and pioneer MD of the Accra, Ghana-based Energy Bank, is to be replaced by the controversial Executive Director in the bank, A. Quinnette, who was formerly the Chief Executive Officer of Energy Investment, Ghana.
Ayininuola has been redeployed to Energy Investment.
As reported in earlier stories on the developments in Ibrahim’s companies, Quinnette emerged the CEO of Energy Investment in controversial circumstances, with the bank having run into troubled waters in Ghana.
It was accused of voodoo banking by the authorities in Ghana, with its pioneer Executive Director (Operations), Isaac Monehin, sacked less than a year after commencement of operations.
And after a row with Ibrahim, the Ghanaian who replaced Monehin, Ophelia Attobrah, also resigned.
Ibrahim is also said to have started selling off some of his assets in order to raise money as cash crunch hits his businesses and for his political battles.
Ibrahim is a member of the Peoples Democratic Party, with his eyes on occupying the Ondo State governor’s seat.
This has pitched him against the Ondo State Governor, Dr. Olusegun Mimiko.
The battle became fiercer with the defection of Mimiko from the Labour Party to the PDP.
In order to keep prosecuting the political battle, Ibrahim was said to have sold some of his assets.
One of the acquired assets he has sold, sources said, is the Federal Government Guest House on Victoria Island, Lagos.
He reportedly sold it for N3 billion.
His attempt to sell one of his houses in Abuja has, however, not been successful.
This was said to be because of the high price tag on the house.
He is said to be requesting for N1.4 billion for the property located in Asokoro.
The house, according to sources, was to have been used as the Consular office for Sao Tome in Nigeria.
However, he dropped the move after he was told that his position as an honorary consular in Nigeria does not confer on him the authority to run a consular office on behalf of a sovereign nation.
The Eagle