Lovers of Toyota vehicles who buy from one of its foremost dealer, Briscoe Nigeria Plc can begin to start looking for another company to trade with as we can report authoritatively that the company is on the verge of folding up, due to fraudulent practices currently going on there.
Our sources within the company revealed that even though the management of the Company has been trying to conceal this fact but on a daily basis, it’s becoming difficult for them. The company is ‘broke’ & heavily indebted we learnt.
The company’s indebtedness is to the tune of N14bn at the moment & has been consistently making losses in the past 4 years. The loss for year 2014 is in the tune of N1.84bn, a situation which will make the shareholders likely revolt this time around. The half year report for this current year is already estimated at a loss of over N1bn.
There are insinuations that this is due to bad management, particularly the current Managing Director, Mr Bukola Oluseyi Onajide who since taking over in January 2010 has nosedived the fortunes of company.
The smooth-talking Managing Director is enjoying very good relationship with the Chairman of the board of directors & there is not even a single Executive director in the company; this has made it practically impossible for other board members to know the ‘true’ situation of the company. It was also learnt that the daughter of the foremost Toyota Representative in Nigeria (Chief Ade-Ojo) is also on the board of the dying company but she’s also not aware of the underground happenings.
It has been alleged that the current Managing Director & General Manager (Finance) have embezzled over N500 million. This is however not new to some people as it was discovered allegedly that the General Manager (Finance) was involved in fraud in his last organization before joining RT Briscoe. The two men our sources disclosed have been siphoning the company’s funds & covering up the books in a smart way.
The Chairman was due for retirement since 2013 but is still trying to retain the seat despite the bad situation of the company. Secrets Reporters also learnt that the Managing Director lives a very extravagant and flamboyant lifestyle; throwing very lavish parties all on the company’s resources.
The current situation has forced the company to commence sacking of workers; it was learn that close to 70 members of staff will be affected by this exercise.
The Managing Director according to our sources within the company gives out brand new vehicles to several of his female friends & family members at the expense of the organization and also colluding with the GM (Finance) to siphon large amounts of money.
This looting prompted the GM (Finance) to recently delete all the CCTV recordings in his office so as to destroy any evidence that could implicate him.
The Managing director we learnt doesn’t have regard for all members of staff as he sees himself as the all-in-all because there is no single Executive Director or Deputy Managing Director. Most of the productive salesmen have been frustrated out of the system.
Meanwhile, so many shareholders are preparing for war as the AGM comes up in a few days.
Stay tuned for more details on his fraudulent and philandering lifestyle