Home SPECIAL REPORT EXCLUSIVE: BRISCOE TOYOTA MOTORS MD LOOTS OVER N500 MILLION OF COMPANY FUND;...

EXCLUSIVE: BRISCOE TOYOTA MOTORS MD LOOTS OVER N500 MILLION OF COMPANY FUND; GIVES ORGANISATION CARS TO LOVERS

Secrets Reporters

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

18 COMMENTS

  1. let the law take it’s due course. A thief is a thief, I wonder how people like this are allowed in the society. No wonder they refused to pay entitlements to the staffs that duels resigned and the ones the forcefully sacked. There’s God ooooo.

  2. Most of the management team are mediocares and also cannot address issues junior IT female receptionist student sleep with their MD and their lawyers too are adulterers. Its like stealing of the highest order. They cheat staffs and lie all the time. Hipocrites all of them

  3. He has succeeded in putting all his family members in strategic places of the Briscoe to cover his loots, I think this is the time EFCC has to move in to save R.T Briscoe, this guy Onajide is a rogue in collabo with his GM finance Segun Ogunsola..Time will tell

  4. Comments above have faces of aggrieved staff that either are currently out of job from the company and are trying to castigate the MD and impersonating people to make issues look bad for him. Guys, note who God has blessed no one can mess him up.

  5. These are not the facts, facts have it that these people crying wolf were involved in fraudulent activities, they got busted and consequently kicked out without any fear or favor. Some of them had the nerve to run auto business in direct competition with their employers…..where is that condoled. My relative currently works there…

  6. I do not understand the sentiments of previous commentators but have you guys ponder your comments? This pub lacks substance and verifiable facts. I have a friend that works with Briscoe so am writing from a position of fact. Do you know the company is under-capitalized? Do you know the coy turnover before & now? Do you know some dept/unit that makes profit and meet their target get regular incentives despite the company-wide poor performance? Do you know the coy does not owe staff salary despite the harsh economic conditions? As far as the law is concern, nobody can be pronounced guilty until proven by a court of law. Please get you fact.

  7. I think people should be very careful of what they say especially if they haven’t investigated their claims. Lots of companies are downsizing to stay in business but R.T Briscoe didn’t do that. From a reliable internal source we have gathered that the company only terminated the employment of non performing staff and have engaged competent staff afterwards. It was also gathered that this same Onajide moved the company’s turnover which was in a single billion digit when he took over the baton of leadership to double million digits meaning the business has expanded. Some writers also claimed that he does not have regards for staff, internal source made us understand that he operates an open door policy where any staff gains access to him regardless of who you are. We heard he is soo accessible that you can even stop him on the stairs to discuss your issues with him regardless of who you are and he takes it up almost immediatly. I think the earlier commentators are just dump and aggrieved foolishly.

  8. @Ben well said, wolf criers really. This fraudsters would have drained the company stupid if the MD didn’t intervene after uncovering their selfish actions. God is watching.

  9. Secret reporter, before posting any report, you have to find out from staff and should be able to weigh the information. It’s very clear that this secret report is from aggrieved staffs that are no longer working with the company and it’s one sided.

    Nobody gave you the report of those that defrauded the company with 80m and how 35m and property was retrieved from them.

    Greg, I disagree with you. I do not know any Md’s relative that work with Briscoe and I can tell you without missing words that R.T. Briscoe is one of the few companies that does not use tribalism and nepotism during recruitment process. I applied for Briscoe job online years back, just like every other persons, was invited for series of interviews and got the job without assistance from anyone.

    In as much as I know that no one is above mistake or a saint but we should not tarnish other people’s image in other to cover our shame/messes.

    REPORT FULL OF LIES………………………………
    SECRET REPORTER GET BUSY WITH IMPORTANT REPORTS NOT LIES

  10. Well,after going through your write up,i noticed this is all lies and bores down to the aggrieved former colleagues that where involved in frauds,i see no reason why all these lies should be said against the company that had in one way or the other feed you and your home.Well for me secret reporters ,learn how to listen from both parties before you publish untrue stories.Seyi onajide is a man of honor and all this are false allegations on his personality .But he who try to bring him down for just no reason will see the wrath of God soonest. And has for the Segun ogunshola you all are talking about,the guy his just prudent and discipline. Long leave R.T BRISCOE.

  11. when you say a MD lives an extravagant life style ,how do you mean cos been extravagant is relative.

    Did you know him before he became a chartered accountant?
    Did you know him when he was working in other companies?
    Did you know him before he became a director?
    Are you saying he added no value to the company?
    Have you any evidence of your allegations?
    Do low and mid level management staffs have the same lifestyle?
    kelvin knows about this, from reading his post.
    i don’t think there is any briscoe staff that can say he say he or she has sold more cars than the MD. if there is any let him or she come out and say so.
    How can you say someone is smooth talking, same time has no regard for staff, isn’t that contradictory? i wonder who he smooth talks then.

    This line makes me laugh
    Stay tuned for more details on his fraudulent and philandering lifestyle……shoroniyen?

    Another line catches my attention “Most of the productive salesmen have been frustrated out of the system”. If you are a Good saleman ,and as productive as you claim, no company lets go of someone like that. Name one staff that was let go ,give us stats, tell us how many cars he sold etc.
    Secret Reporters abeg talk another thing ……u no get news

  12. I write from the point of view of an insider. Having read the published “exclusive” report, I stand to correct most of the fictions contained in the write-up. I am well versed in journalism as it is part of my training. A professional reporter does not go about publishing articles just for the sake of making cheap funds. Based on this, I stand to challenge the writer and publisher of this article to say that it’s not a professional job. Reporting requires balanced information. You do not take sides when reporting issues.
    Now coming to the allegations presented: I make bold to declare to you that R. T. Briscoe is one of the few indigenous companies that have weathered many storms and is still standing at 57+ years.

    What facts have you got to lay claims to your first paragraph “…. the company is at the verge of collapsing”. This is quite untrue. Many businesses in Nigeria, in recent years posted lower profits due to the economic challenges business entities face doing business in Nigeria. If Briscoe is caught in the same situation- does that amount to collapsing?

    Yes, you are right that fraudulent activities occurred there. The issue now is do you just apportion the frauds to the Managing Director of the company without verifying your facts? Remember, I mentioned earlier that my viewpoint is as an insider. Some staff, who held senior positions and ought to be professionals in their fields, formed a clique and perpetrated fraud. It took the professionalism of this MD, who is a thorough bred and astute professional in his Accountancy field to uncover this fraud. The law enforcement agents were invited and many hidden facts started coming to the fore. If he were involved in the frauds as the article claimed, as head of the Management team, would he have been involved in getting the law enforcement agents to investigate the matter? The question is left to be answered by the right thinking members of the public.
    R. T. Briscoe is a publicly quoted company and its books are audited by accredited professional auditors and the results made public. Pick up its Accounts and digest to get more facts. I am not a financial expert but the new reporting format (IFRS) has made it easier to understand company account statements. Even if it made loss in recent years, these are explained in the accounts. Mr. Onajide has always run an open door policy and liberalized the company’s recruitment system such that rather than nepotism, a system of merit is applied. So the issue of his recruiting mostly his people holds no water here. He has good interpersonal relationship with all staff irrespective of the level. He is a listening leader.
    That he is the MD of a company at a time, fraud occurred in the system does not warrant the attack and insult on his person. I make bold to say as a staff, our company is not collapsing.
    Let us be! with your unfounded information. If anyone (ex-employee or otherwise) feels aggrieved by the system (Briscoe), they are more civilized ways of seeking redress rather than succumbing to cheap “faceless” attacks on the company and its management.
    FOR LOVERS OF TOYOTA VEHICLES – We ever ready to supply your “preferred” brand – Toyota.
    Long Live R. T. Briscoe (Nigeria) Plc

  13. If you guys don’t have fact please stop condemning people’s findings.
    I am an ex-staff, I know what goes down in that place and yes some staff got busted for fraud and the MD Seyi is not an exception. Ask him if there was any payment made for the cars he dolled out to his reverend father, ask him about his house in Akin ademokoya built in his name with briscoe money and rented out to the company as MD’s apartment, ask him about sales men commission that has never been paid over 5yrs and what did he use the money for. Ask him about the his everyday trip to US on a fake biz trip. He is a smart devil who has carved himself with so much voodoo. You can ask his drivers both previous and present, they are always in his cars. Kicking out staff in other to cover up your fraudulent act is Seyis specialist. I have names and I will provide them only if due steps are taken to persecute them all. You know what, ask Ayefele how he got his Ford Explorer. If you don’t have facts stop condemning people’s judgement. More to be unleashed

    • From what I read about ur comment King Kong, I know u have ur facts and u know absolutely what u are saying. Ford Explorers are his best gifts. I can’t lay claim to the fraud going on at Briscoe presently because I don’t work there, but all I know is the CEO’s lavish lifestyle. Too lavish!!! His present girlfriend of 4years or Bunmi Ogundare was gifted the latest Ford Explorer last year. He changes her car every year. I hear he went to marry her secretly in Ekiti as a 2nd wife. The girl owns a shop at Herbert Macauly road Yaba names “Pretty Fit”. He opened the said shop for her with thousands of dollars… Throws her lavish birthday parties every year spending millions of Naira lodging her at exotic hotels in Lagos and around the world, got her a 4bedroom apartment in Ogudu GRA, takes her round the world on first class to shop with him while married to another woman. What kind of man does that? A known figure with wife n kids. And you expect him not to loot to impress his committed lovers? It is well… we don’t need all these sponsored people coming here to defend him pls. You all know what’s up!!! We have too much loaded info about this man. But will stop here.

  14. I see foot soldiers trying to debunk obvious facts and resulted consequences. None of these foot soldiers has debunk (1) obvious reckless spending,(2) Bad organization structure without executive ED,(3)The fail management structure that allowed huge fraud among senior management.(4) The allegation against GM(5) The allegations against the GMD, (6) The life style. etc . Downward profit trend of the company and huge debt to the bank.etc. I have had several business transactions with the company and I can confirm”it stinks”.

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