Fraudulent Lifestyle Of Fidson Heathcare General Manager

Fidelis Ayebae, the CEO of Fidson Healthcare Plc, manufactures of range of products that include Anti-retroviral drugs and Astymin among others, started the company with only N5million in 1995, and over a decade after, he has grown it into a multi-billion firm. It was in 2008 that Ayebae took Fidson Healthcare to the Nigerian Stock Exchange and got it quoted on the floor. Added to these, he made the company, the first pharmaceutical going concern in the land to produce Anti-retroviral, a drug HIV patients used.

However, if all those stuffs were nice, what wasn’t nice was that he was alleged to be deeply involved in the wave of fraud currently rocking the organization. Reliable sources gathered that the company, which used to generate over N300million from sales of its products weekly, is presently dwindling in fortune and can hardly boast of generating N50million in a week these days.

This turn in event, we were told is largely due to series of financial fraud rocking the firm and the CEO, Ayebae’s silent agreement with the dirty deals. One of the persons who allegedly have their fingers in the company’s till is one Yomi Ali Balogun, Fidson’s national sales manager. Allegedly bleeding Fidson dry, Balogun is accused of dealing in double invoicing. This he does by reusing an invoice meant for particular product sales at different times to sneak out goods from the company’s premises.

However, sources said that it is not that Ayebae, the ex-banker turned business mogul is not aware of the happenings in Fidson. In fact he is well aware because he has been constantly fed incriminating evidence about Balogun’s underhand dealings but the CEO’s hands are tight. This is partly because Balogun knows too much about his boss and has once threatened to go public with Ayebae’s own secrets if he dares to stop the wheel and deals.

“There is something Balogun knows about Fidson Healthcare Plc and Fidelis Ayebae that we all don’t know, and he is using that privileged information to blackmail the man into approving his misdeeds” sources said.

Learnt that one of the privileged information at Balogun’s disposal is that his boss has not been completely truthful with Fidson’s shareholders who helped the company to raise N3billion through private placement in 2008. In recent time, Fidson lost N1.9billion revenue to unscrupulous elements within its system and over 40 staff resigned in protest against bad management. Similar to these, is that the company has over N2billion debt profile.

In the midst of all the ruins, sources said that the CEO has abandoned the company for his immediate family who live abroad. It is said that he spends most of his time with his wife, Funmi and children in UK at the expense of his ailing business.

However, Ayebae has been giving a different version of the company’s precarious situation to the shareholders. He was alleged to have changed facts and figures, and announced the payment of 22kobo dividend per share at the shareholders general meeting recently. ‘We were all surprise how he came about that dividend because we knew that Fidson has financial challenges due to insider abuse”.

© Global News



Posted on Sunday, December 09, 2012. Filed under , , , , . You can follow any responses to this entry through the RSS 2.0

1 blogger-facebook for Fraudulent Lifestyle Of Fidson Heathcare General Manager

  1. healthcare or heathcare in the heading. Just a concern.Mistakes like these may mar the website. Regards

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