See list of most of late Abiola's businesses that went down the drain after June 12

macfranc007 June 12, 2018 Nigeria News today & Breaking news ▷ Read Naija news 24/7 Onyirioha Nnamdi

Without disputation, late MKO Abiola was a successful businessman during his days, but so much turned against him after his great financial fame and political ambition went down the drain when in 1993 he was denied the right to the presidential seat by the then military head of states, General Sani Abacha.

MKO Abiola's investments cut across major sectors in Nigeria's economy, such as banking, telecommunication, education, aviation, oil and gas. Most of these were at best drastically affected and at worst put to an end with the supposedly ill-fated June 12 presidential election.

Almost all his businesses collapsed twenty-five years after his death. A list of some of Abiola's defunct businesses are listed below, Vanguard reports.

Habib Bank

The bank, which got its license to operate in 1982, was founded by Abiola and late Shehu Musa Yar’Adua. It was formed in partnership with Habib Bank of Pakistan, which holds 40 percent shareholding of the bank.

The bank lost its operating license in 2011 owing to its inability to cope with the recapitalisation scheme instituted by the Central Bank of Nigeria (CBN) the same year.

Summit Oil

Summit Oil was an oil and gas firm formed by the late business tycoon in 1990. The company obtained Oil Prospecting Lease (OPL 205) and was located at the Anambra basin, north of the Niger Delta. Summit Oil was a top contributor to Nigeria's oil and gas industry at the time.

However, after Abiola death, not much came out from the OPL 205 in terms of actual production even till presently. Economic experts report that its license would have expired by now, with little or no activity going on at the firm.

Concord Airlines

With so much expectation and funfair in the Nigerian aviation industry, Concord Airline came into existence in 1990. The airline, which had close to four fokker27 aircraft and Abiola’s private jet in its fleet, flew high with the popularity of its owner.

Regrettably, before it could be counted among the serious players in the sector, it flew into the crisis that came after the 1993 presidential election and met its doom.

Abiola Bookshop

What now remains of the once famous bookshop located at No. 362 Herbert Macaulay Way in Yaba area of Lagos, is a building, which according to many, has not felt the stroke of paint brush for many years. Visitors at the bookshop reported that the premises is unkempt and looks like a place left uncatered for.

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Concord Press

Concord Press came to the media space in the early 1980s. It rose to eminence soon after it was established, with its sale of copies of daily news amounting to more than 400,000 per day. It was also a victim of ill-luck as it saw its fall soon after the June 12 presidential election.

Banuso Fisheries, Berec Batteries and ITT company

The above-named investments which dealt in animal husbandry, energy and communications respectively, were also hugely affected after the presidential election in 1993 went against late MKO Abiola.

Meanwhile, NAIJ.com reported that late Chief MKO Abiola made his supposed inaugural speech on Saturday, June 11. This move by Abiola cost him his freedom and chance to rule as Nigeria's president.

Abiola Is The Messiah of Nigeria's Democracy; I Foresaw the Annulment - Kenny Martins | s