Hard times hit Oluwalogbon motors’ boss, Stephen Bakare

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Hard times hit Oluwalogbon motors’ boss, Stephen Bakare

Hard times hit Oluwalogbon motors’ boss, Stephen Bakare
February 20
09:54 2016

· Puts up Ikeja property for sale
· Shuns wife, Remi Adiukwu-Bakare’s 60th birthday

Time is transient and wealth is ephemeral. It took Stephen Olakunle Bakare a long while to understand this fact. Now that he understands, it has become too late for him to salvage the things that life and vanity has cost him. Oluwalogbon was understandably one of the shrewdest businessmen that Nigeria had to offer. Not only did the business man boast of an auto company that was the envy of other auto dealers, he also had in his grip, the defunct Metropolitan Bank, which was swept away in the storm of the banking consolidation exercise.

As you read, Oluwalogbon has decided to sell one of his most prized assets in Ikeja, Lagos, for undisclosed reasons. In fact, prospective buyers have been turning up but some of them are reportedly discouraged by the staggering amount placed on the house. Those who know him insisted that he is yet to recover from the setback of spending so much on his estranged wife, Chief Mrs. Remi Adiukwu-Bakare’s ill-fated campaign to become the governor of Lagos State soon after Asiwaju Bola Tinubu, former Lagos governor and All Progressives Congress (APC) national leader, exited the coastal city’s State House.

Oluwalogbon had been on spending spree since 1999 when he played a major role in financing the presidential ambition of general Olusegun Obasanjo. No sooner did the Owu-born, Ogun State-born retired general become president than Oluwalogbon fell out with him. His automobile business has also taken a plunge. His car mart which used to be a hub of bustling business activities is now a shadow of its old self. His massive but uncompleted mansion sited on Adeola Odeku has also been in a state of neglect for years. Some days ago, his wife Remi, celebrated her 60th birthday in Abuja and he was absent. Oluwalogbon did not send a newspaper congratulatory advert to wish Remi well. Many would say that their marriage has run its full course.

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