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Hostile Takeover: A Failed Plot to Seize Control of the ILÉ IYÁN Brand”

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A FAILED ATTEMPT TO HIJACK THE ILÉ IYÁN BRAND

Hostile Takeover: A Failed Plot to Seize Control of the ILÉ IYÁN Brand”

 

Under the leadership of Sheriff Sanni, aka Sannikayz, ILÉ IYÁN has become an iconic brand, captivating over 12 million social media engagements worldwide and achieving remarkable growth in revenue and brand equity. This brand, recognized both locally and internationally, has served distinguished clientele, including high-net-worth individuals, government officials, corporate organizations, and A-list celebrities in entertainment. With over 15 years of experience in the hospitality industry, Sannikayz has built ILÉ IYÁN into a thriving, well-respected establishment promoting the Arts, Culture and Tourism in Nigeria and also celebrated for its excellence and integrity locally and Internationally.

 

Yet, in a desperate bid to silence the truth and stifle justice, brand hijackers and their paid voices have spun a web of falsehoods against Sannikayz, distorting the narrative in the public eye.

**False Claims of a Six-Month Rift with Initial Co-Founder**
The rumor mills claim that Sannikayz’s relationship with his initial investor soured within six months, suggesting a pattern of untrustworthiness with investors. In truth, this investor contributed N5M and has always maintained a warm, respectful relationship with Sannikayz till date. They both hold each other in high regard, and the surrender of shares was carried out through mutual agreement.

**Myth of Sannikayz Seeking Investment from Olasunkanmi Mustapha, aka Musty**
It is a blatant falsehood to claim that Sannikayz approached Musty for investment. In reality, Musty—through his staff Princess Michelle, a long-time customer—persistently pursued Sannikayz, keen on investing in ILÉ IYÁN’s expansion. Initially, Sannikayz was hesitant to allow Musty’s involvement, but Musty persisted, using unsolicited gifts to Sannikayz’s relatives as a ruse to appear trustworthy. This facade masked his true intent: an attempt to hijack a thriving business built on years of Sannikayz’s hard work.

 

**Inflated Claims of Musty’s Hospitality Credentials**
Musty’s narrative of 20 years of hospitality experience lacks any tangible proof. The restaurant he previously managed in Ikeja ended abruptly, leaving no credible brand or legacy in its wake. Unlike industry leaders with notable projects, Musty has no significant presence in the hospitality world. Hijacking ILÉ IYÁN appears to be his opportunistic plan to build a fictitious reputation on the back of another’s accomplishments.

 

**Unjust Share Allocation for Musty**
At the time of Musty’s entry, ILÉ IYÁN had evolved into a household name for premium pounded yam, with substantial brand value. Based on this valuation, Musty’s investment should have earned him a mere 20% share, yet Sannikayz generously granted him 30%, believing in Musty’s supposedly genuine intentions.

**Concealed Financial Gains and Exploitation of Resources**
Since his initial investment, Musty has received substantial returns: in December 2023, ILÉ IYÁN paid him N2,020,306 in profit from just the Lekki branch, followed by a total of N14,964,291 in March 2024 from both branches. Yet, Musty’s family which includes his wife Abiola Mustapha, his brother Pelumi Mustapha, his wife’s Niece and close associates Ayoola Ajuwon, Jaiyeola Ayoola-Ajuwon were placed on inflated salaries for minimal work, costing the business N4,710,000 monthly even Musty (the investor ) was earning N1,000,000 monthly. They disregarded corporate governance and fostered nepotism, placing two couples on the management team—decisions that disrespected ILÉ IYÁN’s established culture and principles.
Total payments made to investor from profit sharing and Management fees is over N30M which is close to 40% of his initial investment of N80,000,000.

**Harming ILÉ IYÁN’s Reputation**
Under Musty’s management, the Ikeja branch saw a downturn, with complaints piling up. One manager, Emmanuel Oluwabusayo, hired by Musty’s wife, even assaulted a female employee, resulting in a public scandal on a human rights blog. Despite Sannikayz’s pleas to dismiss the manager, Musty’s team retained him, prioritizing profit over integrity and brand reputation. This situation compelled Sannikayz to halt ILÉ IYÁN’s Canada expansion and return to Nigeria to address these crises.

 

**Exploitation of ILÉ IYÁN’s Brand Name**
Behind closed doors, Musty and his wife falsely presented themselves as owners of ILÉ IYÁN, and even attempted to position the brand as a subsidiary of Musty’s company. When asked to sign a shareholder agreement, Musty refused and instead led armed men to shut down ILÉ IYÁN’s Ikeja GRA branch, assaulting staff and deleting CCTV footage. Some of the staff were administered Post Traumatic Stress Disorder ( PTSD ) first aid and also one Emily Balogun also reported to be Injured by one of the armed men. She was also reported to suffer a neck injury during this tragic event. The Founder, Sannikayz filed a Petition against Musty at the Office of The Commissioner for Police, Lagos State Command. He later went ahead to establish a replica company, “ILÉ IYÁN by PODS,” hoping to erase the original brand and replace it with his counterfeit venture.

**Increased Costs and Employee Exploitation**
Between February and April 2024, ILÉ IYÁN was unknowingly paying salaries to Musty’s staff under the guise of management fees. These individuals increased operational costs, engaged in dubious procurement practices, and disrespected employee rights, especially targeting individuals they deemed “poor” or “female”—values antithetical to ILÉ IYÁN’s founding principles of respect and inclusivity.

 

Food Handlers Test and Staff Hygiene.

As part of ILÉ IYÁN’s commitment to maintaining the highest standards of food safety and customer service, all staff members are required to complete a Food Handlers Test and attend Customer Service Training periodically.
These claims are false accusations in a-bid to tarnish the ILÉ IYÁN’S brand reputation.

**The Myth of “Japa” to Canada**
It’s either ignorance or calculated malice to claim that Sannikayz abandoned ILÉ IYÁN for Canada. In fact, the plan for an international presence was mutually agreed upon to reach the Nigerian diaspora, beginning with Canada. During this official trip, Sannikayz remained in close contact with Musty, discussing registration and market strategies for the Canadian outlet.
Sannikayz also frequents Nigeria to monitor closely the growth and development of the ILÉ IYÁN Nigeria brand. This is also not limited to the his attendance at the GTbank Food and Drinks Event 2024 and other Hospitality related activities ultimately for the overall progress of the Company.

**Baseless Claims of Unpaid Debts**
Musty’s accusations of unpaid debts are not only false but an attempt to manipulate public sentiment. Outside his initial investment, no additional funds were extended by Musty’s company.

**False Allegations of Lavish Lifestyle**
In today’s social media era, Sannikayz’s lifestyle is anything but secretive. Claims of excessive spending are baseless, without any proof to support them. Sannikayz is a seasoned and prudent entrepreneur whose dedication to his business has always taken precedence.

 

**Musty’s Attempt to Wipe Out ILÉ IYÁN’s Legacy**
In a final move to erase Sannikayz’s legacy, Musty’s company filed a petition to dissolve ILÉ IYÁN. Yet, when confronted by Sannikayz’s legal team, Musty’s lawyers began to foot-drag with the court even awarding costs against them for time-wasting. His plan to hijack the brand through family appointments, staff mismanagement, and frivolous lawsuits fell apart, underscoring that one cannot steal another’s hard-earned success and prosper.

The ILÉ IYÁN NIGERIA brand has also made Legal action against Musty and his entities at the State and Federal High Courts for breach of contract, trust and agreement and passing off.

 

There are also numerous reports from other Founders who have suffered similar exploitation at the hands of Musty. His reputation for using police intimidation and scare tactics to coerce young Nigerian entrepreneurs into surrendering their businesses has left a trail of victims. This alarming trend, and the story of ILÉ IYÁN’s attempted hijacking, serves as a rallying call to protect Nigerian entrepreneurs from malicious individuals like Musty.

 

 

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FOREX: FG Gives 9 Month Grace To Those Keeping Dollars Outside Banking System

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FOREX: FG Gives 9 Month Grace To Those Keeping Dollars Outside Banking System

FOREX: FG Gives 9 Month Grace To Those Keeping Dollars Outside Banking System

 

MINISTER of Finance and Coordinating Minister of the Economy, Wale Edun has disclosed a new government policy that would permit Nigerians who are keeping dollars outside the banking system to bring those funds into the financial system.

Edun, said such individuals have a nine-month grace period to comply with the directive without attracting legal liability or financial penalties.

The Finance Minister disclosed this while briefing journalists at the end of the National Economic Council, NEC, presided over by the Vice President, Senator Kashim Shettima, at the Council Chamber, Presidential Villa, Abuja.

The Minister also gave an update on the Excess Crude Account currently standing at $473,754.57, the Natural Resources Fund at ₦26,105,837,627.67, and the Stabilization Account at ₦36,299,452,763.62.

Edun equally gave update on government economic relief measures, saying 25 million Nigerians have benefitted from federal social protection initiatives, including digital outreach, microenterprise loans, and sector-specific support for power, agriculture, manufacturing, health, and compressed natural gas (CNG) initiatives.

He said, “One element of the cost increase is the foreign exchange rate, and that is demand and supply. There is going to be a release today, details by the federal government through the Ministry of Finance, in conjunction with the Central Bank, a programme, starting today, 31st of October, and lasting nine months, that will allow people to bring in cash that is outside the banking system.

“So therefore it is unsafe, it is unsecure and it is outside of legal limits. They will allowed forbearance to bring dollars cash. Let me emphasize once again, it is to bring dollars that they are holding outside the system to be able to bring them in and credit it to their bank accounts, as long as it is not proceeds of crime, illicit money. There will be no penalty, there will be no taxes, there will be no questions.

“They just meet the normal ‘Know Your Customer’ criteria of banks and they have an opportunity to bring in those funds, make them safe, make them secure, and make them available through normal, economic activity.

“The details of that, the guidelines of that, will be released, first of all, the announcement by the Ministry of Finance and the guidelines later will follow very quickly by Central Bank.

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French Embassy Collaborates NIFS to Position Nigerian Creative Sector for International Business at MIPCOM Cannes

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French Embassy Collaborates NIFS to Position Nigerian Creative Sector for International Business at MIPCOM Cannes

 

Paris, France – In a remarkable step for Nigeria’s creative sector, the French Embassy, in collaboration with the Nigerian International Film and TV Summit (NIFS), sponsored over 20 Nigerian creatives to the prestigious MIPCOM event in Cannes. This delegation included a talented mix of Nigerian film writers, producers, audiovisual technologists, and film business entrepreneurs, representing the strength and diversity of Nigeria’s burgeoning Film and TV industry.

At the forefront of this delegation was the Nigerian Pavilion, a dynamic hub for showcasing Nigeria’s rich storytelling culture and fostering high-level discussions with global media and entertainment leaders. The Nigerian delegation’s engagements at MIPCOM opened up valuable new opportunities, reinforcing Nigeria’s growing presence in the international film and television landscape and highlighting the unique narratives Nigerian creators bring to global audiences.

Ijeoma Onah, the CEO/Founder of NIFS, and the co-leader of the Nigerian delegation with Mr Christophe Pecot, Audiovisual Attaché of the French Embassy in Nigeria, said that “This experience has been transformative for Nigeria’s creative industry, expanding business relationships with the French and global community through this strategic partnership with the French Embassy, and further affirming the role of collaboration in amplifying the reach of Nigerian storytelling on the global stage.”

Speaking further she said, “Indeed we are excited with the level of partnership from the French Embassy in supporting film and TV professionals with a Nigerian Pavilion at the largest global content distribution market MIPCOM Cannes. Through this partnership, our resolve to continue to drive international business for local Nigerian companies has been reinforced and with the Nigerian International Film and TV Summit we remain committed to the huge international revenue opportunities through licensing of local programs because this market and its outcome will definitely elevate and transform the dynamics of international distribution for local companies in Nigeria.”

She expressed gratitude to the French Embassy for collaboration and effective partnership in ensuring that the Nigerian delegation shone like a thousand stars in the Cannes festival firmament. “Thanks to the generous support and partnership of the French Embassy which made this possible. The Nigerian Pavilion became a space of impactful exchange, connecting Nigeria’s industry innovators with international stakeholders.” Our green white green colour was all over the place, proclaiming the beauty and flourish of our country, in the realm of entertainment, creativity, innovation, and technology.”

Christophe Pecot, highlighted the Embassy’s commitment to fostering partnerships within the Nigerian audiovisual sector. “My job is to build and implement cooperation between Nigeria and the French audiovisual industry, which is why we’re here at Cannes for MIPCOM,” Pecot explained. Co-leading a group of about 20 Nigerian companies Pecot underscores the goal of creating international opportunities. “We’re connecting Nigerian creators with global broadcasters, aiming to help them bring their content to audiences worldwide,” he added.

For Colette Otusheso, CEO, Accelerate Group, MIPCOM has provided a rewarding experience in strengthening Nigerian contents’ global reach. “The Nigerian Pavilion has been incredibly supportive,” Otusheso shared. “With a dedicated space for meetings, we’ve been able to explore strategic partnerships with production companies worldwide. It’s been encouraging to see filmmakers, studios, and distributors, actively seeking the kind of content we have,” she noted – reflecting the growing demand for Nigerian storytelling on the world stage.

Ferdinand Ademefe, CEO, Magic Carpet Studios, emphasizes the importance of international collaboration and shared inspiration. “As someone passionate about film and animation, MIPCOM offers us a view of what’s possible globally,” he stated. “From Europe, to Asia, to America, this platform allows us to see the diversity of creative expression and to position Nigeria as an essential part of that global dialogue.”
Over the course of four days, participants engaged in networking, knowledge sharing, and collaborative efforts aimed at pushing Nigerian content to the global forefront. Industry professionals, TV catalogue right holders came together to explore new opportunities and address the challenges facing the industry.

Through MIPCOM, Nigerian audiovisual leaders and creators are not only amplifying their voices but are also forging pathways for collaboration, innovation, and cultural exchange. This presence shows Nigeria’s expanding role in the global entertainment industry and its potential to be a hub for content that resonates with audiences everywhere.

The event underscored the importance of nurturing and expanding Nigeria’s position in global content markets, as conversations and partnerships established at MIPCOM Cannes pave the way for increased opportunities for Nigerian creators and productions. With newfound partnerships and future-focused dialogues, Nigeria is poised to make significant strides in the film, TV, and audiovisual sectors worldwide.

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TY Buratai Literary Initiative Recognizes Excellence in Young Adult Literature By Lawrence Bilal Audu

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TY BURATAI HUMANITY CARE FOUNDATION COMMISERATES WITH GOVERNMENT AND PEOPLE OF BORNO STATE IN WAKE OF DEVASTATING FLOODS IN MAIDUGURI

TY Buratai Literary Initiative Recognizes Excellence in Young Adult Literature

By Lawrence Bilal Audu

The Tukur Buratai Research Centre (TBRC) has announced plans to host the TY Buratai Literary Initiative Award Ceremony, celebrating exceptional writers in the Young Adult Literature category.

TY Buratai Literary Initiative Recognizes Excellence in Young Adult Literature
By Lawrence Bilal Audu

 

Scheduled for November 1, 2024, at the Tukur Buratai Research Centre, Gora, Abuja-Keffi Expressway, Nasarawa State, the event promises to be an unforgettable evening of literary excellence.

According to organizers, the ceremony aims to recognize and reward talented writers who have made significant contributions to young adult literature. The initiative seeks to promote literary talent, inspire future generations, and foster a culture of reading and writing.

The event will feature keynote addresses by renowned literary figures, award presentations, readings, and performances by young writers. Attendees will also have opportunities to network with publishing industry professionals.

The TY Buratai Literary Initiative Award Ceremony is expected to draw literary enthusiasts, writers, and industry experts from across Nigeria.

This epoque-making event highlights the importance of nurturing literary talent and promoting young adult literature in Nigeria.

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