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Debt Crisis: Don proffers solutions at GBC’s 20th anniversary celebration

By Chijioke Iremeka
21 January 2023   |   4:55 am
The Dean, Lagos Business School, Prof. Chris Ogbechie at the 20th Anniversary celebration of the Gbenga Biobaku & Co (GBC) said while the country is currently facing harsh business terrain occasioned by the country’s rising debt profile...

The Dean, Lagos Business School, Prof. Chris Ogbechie at the 20th Anniversary celebration of the Gbenga Biobaku & Co (GBC) said while the country is currently facing harsh business terrain occasioned by the country’s rising debt profile, Nigeria’s last indebtedness would be determined by May 29, when the latest figure would be ascertain.

Tagged, celebrating 20 years of excellent legal services, the university don congratulated Gbenga Biobaku & Co (GBC) for its focus and flawless execution of its business purpose and organisational beacon, saying such is required to navigate the uncertain business terrain of 2023.

Speaking on the theme: Navigating The Uncertain Business Terrain of 2023,’ Prof. Ogbechie said the only way out of the tough business terrain in Nigeria in 2023 is to remain focus on business directional beacon.

He noted that to navigate through these complexities, flawless execution of policies, strategies and investment in staffers that would drive the execution is highly recommended, insisting that downsizing of the staff strength, which is usually approach towards cutting business overheard, is not the way to go.

According to him, those airliners that sacked pilots and other staffers during the COVID-19 pandemic are still grappling with effect of their actions, employing and retraining the pilots while paying heavily for their recertification.

He noted that brilliant execution by the leadership of innovation-driven companies would make them relevant and pave way for cost containment, which is targeted at driving efficiency.

“This is where technology comes in and training of the workers with the new technology to make them more efficient and thereby making the companies to spend less. Flawless execution is needed and not the time for any business to muzzle the other but acting smarter,” he insisted.

He added in his last remark: “What the brilliant execution is needed is the leadership, more leadership and even more leadership. The things that would enhance business sustainability and relevance in 2023 complexities are leadership and innovations. The only message here is innovation, grow or die.”

Reflecting on the 20 years of excellent legal services, the Founder & Senior Partner, Gbenga Biobaku and Co (GBC), Gbenga Biobaku, who spoke at a dinner held at WheatBaker Hotel, Ikoyi, Lagos, to mark the occasion, said, “Our 20th Anniversary celebrations actually started in December 2022; we had a charity visit to Bethesda Primary and Secondary schools, and we also had a thanksgiving service and a beach party for GBC staff and GBC alumni.

“We thought it would be good to bring together most of the people that have been part of our journey in the last 20 years and some of our close friends and associates. We started a little over 20 years ago at a small office in Strachan Street. The office was actually provided to us by a good friend of mine who is also with us. There were four of us at that time, myself, Mrs. Lola Ogunmodede; Ms. Dupe Ogutuga and Gbenga Williams.

“The firm has grown over the years to become a medium-sized commercial law firm in Nigeria. We moved to a much bigger office in Keffi Street within one year of starting up, and after a few years, we moved to a much bigger space, which is our current location in Lekki. Most of the people here have played very important roles in our journey one way or the other and I will like to extend my appreciation to you all.

“I cannot but recognise and acknowledge our long standing clients such as Equinor, Baker Hughes, Parker Drilling and Bolamark engineering that have been with us from the very beginning and are still very much with us today.”

Also, the female partner of the firm, Ms. Ijeoma Abalogu said, “We are here celebrating a huge milestone and I can’t wait to see what another 10 years will look like. I joined the firm in 2006 as an Associate, an Administrative Manager, and I am here again as a partner and a director. We just love what we achieve here. When we solve our clients’ problem we are happy. Working with my team has been an amazing journey. Cheers to all of us.”

In the appreciating the firm, the Director, Strategic Accounts, Baker Hughes, Daniel Jackson, said, “You can’t live without lawyer and you can’t die without a lawyer, meaning that you can’t succeed in business without a lawyer. GBC has been there for us improving our transactions.

“We have been working with them. They are bringing values to our business and I believe that we are bringing values to them too. I encourage GBC to look back and rejoice. We wish them more success.”

More so, the Lead Legal Counsel, Equinor, Kingsley Sawyer, said, “When we need a legal firm for transaction, so we called on BGC, and we are celebrating 30 years plus with GBC. Our partnership with GBC is great and we are confident of them. May we keep our partnership in good and bad time.”

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