Last week, the financial health of Silverbird Group, one of Nigeria’s largest multi-media companies, became the center of attention after The Asset Management Corporation of Nigeria (AMCON) seized assets of the company over an alleged unpaid debt of 11billion naira (38million dollars according to CCTV) owed to Union Bank.
According to the Silverbird Group website, ” Silverbird Group is a diversified multi-media company with holdings in Radio, Television, Real Estate, and Cinemas. Mr. Ben Murray-Bruce, a renowned businessman, politician, public figure and advocate for the people, founded Silverbird Group in 1980, and the company is today one of the largest media entertainment companies in Africa.”
Ben Bruce, who is also a senator and his siblings who co-own the business, have since responded and claim they are working things out and hope to return to normal, soon.
From my view, business is tough whether you are a startup or an established company raking in millions in revenue. In fact, one thing I quickly learnt over a decade ago when I began working as a journalist is that all that glitters is often not gold. Seemingly wealthy individuals and companies consistently struggle to stay profitable. You just don’t know because they don’t have reason to broadcast their financial health to the world. Therefore, it is always important to value what you have, water your own grass and don’t make assumptions about the wealth or certainty of wealth of others.
I wish the Bruce brothers a positive and quick turn around in resolving their debt issues. The brothers employ many Nigerian citizens, and have been influential in the positive branding of Nigeria and its citizens globally.
- AML 150: Mental Health & Substance Abuse in the Afrobeats Music Industry
- AML 149: Intellectual Property, Race and Unjust Music Contracts with Prof. Kevin J. Greene
- AML 148: The Business of Music in Ethiopia with Negus Alemu & Leyla Konjo
- AML 147: Meet Temi Adeniji, MD Warner Music South Africa & SVP, Strategy, Sub-Saharan Africa
- AML 146: Women in “Afrobeats” Music – Eva Alordiah, Weird MC, Joy Tongo