How Lavish 50th Birthday Celebration For Wife Landed Money Man Muyiwa Bakare In Trouble Waters

Muyiwa Bakare, the money is not enjoying the best of times.

And this how thecapital captures the twist his life has taken

The joke is now on Muyiwa Bakare, the son of former billionaire auto magnate, Chief S. O Bakare, founder of Oluwalogbon Motors.

The former MD of the defunct Metropolitan bank, never imagined that throwing his wife a 50th birthday bash, valued at over N200 million, would be his ultimate undoing. The party generated a buzz in high society circuits due to its grandeur. Bakare embarked on a spending spree, contracting popular artistes, King Sunny Ade and Wizkid, to perform all through the event. His place on the social ladder was further amplified by the highflying musician, Sunny Ade, who dedicated a whole track in his in his album eulogizing the Muyiwa’s deep pocket and social prowess. His wife, the celebrant, was not spared the musical onslaught. Together, they made a socially ideal couple.

The Capital findings revealed that Bakare is a victim of his own undoing. Sources close to the socialite revealed that had he not organized the bash in honour of his wife, he wouldn’t attract the attention of his creditors.
Bakare simply failed to heed the voice of reason and apply tact in his affairs, according to his closest friends and associates. Many years ago,Guaranty Trust Bank (GTBank) had gunned for his jugular in its bid to also recover debts owed by Bakare. The bank reportedly seized his assets including choice properties in exclusive neighbourhoods across Lagos.

The scandal dealt Bakare a devastating blow, almost wrecking him but rather than count his losses and learn from his mistakes, he desperately sought to keep up appearances and make people believe that his life was still rosy; hence he threw his wife the 50th bash.

That happened to be his greatest undoing. Soon after he threw the party, Access Bank went after him thinking that if he had over N200 million to squander on his wife’s birthday party, then he should be able to settle his outrageous debt to the bank.

It is interesting to note that while Bakare splurged to keep up appearances, his brother, Biodun lived from hand to mouth. The latter now rolls with ragtag crew and dregs of high society as his rich friends would not roll with him due to his perceived impoverishment.

No sooner did Access Bank gun for him than his life begin to unravel. The financial and emotional crises that he struggled overcome in the wake of GTBank’s seizure of his property, bore down on him with even more devastating consequences.

Had he known, the former billionaire would have retraced his steps and desisted from living a lie to keep up appearances. As you read news of his descent has become gossip across high society circuits, cubicles and boardrooms of his creditors cum bankers. So long!