By Christiana Abogunrin
Its colourful and welcoming ambience, not withstanding, there is heat in the kitchen of Ile-Iyan – a popular restaurant that serves the best of pounded yam and all the delicious soups in a traditional setting with a touch of modernity.
The renowned local restaurant with its first outlet in Lekki 1 – is a haven for Nigeria’s beloved pounded yam delicacy. Founded by Chef Sheriff Sanni about a year ago, not in the absence of two major investors, this thriving eatery has become a coveted destination for food enthusiasts seeking an authentic African culinary experience.
However, within three months of its founding, the whole deal and relationship between investors began to deteriorate. Sanni’s pounded yam business, Ile-Iyan Nigeria Limited, was on the brink of collapse.
After starting out with two investors, who later asked for a refund, desperate for a lifeline, Sheriff turned to another investor called Musty and his company named PODS. From him, he secured a N80 million investment.
The partnership seemed promising, with PODS bringing expertise, more funds and human resources to expand the business.
Contrary to the spirit of a startup, it is alleged that shortly after the new lease of life in the restaurant, Sheriff revealed his intention to relocate to Canada with his family.
Barely reviving the business and just three days after opening a new outlet in Ikeja GRA, he relocated to abroad, leaving PODS to manage the business. As PODS delved deeper, they discovered unsettling truths: unpaid debts, poor employee conditions, and financial discrepancies.
Despite PODS’ efforts to improve operations, Sheriff allegedly continued to sabotage the business. He implemented cost-cutting measures, using low-quality ingredients, and made unapproved payments. PODS uncovered Sheriff’s lavish spending, including a restaurant tab in Toronto, and his attempts to cover up his misdeeds.
The final straw came when Sheriff hired unknown elements to manage the Ikeja outlet, prompting PODS to reclaim their property and launch their own pounded yam outlet, Ile-Iyan by PODS.
As tensions escalated, PODS sought legal action, demanding a refund of their investment. Sheriff’s refusal led to a petition to wind up the company. The once-promising partnership with sizzling delicacies had devolved into a bitter dispute.
As it stands, the bitter rivalry behind the scenes may or may not dilute the tasty soups on the dining tables.
Their customers are weary that the once coveted centre cited in prime locations may just fritter away because of greed and poor business management acumen.
