Boss Picks
N170 New Petrol Pump Price: Nigerians Cry Out in Agony
By Eric Elezuo
In a space of four months, the Nigerian petroleum industry, has remained inconstant, with the price of petrol undergoing three basic increments. Like a bolt out of the blue, the Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), announced the increment of the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, from N147.67 to N155.17. This automatically conferred the rights upon marketers to sell to end users at between N167 and N170 per litre.
The new adjustment, which takes immediate effect from Friday, November 13,2020 was contained in a memo dated November 11, and signed by Ali Tijani of the PPMC.
The memo showed that the landing cost average for PMS has increased from N119 in September and October to N123 in November.
Similarly, the ex-coastal selling price for the month has also increased to N130 in November, from N125 in the previous months. While the body of Independent marketers have directed their members to sell at N162, they failed to realise that the least a station sold before now, was N161
It would be recalled that in September, the pump price of petrol was adjusted to N161 per litre after the Federal Government increased the depot price from N138.62 per litre to N147.67. Much as the Nigerian public lamented, the government of President Muhammadu Buhari, maintained that the price was good, drawing comparisons with the Kingdom of Saudi Arabia
In his Independence Day speech on October 1, Buhari was quoted as saying:
“We sell petrol at N161 per litre when same is sold at N168 per litre in Saudi Arabia; N211 per litre in Egypt; N362 per litre in Ghana; N362 per litre in Chad, and N346 per litre in Niger Republic. It does not make sense for petrol to be cheaper in Nigeria than Saudi Arabia.’’
Toeing his line, the Minister of Information, Alhaji Lai Mohammed, justified Buhari’s comparison, arguing that there was nothing wrong in making such a comparison.
“Some people have said why should we compare ourselves to Saudi Arabia with better infrastructure and higher wages. Our answer to that is very simple. Saudi Arabia has 34 million people while Nigeria has 200 million people. Saudi Arabia produces 10 million barrels of crude oil per day, while Nigeria produces at its best, 2.1 million barrel per day. Their population is about one-sixth of Nigeria’s population and they are blessed with more resources. Therefore, they can afford to pay higher wages and build infrastructure. Our argument must be put in proper perspective. As we have said, whatever money we make from the subsidy removal, we will invest in infrastructure development,’’ he said.
Subsequently, Nigerians had lived with the hike, coping with the post COVID-19 pandemic, which recovery from has remained abysmally slow, coupled with all other increments the populace has been burdened with by the Buhari government. Some of these hikes include electricity tariff, VAT of various kinds and others. It is also worthy of note that foodstuff, especially onions has become scarce.
As a result, a cross section of Nigerians, who spoke with The Boss expressed sadness at the turn of events, arguing that the government of the day has been busy taking the populace from one level of suffering to another.
Reacting to the new price regime, the Convener the Gravitas Group for Good Governance, Akogun Tola Adeniyi, said the Federal Government’s decision was the height of insensitivity, adding the those at the helm of affairs are without a conscience. He however, wish there is a purpose for the ‘provocative acts’
“The increment is the height of insensitivity. We live in a country without a government, and led by politicians and collaborators without a conscience. Those in charge of this country just don’t care. It is impunity of the highest order. I want to believe that the provocative acts unleashed on the people are for a purpose. They are driving Nigerians to the edge, and into severest anarchy, unfortunately,” he said.
In his own remarks, a staff of a federal government agency, who prefers anonymity, lambasted the government for failing to learn any lessons from the recent #EndSARS protests, adding that the politicians and elites do not have the interest of the people at heart.
“In the first place, the federal government has learnt nothing from the #EndSARS protest and the destruction that followed by deprived and hungry citizens. Secondly, the elites and politicians don’t have the interest of the people at heart. They are only after their pockets to the detriment of the majority of us thereby setting the stage for a revolution. As we’re all aware, those who the gods want to destroy, they first make mad. This government has gone overboard in this unprecedented maladministration,” the respondent said.
In the same vein, a Clergy, Reverend Enitan Shogbade, wondered at the efficacy of the subsidy removal, which the government has drummed into the ears of every Nigeria. He sees the new price regime draconian and wicked, asking who actually is fixing the prices since independent marketers are supposed to independently choose their own prices.
“I don’t understand this continuous increase in the pump price of petrol after we have been told that subsidies has been removed and price is to be determined by forces of demand and supply. The increase coming at this time is not only wicked, but also inciting as the masses are yet to recover from the twin evils of coronavarius lockdown and the recent protest against police brutality. This increase is another government brutalisation of the pauperised masses,” the Clergy voiced.
In the views of a social analyst, Ugochukwu Chukwunyere, the timing of the increment is unrealistic as the nation is grappling with ‘widespread unrest’ among other vices. He advised the government to take another look at the price regime before the nation relapses into anarchy.
“At a time when the nation is grappling with widespread social unrest, incessant strikes, banditry and economic downturns, the decision by the government to hike the price of fuel is most insensitive and callous to say the least.
“The citizens have been made to face a traumatic experience from the pandemic and curfew imposed as a result of the protests, so with the recent increase in petrol price, the public outcry may just fuel another unrest. It’s left for the leaders to take a wholistic appraisal to what direction the country is going before everything snowballs into utter confusion and total anarchy,” Chukwunyere said.
Below are some of the responses from Nigerians:
THE INCREMENT IS CRUEL AND HIGHLY INSENSITIVE – Tolulope A. Adegoke
The current development in the country by Federal Government can be best described as cruel and highly insensitive as it has already been met with ceaseless criticism and outrage among Nigerians; many of which lamented the bad economic conditions made worse by the sudden hike in fuel price.
The federal government increased the pump price shortly after power distribution companies announced a hike in electricity tariffs; forgetting that many Nigerians are currently struggling with the economic realities of the COVID-19 pandemic which disrupted economic and social activities across the country. Put in mind that the Academic Staff Union of Universities (ASUU) is currently on a nationwide strike action and many other frustrating events that clusters within the country.
Insecurity, hike in fuel price, hike in electricity tariffs, corruption, ASUU strike among others would surely pave way to unavoidable outrage and unlawful acts on the sides of the Nigerian masses due to frustration. This means that, only the rich would be able to afford at least One fine square meal per day, while the underprivileged masses would languish in hunger, anger and penury!
These current issues in the country, would inevitably give rise to high rate of crime, as people would want to survive at all cost. Youths and young adults who are meant to be in school are unavoidably at home or on the street hustling for survival due to ASUU strike and would likely launch out again to vent their grievances to the Nigerian government, as the economy of the country at the moment is like shackles on the legs of the poor Nigerian masses; thereby restricting them from accessing prospects easily, and at the same time depriving them a healthy lifestyle.
In the same vein, many ‘aggrieved’ Nigerians are currently fed up with the ‘strange’ policies and situations of things in the country, as many with means would have no choice than to leave the country for greener pastures, else where which would in turn, lead to underdevelopment in the country as youths and skilled individuals who could have helped to build the country as the ‘hope of a brighter future’ are being frustrated out of the country due to harsh economic policies.
We all must remember that no flower thrives where there are no sunlights and adequate supplies of water. Also, no flower thrives when it is choked by its own thorns which were (originally) created or put in place to protect it.
We understand that the Federal Government is trying its best to develop and sustain the Nigeria’s economy, but we plead to the FG to kindly consider the poor masses who are still yet to recover from disruptions of the COVID-19 and #EndSARS protests under this current development so as not to build a ‘monster’ that would threaten and destroy its own territories in the nearest future.
BUHARI HAS SENTENCED NIGERIANS TO HUNGER, INSECURITY – Sani Said Baba
The Federal Government has just succeeded in setting the pace for unwholesome and devastating inflation because as oil prices move up, inflation which is the measure of general price trends throughout the economy, follows in the same direction. Sometimes I wonder from what source this government gets their advice. Otherwise, the president’s advisers should know that as the price of oil falls, inflationary pressure start to ease and consequently subsides. But the entire administrative machinery has overlooked this fact, and is pushing the Nigerian people into unending hardship.
It’s sad that a country that is ravaged by unemployment and hardship induced acts of criminality such as kidnapping, banditry, terrorism and so on should place yet another burden on the head of its citizens. With this fuel hike, the Federal Government has spoken in clear terms that Nigerians are not supposed to eat, go to school, stay secured, assess good health or live a good life. Buhari may have, by this hike weaponised the people for what may come. Nigeria needs help!
NIGERIAN ARE IN FOR A HARD TIME – Fola Oyenuga
I am expecting the law of diminishing returns to set into the downstream sector of the oil and gas industry given the almost monthly increase in the fuel price, but it seems it will not.
The talk of competition among major marketers thereby forcing down the price now is simply deceiving ourselves most likely because of the harsh business environment not helped by government agents and marketers bent on circumventing the system.
The deregulation of the oil sector is a conversation this country needs to hold, and those private investors, who had been granted licence, to building refineries need to live up to expectation or return those licences.
Meanwhile, Nigerians unfortunately have to brave for harder times.
THE TIMING OF THIS INCREMENT IS ILL-ADVISED – Raymond Nkannebe, Legal Practitioner
I think the projected price regime of PMS at ₦172, is one of the harsh realities of the removal of subsidy, by the Federal Government, on petroleum. However, the question is still begged whether the so called removal of subsidy is only in principle. I say this because, it is either government is still involved in some form of subsidy, or price fixing, as we still see the hands of the government, through its key regulatory agencies, determining the price at which PMS is sold. My understanding of subsidy removal, is that the price of the commodity, is fixed by market forces, and not by executive fiat as we’re witnessing with this latest price adjustment
These are some of the issues that many Nigerians are yet to disentangle.
Having said that, I think the timing of this increment is ill-advised. The economy is still under recession; the dust of the #EndSARS protests is yet to fully settle with civic agitations all over the place on issues such as freezing of bank accounts of some #EndSARS protesters; the rumoured regulation of social media; a bread levy in Kogi State, the endless ASUU strike and mass grumbling over electricity tariffs. What you get from all of these is a Nation on tinderbox, ready to implode at the slightest provocation.
We’re at a very precarious state in our journey through nationhood, and the entire country seems to be paying the price of years of leadership brigandage that has expressed itself in the oddity of the world’s 7th largest producer of oil, being unable to refine the resource for local consumption over the course of six decades. I don’t know how much Nigerians are willing to continue to pay the price. The times we live call for empathetic exercise of executive discretion, and all things point to the fact, that this Government is not getting it right. I hope this latest increment does not finally trigger the revolution that the #EndSARS protest, almost became.
GOVERNMENT IS INSENSITIVE TO THE PLIGHT OF THE CITIZENS – Itodo David, Clergy
Honestly, the government of the day is insensitive to the plight of the citizens. We just came out of the COVID-19 lockdown’ people’s job were closed for months, nothing worked, and no financial assistance to the masses as was promised.
As a matter of fact VAT was increased, electricity tariff was increased yet only #30,000 minimum wage is still a problem. Increasing this fuel again under how many days of the last increase is a bad omen. Everything will increase again as usual. Go to the market you will see the impacts of this fuel price hike. By December it would have reached #200 or #250 per liter. How long will this continue?
GOVERNMENT IS ADDING TO THE SUFFERING OF THE PEOPLE – Samuel Iyanda, Teacher
This is not a good time to increase the petrol pump price knowing full well that any slight increase in petrol will lead to a corresponding increase in goods and services, including transportation.
I expect government to look towards alleviating the sufferings of the masses, and not add to them.
Therefore this is not a welcomed development as the citizens are already suffering a lot. Let the government have a second thought on the hike of this essential commodity.
THIS IS PURE EVIL AND THE MASSES WON’T TAKE IT – Victor Udoh, Journalist
It is unfortunate that some of us find ourselves in this lawless country which generates one issue after another everyday. It is sad to wake up to yet another increment on the price of fuel in as many days. The idea is absurd for an oil producing country as Nigeria. I still find it very difficult to believe that with all the challenges on ground the government will still increase the price of fuel; it a pity.
The government failed to understand that whenever the price of fuel goes up, every other thing follows automatically including food, transportation and essential services. We put the government there to serve us, and not the other way round.
No sane government would think of making the lives of its citizens this miserable at this time everything seems to be at a standstill. This is pure evil and the masses won’t take it.
Barely a month ago, there was an increment, so I don’t understand why it is necessary for another one so soon. Many people are to come to terms with independence day speech of Mr. President justifying the previous increment, and now this. What is the problem with this country? What is the way forward? Who have we offended as a nation? So many questions.
INCREASING PRICE OF PETROL IS ADDING INSULT TO INJURY – Henry Ukazu, Legal Practitioner
I think it is insensitive for the Federal Government of Nigeria to increase petrol price at this point in time when Nigerians are barely trying to survive. Nigerians are already suffering and feeling the heat of COVID-19, #EndSARS and unemployment. Increasing the price of petrol is like adding insult to injury.
I think this government has not been honest with their policies. They promised to reduce the price of petrol, but the reverse seems to be the case. They promise to create job opportunities, but unemployment has increased. The issue is not even increment in fuel price, but that Nigerians have no trust in the government. In fact, they increment looks like a scam. The Federal Government should look for ways to ameliorate the sufferings of Nigerians, instead of adding more pains.
I will strongly advise the Federal Government of Nigeria to reconsider the price and work on meeting the pressing demands of Nigerians which is opposed to increasing the price of petrol which is not an important issue.
NO RESPECT, SYMPATHY OR FEAR OF THE PEOPLE – Felicia Onyeanwula
Amid the growing unrest in the country, the President Muhammadu Buhari led government has considered it an appropriate response to add another shock to an already beleaguered populace by increasing the pump price of fuel to N168-170. It is unbelievable that while most governments around the world are trying to cushion the effects of the COVID-19 pandemic on their people, this particular group of aliens are looking for every means to increase the suffering of their people.
This is one more proof that this present administration and its political elites do not have any respect, sympathy or fear of the people. We might infer that the only thing to do is to continue speaking up and acting with determination to end this arrogance in government.
In all, every Nigerian, including those who wished to remained silent as a result of party affiliation and job description, believe that the increment is absurd, uncharitable and wicked, especially coming from a government that claims to be absolutely welfaristic.
By Eric Elezuo
The Koumagnon Family and Allied Families of Seme-Kpodji, of the Republic of Benin, led by Monsieur Alberto Koumagnon, has declared their unflinching support for the candidacy of Romuald Wadagni as he steps out on Sunday to vie for the presidential seat of the Republic of Benin.
In statement of declaration, the families observed that Wadagni is propelled by a ‘vision embodied in this ambitious, realistic project, resolutely focused on the future of our country’.
The declaration is presented in full:
DECLARATION OF SUPPORT BY THE GREAT KOUMAGNON FAMILY AND ALLIED FAMILIES OF SÈMÈ-KPODJI FOR CANDIDATE ROMUALD WADAGNI
The great KOUMAGNON family and allied3 families of Sèmè-Kpodji, deeply committed to the values of peace, progress, and development, followed with particular interest the presentation, on Saturday, March 21, 2026, of the “Further Together” (Plus loin ensemble) social project by our dear candidate, President Romuald WADAGNI.
Following this important political event, and gathering on this day, 04/04/2026, we wish to express our full support for the vision embodied in this ambitious, realistic project, resolutely focused on the future of our country.
From the outset, we, descendants of the KOUMAGNON family and allied families, commend the enlightened leadership of President Patrice TALON who, faithful to his commitment to building a modern and prosperous Benin, has been able to propose to the presidential majority a competent, credible candidate who brings hope for consolidating achievements.
In this dynamic of continuity and progress, the candidacy of President Romuald WADAGNI is fully in line with the continuation of the structural reforms undertaken over several years in all sectors, particularly in infrastructure.
In this regard, we recognize and commend the many achievements of the government, especially road infrastructure, which has significantly improved mobility and living conditions for the populations of the communes of Sèmè-Kpodji and surrounding areas.
Moreover, these remarkable efforts reflect a constant determination to connect localities, stimulate economic exchanges, and sustainably strengthen the attractiveness of our territories.
Building on these achievements and firmly oriented toward the future, we are convinced of the relevance of the “Further Together” project.
Therefore, the great KOUMAGNON family and allied families of Sèmè-Kpodji give their firm, committed, and unconditional support to candidate Romuald WADAGNI, as well as to his running mate, Mrs. Mariam Chabi Talata Zimé Yérima.
In the same spirit, we call on all daughters and sons of Sèmè-Kpodji, as well as all citizens committed to peace and development in our country, Benin, to mobilize massively in support of this hopeful momentum by turning out in large numbers on April 12.
We also wish to assure our dear candidate of our commitment to mobilize widely to ensure a high voter turnout in the commune of Sèmè-Kpodji.
Together, let us continue the efforts undertaken.
Together, let us consolidate our achievements.
Together, let us go further.
Long live Benin on its path toward progress!
Long live the WADAGNI–TALATA ticket!
Thank you.
Done at Sèmè-Kpodji, on 04/04/2026
The great KOUMAGNON family and allied families
By Eric Elezuo
With a loud ovation, Nigerians reveled at the announcement of its billionaire-quartet, Aliko Dangote, Mike Adenuga, Femi Otedola, and Abdulsamad Rabiu as among Africa’s richest individuals in 2026.
The four has constantly put Nigeria in the limelight, ensuring that Forbes is never complete without a mention of the giant of Africa, Nigeria
According to the latest Africa Billionaires ranking released by Forbes, Dangote retained his position as Africa’s richest man, with an estimated net worth of $28.5 billion. He added about $4.6 billion to his fortune over the past year, largely driven by the strong performance of Dangote Cement on the Nigerian Exchange Limited.
Telecommunications magnate Adenuga also retained his place among Africa’s billionaires.
The founder of Globacom and chairman of Conoil Producing remains one of Nigeria’s most influential entrepreneurs with diversified interests spanning telecoms, oil and gas, and banking.
Otedola, chairman of Geregu Power Plc, also featured on the list despite a slight dip in his wealth over the past year. Forbes estimates that the billionaire investor lost about $200 million following the sale of a majority stake in the power generation company at a discount to its market price.
The increase in Rabiu’s net worth was largely driven by the performance of BUA Cement, whose shares rose 135% over the past year, outperforming the broader rally on the Nigerian stock market.
The 23 billionaires on the continent are now worth a combined $126.7 billion, representing a 21% increase from 2025 after they collectively added $20.3 billion to their net worth.
Across the continent, billionaire fortunes were boosted by strong equity market performance, record corporate profits, and improving currency stability in several African economies.
South Africa remains the highest number of billionaires on the list, with seven individuals, followed by Egypt with five, Nigeria with four, and Morocco with three.
Here is a peep into the world of Nigeria’s Billionaire-Quartet.
ALIKO DANGOTE
For the President of the Dangote Group, Alhaji Aliko Dangote, and his multifaceted group, playing second fiddle has never been an option. Both the enterprise and the entrepreneur have maintained market leadership to the extent that Dangote himself has appropriated the richest man in Africa status to himself, and has hardworkingly sustained the tag for as long as anyone can remember.
Since 2014, when Forbes magazine named him the world’s 23rd billionaire, jumping 20 spots on the scale from his previous 43rd position among the elite club of the world’s richest people. Aliko Dangote has not looked back, winning back to back the accolade among African billionaires, and never slipping from the world ranking.
Again, as expected, the famous Forbes has proclaimed the soft spoken businessman as Africa’s richest man for the 12th time in a row; a proof that the name Dangote is synonymous with consistency. He is a businessman, who understands that no man rest on his oars if turnovers have to continue to turn over. With marked differentiation, he has demystified the business terrain, and proved that if it can be done, then it must done. His establishment of the humongous fertilizer and sugar plants and the ambitious refinery in Lekki, Lagos, Nigeria, are testimonies of the trajectory of one who knows his onions.
Worth $13.4 by the last Forbes ranking, which sustained him as the richest man in African for the 11th time, entrepreneur extraordinaire has the following points to his name:
- Aliko Dangote, Africa’s richest person, founded and chairs Dangote Cement, the continent’s largest cement producer.
- He owns 85% of publicly-traded Dangote Cement through a holding company.
- Dangote Cement has the capacity to produce 48.6 million metric tons annually and has operations in 10 countries across Africa.
- After many years in development, Dangote’s fertilizer plant in Nigeria began operations in mid-2021.
- Dangote Refinery, under construction since 2016, hit the public space since 2024, and is one of the world’s largest oil refineries, with a capacity of 650,000 barrels per day production.
The above and many has remained the factors that have made it easy for the billionaire to remain in the top echelon of world’s money men, and the supremo among African businessmen. Little wonder he is one of the few recipients of the GCON national honours reserved for top politicians of vice president ranking and top government appointees.
Born in Kano in 1957, Dangote proudly shuttles between three wonderful tags as the richest man in Nigeria; the richest man in Africa and the richest Black man in the world. He has paid his dues, and mankind is the better for it.
Releasing impacts, Aliko Dangote Foundation (ADF), the private charitable foundation of Alhaji Aliko Dangote. Incorporated in 1994, as Dangote Foundation, is saddled with the mission to enhance opportunities for social change through strategic investments that improve health and wellbeing, promote quality education, and broaden economic empowerment opportunities. 20 years later, the Foundation has become the largest private Foundation in sub-Saharan Africa, with the largest endowment by a single African donor.
The primary focus of ADF is child nutrition, with wraparound interventions centered on health, education and empowerment, and disaster relief. The Foundation also supports stand-alone projects with the potential for significant social impact.
The Foundation works with state and national governments and many highly reputable international and domestic charities, non-governmental organizations and international agencies to advance its humanitarian agenda.
In one of its biggest collaboration to date, Aliko Dangote Foundation started working in partnership with the Bill and Melinda Gates Foundation and key northern State Governments in Nigeria from 2013 to eradicate polio and strengthen routine immunization in Nigeria.
Worthy of praise is the fact that nearly a decade, the Foundation has spent over N7 Billion in the course of feeding, clothing and the general welfare of the Internally Displaced Persons in the Northeast.
To make his host communities feel at ease, and the impact of his presence, Dangote has embarked on an initiative to provide further support to improving educational systems in Ibeju-Lekki and Epe locality. The educational support initiative is a tripartite programme consisting of scholarship, capacity building for teachers and school infrastructure projects.
In addition, Scholarships have been awarded to 52 secondary school students whilst some financial support was provided to their parents and/or guardians. Tertiary students will be included in the next batch of the scheme.
Furthermore, about 100 teachers, principals and school administrators were trained in teaching techniques for the 21st century. After which they were monitored in class on how they were using the skills acquired.
There is hardly any sector that has not felt the milk of human kindness running through Aliko Dangote; the military, media, politicians, governments across boards and more.
Dangote is surely an asset to this world!
As at today, there is no space for slowing down for Dangote as he continues to trudge on, creating firsts after first for himself and for humanity. He is blessed with three wonderful daughters, who have followed the rewarding footprints of entrepreneurship, and is looking forward to hitting the richest man in the world status. And very soon too.
ABDULSAMAD RABIU
Abdulsamad Rabiu’s consistent climb on the ladder of success has become phenomenal. The unassuming Chairman at BUA Group has become a study in entrepreneurial discipline, focus, philanthropy and intentional sacrifice. But what can actually be said of a man who has steadily evolved as one of Africa’s biggest investors, in fact, the biggest in the order of reckoning on the Nigerian Exchange. He has graciously used his BUA Foundation and the phenomenal Abdul Samad Rabiu Africa Initiative to not only affect lives, but ensured that the people of the world, especially his native Nigeria, live in better comfort. The Chairman/Chief Executive Officer, Bua Group, makers of quality cement, sugar, flour among other wonderful household items has been a epitome of enterprise. He is presently by divine and entrepreneurial orchestration one of Nigeria’s richest investor. He is also the third richest man in the Africa, by Forbes calculation behind Nigeria’s Aliko Dangote, South African billionaire, Johann Rupert.
In 2023, via a list compiled by Billionaires in Africa revealed the rankings on the Nigerian Exchange, NGX, showing that Abdulsamad Rabiu, the billionaire businessman and industrialist, overtook Aliko Dangote as the richest investor in the country, albeit temporarily.
According to data tracked by Billionaires.Africa, Rabiu’s holdings in his publicly-listed businesses on the local bourse were valued at an impressive $6.01 billion, making him the only investor with an investment portfolio worth over $6 billion then. This is a feat that can only be achieved through wholesome business acumen and dedication.
Born August 4, 1960, in Kano, to one of Nigeria’s foremost industrialists in the 1970s and 1980s, Khalifah Isyaku Rabiu, Abdul Samad Isyaku Rabiu CON is a perfect combination of many things in one.
It was in his native Kano that he kick-started his academic pursuit, carousing through elementary education with ease as a gifted child, and obtained his First School Leaving Certificate. He was later admitted into the Federal Government College, Kano, where he had his secondary education, and gradually with honours.
With a combination of fate, brilliance and determination, Abdulsamad was catapulted to Capital University in Columbus, Ohio, where he studiously studied Economics, and acquired his tertiary education before returning to Nigeria, all before his 24th birthday, to oversee his family business. He was that much sought after, and highly brilliant, and considered capable of holding fort for his father, who was being detained by the administration of General Muhammadu Buhari over matters concerning import duties.
In 1988, just after learning the ropes of entrepreneurial excellence, Abdul Samad Rabiu established BUA International Limited, for the sole purpose of commodity trading. The company followed after the footsteps of his father, and imported rice, edible oil, flour, iron and steel.
In 1990, having exhibited the character worthy of a world class entrepreneur, and the ability to execute classical projects, Rabiu’s BUA was invited by the government, which owned Delta Steel Company to supply its raw materials in exchange for finished products. This provided a much-needed leverage for the young company, and consequently expanded further into steel, producing billets, importing iron ore, and constructing multiple rolling mills in Nigeria.
Rabiu’s dexterity showed further a few years later, when the company acquired Nigerian Oil Mills Limited, the largest edible oil processing company in Nigeria, and there erupted the company’s and BUA’s influence and care over the people in the provision of affordable edible oil. His passion to see people excel in comfort has continued to make him churn out one great tiding after another, and endearing him in the hearts of the generality of the public.
A man with a vision for tomorrow, Rabiu, in 2005, started two flour-milling plants, in Lagos and in Kano, and by 2008, had broken an eight-year monopoly in the Nigerian sugar industry by commissioning the second-largest sugar refinery in sub-Saharan Africa. This was a feat only a bravest of hearts could wroth. As a result, in 2009, the company went on to acquire a controlling stake in a publicly-listed Cement Company in Northern Nigeria and began to construct a $900 million cement plant in Edo State, completing it in early 2015. Rabiu’s passion for expansion is unequalled.
BUA Group has since concentrated and excelled in manufacturing, infrastructure and agriculture and producing a revenue in excess of $2.5 billion. This is in addition to being the chairman of the Bank of Industry (BOI).
The Group, in 2019, announced plans to merge its privately owned BUA Cement with the publicly traded Cement Company of Northern Nigeria Plc (CCNN), to create Nigeria’s second largest cement producer thereby consolidating the grip on the cement market and breaking its monopolistic status.
MICHAEL ADENUGA
Michael Adenuga Jr. is one entrepreneur, who has proved over the decades that he is not the regular billionaire. He is of the stock that is not regulated by stock market figures, but by liquid cash. And that explains why his wealth and net worth supercedes whatever figures churned out by any institution, or any position he is placed in the billionaires’ list.
Adenuga is, for all intent and purpose, in a world and class of his own. This is because his business trajectory and personal philosophy are uniquely his, and therefore worthy of emulation.
Sitting atop one of the most cherished and subscribed network, Glo, Adenuga has not only inspired lives, but practically lifted not a few to enviable heights.
Known for his diverse investments in oil, gas, telecommunications, banking, construction, and real estate, Mike Adenuga notably shook up the African telecom sector with the launch of his telecommunications network, Globacom Limited (Glo), in August 2003.
Also referred to as The Guru, Adenuga is like the proverbial Iroko tree, who is unlike any other. In terms of humility, pedigree, magnanimity, wealth and portfolio of investments, he is one of a kind.
“As of Jan. 1, 2024, Forbes, the U.S.-based business magazine renowned for tracking global billionaire fortunes, estimated Adenuga’s wealth at $6.1 billion. By Dec. 31, 2024, his net worth had grown to $6.8 billion, ranking him as the 448th richest person in the world. Adenuga’s wealth is anchored in his control of Globacom, Nigeria’s second-largest mobile telecommunications and digital services provider, which boasts over 60 million subscribers,” according to Billionaires.Africa
Adenuga is fondly remembered for launching operations on Per Second Billing, thus ensuring subscribers only pay for actual time spent on a call instead of the practice of billing customers N50 per minute even when the call cuts off at just 2 seconds. It also crashed the cost of SIM card from N30,000 to N6,999 and later N100, thereby making it possible for low income earners, students and artisans to own GSM lines today. It is now one of the most recognizable brands across the continent.
Love him or hate him, you can’t fault him. He is an enigma. A definition of class, humanity, intellectual discipline and entrepreneurial acumen. He is the very epitome of when the going gets tough, the tough gets going. And of course, a reference point and research material when it comes to philanthropy. Dr. Mike Adenuga doesn’t give little or give just for giving sake. He gives to sort and solve a lasting challenge. Yes, he is Dr. Michael Adenuga Jr., ‘The People’s Billionaire,’ and without introduction, the brain behind the increasingly success stories recorded at the Globacom Group, among his many other conglomerates and subsidiaries.
Known by many appellations, such as the Spirit of Africa, a rare gem, walking kindness, moon amongst the stars, owner of wealth beyond money, the mighty oak, the man with the gift of Foresight, the Bull, Pillar of sports among a whole lot more, Adenuga’s image looms large. He appears little, and achieves so much more. Hardly seen, but gracefully and consistently felt.
Born on April 29, 1953 to Oloye Michael Adenuga Sr and Chief (Mrs) Juliana Oyindamola Adenuga, the Yeyeoba of Ijebuland, Otun Gbadebo of Ikija and Iyalaje of Ijebu-Igbo, Dr. Mike Adenuga Jnr was not a silver spoon kid, but his parents were comfortable.
The indigene of Oru, Ijebu-Igbo, Ogun State was born and schooled in Ibadan. He attended the famous Ibadan Grammar School. He had his university education in the United States. He majored in Business administration with emphasis on Marketing.
While in school, to augment the allowance sent by his parents, he worked as a cabbie (Taxi Driver), putting in many hours of work a week. This culture of back-breaking hard work shaped him for his ambitious business adventures later in life.
Dr. Mike Adenuga Jr is married to Mrs. Titi Adenuga (nee Adewale). She provides the comfort and stability that such an incredibly busy man requires. His children are Oyin, Babajide (Bobo), Paddy, Bella, Eniola, Bimbo, Sade and ‘Niyi Jnr. He also has grandchildren.
FEMI OTEDOLA
Billionaire businessman, and Chairman, Geregu Power Plc, simply addressed as Femi Otedola (CON), is a focused and determined man. He made his choice from day one, and has refused to be derailed. This explains his prolific nature in the world of entrepreneurship, which has directed his life.
One thing is very obvious before all and sundry, and that is the fact the dotting father of four adorable children is really an Epicurus son, and has no place for half measures when it comes to giving himself, his business and of course everyone around him the good life.
It won’t be forgotten in a hurry how the philanthropist spent a whopping Three Million Pounds to rent a cruise boat in celebration of his 60th birthday in 2022.
Born on November 4, 1962, in Ibadan to the family of the late Sir Michael Otedola, a former governor of Lagos State, Otedola is a definition of everything good, positive and encouraging. He has lived his 60 years representing the very essence of living, affecting lives as a philanthropist, developing careers and manpower as a businessman, industrialists and entrepreneur, and raising biological children, who has stood their own in the society. There is hardly anywhere this tall, handsome phenomenon of a personality can be faulted.
The billionaire businessman started his education at the University of Lagos Staff School before attending Olivet Baptist High School from where he was admitted into Obafemi Awolowo University in 1980. He graduated in1985.
A former chairman of Forte Oil Plc, the Chancellor of St Augustine University, Epe, Lagos, is the founder of Zenon Petroleum and Gas Ltd, and the owner of a number of other businesses across shipping, real estate and finance. He has recently invested in power generation as part of the liberalisation of the sector in Nigeria.
The author of the bestseller, MAKING IT BIG, who has homes in Lagos, Abuja, Dubai, London and New York City has a much impressive existence since he set out to take the bull by the horns in the field of enterprise. This is as chronicled by wikipedia. In 2003, having identified an opportunity in the fuel retail market, Otedola secured the finance to set up Zenon Petroleum and Gas Ltd, a petroleum products marketing and distribution company.
As owner and chairman of Zenon, in 2004 he invested N15 billion in downstream infrastructure development and acquired storage depots at Ibafon, Apapa as well as four cargo vessels, amounting to a combined total storage capacity of 147,000 metric tonnes. The same year he acquired a fleet of 100 DAF fuel-tanker trucks for N1.4 billion.
By 2005, Zenon controlled a major share of the Nigerian diesel market, supplying fuel to most of the major manufacturers in the country including Dangote Group, Cadbury, Coca-Cola, Nigerian Breweries, MTN, Unilever, Nestle and Guinness.
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