Boss Picks
NDLEA Arrests 48 Suspects at Fola Aiyesimoju’s UPDC Resident Apartments in Amuwo Odofin
By Eric Elezuo
The 28th of November, 2020 brought a near positive climax to the activities of criminal elements living and operating within the UACN Property Development Company Plc (UPDC) residences, which shares a common compound with the high profile Festival Hotel (formerly Golden Tulip Hotel) and Festival Mall, which houses Shoprite.
Relishing in the euphoria of the successful raid conducted by officers and men of the Nigeria Drug law Enforcement Agency (NDLEA) in the early hours of November 28, 2020, the executive committee of the Golden Tulip Residents Association, an umbrella body, which also accommodates the UPDC Residences and residents led by Mr. Moses Olanrejwu, in a press statement signed by the Public Relations Officer of the association, Mr Oke Odhomor, the executive expressed profound appreciation to the agency for their intervention, stating that “For almost a year, the EXCO has complained to the UPDC management about the short let operations within the building which has attracted unsavoury characters that use the temporary accommodation for illicit activities including drug use, internet fraud and many illegal activities.”
Building regulations agency officials inspecting a collapse section of the building
The PRO remarked that the raid was just what the residents needed to stem the tide of untold criminal activities that have gone on for long, and had got so bad that residents and their families live in fear of the unknown while most of them have found alternative accommodations. It will be recalled that it was from this estate that someone or a group of persons were seen throwing money in large quantity from the window of the second floor, causing a stampede below.
The PRO wondered who in his right senses does that, or who will ever do that if he makes his money legitimately.
“It has gotten so bad that residents and their families are not comfortable within the environment while some have been moving out,” he said.
He blamed the facilities managers for the high crime rate in the estate, stressing that the company failed to live up to expectation in the discharge of their duties, especially their involvement in the unlawful act of allowing people to sublet apartments to unknown characters, who in turn become uncontrollable nuisances.
He noted that all the efforts the residents have made to stem the tide of crime in the estate were rebuffed by the facilities manager Mrs. Alaba Fagun of UPDC, whose security personnel were indicted as being in cohort with the criminal elements.
The chairman of the Resident Association Mr. Olanrejwu Moses in one of his letters to UPDC management read in part:
“The EXCO has made several entreaties to UPDC verbally and officially (we have the letters as evidence) requesting that they terminate the running of the short let operations because it is the source of the illegal activities.
A snake killed within the building
“The very act of the commercial operation is an illegality as one of the clauses in the UPDC rules and regulations is that the apartments are not to be used for commercial and illegal activities.
“However, UPDC Plc has flouted this regulation and has encouraged the use of the apartments for short-let accommodation which has attracted a number of criminally minded youths who use the place for internet fraud activities, smoking of illegal substances, rowdy parties that break all the COVID-19 safety protocols which has exposed residents to physical and health dangers.
“The operations are done with the full approval of the security personnel and UPDC on site facility managers Mr. Tomiwa Fasida.
“It has gotten to a point whereby the influx of these temporary occupants have made legitimate owners uncomfortable in their homes.
“Throughout the year, there have been security incidents caused by these short-let occupants which has disrupted the peace and quiet of the environment.”
Wrong and faulty air-conditioning unit installation
In their reaction however, the UPDC management communicated to the residents through individual email after the raid, saying that all was well, and they were on top of security matters.
The UPDC residences, which comprises 198 apartments of one and two bedrooms, and also houses offices and staff rooms, have been in the news for a while for the wrong reasons as residents consistently complained of siege and barefaced insecurity owing to activities of criminal elements, who found their ways to the estate through shortlet accommodations initiated and perpetrated by the facilities managers, UPDC.
In their desperation to make the estate habitable for the occupier/owners and their families, residents engaged UPDC to live up to their professional billing, including inviting the officers and men of the FESTAC Divisional Police station, who intervened and made some arrests, but that did not deter the facilities management.
More so, some whistle blower letters, especially the one dated July 23, 2020, which was sited by The Boss were also sent to the Chief Executive Officer, UPDC, Mr. Fola Aiyesimoju, to get him to react positively, but he never did.
LASEMA officials inspecting damaged areas
The residents claim that over 27 petitions have been sent to Mr. Aiyesimoju on such matters.
RESIDENTS LOSE CONFIDENCE IN UPDC
On November, 24, 2020, another letter, addressed to the CEO Mr. Fola Aiyesimoju was sent by the Golden Tulip Residents Association, who at this time has lost faith in the administration of the facilities managers as a result of the dilapidated state of the estate, inability to repair or replace damaged installations despite huge service charge paid by residents which amounted to N1,045,000 per apartment of 1 and 2 bedrooms. This is one increment, according to the PRO, the Resident Association considered illegal because the procedure for such in the UPDC rule books which provides that before any increment is made, the residents must approve of it and shall jointly manage the facility with the management company but that was not followed coupled with the state of insecurity that has turned residents into vegetables in their own apartments.
The Executive Committee, by the letter had demanded within 24 hours a detailed account of income and expenditure of the estate so as to know why there is paucity of funds to attend to estate development affairs.
The following were areas the EXCO find the facility managers wanting, and demanded explanations according to the letter:
BUILDING INTEGRITY
“We are also bringing to your notice the on-going works at the section of the collapsed ceiling on the 4th floor. Please see attached pictures showing that the contractor is using planks as props and not timber as was stated in the letter sent to the EXCO by UPDC. The industry practice is that steel props are used in cases like this.
“The EXCO has previously requested that UPDC assesses the qualification and experience of the contractor that it is engaging to carry out this work as UPDC will be held responsible for any injury or loss incurred by residents during the repairs of this building.
Dilapidated state of the facility
INSURANCE
“The EXCO is aware that residents have been paying the insurance premium for the building.
“We would like to know the insurance company that is providing cover for the building and evidence of premium payment.
SHORTLET OPERATIONS
“Despite the notice sent on the termination of short let operations, this activity is still going on.
“The temporary occupants are still causing a nuisance within the building including the smoking of weed in the common areas and lift.
“We would like to know what measure UPDC is taking to implement the termination order?
“Can you give a timeline as to when this activity will stop?
SECURITY
“The EXCO is still awaiting the security report on the October 2020 break in of the 4 hoodlums into the complex and also when the physical security audit will be carried out.
“There are still gaps in the security architecture of this complex and the mobile policemen are not staying at their beats.
Fola Aiyesimoju, CEO, UPDC
“We do not know when there will be another security incident within the vicinity of the complex and the complex should not be left exposed to attacks.
GAS PIPELINE/GAS CYLINDERS
“The EXCO would also like to remind you about the potential danger of not securing the area around the gas pipeline.
“This gas pipeline was channelled by UPDC to the complex to feed the IPP so UPDC has a responsibility to ensure that the area is well protected.
“There is an abandoned container and other illegal commercial activities taking place on the gas pipeline route which should be a cause for alarm to UPDC.
“The cooling system for the gas cylinders behind the shopping mall has still not been fixed. This is extremely dangerous given that an explosion will probably cause fatalities and multiple damages to buildings and properties in the vicinity. We are approaching the festive season and it is expected that the complex will be well populated by families and young people who will come to enjoy the facilities that the complex offers. UPDC needs to urgently get experts to fix the faults in the cooling system.
“We will continually remind you about all outstanding issues and we pray that you take on board our concerns and the UPDC does the needful in resolving all our concerns,” the letter noted.
DIARY OF SECURITY BREACHES UNDER UPDC-LED MANAGEMENT
The residents, many of whom told The Boss that their lives are insecure in the environment, lamented security breaches. In their separate responses, they narrated as follows:
In February 2020, some members of the resident association security committee had to call the UPDC Plc former Chief Security Officer, Mr Jude, to control the activities of drug smokers in the car park.
In March 2020 members of the Resident Security Committee apprehended a short-let occupant smoking cannabis in the car park and handed the person to the UPDC former CSO, Mr. Jude but to our dismay the matter was not handed over to the police or NDLEA and It was not recorded in the security log book or included in the weekly activity report given to the EXCO of the resident association.
There was a rape incident by six boys that happened during the year that was not reported by ASCO Security, (the security company employed by UPDC Plc to guard the complex) despite the fact that the rapists were arrested but later released by the former CSO and the Mopol attached to the Festival Mall. In fact the CSO of ASCO security confessed to the DPO Festac Town on phone when he was interrogated on the rape case.
Again there was no follow up nor was it logged in their security log book.
On 28 August 2020, there was an incident that went viral on social media were some temporary occupants of the short-let apartments caused a disturbance and were seen throwing naira notes out of their windows to a crowd of people in the car park area facing the Festival Mall. There were three ASCO security personnel in the crowd captured on video.
It took the action and presence of the police to restore peace and order.
Alana Fagun, UPDC Facility Manager
A fight broke out between two temporary short let occupants over a deal that went bad and it took the intervention of a Colonel who was in the building to control the soldiers that one of the parties brought in.
In July, the car park was invaded by over 50 youths smoking illegal substances and loitering in the area constituting a nuisance. This was done in the full view of the ASCO security personnel who allowed them into the complex. It took the presence of a team from the Area E Commander who attempted to round up the youths, most of them escaped aided by the UPDC security who allowed them to exit through a black back gate.
These were also contained in a petition which the Exco said is ready to be sent to the Inspector General of Police, Mohammed Adamu, through the Force Public Relations Officer, Frank Mba as obtained by The Boss
The residents believe that the incidents show the scale of the problems “we are facing within the complex all caused by our facility management company, UPDC Plc who have continued to allow the short let operations that is attracting unsavoury elements into the complex”.
They accused the shortlet operators of not even having a registered business with the CAC.
APPEAL TO SECURITY AGENCIES
The residents noted that they have appealed to the police and other security agencies including Barr Babatunde Irukere of the Federal Competition and Consumer Protection Commission (FCCPC) to come to their aid as the crisis supervised by UPDC is getting out of hand. They allege that criminal elements are getting comfortable in the environment as they have bought over the security personnel, expressing the fear that it won’t take time for them to take over the environment and upgrade their illegal activities thereby exposing genuine residents to attacks, robberies, kidnapping among others.
They are demanding investigation into the activities of the facility managers, suggesting that the CEO, Mr Fola Aiyesimoju and the on-site Managers, Mrs. Alaba Fagun and Mr Tomiwa Fasida as well as the owners of the shortlet apartments and their agents be interrogated to ascertain the extent of their involvement.
“Why will they continue to allow this illegal operation to run despite numerous complaints from the EXCO and knowing fully well of the criminality that it brings to the complex,” Mr Moses had inquired in his petitions.
Further in his contribution, the PRO, Mr. Oke Odhomor, maintained that the problem with the estate transcends beyond criminal elements, who had infiltrated the environment to total disregard of infrastructure maintenance as almost every corner of the former high profile quarters is a shadow of its self. This he blamed on the unprofessional conduct of the managers of the facility.
“The way it stands, it is like our facility managers are out to meet a certain target considering how they bill the residents, and do little or nothing with the money. Take for instance, the air-conditioner broke down at a time, and UPDC gave us a bill of one million, seven hundred and fifty naira (1,750,000). We decided to try someone else and behold, it cost just about N10,000 for a fuse and everything was back to normal. So you can imagine what we have been going through all along.
“The fourth floor of the building is totally dilapidated, and likely to collapse. The same with the gas area. There, even people from the Amuwo Odofin local government collect parking fees from people who park their cars and articulated vehicles on top of the gas pipeline taped from the Gaslink pipeline, and no one is saying anything. An explosion could happen at any time. NNPC has a caution sign at the place yet UPDC looked the other way. If that explodes one day, the casualty level will be greater that what happened in Abule Odo sometime ago.
“This UPDC people are totally lawless and cares nothing about the comfort of the residents they are managing. I understand that they were chased away from managing the 1004 Estates in Victoria Island as well as the Anchorage Estate among other places they have exhibited their incompetence.
“We have at various times invited the General Manager, Lagos State Building Control Agency, Engr. Abiola Kosegbe, and the General Manager, Lagos State Safety Commission, Mr. Lanre Mojola, to come and view first hand the state of rot at this estate. Mr Mojola at his last visit was quick to shut down the illegal event centre established by UPDC. However, no one can tell what happened afterwards, and the place was reopened, and has remained in operation till date.
“The teams acknowledged that there has been non-compliance by UPDC to Lagos State building regulations specifically there is no evidence of structural integrity test and comprehensive structural stability report and no evidence of certificate of completion and fitness for habitation before use of the structure,” Odhomor stated.
When The Boss sought the opinions of both officers, their phones were either unavailable or rang out without being picked.
RESPONSES FROM THE UPDC MANAGEMENT
The Boss investigation reveals that apart from Mr. Fola Aiyesimoju, who is the CEO of the company, the likes of Mrs Alaba Fagun, the New Head of Facilities Management, Nicol Omeruah, the Deputy Chief Executive Officer and Kunle Oshilaja, who is a Non Executive Director, are some of the members of administration of the company.
In a telephone chat with Mrs Fagun, The Boss was made to understand that she was not in a position to speak on the matter. Mrs Fagun quickly referred this reporter to the CEO, who she said was the only one authorised to speak on the issue. She claimed it was company policy.
“I don’t have the capacity to speak. We have a company policy. Don’t put words into my mouth,” Fagun said before hanging up.
Calls put across to Mr Fola Aiyesimoju, the CEO, to get his position, were neither answered not returned in as much as they rang out. The text message also sent to his phone was ignored as well.
On the other hand, the phone of Nicol-Omeruah, the Deputy CEO was switched off when The Boss tried to reach out to her.
The Boss also tried to get the views of Mr Oshilaja, but he vehemently refused to speak on the matter, saying categorically that “it is not my business as I am only a non executive director. It is the management and executive that has a right to talk about it,” a rather angry Oshilaja said, ending with “I don’t want to talk to you” as he dropped the call.
In 2017, the occupiers of the apartments, who are not tenants but owners invested in the property with the expectation that the facility will be well run and managed efficiently by UPDC Plc. And for three years, the occupiers and the management have been having a running battle as a result of a renege in the agreement that brought them together.
The two parties, from the onset, agreed as follows:
• the apartments were to be jointly managed by UPDC Plc and the owners;
• UPDC Plc will provide a safe and peaceful environment
• Service charge budget proposed by UPDC Plc would be approved by the EXCO before any expenditure is carried out
• Ban on commercial and illicit activities
• Ban on street parties and noise pollution
• there would be a dedicated recreation area for residents and their families to relax (a rooftop garden and an area within the complex earmarked as a recreational centre)
But the owner/occupiers have claimed that none of these agreed terms has been followed through.
They call on the Federal Government and Lagos State Government to conduct a thorough investigation on the affairs of the estate as well as other private estates to determine the level or rot and corruption being perpetrated.
They accuse private facility managers of maximising profit to the detriment of the owner/occupiers through illegal and criminal activities.
It would not be forgotten that to give credence to concerns of the residents, on Saturday November 28, 2020 a team from the NDLEA stormed the UPDC Residence Apartment, Amuwo Odofin LG at about 6:45am and arrested about 48 male occupants of the short let apartments who were in possession of illicit substances and materials all found inside their UPDC managed apartments.
In his parting statements, Mr. Odhomor reiterated that “there is a high pressured gas pipeline feeding the IPP which runs along the perimeter fence of the complex. UPDC Plc has allowed abandoned vehicles to be parked on top of the gas pipeline.
“We have made several complaints to UPDC Plc about the vehicles parked on this pipeline that has the potential to cause an explosion if not cleared but our concerns have fallen on deaf ears.
“We have recently discovered that there is another potential hotspot right within the complex. Behind the shopping mall, there is a gas tank that houses two giant compressed gas cylinders which is designed to have a cooling system to ensure that the compressed air and gas do not reach extremely high temperature and explode.
“Apparently the cooling system has been faulty for several years and is yet to be fixed by UPDC Plc so this chamber is running without the required and essential component.
“The gas chamber is situated directly behind the shopping mall which attracts over three thousand people daily many of whom are children!
“There is also a Children fun park very close to the gas tank. The children park attracts over 500 children during the weekend.
“This potentially dangerous life threatening situation has been left unresolved for several years.
“You can imagine the impact of an explosion of this magnitude, the loss of lives and damage to properties.
“The public outcry will be unprecedented, especially as this will be coming on the back of the recent explosions in Lagos,” he warned.
Only in October, a gigantic snake was found and killed within the complex. The residents believe that it could only mean that there are others maybe even within the building itself and its environs.
“There is no gainsaying the obvious; nothing works in this estate, except high unbearable service charge and noise pollution occasioned by the marquee mounted and leased to party makers every weekend to disturb the peace of the occupants; government should help us get rid of bunch of managers,” Odhormor concluded.
UPDC reportedly makes a sum not less than Two Hundred and Six Million, Nine Hundred and Ten Thousand Naira (N206, 910, 000) on deposit service charge collected from residents. A total of 15 per cent of the above sum is paid to the company as management service fee and another 10 per cent as mark ups for power/energy fee. It is therefore, not expected that the company would cut corners for any reason, to the detriment of the residents.
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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