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Battle of the Titans: Abdulsamad Rabiu Overtakes Aliko Dangote in Nigeria

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By Eric Elezuo

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 the richest Nigerian investor, dethroning his closest rival, Alhaji Aliko Dangote. He is also the third richest man in the Africa, behind South African billionaire, Johann Rupert and Nigeria’s Aliko Dangote.

A recent list compiled by Billionaires in Africa has revealed the rankings on the Nigerian Exchange, NGX, showing that Abdulsamad Rabiu, the billionaire businessman and industrialist, has overtaken Aliko Dangote as the richest investor in the country.

According to data tracked by Billionaires.Africa, Rabiu’s holdings in his publicly-listed businesses on the local bourse are valued at an impressive $6.01 billion, making him the only investor with an investment portfolio worth over $6 billion. This is a feat that can only be achieved through wholesome business acumen and dedication. Dangote’s is presently valued at $5.8 billion.

Rabiu’s surge in wealth can be attributed to the remarkable growth in the market value of his stake in his unified food business, BUA Foods. The company currently ranks fifth most valuable on the Nigerian Exchange.

Since the beginning of the year, according to a report by Daily Independent, Rabiu’s stake in BUA Foods has witnessed a staggering 109-percent increase, fueled by the strong buying interest in the leading foods conglomerate. The industrialist, who founded BUA Group in 1988, holds a 96.29-percent stake in his flagship company, BUA Cement, both in his name and through his wholly-owned BUA International. The value of his stake in the company has now reached a whopping $3.008 billion.

Additionally, Rabiu owns a 92.6-percent stake in BUA Foods, which is currently worth $3 billion, bringing the total value of his holdings to $6.01 billion.

Despite facing political and economic challenges at the start of the year, BUA Foods managed to sustain its leadership position in the Nigerian economy.

The company reported an impressive profit growth of 77.1 percent in the first quarter of 2023, with profits rising from N22.84 billion ($47.6 million) to N4046 billion ($87.58 million).

This remarkable financial performance has boosted investor confidence and led to a triple-digit surge in BUA Foods’ share price since the beginning of the year. As a result, Rabiu has emerged as the new king of the Nigerian Exchange, overshadowing the legendary Dangote in the race for wealth supremacy.

Other of Rabiu’s fortunes improved as well giving him the leverage to finish the year 2022 and start 2023 on a high note:

BUA Foods’ shares jumped more than 10% from N40 ($0.0968) to N44 ($0.1065) as of January 6.

The company’s market capitalisation increased to N792 billion ($1.92 billion), as Rabiu’s fortune also increased from $5.3 billion to $7.2 billion.

In May 2023, Rabiu dusted South African billionaire, Nicky Oppenheimer, who currently has a net worth of $8.4 billion to hit the third richest man position in Africa with $8.6 billion. Abdul Samad Rabiu’s net worth has risen by over $3.7 billion in the past year; from $4.9 billion. He is a consistent achiever.

Early in 2022, he supervised the opening of a three million metric tonnes per annum BUA Cement Sokoto Line 4 Factory or 3MPTA BUA cement, line 4 cement plant, in Sokoto, which the then president, Muhammadu Buhari, commissioned, describing him as the biggest investor in Nigeria’s northwest region.

A thoroughbred stickler for excellence, Rabiu ensured that the BUA Cement Sokoto Line 4 was built to the following specifications: three million metric tonnes per annum capacity; 6,000 TPD ILC with the highest energy efficiency and latest pollution abating equipment; 48 MW dual fuel power Plant and so on. The Line 5 is already in the works.

Rabiu’s friends and colleagues in the industry have not minced words as they have described him as an entrepreneur who knows his onions as well as an industrialist of importance. His continuous feature on the Forbes list of billionaires in the world, is as a result of his inclination to creating wealth for others through the provision of veritable employment opportunities. Therefore, the impact of his businesses are felt on many lives and many homes.

THE INVINCIBLE ABDULSAMAD RABIU

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.

It is worthy of note that Cement Company of Northern Nigeria PLC in which Rabiu owned more than 97% was producing two million metric tons of cement per annum (Mtpa) while BUA Cement has an annual production capacity of 6Mtpa. The move is in line with the company’s resolve to deepen the Nigerian capital markets and enhance the growth of the cement industry.

Rabiu’s expansion strides cannot be complete without a mention of his extraordinary philanthropic gestures.

In April 2020, he made a whopping donation towards the fight to contain the spread of the Coronavirus pandemic presently ravaging the country.

In a letter dated April 24, 2020, he personally signed and addressed to The Presidential Task Force on COVID-19, the billionaire businessman, congratulated the duo of the Task Force and the Nigeria Centre for Disease Control (NCDC) for doing a good job while observing that much as so much has been done, there was still need to do a lot more, as the disease continued to make inroads into many parts of the country, especially Lagos and Kano states.

“I view with deep concern, the increased rate of spread of the Coronavirus, especially in Kano and Lagos states despite concerted collective efforts to curb the spread and effects of the virus in Nigeria,” he said.

With sincere reference to ‘what is going on, especially in Kano at the moment’ the philanthropist, who had earlier donated N1 billion to the private sector led CACOVID and other states, announced the release of another N3.3 billion ‘grant to the working group made up of the Presidential Task Force, NCDC and other stakeholders in equipping two existing permanent facilities in Kano and Lagos states’.

He said: “To this end, I am immediately committing and making available – through the Bua Foundation two grants of Two Billion Naira for the Kano-based intervention and One Billion Naira for Lagos State being the two epicentres of this virus in Nigeria.”

Rabiu also informed that “a sum of N300 million will also be made available immediately in cash to the Presidential Task Force to assist with logistical and operational activities of the taskforce. This grant is in addition to BUA’s earlier contributions to the private sector led CA-COVID coalition and donations to other states.”

Giving directive on how the funds will be spent, the BUA Foundation Chairman hinted that the “working Group will be expected to use resources at its disposal to ensure these facilities – to be determined by the Working Group – are fully equipped in the shortest possible time.”

He further revealed his trust in the working group to judiciously use the grant for the purposes meant, saying “I believe this will effectively help to expand the scope of interventions, ongoing research as well support already stretched medical cities dedicated to this fight.”

Rabiu’s BUA had in March through a confirmed funds transfer to the COVID-19 relief fund account with the Central Bank of Nigeria redeemed its pledge of N1billion ($2.6m) to the fight against COVID-19. In addition, the company also announced another donation of N300 million to Sokoto, Edo and Ogun States to assist in galvanizing a coordinated response and adequate preparedness in the fight against the COVID-19 pandemic in this states. The donations to Sokoto and Edo States were on behalf of its Cement subsidiary, BUA Cement which has its major operations in those states whilst Ogun was also selected as a beneficiary due to its proximity to Lagos which had been the epicenter of the virus in Nigeria.

In total, Rabiu and his group donated N4.6 billion to the fight against the dreaded pandemic in a addition to other incentives, making them the single highest donor as at date.

In 2021, Rabiu’s focus bestowed on him the grace of becoming the biggest gainer in shares. According to Forbes, which listed the billionaire among the four top billionaires in Africa for the year, “shares of his BUA Cement PLC, which listed on the Nigeria Stock Exchange in January 2020, doubled in value in the past year. That pushed Rabiu’s fortune up by an extraordinary 77%, to $5.5 billion. One thing to note: Rabiu and his son together own about 97% of the company, giving the company a tiny public float. The Nigerian Stock Exchange requires that either 20% or more of a company’s shares to be floated to the public, or that the floated shares are worth at least 20 billion naira — about $50 million — a paltry sum, to be sure. A spokesman for the Nigerian Stock Exchange told Forbes that BUA Cement meets the second requirement. (Forbes discounts the value of stakes when the public float of a company is less than 5%.)”

Rabiu has constantly used his BUA Foundation for his philanthropic activities. Some of them include the construction of a 7,000-square-meter paediatric ward at the Aminu Kano Teaching Hospital and the construction of the Centre for Islamic Studies at Bayero University Kano amongst several others.

In January, 2022, using his Abdul Samad Rabiu Initiative for Africa (ASR Africa) Security Sector Support Grant, he awarded  the Nigeria Immigration Service (NIS) and the Nigerian Correctional Service (NCoS) N500 million each to boost operations.

He is known to have signed several major deals with French companies in recent times, from Axens as technical partner to his new refinery, to a 300tn plasterboard factory deal with French construction giant St Gobain. He followed it up with listing a segment of his business empire on the Lagos Stock Exchange.

In June 2021 therefore, when French President Emmanuel Macron inaugurated the France-Nigeria Business Council, a private sector initiative to enhance business relations between the two countries, Abdul Samad Rabiu was appointed its inaugural President. He had earlier been appointed Chairman of the France Nigeria Investment Club. These appointments drew encomiums from high places including former President Muhammadu Buhari.

The dashing Abdul Samad is married to his beautiful wife, and they are blessed with children, among whom are Isyaku Rabiu, Junaid Rabiu, Rukkayah Rania Rabiu and Khadijah Rabiu. He has 42 siblings including Nafiu Rabiu and Rabiu Rabiu, the chairman of IRS Airlines.

Rabiu’s abilities are compared only with the best. He is a force to reckon with in the field of enterprise and human capacity building. He is quite a gift to Nigeria, Africa and the world.

Attesting to Rabiu’s business ingenuity is not rocket science. Here is a man, who has taken his family-business practically to the next generation. It is a feat of no mean value considering that he is thriving in a country where businesses die with their founding fathers.

A toast to Nigeria’s richest investor! Congratulations sir!

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Nigerian Community Gives Dele Momodu Rousing Welcome in Calgary, Canada

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By Eric Elezuo

It was electric, indescribable and absolutely emotional as the Nigerian Community resident in Calgary, Alberta, Canada, pulled all the stops to give veteran journalist, who is the Chairman, Ovation Media Group, a rousing welcome, as he visits the town.

Momodu’s international influence came to the fore as the Nigerians, led by the ebullient social media content creator, YYC Social Prefect, and their other African friends, rolled out the drums at the airport, singing traditional songs in royal welcome, and sweaty dance steps that say so much about the African culture, with special emphasis to the Nigerian way of life, which Momodu, in over three decades of journalism have dedicated his life to projecting.

Among many places he visited were the African Treasure Market, run by a princess of Ile-Ife, Mrs Tomi Ajayi nee Aderemi, where everything Africa in terms of groceries, was on display.

His other port of call was the Health Watch Medical Clinic where the duo of Mr Emmanuel Aladi and Dr. Flora Aladi along with their impressive staff, gave him a much deserved welcome. Momodu was presented a customary ‘kola’ in appreciation and welcome.

At the second branch of Health Watch Medical Clinic, Momodu was received by Dr. Robert Aka, who could not hide his joy at meeting the proverbial publisher of Ovation International Magazine.

Momodu also visited the Delish Restaurant (African Cuisine), which showcased the best of African food. The restaurant is a typical a home away from home.

There was also a visit to Beauty Sponge, where delectable proprietress, Tola Banks, took the special guest and every other person present on a round Robin journey of how she got to her present status. She was a delight to watch.

Chief also put up a cameo appearance at HODYYC, where Pastor Olatunbosun was in charge.

At Flavour Restaurant, the first Nigerian Restaurant in Calgary, owned by Mrs Bola Esan, Chief Momodu was treated to sumptuous lunch comprising dishes from not a few continents in company of Lanre Ajayi, Imole Ayo and Kazeem Shamshudeen.

However, the ultimate of Momodu’s visits was at the Osuji and Smith Lawyers, where diminutive Nigerian professionals showcased the mettle that make Nigerians great in the league of global business.

The visit is summed up in the speech presented by Barrister Juliet Omonigho  as presented below:

WELCOME SPEECH IN HONOUR of CHIEF DR. DELE MOMODU ON HIS VISIT TO OSUJI & SMITH LAWYERS, CALGARY, ALBERTA, CANADA

Delivered by

BARRISTER JULIETTE OMONIGHO
OSUJI & SMITH LAWYERS, DIRECTOR, FOOT IN THE DOOR INITIATIVE

Date: SEPTEMBER 26, 2024

I cannot even believe that this is happening. My name is Juliette Omonigho. I am legal counsel at this firm, a Director at the Foot In the Door Initiative, and a huge fan!

So I have the greatest joy and honour to welcome a most distinguished guest: one of Nigeria’s most illustrious sons, a giant of Africa, a giant in the fields of journalism, publishing, philanthropy, and entrepreneurship, a global icon, a visionary who changed the way Africa and its stories are told to the world—the epitome of glamour! Just look at him! We stand in awe of your achievements, Chief Dr. Dele Momodu.

Charles Osuji and the whole team of Osuji & Smith lawyers are deeply privileged to welcome you, whose name is synonymous with excellence, integrity, and cultural pride. Chief Dr. Dele Momodu, we humbly welcome you to our firm’s main location.

Chief Dr. Dele Momodu, your life is an inspiration. From the ancient and storied city of Ile-Ife, Osun State, Nigeria, you have not only risen to become a global force in media but have also remained true to your roots; you have committed to telling the African story from the African perspective. Your work through Ovation International, magazine and the Boss Newspaper has crossed borders and bridged cultural divides, reflecting a deep understanding of the beauty, diversity, and resilience of Africa and its diaspora.

ON OVATION MAGAZINE

Can I just talk about Ovation magazine for a moment, Africa’s finest magazine! Wow, I remember the first time I saw an Ovation magazine. Before then, we only saw celebrities from Hollywood in magazines, even in our own local magazines! It was powerful to see Nigerian glamour in print in a glossy, world-class magazine format!

Every Nigerian, from baby boomers to millennials, passed through the excellence delivered by Ovation International. Since its inception in 1996, Ovation has remained a beacon of glamour, culture, and sophistication. Chief Dr. Dele Momodu’s touch of publishing brilliance was unlike anything the continent had seen. It set a new standard, one that many tried to imitate but could never quite replicate. Like-minded magazines emerged, all attempting to be Ovation, which is great because Ovation International set the pace, but none ever reached the same heights. Every magazine wanted to be Ovation, and everyone wanted to be in Ovation.

One of my favourite ads from Ovation back in the day was the cheeky line: “If you’ve already had your wedding and it wasn’t featured in Ovation, you had to do it again.” It was a lighthearted take, but it carried so much truth. Ovation wasn’t just a magazine; it was a cultural movement. There was no denying its gravitational pull. The glitz, the colours, the glamour—we were all captivated. But even beyond that, you celebrated Africa, not just the grand celebrations of the elite of Africa, and I tell you they are grand but also the inspiring stories of everyday heroes. We are all proud that this is our magazine, from Nigeria to Africa and the world!

And as technology evolved, so did Chief Dr. Dele Momodu and Ovation. What’s fascinating is that while others were still trying to catch up, Chief Momodu was already leading the way, entering the digital space. Ovation remains unmatched, a testament to the lasting vision and drive of Chief Dr. Momodu. A great example for others to follow.

You are courageous, and you continue to innovate. Your impact on how the world perceives Africa cannot be overstated. Africa is not a continent of starving children but of unique sophistication and glamour. Because of your contributions, sir, Africa is no longer seen as merely a continent of challenges but one of limitless potential, immense culture, and success—lifting the image of Africa and promoting its stories in the most vibrant and authentic way possible. And now the world proudly sees that.

STILL ON OVATION AND CHARLES OSUJI

We showcase our glamorous music, film and cultural industries, and you took the lead in making that happen. Film and cultural industries You have won numerous accolades; you have met President Bill Clinton, President George Walker Bush and even the Queen of England, to name a few, and you have touched the lives of millions across the globe. But most of all, you are a wonderful family man and a loving father. We admire you for that.

As we celebrate his presence with us today, I couldn’t help but draw parallels between his inspiring journey and that of our very own Dr. Charles Osuji and the phenomenal growth of Osuji & Smith Lawyers.

Sir, let me tell you a bit about Dr. Charles Osuji; like Chief Dr. Momodu, he embarked on a journey fueled by vision and determination. Charles arrived in Canada and quickly rose through the ranks with sheer hard work, humility, and an unwavering commitment to excellence. In just a few short years, five years to be exact, he went from a young Nigerian boy in his twenties who, though graduated at the top of his class, seemed to have no prospects when he arrived in Canada, working three menial jobs to make ends meet, to finally getting an articling position after over 200 rejections! He bought the firm just three years after Articling and, in just five short years as managing partner, led it to become the largest black-owned law firm in Canada! His story is one of resilience, innovation, courage and the kind of tenacity that transforms dreams into reality.

Osuji & Smith Lawyers, under Charles’ leadership, mirrors the journey of Ovation International. Both entities began with a vision, faced numerous challenges, achieved feats that had never been achieved before… and ultimately became symbols of success and excellence in their respective fields. Just as Chief Dr. Dele Momodu has become a beacon of pride for Africa in the global media landscape, Dr. Charles Osuji and his firm have become shining examples of what can be achieved by a young immigrant lawyer with no connections in Canada but through hard work and a commitment to uplifting others rise to national recognition in this country.

Through the Foot in the Door Initiative, FIDI, an organization founded to empower internally trained lawyers Charles, our firm’s reach is international, giving incredible opportunities to internationally trained lawyers around the world to gain legal experience so they do not have to spend years writing hundreds of applications as he did before getting a foot in the door into a legal profession.

As a director of the program, we get contacted by lawyers from around the world about the opportunity to be part of the initiative, and we say yes, which gives them the confidence to move to Canada to pursue their legal careers. The impact of the FIDI innovation is truly global.

Our firm is so successful because Charles has assembled an incredible team of legal minds producing first-class work and the most dedicated and brilliant administrative staff. And collectively, we are all determined and dedicated to giving back. We are a full-service law firm with a diverse staff that speaks over 31 languages; by the way, Chief Momodu, we know you are a linguist who speaks several languages. Our ages range from twenties to seventies, and we serve a diverse Canada.

As a result of Charles’ leadership, Nigeria is uplifting others regardless of race, ethnicity, or nationality. Over 200 FIDI students from different races have passed through our doors. Osuji & Smith has won landmark cases that established precedents, especially in employment law.

Our firm has won over 105 awards across Canada, and Charles was recognized as one of Canada’s 25 most influential lawyers at age 35.

Chief Dr. Momodu, you have led the way, setting an incredible example for a person like Dr. Charles Osuji—to rise to remarkable heights while keeping your focus on a larger mission: showcasing excellence, rewriting narratives, and creating opportunities for others. Your story continues to impact us even in the diaspora. It reminds us that with vision, determination, and the courage to stand for something greater than ourselves, there are no limits to what we can achieve.

Chief Dr. Dele Momodu, we are deeply honored to welcome you today to Osuji & Smith Lawyers. You are an icon! You inspire us all. Thank you for being a shining example of what is possible and for paving the way for future generations of storytellers, leaders, and change-makers.

Please join me again in giving a warm welcome to the one and only Chief Dr. Dele Momodu! I will now invite Dr. Charles Osuji for a presentation.

References:
https://omojuwa.medium.com/dele-momodu-more-than-meets-the-eye-3f6708022be6

Chief Dr. Dele Momodu: The Influential Voice in Media to Inspire at Calgary’s Cultural Trilogy

Chief Dele Momodu has remained a global figure, who has used his media platforms to project the integrity and class of the African continent. And of course, the people of Calgary Alberta, Canada, quite recognized his feat in all ramifications.

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John Mahama Identifies, Proffers Solutions to Challenges Confronting Africa

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By Eric Elezuo

The former President of the Republic of Ghana and President candidate of the NDC in the forthcoming December General election, Dr. John Dramani Mahama, has said that that though the challenges confronting Africa as a continental are enormous, they are not insurmountable, adding that it will take the lion-hearted, and not the faint-hearted to undertake the task of rebuilding the continent.

Dr. Mahama made the remarks while presenting his address titled “The Future of Africa in the Midst of Rising Security, Economic, and Political Challenges”, as a keynote speaker at the just concluded 64th edition of the General Conference of the Nigerian Bar Association (NBA), held at the Convention Centre of the Eko Hotel and Suites in Lagos with the theme, Pressing Forward: A National Posture for Rebuilding Nigeria.

The former president, who is a most preferred candidate come December, when Ghana returns to the polls, said that all and sundry must brace up to tackle the crises that have bedeviled the continent while itemizing some of the challenges to include ‘heavy reliance on exporting commodities and importing essential goods’ among a host other handicapping measures that have rendered the continent backward in the indices of development.

He called on Africans to capital on the recent breakthrough with the establishment of the African Continental Free Trade Area (AfCFTA), which he said is not merely an economic agreement, arguing that legal framework of the AfCFTA offers an unprecedented opportunity to reshape the economic landscape of our continent. He further highlighted the need to check brain drain and address youth unemployment as a step towards curbing the many challenges of underdevelopment facing Africa.

He used the opportunity to call out the government of Ghana, saying that “87% of Ghanaians believe the country is heading in the wrong direction. Additionally, 85% of Ghanaians rate the country’s economy as “bad,” while 72% describe their personal living conditions as “fairly bad” to “bad.”

“Now, this is where it gets interesting. About 55% of Ghanaians say they have lost trust in Parliament, and 53% have lost trust in the Presidency. Moreover, 73% believe the government is not doing enough to fight corruption, and 64% feel the government is failing to improve the economy. Another revealing statistic is that 22% of Ghanaians agree that the country would be better off under military rule.”

The speech reads in full:

The Chairperson, President of the Nigerian Bar Association, Members of the Nigerian Bar here present, Invited Guests,
Distinguished Ladies and Gentlemen.

It is with profound gratitude and a deep sense of responsibility that I stand before you today as the special guest at this Annual General Conference of the Nigerian Bar Association. Your invitation to address this distinguished gathering is not just an honor for me, but a recognition of the crucial role the legal profession plays in shaping the future of our beloved continent.

Your invitation is also historic. In my nearly 30 years of public service, this is the first time I have been invited to a bar conference. I was genuinely surprised to receive your invitation, as I had always believed that bar conferences were exclusive events meant only for members of the legal profession.

I thoroughly enjoyed the opening ceremony yesterday, and your keynote speaker, Dr. Ngozi Okonjo-Iweala, a distinguished daughter of Africa, truly did justice to the conference’s theme.

I have been asked to speak for about 30 minutes on the topic, “The Future of Africa in the Midst of Rising Security, Economic, and Political Challenges.” As a student of history, I like to begin my lectures with some historical context.

Following the Second World War, a combination of factors sparked the struggle for independence in Africa. Soldiers returning from a war that had little to do with them, and African students who had been radicalized by the ideas of Pan-Africanism and the American civil rights movement, became catalysts for the independence movements, particularly in Ghana. By 1957, Ghana emerged as the first country south of the Sahara to gain independence, paving the way for several other African countries, including Nigeria, to follow soon after.

Emerging from colonial rule was an exhilarating and hopeful time for Africans, who looked forward to a future of building great nations that would ensure dignity and prosperity for all their people.
That dream was short-lived. By the late 1960s and into the 1970s, most African governments had fallen under military or autocratic rule. Human rights were routinely violated, and free expression and an independent media were aspirations that seemed reserved for future democracies.

This period in African history, which I refer to as the “lost decades,” was marked by stagnating economies and oppressive military regimes. The few attempts to return to civilian rule were short-lived, with the military quickly reclaiming power.

The 1990s signaled a new dawn for Africa. One by one, African countries began returning to constitutional democracy. It was widely believed that democracy would not only protect the rights and freedoms of the people but also unleash their creative potential to build prosperous lives. Once again, there was hope. At one point, six of the world’s fastest-growing economies were in Africa, reigniting our belief in a prosperous future.

Fast forward more than two decades, and Africa finds itself at a critical juncture. The neocolonial stranglehold continues to choke the continent. While democratic governance has undoubtedly led to some commendable progress in infrastructure and the emergence of an affluent middle class, Africa remains largely an exporter of raw materials and a consumer of finished goods. Per capita incomes remain low compared to many countries with which Africa was on par at the time of independence.

Time is running out to make the crucial decisions that will once again inspire hope in the future of our democratic governance. Let me share a few examples from my own country, Ghana. According to the latest Afrobarometer survey, an overwhelming 87% of Ghanaians believe the country is heading in the wrong direction. Additionally, 85% of Ghanaians rate the country’s economy as “bad,” while 72% describe their personal living conditions as “fairly bad” to “bad.”

Now, this is where it gets interesting. About 55% of Ghanaians say they have lost trust in Parliament, and 53% have lost trust in the Presidency. Moreover, 73% believe the government is not doing enough to fight corruption, and 64% feel the government is failing to improve the economy. Another revealing statistic is that 22% of Ghanaians agree that the country would be better off under military rule.

These figures indicate a significant decline in trust in democratic governance in Ghana, which should serve as a wake-up call for all of us. While I am not certain of the most recent statistics for Nigeria, given that our two countries—often called Siamese twins from the same mother, and always playfully competing over football and jollof—are so similar, the sentiments in Nigeria are likely not too different.

The African continent today is grappling with a range of complex issues that threaten to derail our progress. Recent geopolitical tensions have led to a cascade of economic challenges, including rising food and energy prices. At the same time, the looming threat of climate change casts a shadow over our agricultural productivity and energy security. These challenges are further exacerbated by ongoing political instability, as seen in the recent coups d’état in Burkina Faso, Guinea, Niger, and Mali—clear reminders of the fragility of democratic governance in parts of our continent.

Our young people, who are emerging from schools better educated than ever, have access to more information thanks to the digital age. However, many Millennials, Gen Z, and other generations feel that African democracies are not working for them.

It is crucial that we, as leaders, understand that these challenges are not isolated. They are symptoms of deeper, systemic issues rooted in the power dynamics of the contemporary international system. The current global order, dominated by Western democracies, has created a paradigm of intense competition among key state actors, often perpetuating external dependencies and manipulations that disproportionately impact regions like Africa.

The paradox of our time is that some of the largest holders of natural and human resources, including many African nations, find themselves vulnerable and dependent in this era of globalization. The accompanying structures and institutions of these power dynamics ensure that decision-making processes, even within organizations like the United Nations, are dominated by a select few—often to the detriment of the Global South.

Recent developments on the international stage underscore the instability and insecurity pervading the global system. These events point to institutional failures and the inability of powerful interests to act decisively when it matters most. The ripple effects of these global crises are felt acutely in Africa, intensifying existing challenges and giving rise to new ones.

The recent wave of political insurrections and coups in Africa, particularly in the Sahel region, reflects deep-seated issues of injustice, alienation, and marginalization. The state fragility and insecurity that have led to military takeovers in Guinea, Mali, Chad, Niger, and Burkina Faso have not only disrupted mutual understanding within the ECOWAS sub-region but also exposed the limitations of current diplomatic and interventionist strategies.

Distinguished members of the Bar, we must ask ourselves: What is the future of Africa? What are the challenges that threaten Africa’s future? And what role do you, as legal professionals, have in securing this future?

To answer these questions, we must first examine the structural challenges that undermine our African economies—challenges that have been starkly highlighted by recent global events. These events have not only disrupted our economies but have also exposed the deep-rooted vulnerabilities that have long persisted beneath the surface of our economic frameworks.

Our continent’s heavy reliance on exporting commodities and importing essential goods has made us especially vulnerable to the unpredictable fluctuations of global markets. This vulnerability is not a recent development; it is a lingering legacy of colonial economic structures that we have yet to fully dismantle. The recent commodity price shocks have sent shockwaves through our economies, exposing the fragility of our financial stability and undermining our economic sovereignty.

Let’s examine these structural challenges in more detail:

Firstly, the mono-product nature of many African economies poses a significant barrier to sustainable growth. Take Nigeria, for example—it is heavily dependent on oil exports, which account for a major portion of its export earnings. This overreliance on a single commodity leaves the economy highly susceptible to global oil price fluctuations, as we have seen all too clearly in recent years. Similar situations exist across the continent, whether it’s cocoa in Côte d’Ivoire, gold in Ghana, copper in Zambia, or diamonds in Botswana.

Secondly, despite its enormous potential, our agricultural sector remains largely underdeveloped and underutilized. We continue to import vast quantities of food that could be produced locally, which drains our foreign exchange reserves and stifles the growth of domestic agribusinesses. Moreover, the legal frameworks governing land use, agricultural financing, and food safety standards often lag behind global best practices, discouraging investment and innovation in this vital sector.

Thirdly, our manufacturing base is severely underdeveloped. The premature deindustrialization of Africa, driven by poorly designed structural adjustment programs and inequitable global trade practices, has resulted in our exclusion from global value chains. Our contribution to global manufacturing value-added remains below 2%, a statistic that does not reflect our potential and instead perpetuates our role as exporters of raw materials.

Fourthly, the informal sector, which accounts for a substantial portion of employment and economic activity in many African countries, operates largely outside the formal legal and regulatory frameworks. This not only restricts productivity and growth but also deprives governments of much-needed tax revenues and workers of essential legal protections.

It goes without saying that our financial systems remain underdeveloped and are often inaccessible to large segments of our population. The lack of robust credit reporting systems, limited access to long-term capital, and high interest rates stifle entrepreneurship and hinder economic diversification.

As legal professionals, you have a crucial role in addressing these structural challenges. Your task is not just to advocate for change but to actively shape the legal frameworks that will support the diversification and strengthening of our economies. This requires a multifaceted approach:

The recent breakthrough with the establishment of the African Continental Free Trade Area (AfCFTA) is not merely an economic agreement; it is the embodiment of the pan-African vision championed by leaders like Kwame Nkrumah. As Nkrumah once prophetically stated, “Africa must unite now or perish.” The AfCFTA reflects this spirit, ushering in a new era of economic integration and opportunity that transcends the arbitrary borders imposed by colonial powers. It stands as a testament to our collective determination to carve out our own path and shape our economic destiny.

However, we must acknowledge, with a clear-eyed realism, that this immense potential remains largely unrealized due to ongoing structural impediments and external shocks. The lingering effects of colonial exploitation, the burden of unsustainable debts, and the volatility of global commodity markets continue to challenge our progress. Yet, it is precisely in facing these challenges that you, as legal professionals, must step forward.

The legal framework of the AfCFTA offers an unprecedented opportunity to reshape the economic landscape of our continent. As custodians of the law, you bear the responsibility of ensuring that this framework not only promotes trade but also protects the rights of our workers and citizens. You must diligently scrutinize and refine the protocols on trade in goods and services, ensuring they align with international labor standards and human rights conventions.

Furthermore, the protocol on the free movement of persons is not just an economic necessity but a realization of the pan-African dream. It is your duty to advocate for and implement legal mechanisms that enable seamless movement across our borders while addressing legitimate security concerns. You must work tirelessly to harmonize immigration laws, recognize professional qualifications across member states, and establish robust systems for the mutual recognition of judgments and arbitral awards.

For your profession, the implementation of the AfCFTA opens up new opportunities and responsibilities. You must proactively adapt your legal education and practice to meet the needs of an integrated African market. This involves developing expertise in international trade law, cross-border disputes, and comparative African law. It also means establishing pan-African law firms and legal networks capable of serving clients across the continent, thereby fostering a truly African legal ecosystem.

Moreover, you must lead in developing a body of African commercial law that reflects our values and realities. This includes drafting model laws for e-commerce, intellectual property protection, and competition, all tailored to the African context. You should also advocate for the creation of an African Commercial Court to resolve disputes arising from the AfCFTA, ensuring that African jurisprudence plays a central role in interpreting and applying the agreement.

As we navigate this new landscape, we must remain vigilant in addressing potential challenges. The benefits of economic integration should not be limited to large corporations or political elites. You must develop and enforce competition laws that prevent monopolistic practices and ensure that small and medium enterprises can thrive in this expanded market. Additionally, environmental protection must be an integral part of our trade policies, ensuring that our pursuit of prosperity does not come at the expense of our natural heritage.

In the spirit of Nkrumah’s vision, let us view the AfCFTA not as an end in itself, but as a stepping stone toward greater political and economic unity. As legal professionals, you must become the architects of this new Africa, crafting laws and institutions that bring our nations closer together. You should also work to revive and modernize concepts of African customary law, creating a distinct African legal identity that honors our diverse traditions while addressing the needs of a modern, integrated economy.

The task before you is monumental, but so too is your capacity to meet it. Let us take inspiration from the words of another great pan-Africanist, Julius Nyerere, who said, “Without unity, there is no future for Africa.” As we move forward with the implementation of the AfCFTA, let us do so with an unwavering commitment to unity, justice, and prosperity for all Africans. Your legal expertise must serve as the foundation upon which the structure of African economic integration is built, ensuring that the dreams of Nkrumah and our other founding fathers are not just aspirations, but become the lived reality of every African citizen.

Ladies and gentlemen, climate change poses an existential threat to our agricultural sector and energy security. As guardians of the law, you must take the lead in developing and implementing legal instruments that promote sustainable agricultural practices and incentivize investment in renewable energy. Your role goes beyond mere advocacy; you must draft legislation that balances economic development with environmental sustainability, ensuring that the Africa of tomorrow is not constructed at the expense of its natural heritage.

The specter of political instability continues to cast a shadow over our continent. The recent wave of coups d’état in West Africa is a stark reminder of the fragility of our democratic institutions. Even more concerning is the rise of “people’s coups,” which reflect a deep disillusionment with the democratic process. As legal professionals, you have a solemn duty to strengthen the pillars of democracy—the rule of law, the separation of powers, and the protection of fundamental rights.

You must undertake a critical examination of our constitutional frameworks, electoral processes, and accountability mechanisms. The Nigerian Bar Association must be at the forefront of advocating for reforms that enhance the credibility of our democratic institutions and restore trust in the social contract between the governed and their leaders.

Distinguished members of the Bar, let us now turn our attention to a matter of paramount importance—the youth of Africa. This demographic represents both our greatest challenge and our most promising asset, a duality that requires our urgent attention and coordinated action.

The alarming rates of youth unemployment across our continent are not just statistics to be discussed in academic discourse or political rhetoric; they are a ticking time bomb of social unrest and unfulfilled potential. As legal practitioners, you cannot afford to be passive observers of this unfolding crisis. It is your duty to champion policies and initiatives that create meaningful opportunities for our young people. Your role extends beyond the courtroom and the boardroom; you must become architects of a future that fully harnesses the boundless potential of our youth.

First and foremost, you must advocate for educational reforms that are aligned with the needs of a 21st-century economy. The current educational system, a remnant of our colonial past, is utterly inadequate for preparing our youth to face the challenges and seize the opportunities of the modern world. You must push for a comprehensive curriculum overhaul that emphasizes critical thinking, digital literacy, and practical skills. As legal professionals, you can contribute to this by offering internships, mentorship programs, and practical legal education initiatives that bridge the gap between academic theory and professional practice.

Additionally, you must work toward establishing a robust legal framework that fosters entrepreneurship among our youth. This involves advocating for legislation that simplifies business registration processes, provides tax incentives for young entrepreneurs, and improves access to credit and capital.

In this context, I propose the creation of a Youth Entrepreneurship Legal Clinic. This initiative would offer free legal advice and support to young entrepreneurs, helping them navigate the complex legal landscape of business formation and operations. By lowering legal barriers to entry, we can unleash a surge of innovation and job creation driven by our youth.

Furthermore, you must ensure that our labor laws evolve to protect the rights and interests of young workers in an increasingly dynamic and digital economy. The rise of the gig economy and remote work presents both opportunities and challenges for our youth. You should advocate for legislation that provides social protections for freelancers and gig workers, ensures fair compensation, and prevents exploitation. This may involve pushing for amendments to the Labor Act to recognize new forms of employment and extend essential protections to all categories of workers.

Additionally, we must address the brain drain that depletes our continent of its brightest minds. While we cannot halt the forces of globalization, we can create conditions that make staying in Africa a compelling choice for our youth. This means advocating for policies that improve the ease of doing business, enhance public infrastructure, and foster a more meritocratic society. As legal professionals, you can play a crucial role by promoting transparency and accountability in governance, thereby cultivating an environment where talent and hard work are genuinely rewarded.

We must also recognize that youth issues intersect with other societal challenges. For instance, climate change disproportionately impacts our youth, who will bear the brunt of our environmental decisions. You should therefore promote environmental law and advocate for sustainable development practices that create green jobs and secure a livable future for generations to come.

Moreover, it is essential to address the gender disparities that persist in youth employment and entrepreneurship. Young women face unique barriers to entering and succeeding in the workforce. You must champion policies that promote gender equality in education and employment, combat discrimination, and support young women entrepreneurs.

Ladies and gentlemen, the task before us is formidable, but not insurmountable. By harnessing the innovative spirit of our youth, combined with your legal expertise and advocacy, we can transform this demographic challenge into a demographic dividend. I urge you to commit yourselves to this cause with the same zeal and dedication that you bring to your legal practice.

I call upon every member of the Nigerian Bar Association to take up this challenge. Establish a Youth Empowerment Committee within your organization, tasked with developing concrete policy proposals and initiatives to tackle youth unemployment and underemployment. Engage with legislators, policymakers, and industry leaders to create a national youth empowerment strategy that transcends political divides and electoral cycles.

Let us remember the words of Wole Soyinka: “The greatest threat to freedom is the absence of criticism.” As legal practitioners, it is your duty to critically examine and challenge the status quo, to be the voice of the voiceless, and to pave the way for a future where every young person can realize their full potential. The future of our continent depends on our ability to transform the latent energy of our youth into a driving force for progress and prosperity. By empowering our youth, we secure not just their future, but the future of Africa.

Furthermore, we must recognize that the legal profession itself must evolve to meet the needs of a changing world. Our legal education systems need reform to produce lawyers who are not only technically proficient but also deeply committed to social responsibility. We must revive the vision of our forebears, who saw lawyers as fearless defenders of the rule of law and unwavering advocates for the common citizen.

To this end, I call upon the Nigerian Bar Association and other Bar Associations across Africa to establish a comprehensive pro bono program, requiring each member to dedicate a minimum number of hours to providing free legal services. We must also strengthen our legal aid systems and promote public interest litigation as powerful tools for advancing social justice and good governance.

The challenges before us are formidable, but so too is the resilience of the African people. Like the eagle, we must rise above the storms that surround us, using our keen vision to chart a path toward a brighter future. We must muster the strength to break free from the constraints of our colonial past and forge a distinctly African path to development.

As we move forward in rebuilding Africa, let us be guided by the principles of inclusivity and sustainability. Your efforts must ensure that the benefits of development are equitably distributed, reaching all segments of society, particularly women, rural communities, and persons with disabilities. The recent leadership of the NBA Conference Committee by an allfemale team is a commendable step in this direction, but it should be seen as a starting point, not the culmination, of our efforts toward achieving gender equality.

In conclusion, the task of rebuilding Africa is not for the faint-hearted. It requires the wisdom of the owl, the courage of the lion, and the vision of the eagle. As members of the legal profession, you are uniquely positioned to lead this transformative journey. Let us leave this conference not just with words, but with a renewed commitment to action. Let us pledge to use our legal expertise not only in service to the powerful but also in uplifting the vulnerable and voiceless.

The future of Africa rests in our hands. Let us move forward with determination, innovation, and an unwavering commitment to justice. For in the words of your national anthem, “The labour of our heroes past shall never be in vain.” May your actions and advocacy ensure that the Africa of tomorrow realizes the full potential of its people and resources.

Thank you for your attention, and I wish you all the best for the rest of the conference.

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Adetola Nola and Quotable Quotes

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Compiled by Eric Elezuo

In the course of his entrepreneurial journey, Nola Adetola has made statements that shaped his being, and stand as reference point of motivation for up and coming entrepreneurs. Some of them are:

“We are dedicated to providing world-class homes and shaping the real estate sector in Nigeria.”

“Supporting and nurturing emerging talent is a crucial part of my journey. The Adetola Business Incubator is our way of giving back and fostering innovation in Nigeria.”

“Africa has immense potential for growth, and we are determined to play a significant role in solving housing challenges on the continent.”

“I am a perfectionist, and I take nothing short of excellence”

“It is an honour to be part of this list that features so many great people. Forbes has done a great job compiling and ensuring the credibility of this list since inception, and it is a leading resource for entrepreneurs, like myself.”

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