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Femi Otedola: When a Philanthropist Becomes Chancellor

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By Eric Elezuo

It was a rain of naira as billionaire businessman, Mr. Femi Otedola, was installed as the Chancellor of Augustine University, Epe, Lagos State.

The newly inaugurated Chancellor, who is not new to philanthropism and welfare of the people instantenously announced the scholarship donation to each student enrolled in the institution for the 2023/2024 academic session, including new and returning students.

In an unprecedented move, the man of thr people, investor and major shareholder and Chairman of Geregu Power, as well as director of FBN Holdings Plc, extended his philanthropic arm by donating a generous sum of N1 million to each of the 750 students of Augustine University.

The total sum of the scholarship donation amounts to N750 million (Seven Hundred and Fifty Million Naira). In a addition, the silent boosted the furnishing of the Engineering Faculty with a N140 million donation, and another N110 million for street lights across the campus. He therefore, made a whopping N1 billion donation to the institution. The Geregu chairman had earlier committed N2 billion for the building of the Engineering Faculty.

Making the donations during his acceptance speech at the university, where he outlined his vision and commitment to the educational institution and its student body, Otedola informed that the substantial financial aid is meant to alleviate the burden on families affected by Nigeria’s present challenging economic climate.

“I  hereby announce a scholarship donation to Each returning student of the University and Each new first year student of our University the amount of  One Million Naira Each towards the 2023 / 2024 session school fees of Each student. I am told that there are 500 returning students and about 250 new first year students making a total Scholarship donation of N 750 Million (Seven Hundred and Fifty Million  Naira).  I hope this donation assists the plight of the parents of our students in this difficult time.

“I also donate N140 million towards the furnishing of the completed Engineering faculty building and a further N110 million towards the installation of Street lights around the campus and a new standby generating set. THIS MAKES A TOTAL DONATION OF ONE BILLION NAIRA TO OUR UNIVERSITY. This is in addition to my earlier pledge of N2 billion for the construction of the Engineering Faculty complex,” the billionaire businessman said.

The donations are considered historic, and a new precedent for private philanthropy in the academic sector.

Call him the simplest and most easy going Nigerian billionaire, you won’t be wrong. The likes of Femi Otedola, as he is simply referred, to, are rare. Some schools of thoughts believe his likes are even extinct. He is an enigma and a worthy philanthropist, even to a fault. His stupendous flow of human touch and attachment to people and humanity are his greatest endearment. He even went a notch ahead when he against all odds acquired 5.5 per cent shares at the prestigious Transcorp Plc, a conglomerate that accommodates the best of business concerns in the country, dishing out unquantified services to mankind. He therefore, becomes the second largest shareholder of the company.

It is also worth noting that Otedola is the chairman of Geregu Power, a company that went public in the third quarter of 2022, and owns 2.388 billion worth of shares indirectly through Amperion Power Distribution Limited, which is 95.56 percent of the company’s total ordinary shares of 2.50 billion, according to data from the NGX website. His business networking is admirable, and that has placed him on the pedestal of Nigeria and Africa’s business greats.

Otedola, early in 2022, also acquired significant control of FBN Holdings when he announced he had acquired shareholdings above the 5 percent threshold, a development that triggered a bidding contest for stocks. He is a game changer.

In addition to his network of gigantic strides, the billionaire businessman was appointed as a Vice President of popular UK-based charity, Save The Children, a position that further portrayed his philanthropic worldview.

“I am elated to be associated with the organisation. We have to save our children from all manner of challenges and deprivations. And giving to the needy, particularly children, is the greatest love of all,” the father of four said excitedly.

According to a statement by the organisation, “Save the Children’s vice presidents are a group of high-level supporters and critical friends of the organisation, actively involved in advancing the work of Save the Children, through advocacy, volunteerism, introductions, and philanthropy..

“Mr. Femi Otedola’s addition to the vice presidents group is a testament to his long-standing support to the organisation. Since 2019, Mr. Femi Otedola has supported Save the Children’s programmes on prevention and treatment of malnutrition and on advocating access to quality education for Nigerian children, impacting over 6000 children in Adamawa, Borno, and Katsina States.
“In November 2019, Mr. Otedola hosted a gala in Abuja where he made a personal donation of N5 billion,” the statement explained, adding that Otedola’s global influence and rich experience of the African continent would advance Save the Children’s efforts in building sustainable partnerships with stakeholders across Africa to create more impact for children on the continent.

To some, it is still a mystery how the son of a prolific politician, who rose to become the governor of Lagos State, did not dabble into politics as is the standard in his clime. However, one thing is clear, and that is the fact that the billionaire businessman, 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.

But one thing is very obvious before all and sundry, and that is the fact that 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, and of course everyone around him the good life. It was no surprise therefore, when the philanthropist lavished 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 life 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 the university. 

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.

He never leaves anything to chance, and so used his 60th birthday to fulfill a childhood fantasy and lifelong ambition of cruising on the most expensive boat in the world, the Christina Onassis. The yacht is owned by late Greek billionaire, Aristotle Onassis. He had adopted the Greek Shipping guru, as his role model since he was 13. It was a dream come true.

The man, 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.

In March 2007, it was announced that ten banks had approved a syndicated loan of US$1.5 billion (N193.5 billion) to Zenon as working capital to build the largest premium motor spirit storage facility in Africa. Later that year Zenon acquired a 28.7 per cent stake in African Petroleum, one of Nigeria’s largest fuel marketers. Zenon also invested across the financial sector, becoming the largest shareholder in a number of Nigerian banks including Zenith Bank and United Bank for Africa (UBA). As well as diesel, Zenon also became an important player in the kerosene market.

In 2012, Zenon was among a number of companies named in a report into an alleged fuel subsidy scam. According to the report Zenon owed the government $1.4 million. It was further reported that Farouk Lawan, the Nigerian legislator who compiled the report, had apparently been filmed collecting $500,000 of a supposed total sum of $3 million from Femi Otedola to remove Zenon from the list. It subsequently emerged that Otedola had previously reported Lawan’s harassment and demands for bribes to the State Security Services, who had orchestrated a sting operation. Lawan was charged with corruption in February 2013.

In 2007, Otedola was appointed chairman and chief executive of Africa Petroleum through the acquisition of a controlling stake in the business. In December that year he personally acquired a further 29.3 per cent of the company for N40 billion. A merger of this personal holding with Zenon’s brought Otedola’s total stake to 55.3 per cent.

Following Otedola’s entry into the company African Petroleum’s share price rose sharply, increasing the market capitalisation from N36 billion to N217 billion in six months. In 2008, in response to public concerns over the availability and pricing of kerosene, African Petroleum launched an initiative to saturate the market and sell fuel at N50 per litre from more than 500 service stations across Nigeria.

In March 2009, Otedola became the second Nigerian after Aliko Dangote to appear on the Forbes list of dollar-denominated billionaires, with an estimated net worth of $1.2 billion. In October 2009, Otedola announced a move to upgrade African Petroleum’s liquefied petroleum gas (LPG) storage terminals in Lagos, Kano and Port Harcourt. Difficult economic conditions caused by the slump in world oil prices and credit squeeze of 2008–09 led African Petroleum to record a loss in 2009.

In December 2010, African Petroleum rebranded, changing its name to Forte Oil PLC. Otedola carried out a restructuring of the business, focusing on technology and improved corporate governance. Forte Oil returned to profit in 2012.

In 2013, as part of the Federal Government’s push to liberalise Nigeria’s ailing power sector, Otedola financed 57% of Forte Oil subsidiary Amperion Ltd, which acquired the 414 MW Geregu Power Plant for $132 million.

Forte’s improved financial position and diversification into power generation resulted in a 1,321 per cent rise in its share price during 2013. The first half of 2014 saw the company’s pre-tax profit more than double year-on-year to 4.19 billion naira ($25.7 million). Revenue growth for the whole year was 33 per cent. In November 2014, Otedola returned to the Forbes rich list having dropped off it following the fall in share price during 2009.

In September 2015 Forte Oil sold 17 per cent of its equity to Swiss commodity trader Mercuria Energy Group, giving Forte access to global commodity markets. The deal was thought to have given Otedola an estimated $200 million. In 2019, Femi Otedola sold Forte Oil Plc and announced plans to change focus from oil to power with his company, Geregu Power Plc.

In 1994, Otedola established CentreForce Ltd, specialising in finance, investments and trading. Otedola is also the owner of Swift Insurance.

The Otedolas

Otedola is Chief Executive and President of SeaForce Shipping Company Ltd and was at one point Nigeria’s largest ship owner after extending control over the distribution of diesel products. One of his ships, a flat bottomed bunker vessel with a storage capacity of 16,000 metric tonnes, was the first of its kind in Africa.

In January 2006, Otedola was appointed a non-executive director of Transnational Corporation of Nigeria Plc, a multi-sectoral conglomerate established in 2004 by then-President Olusegun Obasanjo to respond to market opportunities requiring heavy capital investment in Nigeria and across sub-Saharan Africa. He held this post until February 2011.

Otedola has made a number of real estate investments, including a N2.3 billion acquisition in February 2007 by Zenon of Stallion House in Victoria Island in Lagos, from the Federal Government. The following month he was appointed chairman of the Transcorp Hilton Hotel in Abuja and tasked with driving its expansion and upgrade to a seven star facility. He is the owner of FO Properties Ltd. Otedola has been reported to be a financier of the People’s Democratic Party and is said to have contributed N100 million to President Obasanjo’s re-election expenses in 2003. He has served as a member of the Nigerian Investment Promotion Council (NIPC) since 2004, and the same year was appointed to a committee tasked with developing commercial relations with South Africa. In 2011, Femi Otedola was appointed by President Goodluck Jonathan to Nigeria’s National Economic Management Team.

In 2020, Forte Oil rebranded to Adrova PLC.

Currently, as at October 2021, he was announced as the single largest shareholder (5.07%) of First bank PLC.

His philanthropic gestures have remained a reference point to other wealthy individuals. He is known to have made several donations to the Michael Otedola University Scholarship Scheme, which was established in 1985 to give underprivileged students in Lagos State access to higher education. In 2005 Zenon donated N200 million to the scheme’s fund. Since its inception the scheme has benefited more than 1,000 students.

In 2005, Otedola made a N300 million personal donation to the completion of the National Ecumenical Centre; Nigeria’s primary place of Christian worship, in Abuja. In 2007 he was among a group of donors who gave N200 million to the State Security Trust Fund in a drive to reduce crime in Lagos State. Later that year he donated N100 million to the Otedola College of Primary Education in Noforija, Epe. In 2008 he donated N80 million to the Faculty of Agriculture at the University of Port Harcourt. He also promised and fulfilled his pledge of 25,000 dollars to the Super Eagles in the match against Algeria in the 2019 AFCON.

In September, 2022, Otedola was appointed as a member of the National Peace Committee (NPC), headed by former Head of State, Abdulsalam Abubakar, ahead of the 2023 elections.

Highly blessed of God, Otedola, who holds a National Honour of the Commander of the Niger (CON), owns a private jet and a few of his caravan of cars include Mercedes Benz AMG G63 worth N73 million; G–wagon costing N53 million; Mercedes SLR McLaren worth N250 million; Rolls–Royce Phantom worth N162 million and BMW 6 series worth N30 million. In the recent past, he gifted his three daughters with a costly Ferrari sport cars.

An unrepentant dotting father, husband and family man, Otedola is married to Nana, and has three daughters and one son. They are Tolani, a singer, Florence Ifeoluwa and Elizabeth Temi, and a son, Fewa. Florence Otedola, aka DJ Cuppy, is a Disc Jockey and music producer, as well as a tourism ambassador for Nigeria while Temi is an actress, a style blogger and aspiring designer.

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Boss Of The Week

Meet Fidelity Bank’s New Board Chair, Amaka Onwughalu

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By Eric Elezuo

For her dexterity, hard work, commitment, achievement and integrity, excellent banker and entrepreneur, Mrs Amaka Onwughalu, has the nod of the Fidelity Bank’s family to take up the chairmanship position of its board as Mustafa Chike-Obi completes his tenure.

In a statement announcing her appointment, the Bank posted on its website as follows:

Tier one lender, Fidelity Bank Plc, has announced the completion of the tenure of Mr. Mustafa Chike-Obi as Chairman of its Board of Directors effective December 31, 2025, and the appointment of Mrs. Amaka Onwughalu as the new Chairman of the Board, effective January 1, 2026.

The board transitions are in alignment with the Bank’s policy and have been communicated to the Central Bank of Nigeria, the Nigerian Exchange Group, and other stakeholders.

Under Mr. Chike-Obi’s leadership, Fidelity Bank repaid its Eurobond, completed the first tranche of its public offer and rights issue that were oversubscribed by 237 percent and 137.73 percent respectively, expanded internationally to the United Kingdom, and received improved ratings from various agencies amongst a long list of achievements. His tenure also saw the Bank strengthen its capital position, record steady growth in customer deposits and total assets, deepen its digital banking capabilities, and enhance its corporate and investment banking proposition. The bank equally made notable progress in governance, risk management, and operational efficiency, all of which contributed to strengthened market confidence and the Bank’s sustained upward performance trajectory.

Reflecting on his tenure, Mr. Mustafa Chike-Obi said, “It has been a privilege to serve as Chairman of Fidelity Bank. The dedication of our Board, management, and staff has enabled us to reach significant milestones. I am confident that the Bank will continue to thrive and deliver value to all stakeholders.”

Mrs. Amaka Onwughalu’s appointment marks a new chapter for Fidelity Bank. She joined the Board in December 2020 and has chaired key committees. With over 30 years of banking experience, including executive roles at Mainstreet Bank Limited and Skye Bank Plc. She holds degrees in Economics, Corporate Governance, and Business Administration, and has attended executive programmes at global institutions. Mrs. Onwughalu is a Fellow of several professional bodies and has received awards for accountability and financial management.

“I am honoured to lead the Board of Fidelity Bank at this exciting time. Our recent achievements have set a strong foundation for continued growth. I look forward to working with my colleagues to drive our strategy and deliver sustainable value,” commented Mrs. Onwughalu.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards. 

Before landing the chairmanship job at Fidelity Bank Board, Amaka has been the Managing Director of Legal at Mainstreet Bank, and Deputy Managing Director at Skye Bank.

Onwughalu joined Fidelity Bank Plc in 2020, and has served as a Director at of Bank Plc.

The accomplished banker holder of the prestigious of Paul Harris Fellowship of the Rotary Club, and recipient of various prestigious awards including the National Merit Award for Accountability and Transparency, the Award of Excellence and Distinction for Financial Management and the Vocational Service Award from the Rotary Club, Enugu.

Well read, Amaka Onwughalu is a Master Degree holder of Science in Corporate Governance from Leeds Metropolitan University and a Master of Business Administration from University of Port Harcourt, Nigeria.

Onwughalu boasts of a cumulative three decades experience in the banking, and has held very senior and managerial positions before climaxing on the top level of chairmanship of Fidelity Bank.

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Boss Of The Week

Celebrating a Veteran Journalist, Ibrahim Babatunde Jose at 76

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By Eric Elezuo

If professionalism were a person, we would call him Ibrahim Babatunde Jose. If humility were a person, we would call him Ibrahim Babatunde Jose. If clarity and eye-to-details were a person, we would call him Ibrahim Babatunde Jose.

Here is a man, who has combined nature, God’s gift and outright hardwork to reproduce another form of humanity rooted in love, kindness and care for fellow man. And on Christmas, this epitome of goodness clocked 76; a landmark age that still permits him to be himself. He is a typical chip of the old block.

Born as the eldest son of late Alhaji Babatunde Jose OFR, famously and synonymously connected to the early days of the prestigious Daily Times Newspaper, on December 25, 1949, Mr Jose is a well read professional, academic and community leader.

Having obtained B.Sc degree in Political Science from the University of Ibadan in 1973, Mr. Jose shortly proceeded to the Graduate School, University of Manchester for a follow up Masters degree in Political Science, earning an M.A. (Econ) in 1974.

With the insatiable thirst to acquire more academic laurels, in the same 1974, Jose left for the Columbia University, New York, United States for a Fellowship for Minority Journalists.

He later enrolled for a PhD programme at the Center for West African Studies, University of Birmingham, and was done by the end of 1975, when he returned to Nigeria, with a solid decision to serve his fatherland beginning with the newly introduced National Youth Service Corps (NYSC) scheme. The scheme was two years at the time. He was posted to Port Harcourt, Rivers State for the compulsory one year service. His period of internship as a corper, working as a staff writer with the Nigerian Tide, existed between January 1976 and 1977.

At the end of the service year, Jose returned to Lagos to pick up his first career employment with the Daily Times as a Staff Writer on Times International.

Following his sweatless delivery of deadline, flawless write up, focus and commitment to team work, Jose was not only promoted to a rank of a Feature Editor, but elevated to the membership of the Editorial Board of the Daily Times.

With consistency and delivery signposting all his assignments, he got more promotions, first to Investigation Editor status, and later as Editor Times International.

In the line of duty, Jose had his hands in other pies, having had a stint as a part time lecturer in Government at the Faculty of Social Science of the University of Lagos, before joining the family printing press, Irede Printers in 1979, becoming a printer and publisher.

Jose held the printing profession close to heart, retiring from the press in 1995, and taking up a publisher’s job with the publication of the now rested Business journal: Lagos Business Review.

Married and blessed with beautiful children, Jose is today fully a retired writer and author of two quasi religious books: Reflections on Juma’at Greetings 1 and 2, and a compendium of weekly Friday Sermons; a dotting grandfather and adoring community leader.

From all of us at The Boss Newspaper, where Jose has been a consistent contributor of the Friday Sermon series for about 10 years, congratulations on your 76th birthday sir, and for being our Boss of the Week!

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Boss Of The Week

Consistent, Focused, Impactful: The Story of Bella Disu

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By Eric Elezuo

From whichever angle one views it, Bella, the beloved daughter of billionaire businessman, Dr. Mike Adenuga Jr., is an enigma, a point of reference and research material for acumen, industriousness and resilience. She is the typical of the never-say-never spirit of the Nigerian women. Yes, she has taken hers a niche higher, infact beyond the reach of competitors.

Nigerian women have shown resilience, strength and character in administration, government and entrepreneurship, contributing more than their quota, and giving vent to the growth and development of the nation’s socio-economic sector.  Among them is the impactful Executive Vice Chairman of the A-list communications outfit, the Globacom Group, Mrs. Bella Disu.

A strong purpose-driven professional and boardroom guru, whose administrative skills, intellect, experience and academic trajectory have remained a subject of reference, Bella, as she is fondly called, is a woman, who though has a privileged background, carved a niche for herself, climbing through ladders and cadres to get to where she presently is, and more importantly, can boast of the desired leverage and ability to defend her position.

Born Belinda Ajoke Adenuga, on May 29, 1986 to the duo of Emelia Adefolake Marquis, a Nigerian entrepreneur, and the global phenomenon, Dr. Mike Adenuga Jr., Bella received her early education in Lagos, at the prestigious Corona School in Victoria Island before enrolling at Queen’s College for her secondary education. In 1998, she transferred to Vivian Fowler Memorial College for Girls, where she concluded her secondary education.

She proceeded to the University of Massachusetts, Boston, USA, where she obtained a Bachelor of Arts degree in International Relations, and later, a Master of Science degree in Leadership from the Northeastern University, also in Boston.

In 2004, Disu joined her father’s Globacom, and consistently rose through the ranks to become the Executive Vice Chairman of the company. She is also a non-executive director with the construction giant, Julius Berger Nigeria Plc.
In April 2010, Bella took a break to solemnize her romantic relationship with her heartthrob, Jameel Disu, a venture capitalist, and both formalized their union in a fairytale wedding that is still the talk of the town, almost 15 years after.
As phenomenal and weighty as her family name, Bella dropped, and picked up completely her husband’s name, signifying undying love and loyalty. That’s still  the name she bears till date. Both are blessed with three wonderful children.
In 2019, the French Government awarded Disu the Chevalier dans ‘l’Ordre des Arts et des Lettres in recognition of her efforts in promoting French culture.

In January, 2021, Abumet Nigeria Limited announced her appointment as Chairman of its Board of Directors. Abumet Nigeria Limited maintains worldwide partnerships with reputable manufactures and maintains a state-of-the-art production facility, located in FCT Abuja, fully equipped with cutting-edge machinery and technology.

Abumet is a subsidiary of Julius Berger Nigeria Plc, and a leading solutions provider for the planning, processing and installation of aluminium and glass products, from single standard windows to sophisticated facades and large-scale design masterpieces. She replaced Alhaji Bamanga Tukur, upon his resignation from the board. Bella is a Member of the Chartered Institute of Management of Nigeria (MNIM) and the Institute of Directors of Nigeria (MIOD).

In addition to her French National Honour of Chevalier dans l’ordre des Arts et des Lettres (“CAL”), and currently the Executive Vice- Chairman of Globacom Limited, she is also the Chief Executive Officer of Cobblestone Properties & Estates Limited, and a Director on the Board of Mike Adenuga Centre.

In less than four years of her leadership, Abumet’s profits, according to Billionaire Africa, surged to 307% in 2024, marking a major turnaround from losses in 2021.

The paper reported of her exploits as follows: “As a Non-Executive Director, she helped boost Julius Berger’s revenue to N566.2 billion, pushing it into Nigeria’s top 50 listed firms.

“At Abumet, Disu is driving innovation in façade technology, deploying unitized curtain walls for improved insulation and energy efficiency in Nigeria’s construction sector.

“Nigerian business executive Bella Disu has led Abumet Nigeria Limited, an innovative glass and aluminum manufacturing company, to record-breaking earnings, with profits quadrupling at the end of the 2024 fiscal year. Her leadership has not only steered the company back to profitability but has also reinforced the business acumen that runs deep in the Adenuga family.

“In a LinkedIn post, Disu, who has served as chairman of Abumet since 2021, shared the company’s turnaround: “Abumet is reaching new heights, and I’m excited to share our latest achievements. I am especially proud of the remarkable turnaround we’ve achieved—transforming from a loss in 2021 to delivering a 307 percent increase in profit in 2024.

“At just 38, Disu has earned her place among Africa’s top executives under 40, proving her ability to drive business success while steadily stepping into the legacy of her father, billionaire Mike Adenuga, who ranks among the continent’s wealthiest individuals with a fortune of $6.8 billion. She took over as chairman of Abumet’s Board of Directors in January 2021, succeeding Bamanga Tukur at a time when the company was struggling with steep losses.

“Since then, Disu has orchestrated one of the most impressive corporate recoveries in Nigeria’s manufacturing sector. Under her leadership, Abumet returned to profitability by the end of the 2022 fiscal year, bouncing back from the impact of COVID-19 and the financial challenges of 2021. The company sustained its profit in 2023 before posting a fourfold increase in 2024.

“Reflecting on this achievement, Disu credited the success to strong leadership and teamwork: “This success is the result of strategic leadership at the Board level, the dedication of our management team, and the collective effort of every Abumet employee.”

“Bella Disu expands Abumet’s market reach
As a 90-percent subsidiary of Julius Berger Nigeria Plc, Abumet plays a key role in the construction giant’s success. Bella Disu, who also serves as a Non-Executive Director at Julius Berger, has played a ‘much more’ active role in driving growth in the building solutions sector. By the end of the 2024 fiscal year, Julius Berger’s revenue rose from N446.1 billion ($296.4 million) in 2023 to N566.2 billion ($376.2 million) in 2024.

“Profit after tax also increased from N12.74 billion ($8.5 million) to N14.97 billion ($10 million), boosting the company’s market capitalization on the Nigerian Exchange (NGX) to N202.1 billion ($134.3 million). This has placed Julius Berger among Nigeria’s top 50 publicly listed firms, ranking 35th on the NGX.

“Under Disu’s leadership, Abumet has strengthened its market position by expanding its sales and marketing efforts. The launch of its Lagos sales office has helped grow its market share for made-in-Nigeria window and door solutions, while its EVONIGGLASS insulated glass brand has gained wider recognition. Despite market challenges, the company has posted record-high revenue and profits, exceeding expectations.

Abumet deploys energy-efficient curtain walls

Looking ahead, Disu is focused on pushing innovation in advanced façade solutions, leading Abumet’s efforts in glass and aluminum manufacturing.

“Abumet is deploying unitized curtain walls that will completely envelop the façade, ensuring not just aesthetic excellence but also enhanced energy efficiency through modern insulation technologies,” she said.

With a strong record of turning businesses around and driving growth, Disu is cementing her leadership in Nigeria’s business world. Her influence now extends beyond construction, telecommunications, and real estate into the country’s broader manufacturing sector, where she continues to make a lasting impact.”

Bella’s trajectory in the world of enterprise is a clear case of the demystification of the proverbial a tree cannot make a forest’, as she has conscientiously turned tables around wherever she found herself, bring in new ideas, new innovations and structural discipline that completely overhauls a system for all the positive outcomes.

Hers, is a case of continuous rise in the business world, and the home front. She is a better definition of a virtuous woman, and at less than 40 in age, the sky holds no barrier to how much more Belinda Ajoke Olubunmi Disu nee Adenuga could achieve in the coming months.

In November 2025, at a Techx Ikoyi event, Bella made a strong case for positivism, using herself as a veritable content and well researched material. Her speech titled, Say Yes Now! Why Readiness is a Myth, is still much talked about as presented in full below:

I was 38 when I finally met my whole self. Bella Disu — the change maker, the creative, the lifelong learner, the woman unafraid to keep evolving.

It’s interesting though, I didn’t meet her in a moment of perfect readiness. I met her after I got tired of constantly walking within the same walls. Today, I’d like to share the story of how I stopped waiting, what it taught me about why we hesitate, and what happens when we finally say yes. 

A while ago, I decided to try something new. Not in business, but in my years-long fitness journey. At one point, I weighed 110 kilos. At another, 64. By my mid-30s, I had found a rhythm: 160 grams of protein a day, strength training four times a week, 10,000 steps daily. Slight work, right? I had three walking pads — one in my bedroom, one in my study, one in the office. Don’t ask. I’ve never been one for small measures.

But it worked. Of course it did. Until one day, I realized this is my life — walking in place and staring at the same walls. So, I thought maybe it’s time to move differently. Maybe I should learn tennis.

Yet, as soon as the thought came into my mind, I hesitated. I asked myself, “Should I do it? Should I wait? Wasn’t it too technical, too hard, too late?” After all, who starts tennis at 38?

Despite not feeling quite ready, I found a coach, showed up on the court, and soon I was playing tennis three, sometimes four times a week. And then, to my horror, I discovered that tennis doesn’t even give you that many steps. All those side-to-side moves don’t count. But by then, it wasn’t about steps anymore. I was hooked. And now I am often amazed at the physical and mental growth that has since happened all because of one small decision. I’d asked myself, “Should I do it? Should I wait?” And something in me answered, “Say yes now.”
But I’ve thought about why I hesitated in the first place. And it’s that for years I thought I had to wait for the right moment, for more qualifications, for a different version of myself. Psychologists call it destination addiction — the belief that happiness lives at the next milestone. So, a certain weight, title, or degree.

And I know I’m not alone. How many of you have asked yourselves: “Should I do it? Should I wait? What if I fail?” We all know that familiar voice that whispers, “Not yet.” So, if the antidote is that simple — say yes now — why don’t we all do it?

We don’t because hesitation is a conundrum. It wears the mask of readiness. And I used to mistake readiness for a finish line. Then in 2014, I met a coach I had invited to facilitate an HR session. And after the session, he said, “So tell me about Bella.”

I froze. I really did. I could talk about my work, my father’s mentorship, even my wedding — which is probably my biggest claim to fame at the time. But about me, I… I really didn’t have much to say. So, I was thankful when he offered me a complimentary session and said, “Let’s talk to Bella from 10 years ago. What would you tell her? And 10 years ahead — who is she?”

 

To be honest, that future Bella was hazy. But his questions drew out interests and passions I once buried. So he then said, “What’s stopping you from going after them? You can be many things at once.”

So I said a mental yes to his words — and it opened doors to pursuing diverse interests: a first master’s, later an MBA, writing and publishing my first children’s book, impacting lives through the Bella Disu Foundation, and gaining the courage to walk into rooms that once intimidated me.
You see, each step reinforced something critical: readiness is not a destination — it’s a posture. And we become ready by doing.

Today, I’m no longer a woman hesitating in life or business. And that transformation has seeped into organizations I lead. I’ve led through discomfort many times. I’ve restructured a board and redesigned corporate strategies. And I’ve dealt with the late nights, the doubts, and that familiar restlessness that keeps leaders awake thinking, “We have to make this change.”
Yet conviction, grounded in facts, gives me a sense of urgency. And that to me is leadership — seeing what could be and moving towards it. Viewing urgency as a journey toward clarity and not chaos.

And this is particularly important because organizations wrestle with hesitation just like individuals do. Some companies choose to wait for perfect timing — and lose their moment. Others say yes now — and change industries.

I’m sure you all are familiar with these three companies that sat at the same intersection in the 1990s. Remember Kodak?
Kodak saw digital images coming and froze. Blockbuster saw Netflix and laughed. Why? Organizational loss aversion. The fear of letting go of a successful past to pursue an uncertain future.

In contrast, Apple saw the same digital future and accelerated it. The difference? Two companies chose to protect their past and failed. One chose to create its future and thrived.

And that story isn’t foreign. It’s happened right here at home, too. Just think of how we went from seeing the glory days of a popular quick-service restaurant that defined our childhoods to the success and triumph of newer ones like Chicken Republic and Kilimanjaro.

We’ve also seen the rise and agility of fintechs pushing banks to challenge their long-held ways of doing business — and in doing so, unlocking entirely new markets and customer segments.

The companies that say yes now prove that courage and speed matter more than size and comfort. Therefore, the companies that thrive, the leaders who excel, the people who grow — they all share one thing: they’ve come to recognize the mask of hesitation and take it off.

When hesitation says “not yet,” they know that doing creates readiness. And when comfort offers its gentle cage, they choose the discomfort that leads to growth.

Indeed, when I look back at every important shift in my life, it began with a small yes — often inconvenient, sometimes uncomfortable, occasionally irrational.

Saying yes to tennis at 38. Saying yes to learning again. Saying yes to growth when it would have been easier to just stay still.
But here’s what I didn’t expect: saying yes never ends with you. My teams learn to challenge comfort because I did. The women I mentor raise their hands because they saw me raise mine. And my daughter Paris picked up a racket because I picked up courage.

Every yes we give ourselves becomes a light that tells someone else it is safe to begin.

So, right now in this room, someone is sitting on an idea — starting a new business, changing roles, writing that first page, booking that class. Maybe you’re waiting for perfect timing, asking yourself, “Should I do it? Should I wait?”

You already have your answer. The traffic light — it’s already green. So move. Say yes. But most of all… say yes now.

Thank you.

Bella is sure a force to reckon with; in all ramifications!

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