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Goodnight Bamofin Abimbola Ogunbanjo

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By Eric Elezuo

On Friday, March 1, 2024, the remains of former Chairman of Nigeria Exchange Group, were committed to mother earth in his hometown, Ijebu-Ife in Ogun State amid wailing by friends, colleagues, associates and members of the immediate and extended families.

Till date, words are not yet enough to describe the emotional trauma caused by the tragic death of Mr Ogunbanjo since that fateful evening on February 9, 2024 in faraway California, United States of America. He was traveling in an helicopter in company of his friend, Herbert Wigwe, his wife and son, who also lost their lives.

Delivering his sermon at the funeral service, the Diocesan Bishop of Lagos, Church of Nativity, Right Reverend, who officiated the funeral, Ifedola Senasu Gabriel Okupevi, said the Holy Bible makes it clear that there was time for everything on the earth.

The clergy, reading from the book of Ecclesiastes Chapter 3 verses 1 and 2, noted that the passages made everyone know that death was imminent.

He said, “This time we are mourning, sad, and weeping because our dear brother Abimbola is no more; we believe that we will meet again at the resurrection in paradise. His time is up and that is why he is gone. He is no more concerned about the economic woes of this world and travelling up and down.”

Admonishing the congregation, the clergy urged everybody to emulate Ogunbanjo’s virtues in using his resources to help others.

According to him, “Watching a documentary about him yesterday (Thursday), late Ogunbanjo used his resources to touch lives leaving a legacy for others to emulate.

“He has done his bit, let everyone use your influence to do good; it’s the legacy left behind by Ogunbanjo. Look at Nigeria, palliatives are not going round. Let us try to help those around us we can help.”

For the family he left behind, the clergy drew their attention to the Book of I Thessalonians Chapter 4 verse 13, which states that, “they must see him asleep and not dead.”

The late Ogunbanjo’s daughter, Ladun, who struggled with emotions and tears to take the Bible reading from Psalm Chapter 128 verse one to eight, described her late father as someone who would be sorely missed.

In his vote of thanks, his son, Timi Ogunbanjo, thanked the Lagos and Ogun state governments and various groups for their immense support.

The funeral service attracted the late Ogunbanjo’s friends, associates from across the country, which included the President of Dangote Group, Aliko Dangote; Chairman and Editor-in-Chief of the THISDAY and ARISE Media Group, Prince Nduka Obaigbena; Senator Gbenga Daniels, Former Governor of Cross River State, Donald Duke,  Segun Awolowo and members of Igbobi Old Boys Association.

THE MAN BAMOFIN ABIMBOLA OLUROTIMI OGUNBANJO, OFR

Born 11th July 1962, he was the youngest child born to Chief Christopher and chief Mrs. Hilda Ogunbanjo both of blessed memory. Young Abimbola attended Corona School, Apapa, Lagos; Claremont School, UK and the University of Lagos Staff School for his elementary education between 1967 and 1973. Abimbola was admitted into Igbobi College, Yaba, Lagos in 1974 where he started his secondary school education. He completed his studies, acquiring his GCE “O’Levels at Millfield School, England in 1977. In 1980, he was accepted at the American College of Switzerland, where he graduated in 1985 with a Bachelor of Science (Hons) Degree in Business Administration.

Abimbola commenced his professional career in banking as a Credit Analyst with Chase Merchant Bank, Nigeria where he served meritoriously under the pupilage of late Mr. Tayo Aderinokun, the Co-founder and former managing Director of Guaranty Trust Bank Plc. After this, Abimbola qualified as a Solicitor after attending the University of Buckingham School of Law in 1987, and was called to the Nigerian Bar in 1990. He joined the prestigious and renowned Law Firm of Chris Ogunbanjo & Co. where he grew through the ranks to close out as the Firm’s Managing Partner. He had vast knowledge of and experience in commercial law, especially of the Capital and Financial Markets, and Corporate Mergers and acquisitions. Abimbola Ogunbanjo attended the New York Institute of Finance, where he obtained a Certificate in International Capital Markets. He has garnered considerable Corporate Finance transactional experience working with public and private institutions, this included rendering advice to a host of multinational corporations.

Abimbola acted as Counsel to ConocoPhillips in the $1.5bn landmark transaction where it sold ts oil assets to Oando Exploration Resources. In addition, he acted for the Nigerian National etroleum Corporation in the establishment of the $5bn Brass LNG project.

In September 2017, Abimbola was elected the 19th President of the Council of the Nigerian Stock Exchange having served on the Council for the prior 5 years; and chairing the Demutualization Advisory Committee and the Governance and Renumeration Committee respectively. It is to Abimbola’s credit that it was under his tenure and diligent supervision as President of the Exchange that the members of the Exchange voted unanimously in favour of its demutualization, after over 15 years of trying. After a name change, he was elected as the inaugural Chairman of the Nigerian Exchange Group in 2020; he retired from the Board after his statutory tenure expired in September 2022.

He was a governing council member and the Legal Adviser of the Nigerian Chamber of Shipping where he provided pro bono legal advice. Abimbola was recently the Vice- Chairman of the Commercial Law and Taxation Committee of the Lagos Chamber of Commerce and Industry as well as Country Legal Adviser and Director of ConocoPhillips and AIICO Insurance Plc – a subsidiary of the Insurance giant AIG, the US Insurance behemoth.

Abimbola was a member of several professional advocacy bodies including the Institute of Petroleum (U.K.), the International Bar Association and the International Trademark Association. As a result of his deep understanding of the corporate landscape, he sat on the Boards and Chairs several blue-chip companies including Beta Glass Plc, V&O Communications Ltd. and Investment Securities Ltd. He was recently invited to chair the Board of the largest quarry company in Nigeria. Abimbola’s enduring relationships with leading C-Suite executives in Nigeria and throughout the African continent made him a highly sought-after adviser and international negotiator.

On 11th October 2022, the President of the Federal Republic of Nigeria, His Excellency, Muhammadu Buhari, GCFR conferred the National Honour of Officer of the Order of the Federal Republic (OFR), on Abimbola Ogunbanjo for his sterling contributions to the development of the Capital Markets, Corporate Law and in recognition of his outstanding virtues and in appreciation of his services to Nigeria. Abimbola was decorated with the traditional title of “Bamofin of Erunwon” part of the Ijebu Kingdom.Bamofin Abimbola Ogunbanjo was a Member of the Metropolitan Club, Lagos; the Oriental Club (U.K.) and the Lagos Motor Boat Club – where he had the honour of serving as its Commodore. He was a Director of The Chris Ogunbanjo Foundation, a Not- for- Profit Organization established by his father and distinguished Igbobian, Olotu Chief (Dr.) Christopher Oladipo Ogunbanjo OFR, CON. The Chris Ogunbanjo Foundation was set up to promote the achievement of a stable society by analyzing the causes of conflicts and resolution of the same. He was happily married to Titi Ogunbanjo (nee Kuku), and blessed with two children; Ladun and Timi.

PERSONALITIES PAY TRIBUTES TO LATE OGUNBANJO 

So far, a torrent of tributes has poured in and continues to pour in from prominent Nigerians before, during and after the funeral service of the fiscal policy expert, who died in the helicopter.

The Governor of Ogun State, Mr. Dapo Abiodun, who was among the special dignitaries that graced the event, described the late Ogunbanjo as a dependable and loyal associate who led a life of impact.

The governor, while speaking at the funeral service held at the Church of Nativity, Parkview Estate, Ikoyi, Lagos, urged the deceased’s family to hold on to God.

According to him, only God knows why He called him home at this period.

“Our God is a God of different seasons and only him knows why he allowed this sudden and painful event to happen. This is a painful event to us, but it’s for us to know we are travelers on earth.

“Bimbo was intentional about the things he did, he was a good, loyal, dependable associate and consistent friend to me. He was a mentor and had an infectious deep smile on his face as he lived a life of impact.

“If tears could bring back the dead, Bimbo will be here today; if God calls you home today what will be said of you?” he asked.

OUR HEARTS ARE SHATTERED – 

Abimbola
How did we get here!!!!!
My heart is shattered!!!!!
Didn’t even know you were out of the country.
Bimbo it’s all sooo surreal
No one will call me Lapsy like you use to !!!!
My heart is bleeding.
How do I eulogise you when your story is still being written ? You are meant to be here,you had so many plans.
Egbon you were only at the beginning ki lo se Le?????
How can life be so cruel? It just didn’t seem like it was your time yet.
I have so many questions but who will answer them?
Craigo you were a good man, a fineeeeee gentleman, a solid achiever, a kind hearted soul.(can’t believe I’m writing in the past tense)
There are so many wonderful things I can say about you.
You were smart, hard-working, responsible, funny and determined.
You were the glue in the family and would always scold me not to hold grudges. You hated strife,
and continually advocated peace and unity. You were full of divine wisdom.
On the day the news broke Timi was completely crushed and kept saying “it’s not fair”…..I must say
I feel the same way.. Father in Heaven you could have averted this …..I just submit to God’s will.
Who are we to question God.
Bimbo you were a special breed. One of a kind! I’ll miss seeing you turned out in your dapper outfits. You loved your pink shirts , pink trousers that I use to tease you about.
You were the fashionista per excellence!!
I will miss our banters, your smiles and jokes. Never a dull moment with you.
“Chairman of the chop life gang” I use to call you. You were accustomed to the finer things of life. “Igbadu”master My dear Egbon, you were an unusual mix. Never used your Pedigree as a source of influence.
You cut across different classes, ages and cultures. If we took you to Buckingham place you would fit in like a glove, just as you would if you were taken to the interiors of our rural villages. No airs or graces, you were humble, down-to-earth, no fuss and no pretences.
Why, why, why, did you have to go , I keep asking myself …. especially at a time when things were really looking up for you, you had so many plans … that was just about to start unfolding.
My daddy Ladun hmmmmm ko yemi o!!!
This was not the plan!!!! I keep praying it’s a bad dream and I’ll wake up.
You were not just a brother you were a friend.
In your short sojourn in this earthly world you amassed incredible and laudable achievements. I guess it’s not how long but how well.. you came, you saw and conquered. You ran a good race.
You left indelible marks in the sands of time.
I am so proud of you my dear brother.
Your friendship and absence will be greatly missed.
Titi is completely broken and shattered, Ladun and Timi inconsolable !!! I pray the Almighty God will console, keep and nurture your beautiful wife and lovely children till the end.
They will fulfil their destinies in the name of Jesus.
I am comforted that you are in a better place resting in the bosom of our dear Father.
ABIMBOLA, Craigo, baba legba, meron, daddy Ladun … you live on in our hearts and minds. We will miss you and family reunions will never quite be the same without you.
Goodnight Bims
Love you deep
Lape Adebayo

A MAN OF IMMEASURABLE JOY AND PEACE

There can be no better tribute from me to Otunba, Bamofin, than to commend his memory to parts unknown, and to those who do not know, and eulogize him in his native tongue as “Aburo bi egbon” – Amoye, Ojogbon, Omoluabi, Olola,Eniayo, Eni’re, Ayanfe Oluwa, Akanda eda… Each name carrying the weight of its true meaning to the well tutored as he. A man of immeasurable joy and peace, appeared as a star, lived with a heart of innocence, and departed with a bang so loud, we could hear here from 7,777 miles away, the sound of the rushing wind of God’s Holy Spirit carrying him away, as Elijah, laid on the wings of angels of God, singing welcome to the pilgrim of that night. From the depths of love to the height of peace, Otunba lived a life of contentment, with the caution of a legend, and quiet of a grand master, who boasts not in his achievements but credits all his laurels to the grace of God, He served. The Almighty, All Knowing, with His Son, Most Wise, endowed Bamofin with counsel and wisdom from the womb. So, as Proverbs 8:12– 21 says, prudence dwelt with him, and knowledge and discretion came from him; enduring riches and honor were with him; his fruit was better than gold; he traversed the way of righteousness; and in the midst of his path of justice, he caused many to inherit wealth.

Such was the time of Otunba: quietly redefining the law firm that established corporate law practice in Nigeria; giving back to worthy causes at home and at abroad; and like his famous father, becoming himself a corporate guru; and by dint of his hardwork and excellence, rising to the enviable position of being the Group Chairman of the Nigerian Exchange Group Plc. Here we must sing his praise for the many monuments he left behind – chief of which will be the role he played in the transformation of our capital market – leaving, as it is said, an indelible mark on the country’s financial landscape. No wonder he was preferred as an officer of the federal republic, and a distinguished awardee of his alma mater: Igbobi College, Yaba. Abimbola did not, as the scriptures say, grow weary while doing good, nor did he lose heart in seasons of disappointment – so the Lord filled his treasury with pleasure, and now by the same measure, he is now God’s treasure.
Konyin Ajayi

YOU WILL ALWAYS BE REMEMBERED FOR GOOD

Uncle Bims!!! This is so unbelievable, I have never been impacted by death like this, I can’t imagine the family without you in it.
So many ifs, so many why’s? All I know is that this one is hard to write. I remember my last joke with you about the picture you sent to me in January….

You will always be remembered for good…I made requests for referrals from you. It was never a hard thing for you to do. I got the emails immediately, My niece keji Odeyemi would like…. Good men never die….you came, you saw, you impacted.
Rest in perfect peace, Uncle Bims!!!!
Keji Odeyemi

YOU HAVE TOUCHED COUNTLESS LIVES 

I can never deny the pain that I carry, but I would like us to remember him as a blessing and a lesson.

Abimbola my dearest brother, How do I write this tribute to you. How words fail me Bims, This is such a tragic loss, How do I say RIPP to you my brother, am still in shock, you left us too soon!

May you be safe in heaven now. Sometimes, only one person is missing, and the world seems depopulated. There’s no buddy like you. I wish R.I.P. meant Return If Possible. I miss you, my brother. Not a day goes by that I don’t think of you., I miss you so much, Bims. Losing you, is so bad. I will remember you always for your great charm and wit-I look up to the sky and talk to you. What wouldn’t I give to hear your voice again. I miss your voice. I miss your laugh, and I miss everything about you. Kai Bimbo, ELEYI DUN MI O!!! You will always be in my heart and on my mind. I promise to always look out for Titi, Ladun and Rotimi. Without you, it’s almost like the whole world has changed. You are in my thoughts daily and always in my heart, my brother.

You were a special person.! I miss you terribly! You are alive through my prayers and wishes, so rest peacefully, my brother. You have touched countless lives and lived through your good deeds.
SUN RE O, EGBON MI ATATA,
SUN RE BAMOFIN
ABIMBOLA OLUROTIMI
OGUNBANJO….
Love & Miss You
Omoba Adeolayimika Benson

YOU WERE THROUGH AND THROUGH A FAMILY MAN 

My dear Uncle B, thank you for all that you were. I will miss you, dearly. I will cherish all our moments of gisting and gisting. Thank you for being that uncle I could always count on. I thank you for the home you built. You were through and through a family man. Always there for everyone and at every occasion. I will hold dear all our fun memories. Thank you for living a good life and finishing strong. Good night, Uncle Bimbola.
Bunmi Idowu

MAY GOD GRANT YOU ETERNAL REST

How could I have known that our conversation on that fateful day in December would be the last……
Words fail me!
Uncle Abimbola, you were larger than life. A devoted family man, loving brother-in-law, an exemplary achiever we were all proud to call our own.
You live forever in our hearts, unforgettable, irreplaceable!
May God grant you eternal rest in His bosom.
Sleep well brother!
Sola Kuku

SLEEP WELL

Dear Bimbostic, as you would always call me Enostic. You would be deeply missed . Sleep well in the bosom of the Lord.
Eno Udoh

YOUR LIGHT WILL NEVER DIM

In loving memory of egbon Abimbola (Abi) Ogunbanjo, a beacon of wisdom and leadership. I first crossed paths with him during his tenure as Commodore of the Lagos Motor Club, where he exuded grace and passion for community. However, it was during his time as President of the Council at the Nigerian Stock Exchange that I truly came to know him.

During his visit to Chicago with senior management and the Council of the Nigerian Stock Exchange to study the operations of the CBOE and CME, I had the honor of hosting a reception for leading business figures keen on learning about the Nigerian capital market. Abi’s instrumental role ensured great attendance and participation, laying a solid foundation for my transition into the financial services industry in the States after working in Nigeria.

Despite his demanding schedule, Abi always made time for his aburos. I cherish the memories of our dinners in London, New York, Atlanta, Chicago, and Lagos, where amidst his busy schedule, he shared wisdom, laughter, and camaraderie. These moments were a testament to Abi’s character, showcasing his genuine care and commitment to nurturing the next generation of leaders.

Abi’s impact on my professional journey was profound. He not only provided guidance but also opened doors to new opportunities. One such pivotal moment was when he introduced me to the Nigerian American Business Forum held in Tampa. Through his introduction, I forged invaluable connections.

Although he was extremely accomplished, Abi remained remarkably humble. His humility was a testament to his character, serving as a guiding light for all who knew him. Though he may have left this world too soon, his spirit of leadership, humility, and generosity will forever resonate in our hearts.

Rest in perfect peace sir. Your light will never dim
Ayodeji Ayodele

REST IN PERFECT PEACE

Uncle B aka AO, Words fail me. I miss you and I love you so much.
Forever in my heart.
Rest in perfect peace.
Love always,
Your darling niece Funke “A Funkysho”
Funke Shonekan

THANK YOU FOR BEING AN INCREDIBLY GREAT BOSS

It’s still very difficult to grasp that you are gone my Group Chairman… Otunba. This is an awfully hard pill to swallow. I worked closely with you as the Group Chairman at the Nigeria Exchange (NGX). You would always reach out to me to task me with something. Each time I was elated to take on this task to ensure you were pleased. I remember deliberately not wanting to tell you or Sis Titi that I had interviewed for the job and had been offered the job. I wanted it to be a surprise to everyone.

I recall my onboarding as the Head of Government Relations at NGX when I had just joined the exchange. I had a virtual meeting with you and my CEO of NGX limited. You cracked me up so hard when the meeting commenced. Thankfully I could mute my mic and cackle. You started by saying “Good morning Chalya. I’ve heard so much about you…” I called Sis Titi soon after the meeting saying “uncle Bimbo denied me today.” She explained and we had a laugh.

Thank you for being an incredibly great boss and an awesome egbon. I pray that the Good Lord continues to comfort and strengthen Sis Titi, Ladun and Timi. And indeed the entire family.
Farewell Otunba.
Highest regards always,
Chalya Shagaya
Director General
NIAMS

YOUR SPIRIT WILL CONTINUE TO BRIGHTEN OUR LIVES 

Uncle Bimbola, your fun-loving spirit brought light to every gathering. You had a remarkable ability to infuse every moment with joy, whether it was through your playful behaviour or your willingness to lend a listening ear.

You were always ready to offer a helping hand or a word of encouragement to those in need. Your legacy of love and laughter will forever echo in our hearts, a reminder to cherish each moment and spread kindness wherever we go.

I’m glad for the opportunity I had to interact with you. I keep having flashbacks of all the times we spoke while I was managing your account with the bank I was working then.
Farewell, dear uncle, your spirit will continue to brighten our lives in ways both big and small.
Rest in peace, your memory will live on in our hearts forever.
Oladunni Arije

A BRIDGE BUILDER ACROSS CLASS AND DIVISION 

Salam. With total submission to the Will of Almighty God, the Gentle giant departs . Abimbola Ogunbanjo . I am really struggling to say anymore . In between the imagination of the event that took you away or coming to terms with the reality of it . Events like this remind us that we are more than the flesh, and the spirituality of man is real . You were special in every sense of the human definition . Relationships of every kind meant a lot to you and handled them admirably.

You were regularly in touch with people in various ways, consciously and cautiously. Ever so proud and protective of the great name you inherited and the determination to build on it. You carried yourself with dignity at all times and remained a pillar in the Ogunbanjo family as a whole and asserted yourself therein as a reference point throughout. A bridge builder you were across class and division. You made current affairs and the trend of the Nigerian economy/ political challenges your concern. You bring them up for scrutiny, almost on a daily basis. Now. What can we offer beyond our prayers , consolation, or possible support. Only God can heal the wounds of your exit, particularly on your dear loving wife, children, brothers, and sisters and extended family all the way to Eruwon and far beyond. May the kindness and mercy of Almighty God never depart from all you have left behind May Almighty Allah bless you with Aljanah firdaus eternally. Ameen
bijaikun fayakun.

Adesegun Muhammed Muru’f Ajibola

If Bimbo’s friends were asked to describe him, there would undoubtedly be a convergence of adjectives that speak to his sincerity, reliability, consistency and generosity of spirit. His ever readiness to dispense frank and wise counsel was an additional hallmark and his hearty laugh was endearing. He will be greatly missed. May Bimbo’s soul rest in perfect peace and may God comfort and encourage Titi, their children, their entire family and the many lives he touched. Amen.

Victor Olusegun Adeniji

There are special people in our lives who never leave us, even after they are gone. Bimbo rest where the Lord has prepared for you. You are in a better place in Paradise, to rise in glory. May your gentle soul rest in perfect peace. Amen.

Mrs Irene Ladebo

Great Bimbo, forever the affable character. Bimbo was a few years ahead of me at Millfield School. He told me that our attending the same school made us brothers for life. I am sure that most of us will attest to the fact that Bimbo was big on his old-boy networks. He never failed to invite me to anything he was doing, or an old boy network function. My lasting memory of Bimbo was him puffing on a very big cigar during his marriage ceremony to his beautiful wife, Titi. That was the only time I traveled to Ijebu Ode. At the Met Club we sat on the same table, whilst at the Boat Club we served in the same committee. He always had a word of wisdom on issues. Typical Bimbo for you, larger than life. He will surely be missed. May his gentle soul rest in perfect peace.

Hewett Benson

Dear Bimbo,

The news of your passing has left a void in so many hearts—a space that can never be filled. You were more than a friend; a confidante to so many people. You touched so many lives.

Your absence leaves a silence—a quiet ache that reminds us of the precious gift of friendship. But even as we mourn and we prepare to say Goodbye, It is not the end. It simply means till we meet again.

We celebrate the impact you had on so many lives. The warmth of your smile, your wisdom and your gentle calm nature. The world may have lost an incredible soul, but heaven has gained an Angel.
We pray that you Wife, Children and Family take comfort from all the testaments to your qualities, the life you led and the number of lives you touched along your journey on earth.

We, your friends, will continue to honor your legacy by spreading kindness, laughter, and love.

With heartfelt sincere condolences,

Ade & Sumbo Odunsi

In life one often meets and walks the path with Titans who though themselves may not have been on a journey to disrupt end up doing just that. Craig was to me one of such persons. His professional life saw him rise through the capital market of Nigeria to become the President of the Nigeria Stock Exchange and later earn the right to be the Chairman of what is now the NGX. What a feat!

I had the pleasure of serving under him on the Committee of the Lagos Motor Boat Club where he served as Commodore. There I witnessed the dexterity with which he handled controversial issues which often plague private clubs that have members with huge and unforgiving egos. Craig was always at his best marshalling principles of fair hearing and differing opinions but maintaining a stern and decisive leadership.
I had the privilege and now treasure having had what could be described as a last supper with him, when on the 6th of February just before he travelled he had requested I join him at the Metropolitan Club to have lunch with a Deji Adeogun-Phillips in support of his application for membership. I had initially turned down the invite as I had a previous engagement to travel but once that was postponed, I hurriedly joined him and Deji. Speaking in fluent Yoruba as he often did he warned that things must be done speedily, as he would go away soon. He was his ‘natural Craig self’, as we spoke at lunch with him throwing jabs of Yoruba proverbs and words which I would then ask him the meaning in English.

Service to community, friends and family is one of the greatest achievements in life and Craig achieved and surpassed all of these with perfect dedication. For that I say his journey was purposeful.

I am certain Heaven’s Angels shall receive him with all the glory and song that befits such a lovely soul… and as a fellow Seaman, I pray, “May the waves of the seas lie smooth before you, may a gentle breeze forever fill your sails, may sunshine warm your face; and kindness warm your soul’’.

Afolabi Balogun

I was about to board my flight from Doha to Lagos when I heard the devastating news. It was the most anxious and gruelling flight I ever embarked on.

My dearest Egbon, Ever since meeting you approximately age 7 in London when you came to visit my brother Femi at 50 Bryanston square, in your dark brown leather trousers, flowing silk shirt and gold medallion, you always remained a constant in my life.

To now refer to you in the past tense is ever so calamitous. I ask myself, with your demise where shall I now seek structured, measured, pragmatic analytical advice? You were habitually solution driven, always carefully and diligently seeking the answer to the problem at hand.

I will miss your spirit of optimism and that infectious positive energy that you were able to so effortlessly transmit to your fellow man.

I will miss our constant banter , your jovial presence , your laughter and your persistent attempts to cheat in order for your team to emerge victorious at our annual family games nights.

I had always envisaged that you would grow old with a cane at hand, serving out wisdom to those in need , beginning your sentence with your trademark “hmmmmmm….Shomo” but alas heaven beckoned and called upon your counsel.

My dearest Egbon I will miss you ever so much, the pain is real and too much to bear.
Till we meet again . Rest in perfect peace.
One love always

Abi Kuku

My dearest Egbon, Bimbo.

It still remains a complete shock that you’re gone! I never could have phantom that with all the banter we had seated together during the Ògbéni Ọja Installation Festivities held Feb 3rd 2024, that it would be the last seeing or talking to you. Since you passed, I have had time to severally revisit our posts, messages and discussions we shared together which were of poignant interest. Those sessions are no more!

You were a complete Gentleman, a loving Kinsman and a kind brother to me. You stood by me during my maternal Grandmother’s funeral in 2007, likewise my Mother in 2022. Your Dad’s birthday never passed without a note from you to me seeking I please witness the day with you at Papa’s Ikoyi home. You were indeed a good Man!!!

Though you’ve left us, our memories of you and legacies you left behind will linger on and never be forgotten. May the Lord grant you eternal rest and guide, protect all the loved ones you left behind.
Sun re o. Egbon mi to sure.

‘Folu Aderibigbe

Bimbo dear, it is hard to believe that you are gone, in the twinkle of an eye. The world is devoid without your infectious smile and wicked sense of humor. No more Tutsie roll my nickname from you. I am forever grateful for knowing you.

I pray that Titi, Ladun, and Timi will continue to abide in our Lords graces.
Bye to my dear friend and brother
Tutu

 

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Nigeria vs Sunrise: The Battle on the Mambilla – Obasanjo, Buhari Testify –

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By Eric Elezuo

For Eti-Osa Lagos born Chief Leno Adesanya, Founder of Sunrise Power Limited, business must be not only be transparent, but seen to be transparent, and that has necessitated his long drawn battle with the Federal Government of Nigeria over the real awarded contractor of the Mambilla Power Project in Taraba State. The duo of Leno Adesanya and Sunrise Power are seeking $2.3 billion in compensation for an alleged breach of contract by the Federal Government.

The stories behind the Project has remained a riveting story of power play at the highest level, involving presidents, ministers and former ministers of high profile portfolios, businessman of profound abilities and other top past and present government functionaries. A previous The Boss investigation into the matter revealed that corruption, in addition to unnecessary powerplay contributed, and is still contributing to the comatose state of the project, and the unwarranted legal processes that have caused a great deal in revenue and man labour time loss to the country. 

Many observers had wondered why such high octane misgivings and intrigues were witnessed during the Buhari Presidency.

On October 10, 2017, Sunrise initiated arbitration against Nigeria at the ICC International Court of Arbitration in Paris, seeking $2.354 billion in damages for “breach of contract” related to a 2003 agreement to construct the 3,050MW Mambilla power plant in Taraba State on a “build, operate, and transfer” basis, valued at $6 billion.

In a second arbitration, the company is demanding $400 million as compensation for the Nigerian government’s failure to honor the terms of a 2020 settlement agreement intended to resolve the dispute.

The tussle, which has dragged for an upward of 12 years since 2003, when it was first awarded by the Obasanjo administration, and counting, took another another dimension the previous week, when two former presidents of the country; Chief Olusegun Obasanjo and General Muhammadu Buhari (retd) volunteered to testify against the businessman in far away Paris. Both, as well as former Minister of Power, Mr. Babatunde Fashola, among others attempted to prove that the contract awarded Sunrise and Leno Adesanya, was invalid.

Former Presidents Obasanjo and Buhari’s appearance at the Paris hearing could very well have been described as cameo, but for the seriousness of the situation. It was not a movie; a country’s integrity, and man’s quest to clear were at stake. Obasanjo and Buhari knew this. So their appearance to testify before the International Chamber of Commerce Court of Arbitration in Paris, France, stating that the Federal Government never awarded a contract for the $6 billion Mambila Power Project to Sunrise Power, was well thought out.

Obasanjo and Buhari argued that the 2003 agreement, which Sunrise Power based its claims on, is invalid. They claimed that the agreement was signed by former Minister of Power, Dr. Olu Agunloye, 24 hours after the Federal Executive Council rejected the contract award to Sunrise Power. Agunloye is currently facing trial for forgery, disobedience, and corruption related to the power project.

The testimonies of Obasanjo and Buhari were corroborated by other high-ranking officials, including Justice Minister Lateef Fagbemi, former Minister of Power Babatunde Raji Fashola, and former Minister of Water Resources Engr. Suleiman Adamu. They were of the unanimous agreement that their testimonies are in the interest of the nation.

“It is very important for nation’s case that the Minister of Justice and Attorney-General of the Federation, Lateef Fagbemi, was successful in bringing two former presidents – Chief Olusegun Obasanjo and Muhammadu Buhari to testify at the hearing.

“By this action, the government of Nigeria sent a signal of its strong commitment to defending the nation’s interest.

“Both leaders-Obasanjo and Buhari-are known for speaking forthrightly and unequivocally, and this they were said to have exhibited in Paris.

“To the delight of the international team of lawyers representing Nigeria, the two past presidents did extremely well, exposing the Sunrise/Leno’s claim for what it is: an attempt at using fraud, deceit and lies to scoop settlement from Nigeria in the first instance, for the alleged violation of a 2003 contract for which there is no valid approval, a source told The Nation Newspaper.

The Nation’s source, which described the testifiers as team Nigeria, and united, abducted frowned at Leno for not producing any witnesses, added that “It was by and large a great showing, consolidated by the equally outstanding testimonies of former ministers Engineer Sulaiman Adamu, formerly of Water Resources, and Babatunde Raji Fashola, Power.

“The Arbitration Court in France had a week-long hearing 18th-23rd January in Paris on the ongoing dispute between Sunrise Company/Leno Adesanya and the government of Nigeria on the existence or the absence of a contract for the construction of the Mambilla Power Project.

“Although it is up to the chairman and other members of the tribunal to decide on who is right and who is wrong, it can be said at this point that Nigeria had a very good outing on the basis of certain facts that have emerged from Paris.”

It accused Adesanya and his Sunrise of relying on a purported 2003 agreement.

“The 2003 contract was established not to have been validly in existence. This is worsened by the fact that the complainants failed to produce their major witnesses.

“The much-touted appearance of a one-time Minister of Power, Dr. Olu Agunloye, did not also materialise. He was the one who allegedly signed a letter communicating the approval of the contract 24 hours after its rejection by the Federal Executive Council (FEC) which meeting was presided over by Obasanjo.

“A third ‘key witness” a Senegalese lady, did not also appear at the hearing.

“So who spoke for Sunrise/Leno Adesanya?

“He did everything for and by himself.

“Another major setback suffered by the complainants was their over-reliance on an earlier witness statement deposed to by Abubakar Malami, Minister of Justice and Attorney General under President Buhari.

“Malami, on whose testimony the complainants made heavy weather, ended up lining up behind his former boss, President Buhari, to support and prepare him well for his (Buhari’s) testimony.

“This strategy had the dual benefits of ensuring Buhari’s successful testimony and at the same time pulling the rug from under Leno Adesanya’s feet,” the paper concluded.

It is still not clear however, why Sunrise was disqualified, except for the testimonies of the Nigerian government, and now the former presidents that the contract was invalid. Another question that continue to re-echo is which company has taken its place as Local Content Partner, and since the Chinese had committed to paying $millions of dollars to Sunrise, who will be receiving this payment? Again, was there was a tender, and under which circumstances did Bureau of Public Procurement (BPP) issue these Chinese firms Due Process Certificates?

Much as Sunrise is no longer interested in the above question, but the recovery of it $2.3 billion, the Economic and Financial Crimes Commission (EFCC) has not stopped hounding Agunloye of awarding the contract without budgetary provision, approval, or cash backing. However, Agunloye claims that the government is using him as a scapegoat to undermine Sunrise Power’s claims.

WHY I TESTIFIED – OBASANJO 

In an exclusive interview granted Premium Times, former President explained his reasons for standing in the dock to testify.

He said, “I volunteered myself to testify in this case. Nobody sent me to do so. President Tinubu did not ask me to do so as speculated. I didn’t speak to anybody on my intention to testify,” Mr Obasanjo said.

“I decided to testify because of the statement made on the matter by Olu Agunloye. I considered his claims atrocious and thought it necessary to set the records straight.”

Obasanjo was Nigeria’s president between 1999 and 2007, the period when the contract with Sunrise was supposedly entered into. He is joined in blaming his former Minister, Agunloye, for the effrontery to award and signed the contract, even there was no executive permission. He described claims claims made by Agunloye as regards the $6 billion project as ‘atrocious’.

Obasanjo emphasized that his decision to testify was not influenced by President Bola Tinubu or any government official. Instead, he wanted to set the record straight about the contract, which was awarded during his administration in 2003.

 

“I volunteered myself to testify in this case. Nobody sent me to do so. President Tinubu did not ask me to do so as speculated. I didn’t speak to anybody on my intention to testify.

“I decided to testify because of the statement made on the matter by Olu Agunloye. I considered his claims atrocious and thought it necessary to set the records straight,” Obasanjo concluded.

In the same vein, the administration of President Bola Tinubu has defended Buhari’s appearance at the arbitration, saying the former president was not was pressured to testify, and that he did so willingly and out of patriotism.

HOW IT ALL STARTED – THE BOSS 2018 INVESTIGATION, DISCOVERY 

Documents in the possession of The Boss indicate that a Nigerian company, Sunrise Power Transmission Co. Limited had been in the forefront of promoting this Project from the outset.  

Prior to the official tender process, Sunrise started promoting the Mambilla Project as early as year 2000. It reportedly engaged the offices of former President Olusegun Obasanjo and former Vice President Atiku Abubakar as well as the Nigerian Embassy in China.

Its successful promotion of the project led to the first state visit of then President Obasanjo to China in 2001 and Vice President Atiku in 2002.
 
It was thereafter, that a bidding process was opened for the project and the Ad-Hoc Inter-Ministerial Committee recommended Sunrise and its Chinese Partners. On April 7, 2003, the Committee wrote the President for approval to officially issue an award letter.
Therefore, on May 22, 2003, the then Federal Ministry of Power and Steel (Now Part of the new Ministry of Power, Works and Housing) issued a letter of Award to Sunrise Power and Transmission Company Limited in consortium with North China Power Group as Technical Partners. The contract was for the construction of a 3, 960MW Hydroelectric Power Project in Mambilla on a Build, Operate and Transfer (BOT) arrangement for a provisional six billion dollars. Sunrise accepted the offer.
 
In August 20, 2003, Sinohydro, which has its principal place of business at no.1 Ertao Biaguang Road, Xuanwu District, Beijing, PR China, North China Power Engineering Co. Ltd with its business address as 24a Huangsi District, Beijing and Sunrise located at Oluwa (Fowler) Road, Ikoyi, Lagos Nigeria, signed a contract to work together on what was then the 3, 960MW project.  Sunrise engaged Sinohydro to construct the project on an Engineering, Procurement and Construction (EPC) basis.
After it has begun work, it got a shocking letter on September 3, 2003 from the Ministry of Energy (FMOE) claiming that the Federal Executive Council did not approve the memo recommending Sunrise for the project and directing Sunrise to tender for the project when it is advertised.
 

Sunrise sought a resolution without success. Sunrise and North China engaged Chief Afe Babalola, (SAN) to demand compensation.

A letter written by Chief Babalola dated February 4, 2005, read in part: “Your ministry cannot seek to repudiate the contract as it has attempted to do in the Ministry’s letter ….not after our clients have incurred expenses on the preparation incidental to the execution of the project.

“Consequent upon the preliminary steps towards execution of the contract, our clients have incurred well over Three Million Pounds while there are commitments to several consultants local and international in excess of Thirty Million British Pounds.”

While the dispute was on, Sunrise and it partners were still at work. An indication of this was a letter of intent written on April 15, 2005 by Dai Chunning, General Manager, Banking Department oF China Export-Import Bank to Sinohydro Corporation indicating its interest to provide $5.5 Billion for the Mambilla Project; the bank further stated that “We perused the information provided on the issue and are pleased to show interest and support in the proposed project by way of this Letter of Interest”.  

Nothing was heard on the project until May 29, 2007 when, allegedly influenced by a Senior Government official, the Government awarded a part of the SUNRISE contract (Lot I, Civil/Hydraulic Steel Structures) of the (2,600MW Mambilla Hydroelectric) First Phase of the project to Messrs CGGC/CGC Ltd, in the sum of US$1.46billion.

The source of funding envisaged at the time of award was a combination of an Exim Bank of China loan of US$1 billion and funds from the Excess Crude Savings Account.

Of course, Sunrise did not take this lying down. It took the matter to the Federal High Court, Abuja suit No. FHC/ABJ/CS/384/2007. The defendants in the case were The Minister of Energy, The Attorney-General of the Federation, China Gezhouba Group Corporation (CGGC) and China Geo-Engineering Corporation (CGC).

Late President Umaru Musa Yar ‘Adua directed the Federal Ministry of Justice to investigate the Breach of Contract and USD 960 Million (Nine Hundred and Sixty Million United States Dollars) damage claim filed by Sunrise, and a Report (a copy of which is in our possession) from the Federal Ministry of Justice Indicted the Federal Ministry of Energy and CGGC/CGC of Gross Violation of Sunrise’s BOT Contract.
 
Furthermore, Mr. Michael Kaase Aondoakaa noted that Sunrise was not duly disengaged as Contractor on the project before government went ahead in May 2007 to engage CGGC/CGC for the same project.
He therefore, opined that Sunrise was in strong legal position to pursue a successful claim against the Federal Government; stating that “The best interest of the country can only be served by an amicable settlement of the parties so as to avoid the embarrassment that litigation would bring (to) the image of the country.” He sought Presidential approval to explore efforts of settlement of the matter.

Following a Presidential Visit to China in 2008, word reached late President Yar’Adua about an alleged $15m bribery that led to the award of the $1.46 billion contract to CGGC/CGC on May 29, 2007.

Late President YarAdua, we gathered then invited Sunrise, then Minister of State, Power (Late Hajiya Fatima Balaraba Usman), Minister of State and the accused Presidential official for a meeting.

After the meeting, President Yar Adua instructed then Attorney-General, Mr. Michael Aondoaka, SAN, to cancel the CGGC/CGC contract and restore the BOT Contracts to Sunrise immediately which was done at the Vice President’s Conference room in the presence of all Directors and Permanent Secretaries of both the Ministry of Power and the Ministry of Justice.
 
After this unfortunate episode, Sunrise agreed to resolve its legal dispute against the Federal Government and CGGC/CGC Consortium amicably, by proposing that Sinohydro Corporation in partnership with Sunrise, on the one hand, should form a Consortium at a cost to be determined by the final project design to be undertaken.

In October 2012, the Federal Government decided it wanted to own the Mambilla HydroPower Project and wanted an urgent settlement. This led to the signing of the Settlement and General Project Execution Agreement (GPEA) between the Federal Ministry of Finance, then Honourable Minister of State, Power, Architect Darius Ishaku now Governor of Taraba State signed, and then Solicitor-General of Federation, Mr. Abduallahi Yola signed for the Federal Government. 

Sunrise and Sinohydro also signed but CGGC and CGC refused to sign because the Ministry of Power/Federal Government had allotted only 30% of Engineering Procurement and Construction (EPC) works to them.

When the Federal Government filed the Settlement Agreement in Court at the Federal High Court, Abuja, the Court rejected it because CGGC/CGC did not sign the Settlement and GPEA Agreements.

Thereafter a Stakeholders’ Meeting was convened at the Ministry of Power on November 23, 2012 and over 40 Stakeholders reportedly attended. 

It was at this meeting that Mrs. Zainab Kuchi, new Minister of Power and the Solicitor-General of the Federation signed a new Out of Court Settlement Agreement with Sunrise (Its Chairman, Mr. Leno Adesanya signed) and also a new GPEA with Sunrise and Sinohydro (Its Technical and Financial Partners) was affirmed with a mandate to execute 100% of the EPC Contract.

In 2013, then President Goodluck Ebele Jonathan during a State Visit to China was called upon by the Chinese President “To please consider both Sinohydro and CGHC as EPC Contractors.” 

The new Minister, Professor Chinedu Nebo then appealed to Sunrise to vote CGGC (Not CGC) as Co-contractor, a position that was accepted by Sunrise so that the project will be up and running.

As a result  of that parley, On January 14,  2015,  the Federal Ministry of Power, issued an Award Letter (No FMP/6145/S.11.1.185 of January 14, 2015) to Messrs CGCC and Sinohydro, specifically informing both Chinese companies that “Please note that based on the General Project Execution Agreement and Terms of Settlement agreed on the 23rd November, 2012 between the Federal Government on one hand and Sunrise/Synohydro on the other hand, Sunrise Power and Transmission Co. Ltd will serve as  local content Partner on the Mambilla Project
 
THE STORY CONTINUES…
When President Muhammadu Buhari assumed Power, like all past Presidents, the issue of power was key on his agenda. In fact during one of his very first interviews on Channels Television in 2015, he stated that “The 3050MW Mambilla Hydropower Projectis stalled because FGN refused to pay 15% counterpart funds to Chinese Contractors; Just 15 per cent”.

It was not therefore, a surprise that on June 29, 2015, President Buhari reportedly hosted Alhaji Lawal Idris for over an hour at the Presidential Villa. He was in the company of Mr. Leno Adesanya, the Chairman/CEO of Sunrise.

We gathered that Adesanya presented a comprehensive briefing on the history of his company’s involvement with the Mambilla Power Project and how Sunrise, his company already has subsisting contractual agreements with the Federal Government as regards its execution.

There was an indication that since there was another Sheriff in town, the project will start revving again. When it didn’t, Sunrise wrote Mr. Babatunde Raji Fashola, (SAN)  on February 26, 2016, notifying him that it had held joint meetings with the two companies (SINOHYDRO and CGGC) in Beijing, and they have agreed to split the EPC Contract on a 50/50 basis; The Minister notified his Permanent Secretary, Mr. Louis Edozien in the letter.

A month later, on March 8, 2016, Engr. E.O. Ajayi, Director (Energy Resources) on behalf of the Minister, wrote to Mambilla project Consultants, Coyne et Bellier/Decrown, urging the company to send a reminder to Messrs Sinohydro and Messrs CGGC to submit the cooperation agreement detailing the division responsibility/section of works of the parties, noting that the consortium is jointly and severally responsible for the full implementation of the project. The Consortium was directed to submit the said agreement not later than March 31, 2016.

That was not all, many people involved in the project were now more enthusiastic when it was announced that President Buhari was preparing his first official visit to China.

He eventually embarked on the 4-day visit on April 10, 2016 but for some inexplicable reasons, this all important Mambilla project was not on the agenda.

We gathered from the delegation, that with pressure from Mr. Leno Adesanya, Governor Nasir El Rufai of Kaduna State, Governor Mohammed Badaru Abubakar of Jigawa State and Chief Audu Ogbe, decided to bring the situation  to the attention of a very angry President Buhari, who was upset that the Taraba Governor was not invited on the trip by the Minister of Power Works and Housing. In any case, that was how Mambilla hit the front burner and became one of the key issues of the Presidential visit.

On his return later that month, President Buhari sent his Chief of Staff back to Beijing to conclude the negotiations, which resulted in the agreed price of $5.79 billion 

In addition, on April 25, 2016, Mr. President wrote through his Chief of Staff (Letter No. SH/COS/05/A/1847) to the Honourable  Attorney-General, Mr. Abubakar Malami, SAN, copying the Minister of Power Works and Housing (HMOPWH), to propose a strategy for resolving all the legal issues and disputes relating to the Mambilla Power Project including the matter of the “warring parties”.

As per the directive given by Mr. President, The Boss learnt that the Attorney-General held series of meetings with the parties involved, and on May 20, 2016 in a letter addressed to Mr. Babatunde Fashola SAN, the Attorney-General made the following recommendations:

1)  Government should engage Sinohydro Corpration and CGGC jointly for the purpose of executing the Mambilla Project in line with the Spirit of the Letter of Award dated January 14, 2015, on a 50-50 basis or based on other technical parameters to be determined by the Project Consultants

2)  Engage the Chinese Embassy in Nigeria/Chinese Government to ensure the success of the plan to award the job to two companies

3)  Sunrise Power & Transmission Company Limited should be engaged as Local Content Partner on the Mambilla Project as a means of accommodating its prior contractual interests on the project

4)  A joint meeting of the Federal Ministry of Justice and the Ministry of Power, Works and Housing for the purpose of streamlining the above positions and advising Mr. President through the Chief of Staff accordingly should be convened.

Curiously, six days after this legal advice, the Chief of Staff allegedly invited a Kaduna-based Chinese Company (CGC Nigeria Limited) to a meeting at the Presidency.

Present at the meeting were Sinohydro, CGC, CGGC, Mr. Fashola and some top Ministry officials. It was at this meeting that Mallam Kyari urged these three companies to cooperate and form a Joint Venture.

Despite being told by the Chairman of Sinohydro, and Fashola about the existing agreements with Sunrise, the CoS insisted that they should go ahead with the new arrangement, and instructed the Chinese to deal directly with the Presidency and the Ministry; not their local partners.

Not still satisfied with that move, on January 23, 2017, the Attorney General, wrote the Minister of Power, Works and Housing. The letter, HAGF/SH/2017/Vol.1/14 was titled: Request To Convene A Meeting On Procurement Process For The 3020MW Mambilla HydroElectric Power Project in Light of Outstanding Legal Issues.

Fashola replied three days later in a letter: FMP/6145/S.11/Vol.11/517, noting that his ministry welcomes the meeting requested that aims to resolve all issues raised.

The Minister also wrote a letter to Mr. Leno Adesanya on May 3, 2017 in response to a letter that the former had written him on March 31, 2017. He asked Mr. Adesanya to present his observations at a Stakeholders Meeting to be scheduled by the Chief of Staff to the President as proposed by the Attorney-General. 

While everyone involved was looking forward to that meeting, Mallam Abba Kyari fired a letter he personally signed to The Honourable Minister of Power, Works and Housing on May 22, 2017 with the title: Re: Letter Referenced FMP/6145/S.II/569 In Respect of Mambilla HydroProject

The two paragraph letter stated:

 “Further to our discussion, kindly note that Messrs Sunrise Power and Transmission Company Limited is not party to the existing arrangements on this project.

“The Contractor engaged is Messrs CGGC-Sinohydro-CGCOC Joint Venture”.

Interestingly this letter was written when Mr. President was having his medical vacation abroad.

Messrs Sunrise must have been enraged by this unilateral decision of the Chief of Staff and consequently wrote the Vice President, Professor Yemi Osinbajo, who was Acting President at the time to intervene.

Mr. Leno Adesanya, who signed the letter as Chairman/CEO, updated the Acting President on the project, alerting him that it was the Chinese that informed them of the sad news.

He went on to make an appeal: “Your Excellency, permit me to say that over the years, we have pleaded with our financial partners to be patient with the FGN as various developments that delayed the project played out. 

“We are however constrained to observe that the latest developments, if not rectified in line with the legal recommendations of the HAGF, prior to seeking FEC approval, shall leave us with no choice but seek legal redress where appropriate including against the Chinese government. We are however, confident that with your expected intervention, this reluctant prospect can be avoided.

“We trust your sense of justice and your commitment to the early realization of this project…”

The Attorney-General certainly was also unhappy with this development, little wonder that on July 24, 2017 he also wrote the Acting President.

Titled “Re: Correspondence In Respect Of The Procurement Process For The 3050MW Mambilla Hydro-Electric Power Project In Light Of Outstanding Issues”, he noted that following Mr. President’s directive of April 2016, he had developed a legal opinion, and had forwarded same to the Minister of Power, Works and Housing. 

He re-affirmed his recommendation insisting that he informed the Chief of Staff to the President and Minister about this and he wanted the Acting President to give appropriate directive.

Well, it seemed the letters from these two men did not carry much weight because just like he had promised in the meeting in 2016, and his letter of 2017, Mallam Abba Kyari had his way and the Nigerian Company was kicked out. There was no word from the Vice President or his office on the matter.
 
We were told that many moves were made for a meeting, even President Buhari’s main man, Alhaji Mamman Daura, reportedly tried to arrange one of such meetings on September 30, 2017, but the Chief of Staff will have none of it.

He advised Mr. Leno Adesanya, whose company, Sunrise, had been short-changed to “go to court”.

Of course following the November announcement by Fashola, there was a chain reaction. Sunrise activated the Arbitration Clause of its November 23, 2012 GPEA Agreement, and approached the International Chambers of Commerce, International Court of Arbitration in Paris, France to take charge; and it is claiming $2.3 billion in damages and profit loss.

The ICC Case No. 23211/TO is between Sunrise, Federal Government of Nigeria and Sinohydro Corporation Limited.

Already the legal fireworks have begun: While Mr. Jeremie Chouraqui is lead Counsel for Sunrise, Mr. Richard Smellie is representing Sinohydro while Supo Shashore, SAN is representing the Federal Government of Nigeria.
 
Despite this move at arbitration, Sunrise, through its Lawyer, Mr. Femi Falana, SAN has written to the Attorney-General (copied to Minister of Power, Works and Housing and Presidency) still seeking ways of an amicable settlement; because Sunrise wants to execute the EPC contract based on the full compliance of the July 24, 2017 recommendations of the learned Attorney-General, Mr. Abubakar Malami, SAN, to the Federal Government.
The February 2018 letter was a last ditch request and appeal to the nation’s Chief Law Officer to intervene and midwife the resolution in line with his earlier recommendations which will save Nigeria over $2 billion, as well as stem the negative publicity that the trial will generate, especially now that Nigeria is trying to project itself as an investment-friendly destination.
 

THE MAN, CHIEF LENO ADESANYA 

According a document made available to The Boss by the Sunrise office, Chief Adesanya’s personality is captured in the following lines:

Chief Leno Adesanya is a prominent Nigerian businessman and entrepreneur, renowned for the role he is playing in Nigeria’s energy sector. He hails from Eti-Osa Local Government Area in Lagos State and has spent several decades advancing power generation and transmission initiatives in the country. His expertise and ventures have placed him at the center of several high-profile projects aimed at addressing Nigeria’s energy deficits.

Business Ventures

Chief Adesanya is the CEO of Lutin Investments, a Geneva-based company, and serves as the promoter of Sunrise Power and Transmission Company Limited (SPTCL). Through these entities, he has spearheaded significant energy projects, leveraging strategic partnerships and investments to drive development in Nigeria’s power sector. His companies have collaborated with international partners, including Chinese firms, to propose large-scale solutions for the country’s energy challenges.

Involvement in the Mambilla Power Project

One of Chief Adesanya’s most notable endeavors is his involvement in the Mambilla Hydroelectric Power Project, located in Taraba State, Nigeria. This ambitious project, with an expected capacity of 3,050 megawatts, is among the largest hydroelectric initiatives in Africa. Designed to alleviate Nigeria’s chronic power shortages, the project’s progress has been hindered by delays, funding challenges, and legal disputes.

In 2003, Sunrise Power, in collaboration with Chinese partners, was awarded a $6 billion Build, Operate, and Transfer (BOT) contract by the Nigerian government.

However, the contract was annulled in 2007, prompting a series of legal disputes between Sunrise Power and the government. Chief Adesanya’s company subsequently filed a $2.3 billion claim for breach of contract, with the case currently in arbitration in Paris (Nairametrics, 2025).

Legal Disputes and Arbitration

The Mambilla Power Project has been entangled in prolonged legal battles, with multiple arbitration cases involving Chief Adesanya and his company. Testimonies from former Nigerian presidents and ministers have featured prominently in these cases, reflecting the project’s high stakes. Past administrations, including that of President Muhammadu Buhari, sought out-of-court settlements to resolve disputes with Sunrise Power. However, agreements were often reneged upon, prolonging the conflict (Businessday NG, 2025).

Controversies

Chief Adesanya’s involvement in the Mambilla Power Project has been subject to scrutiny and controversy. Allegations of bribery and corruption have emerged, with claims that he offered incentives to public officials to secure favorable outcomes for his company. In 2024, the Economic and Financial Crimes Commission (EFCC) declared Leno Adesanya wanted in 2024 for an alleged case of conspiracy and corrupt offer to public officers related to the Mambilla project (Nairametrics, 2024). Despite these challenges, he remains a key figure in Nigeria’s energy landscape.

Legacy and Impact

Through his leadership of Lutin Investments and Sunrise Power, Chief Leno Adesanya has played a role in shaping discussions around Nigeria’s energy future. While his involvement in the Mambilla Power Project has been marked by legal and political complexities, his efforts underscore the critical importance of private sector participation in addressing Nigeria’s infrastructural challenges.

THE MAMBILLA POWER PROJECT: AN OVERVIEW 

The Mambilla Hydroelectric Power Project is a Hydroelectric Power station that is being developed on the Dongo River. When completed, it will be Nigeria’s largest power plant. 
The Project goals include Increase access to electricity, Improve living standards for Nigerians and neighboring countries, Increase Nigeria’s electricity generation by 30, and Increase renewable energy use to 30. 

Project details
  • The project is being developed by Nigeria’s Federal Ministry of Power 
  • The project is made up of four dams and two underground stations 
  • The project is located in the eastern Nigerian state of Taraba 
  • The project is being funded by the Chinese Export-Import Bank

Project challenges

  • The project has been involved in legal disputes 
  • The project has faced challenges due to unreliable transmission and distribution networks 

With the testimonies of the likes of Obasanjo and Buhari, the Nigerian government may be on a roller coaster of victory, but Chief Adesanya appears to still have some aces up his sleeves, and may pull a surprise comeback, armed with all the documents of the transactions at his disposal.

Time, as always, will tell.

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Boss Picks

The Femi Otedola Crackdown at FirstBank – His Many Battles –

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By Eric Elezuo

From the moment Geregu Power Plc boss, Mr. Femi Otedola, took over the leadership of Nigeria’s premier bank, FirstBank of Nigeria Plc as its Chairman, it was clear that there was bound to be a systemic change. This, according to source, was premised on his thorough methodologies in approaching administration, and the need for corporate sanitization, which has seen him climbed to the peak of entrepreneurship.

This, no doubt created a sobriquet to qualify his tenure as the highest shareholder in the apex commercial bank, as a no-nonsense person, and made the statement ‘the fear of Femi Otedola is the beginning of wisdom at First Bank, Nigeria’s oldest bank’ a reality.

As expected, the billionaire businessman wasted on time to begin a crackdown in the bank. In fact, a section of the populace had labeled it Otedola’s cleasing spree. As at date, many high profiled officers of the bank have been relieved of their positions while many other highbrow customers of the bank at the moment have one question or another to answer with the security agencies just as accusations and counter-accusations continue to fly in the media space, prompting brouhaha and discontent.

It is worthy of note that in its 130 years of chequered history, FirstBank has paraded a galaxy of financial wizards and iconic figures, including a former Governor of the Central Bank of Nigeria (CBN), who is now the Emir of Kano, Sanusi Lamido Sanusi.

Observers, stakeholders and the general public are of the unanimous opinion that though the bank has gone through its fair share of boardroom turbulence, none has been as chaotic, and potentially catastrophic as the present one. A cross section of respondents told The Boss that the bank is probably on a precarious voyage if the principal stakeholders don’t come together to urgently arrest the speedy descent to economic tragedy. It is believed that a disarray FirstBank portends a disaster to the nation’s economy considering its pride of place as the oldest, and arguably the most experience bank in the country, and the sub-region.

So like an experienced headmaster, Mr Otedola, ever since he became the Chairman of the 130 years institution, has been wielding the big sticks on those he perceives as parasites feeding fat on the sweat and investments of shareholders. He is sparing nobody if actions that have taken place so far are anything to go by. And so less than two months after, his big stick has whipped the likes of the much respected Global Head of Marketing and Corporate Communications, Mrs. Folake Ani-Mumuney; the immediate past Managing Director, Mr. Adesola Adeduntan, erstwhile Managing Director, Dr. Olabisi Onasanya, Chairman, ThisDay Newspaper, Prince Nduka Obaigbena and a host of others. It is alleged that all these personalities have questions to answer as regards the lavishing of shareholders’ funds.

On December 2, 2024, the media space was awashed with news of the resignation of Folake Ani-Mumuney. It was later revealed by insiders that she was prevailed upon by Otedola to resign after 15 years of sitting atop the bank’s marketing and corporate communications. Her supposed ‘sack’ took the banking world by storm. She was known to be diligent and highly influential.

Reports that made the rounds alleged that Otedola was pissed when he learned that a whopping sum was spent on a send-off party for Adesola Adeduntan, the former MD of the bank who was reportedly forced to resign over alleged negligence in a N60 billion electronic fraud. While no statements have proved that Ani-Mumuney’s resignation is directly linked to the party, insider source told The Boss that Adeduntan and the communications expert shared a common administrative bond during his nine years tenure as MD.

The same report stated that Otedola, who was conspicuously absent at the party, declared the exercise as “insensitive and wasteful” considering that the clear direction and mandate of the bank lies behind recapitalising and repositioning the institution from excesses of past management.

The stick that fell on Ani-Mumuney, stakeholders foretold, was the beginning of more “drastic” decisions and actions Otedola had to take in succeeding days to return FirstBank on the track of impeccable banking “devoid of extravagance and waste of shareholders’ resources”.

While the top echelon of the bank was still recovering from the hammer that befell Ani-Mumuney, many of them were swept away as more restructuring policies were enforced. Reports had indicated that the bank’s top executives were asked to leave as part of its corporate restructuring and repositioning plan for 2025 following the confirmation of Olusegun Alebiosu as the MD/CEO in June last year. A total of about 100 senior staff members were said to have been affected in the organisational shakeup.

SHAREHOLDERS REACT, RALLY TO REMOVE OTEDOLA AS CHAIRMAN 

The high flying FirstBank flag

With the avalanche of sack that swept through the institution, many, who believed that Otedola is fighting on too many fronts, and had to be termed, plotted to have him removed as the Chairman of the bank, with non-executive director, Mr. Julius B. Omodayo-Owotuga.

The group of shareholders while calling for an immediate Extraordinary General Meeting (EGM) in the next 21 days in line with section 215 (1) of CAMA, alleged that FBN has not known peace since the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, influenced Otedola’s acquisition of a significant amount of shares that led to his emergence as Chairman of FBN Holdings in January 2024.

They accused Otedola and his kitchen cabinet including Omodayo-Owotuga of seizing full control of the bank and doing as they please. They group expressed fear of disregard for corporate governance principles taking into account his private placement of N360 billion shares.

They further alleged that Otedola’s preference for private placement instead of right issue or public offer is seen as a ploy to gain control and run the financial institution as his private estate. The battle continues to rage as the quest to discover who holds the single largest share of the institution between Otedola and Oba Otudeko’s Barbican Capital.

But according to the audited accounts First Bank Holdings for 2023, Otedola was put as the single largest shareholder with a 9.41 percent stake in the financial institution. The billionaire businessman recently increased his shareholding by massive acquisition of more shares. At the moment, his exact stake is unclear.

However, data from the Central Securities Clearing System (CSCS), the widely accepted source for confirming share ownership, has Barbican Capital, which is affiliated with the Oba Otudeko-owned Honeywell Group, as the largest single shareholder with a 15.01 percent stake.

Records kept by the bank’s registrars, Meristem Registrars & Probate Services Ltd, also showed that Barbican Capital is the single largest shareholder with 5,386,397,202 shares (5.38 billion) as of May 23, 2024.

In another development, Barbican Capital had sued FBN Holdings for wrongly stating its shareholding in its audited financial statement. Another battle front.

Otedola’s next battle was at the doorstep of Chief Executive Officer, ThisDay and Arise News, Prince Nduka Obaigbena, who was accused of owing the bank a whopping $225.8 million through his General Hydrocarbons Limited. An allegation the Frontline journalist denied.

The meat of the matter became exposed  and escalated into a legal tussle following GHL’s request for a fresh $53 million facility to finance the development of Oil Mining Lease (OML) 120. Officials at First Bank have however, refused to honor the new loan request, citing concerns over GHL’s utilization of previous loans disbursed for the same project.

Nairametrics reported exclusively that the information was gleaned from a leaked letter purportedly signed by Obaigbena himself. The development has resulted into bitter accusations, lawsuits, and freezing orders, thereby deepening tensions not just between both companies, but also between the two personalities.

This refusal, coupled with growing mistrust, culminated in a Mareva injunction court ruling that temporarily froze GHL’s assets across multiple financial institutions in favour of FBN’s outstanding debt claims.

Irked by the development, Obaigbena published a notification, ostensibly to state his side of the story, with a solid premise that neither he nor GHL is owing FirstBank.

ALLEGATIONS OF DIVERSIONS OF MONIES BEFUDDLING, GHL RESPONDS 

General Hydrocarbons Limited categorically denied owing FirstBank Nigeria $225.8 million, stating that the company entered into an agreement with FBN over oil production and development of OML 120, and the project is active and still pending.

“We entered a legally binding, enforceable subrogation agreement with First Bank on May 29, 2021, with FBN agreeing to fund GHL’s exploration, production, and development of OML 120 in exchange for sharing profit from oil proceeds from the OML in a 50:50 ratio after statutory payments and taxes over 8 years.

“The FBN 50 percent share will then be used to pay down its non-performing loans of about $718 million, which was discounted to $60 million to resolve its solvency issues therefrom.

“In its quest to stay afloat, the FBN loan was sold at $600 million as an Eligible Banking Asset (EBA), with comfort from GHL; the FBN then collected the cash from Assets Management Company of Nigeria, (AMCON), with which they rebuilt the bank without meeting GHL’s needs.

“The FBN non-performing loan arose from FBN’s unsecured and reckless lending to Atlantic Energy under separate Alliance arrangements, events in which GHL had no connection with agreements made it clear that the non-performing loan had nothing to do with GHL beyond the fact that 50 percent of profits from OML 120 due to FBN under the Subrogation Agreement will be used by FBN 66ae nexus.

“It is important to note that FBN’s credit and risk team verified and approved all contracts and invoices due to the contractors engaged for the development and operations of the oil mining lease and made payments directly to these contractors and service providers.

“The allegations of a diversion of the monies advanced to GHL are therefore befuddling and without merit as to settle the hole created in its books by the Non-Performing Loan (NPL). For clarity, Atlantic Energy operated OMLs 26, 30, 34, and 42—very different from GHL’s OML 120 payment, which was made by FBN directly to service providers after vetting and approval by its credit and risk teams,” the statement reads.
In the last days, First Bank Nigeria Holdings has been enmeshed in controversies as its shareholders are divided over Otedola’s chairmanship.

COURT ACTIONS NECESSARY TO RECOVER DEPOSITORS’ FUNDS, OTEDOLA FIRES BACK

Femi Otedola

My attention has been drawn to articles published by ThisDay (on Thursday, January 9 and Friday, January 10, 2015), clearly instigated by Mr. Nduka Obaigbena, filled with baseless allegations aimed at smearing my reputation. It is unfortunate that Mr Obaigbena has resorted to such tactics simply because he has been asked to repay his $230 million loan.

This loan, facilitated with the help of the former Central Bank of Nigeria Governor, Mr Godwin Emefiele, was purportedly for the operation of an oil block which he obtained without competitive bidding.

However, the funds were diverted for personal use-funding Mr Emefiele’ presidential aspirations, acquisition of luxury properties abroad, the operation of a private jet, and an extravagant $68 million spent on jet rentals in just four years. Mr Obaigbena’s profligacy is well known, as is his penchant for using his media platforms to blackmail and silence those who hold him accountable.

As Chairman of First Bank Holdings, my primary responsibility is to protect the interests of the bank’s shareholders and depositors. The actions initiated in the courts are necessary to recover funds that belong to depositors and ensure corporate governance.

Mr Obaighena’s penchant of blackmailing people to escape accountability must end, especially when depositors’ money is at stake. My commitment to upholding the integrity of the financial system and protecting depositors outweigh any cheap attempts at blackmail.

Let me remind the public that my integrity is not in question. As Chancellor of Augustine University and a benefactor of Save the Children Fund, I continue to dedicate my wealth to noble causes. I will not allow unscrupulous elements to derail the efforts of First Bank to recover loans or jeopardize the financial security of our shareholders.

To all stakeholders, I assure you that I remain steadfast in my mission to protect First Bank’s integrity and ensure its continued success. Media blackmail will not deter me from this responsibility.

-Femi Otedola

In the same vein, FirstBank followed suit with a similar response, stating the reasons the bank took the legal option while assuring stakeholders of maximum service. It wrote:

WE’RE BENT ON RECOVERING DIVERTED PROCEEDS, FIRSTBANK RESPONDS

In a statement by the management however, FirstBank insisted that it has been on the right side of the law while assuring customers, stakeholders and friends of the bank of its unflinching stand in the provision of first class services.

The full statement is as follows:

Our attention has been drawn to recent media reports regarding a commercial transaction between First Bank of Nigeria Limited (FirstBank) and General Hydrocarbons Limited (GHL) that is currently a subject of litigation.

As a responsible and law-abiding corporate citizen of Nigeria with utmost respect for the courts, FirstBank will not be able to offer comments on issues which are pending for determination by the courts, as such issues are sub-judice.

However, we are constrained to issue the following clarifications to correct the sponsored but false narratives on the matter presented in some of the media publications.

There is a subsisting commercial transaction between FirstBank as lender, and GHL as borrower, where FirstBank extended several credit facilities to GHL for the development of some Oil Mining Lease assets.

These facilities are backed by very robust loan agreements executed by the parties in which the obligations of the parties are clearly defined and the security arrangement clearly spelt out.

While FirstBank has diligently performed its obligations under the loan agreements, at the root of the present dispute is FirstBank’s demand for good governance and transparency in the transaction, which GHL rejected.

Upon FirstBank’s realization of breaches on the part of GHL including diversion of proceeds, FirstBank requested that an independent operator mutually acceptable to both parties be appointed in line with the terms of the agreement, to operate the financed asset in a transparent manner that will bring greater visibility to the project, protect the interest of, and bring value to all stakeholders. Not only did GHL roundly reject this reasonable and fair request, rather GHL insisted that FirstBank avails it with more funding. GHL refused to execute the terms of offer stipulated by the Bank for the availment of additional funding but rather proceeded to commence needless Arbitral proceedings.

GHL issued a notice to initiate arbitration and has no substantive claim pending at the Federal High Court. GHL approached the Federal High Court solely to seek preservative orders pending arbitration. Some of the preservative orders sought by GHL were granted while others were denied.

FirstBank is the only party that filed a substantive claim against GHL at the Federal High Court and the subject matter of FirstBank ‘s claim is not identical with the dispute GHL submitted to arbitration because FirstBank’s claim is in respect of subsequent credit facilities granted to GHL and the offer letters and finance documents pertaining to the subsequent transactions clearly state that the disputes arising from the subsequent facilities are to be resolved by a court of competent jurisdiction in Nigeria and not by arbitration.

Consequently, it is incorrect to assert that FirstBank abused the process of the court.

GHL off-took crude from the Floating Production Storage and Offloading (FPSO) vessel and diverted the proceeds. The Bank had no choice as a secured lender, under these circumstances of continued breaches, non-payment of due obligations and attempts to shield the Bank away from agreed security and repayment sources, than to approach the court for legal remedies, to preserve assets, recover the diverted proceeds, prevent reoccurrences and safeguard FirstBank’s interest. It is clear to us that the courts do not support or protect illegalities and breaches of contracts.

FirstBank has a long and very rich history of supporting and providing for the financial needs of its customers over its more than 130 years of unbroken existence. FirstBank remains committed to ensuring that it continues to support legitimate business aspirations of its teeming customers. At the same time, FirstBank is committed to the building of a strong credit culture where borrowers pay their debts when they borrow and will always take appropriate steps, within the ambit of the law, to resist attempts by borrowers to repudiate their repayment obligations.

We wish to assure FirstBank’s numerous customers, stakeholders and the general public that FirstBank remains solid, calm, steadfast and unflinching in its resolve to continue to provide first-class services to its teeming customers within and outside the country.

FirstBank also wishes to respectfully thank our shareholders for the indicatively oversubscribed Rights Issue of its parent Company, First Holdco Plc (“FirstHoldco”), in the first round of its capital raise and looks forward to an equally successful final leg of the recapitalization exercise when it is announced by FirstHoldco

THE OBA OTUDEKO AND BISI ONASANYA CONNECTION

As already stated by some shareholders, who insisted that Otedola was fighting on many fronts, and in cognizance of Otedola’s admission that he was poise to confront anyone indebted to the bank, the news of the Economic and Financial Crimes Commission (EFCC) filing a 13-count criminal charge against the Chairman, Honeywell Group, Oba Otudeko and a former Managing Director of First Bank, Olabisi Onasanya for allegedly obtaining the sum of N12.3 billion from First Bank, filtered into the public space.

They were to appear before Justice Chukwuejekwu Aneke of the Federal High Court, Lagos on Monday alongside, a former member of the board of directors of Honeywell Flour Mills Plc, Soji Akintayo and a company linked to Otudeko, named Anchorage Leisure Ltd.

All four were listed as defendants in the suit filed by an EFCC prosecutor, Bilkisu Buhari-Bala on January 16, 2025.

According to the EFCC, the four committed the fraud in tranches of N5.2 billion, N6.2 billion, N6.150 billion, N1.5 billion and N500 million, between 2013 and 2014 in Lagos.

In proof of the charge against the defendants, the EFCC listed Cecelia Majekodunmi, Ola Michael Aderogba, Abiodun Olatunji, Raymond Eze, Abiodun Odunbola, Farida Abubakar, Adaeze Nwakoby and Adeeyo David to give evidence of the fraudulent misrepresentation of the Defendants and tender relevant documents. Also listed were testimonies of representatives of Central Bank of Nigeria, representatives of Stallion Nigeria Limited and representatives of V-tech Dynamics Ltd.

According to the Commission, the offences contravene Section 8(a) of Advance Fee Fraud and Other Fraud Related Offences Act 2006 and were punishable under Section 1 (3) of the same Act.

Count 1 of the charge says that Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo and Anchorage Leisure Limited between 2013 and 2014 in Lagos, within the jurisdiction of this Honourable Court conspired amongst  yourselves to obtain the sum of N12,300,000,000.00 (Twelve Billion, Three Hundred Million Naira Only),from First Bank Limited on the pretence that the said sum represented credit facilities applied * for by V- Tech Dynamic Links Limited and Stallion Nigeria Limited, which representation you know to be false, and you thereby committed an offence contrary to Section 8(a) of Advance Fee Fraud and other Fraud Related Offences Act 2006 and punishable under Section 1(3) of the same Act.

In Count 2, it was alleged that the defendants, on or about 26th day of November, 2013 in Lagos, “obtained the sum of N5.2 Billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for by V Tech Dynamic Links Limited which representation you know to be false.”

The 3rd count claims that the defendants, between 2013 and 2014 in Lagos, obtained N6.2 Billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for and disbursed to Stallion Nigeria Limited, which representation you know to be false.”

County 4 reads, that you, Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo and Anchorage Leisure Limited on or about 26th day of November 2013 in Lagos, within the jurisdiction of this Honourable Court conspired amongst yourselves to use the total sum of N6,150,000,000,.00 (Six Billion, One Hundred and Fifty Million Naira Only.), which sum you reasonably ought to have known forms part of proceeds of your unlawful activities to wit: Obtaining by False Pretence and you thereby committed an offence contrary to Sections 18(a), 15 (2) (d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.

Count 5 accuses Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo and Anchorage Leisure Limited on or about 11th day of December, 2013 in Lagos, procured Honeywell Flour Mills Plc to retain the sum of N1.5 billion, which sum you reasonably ought to have known forms part of proceeds of your unlawful activities to wit: Obtaining by False Pretence and you thereby committed an offence contrary to Section 18(c), 15 (2) (d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.

During the session, the court addressed multiple motions, including the prosecutor’s request for a warrant of arrest, which the judge rejected due to the lack of formal service to the defendants. The judge granted an application for substituted service, and the case was adjourned to February 13 for arraignment.

I’VE FOUR DECADES OF IMPECCABLE PROFESSIONAL SERVICE, OLABISI ONASANYA RESPONDS

But on Sunday, former Managing Director of First Bank of Nigeria Plc (now FBN Holdings), Bisi Onasanya, denied any involvement in the alleged N12.3 billion advanced fee fraud levied against him and others during his tenure at the bank.

In a statement issued by his communication advisor, Michael Osunnuyi, Onasanya described the accusation as “baseless” and “unfounded,” expressing concern over the distress it has caused to his family, associates, and friends.

His statement read:

“Our attention has been drawn to allegations and charge sheet circulating on social media suggesting Dr Bisi Onasanya’s involvement in a purported commercial loan controversy at First Bank 12 years ago,” Mr Osunnuyi said.

“His stellar reputation of integrity, built over four decades of impeccable professional service, cannot and will not be tarnished by these false allegations and incorrect charges.”

The statement disclosed that the ex-First Bank of Nigeria Plc’s chief has not been issued any invite since an investigation by the EFCC since 2017, claiming that the matter is only a witchhunt.

I’LL AGGRESSIVELY DEFEND MY REPUTATION, OBA OTUDEKO RESPONDS

However, in a statement issued by General Counsel, Honeywell Group, Olasumbo Abolaji, Otudeko said he was yet to receive any official summons, adding that neither has his legal team received any official invitation from relevant authorities.The statement said, “This includes FBN Holdings, where he served as a director (then Chairman) from 1997 to 2021 and was instrumental in supporting the transformation of the bank from an old generation bank to its current leadership role as a pan-African financial services holding company.

“As he has done in the past, Dr Oba Otudeko is always ready and available to assist any government agency with appropriate oversight in the execution of their duties, with the expectation that these affairs will be conducted with the highest standard of professionalism.

“While we respect the role of the press in keeping the public informed, we urge journalists to verify such sensitive information before publication to ensure accuracy and fairness.

“At 81, after five decades of contributions to the growth of Nigeria’s economy, Dr. Oba Otudeko is now focused on mentoring the next generation of business leaders and contributing to the positive development of society through enterprise.

“He is not interested in serving in an executive capacity in any organisation in Nigeria or elsewhere, neither is he interested in serving in a non-executive capacity on any board asides those he currently sits on.

“This includes any possibility of returning to the board of FBN Holdings Plc, which appears to be the focus of the recent unfortunate news barrage. FBN Holdings, a legacy institution built over 130 years, holds a special place in Dr. Otudeko’s heart. He trusts this strong foundation to guide the institution into the next era of success.

“Dr. Oba Otudeko is confident that the truth will prevail in due course and looks forward to addressing these claims in the appropriate forum.”

Meanwhile, family sources have confirmed that Otudeko did not flee Nigeria, but traveled legally for medical reasons.

As it stands today, all eyes are focused on the expiration of the 21 days ultimatum given by the shareholders for the Central Bank under Mr. Yemi Cardoso to convene the Extraordinary General Meeting (EGM) in line with section 215 (1) of CAMA, to remove Otedola. The game obviously graded survival of the fittest, may be kind on Otedola, who is fighting on all fronts, or any other person of interest.

And like they say in all incomplete thriller, time will tell.

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Jewel Howard-Taylor: An African Amazon Celebrates at 62

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By Eric Elezuo

Most Aftrican women qualify for unending celebration at every stage of their existence. They have written their names in gold, traversed barriers to stand out among a comity of achievers. Among such women is West Africa’s first female Vice President, Mrs. Jewel Howard-Taylor, who just clock 62 years.

An African of no mean ability, whose interest in the unity if the West African sub-region has remained one of her strongest point strengths as African politics and development continue to thrive. Her excellent performance has seen to emergence of another female Vice President in the region.

Born Jewel Cianeh Howard on January 17, 1963, the amiable politician of Liberian descent has practically done everything well, including being married to former warlord and president, Charles Taylor from 1997 to 2006 during which time, she showcased herself as most sought after Firstlady of the country, and in the West African sub-region.

Often revered as a Chief, Mrs Howard-Taylor is a proud daughter of Bong County, and born to the Royal Household of Kerkula Giddings of Sanoyea District. She was raised as a child on the Phebe Hospital Compound under the watch of her loving parents, Mr. Moses Y. Howard and Mrs. Nora Giddings-Howard, both of whom were enviable professional Health Workers who died in service to the people of Bong County, and are buried at the Phebe Compound.

Undeterred in her quest to be the best she can be, the 30th vice president of Liberia, who served from 2018 to 2024, Mrs Howard-Taylor has had an enviable political trajectory. In 2005, she was elected to the Senate of Liberia for Bong County as a member of the National Patriotic Party, and was Chair of the Senate Health and Social Welfare Committee on Gender, Women and Children

During the presidency of her husband, she held several official posts in the Liberian government, including Deputy Governor of the National Bank of Liberia (forerunner to the current Central Bank of Liberia), President of the Agriculture Cooperative and Development Bank (ACDB) and Mortgage Financing Underwriter of the First Union National Bank. In addition, she focused on educational, health, and social projects. These are positions she merited by qualification, dint of hard work and her goal-getting abilities other than privilege.

Mrs Howard-Taylor is not a run-of-the-mill administrator. She is well seasoned; educationally, career wise and experience. In the first instance, she holds a graduate degree in bmBanking and two bachelors in Banking and Economics, and presently a student in the MBA programme at Cuttington University in Liberia.It is worthy of note that on December 21, 2011, she graduated from the Louise Arthur Grimes School of Law of the state-owned University of Liberia, and is known to have been announced at one time as the new holder of the title “Madam Suakoko”, an honorary Bong County title memorializing the namesake of the Suakoko District.

In February 2012, Jewel, as very close friends call her, attempted to introduce legislation into the Liberian parliament that would have made homosexual activity a first-degree felony carrying the death penalty as the maximum punishment. Though the legislation was not passed after President Ellen Johnson Sirleaf said she would not sign any such bill, it became a plus for her Africanism and as a champion of sustaining African culture.

In 2017, Taylor was chosen by George Weah as his running mate on the newly formed Coalition (CDC) ticket. Following a runoff in late 2017, she became the first female Vice President of Liberia when her party won the elections.

A strong grass root strategist, Jewel has either served or currently serving in different high profile capacities, including

  • Chairperson, Women Legislative Caucus of Liberia
  • Chairperson, Education and Public Administration,
  • Co-Chairpersonon Planning & Development Committee;
  • Memberof the Joint Legislative Modernization Committee;
  • Member,  Committee on Judiciary;
  • Member, Committee on Autonomous Commissions;
  • Member, Committee on Defense, Intelligence, Security, Veteran Affairs;
  • Member, Committee on Internal Affairs, Good Governance & Reconciliation;
  • Member, Committee on Gender, Health, Social Welfare, Women & Children’s Affairs

She has also held or is holding Memberships in many Organizations, key amongst which are the following:

  • Chair, Board of Trustees, Restoration Baptist Church, Oldest Congo Town
  • Deaconess, Restoration Baptist Church, Oldest Congo Town
  • Member, Bong County Bar Association
  • Member, Bong County Women Association
  • Vice President, Board of Trustees, University of Liberia
  • Liberia’s Goodwill Ambassador on HIV/AIDS
  • Member, Liberian National Red Cross
  • Member, Liberian Rural Women Association
  • Member, YWCA
  • Member, Liberia Girls Guide Association
  • Member, Greater Monrovia Lions Club of Liberia

Mrs Howard-Taylor has also been a recipient of many accolades, Laurels and Awards from Local, National and International Organizations, ranging from humanitarian awards to outstanding Leadership awards.

NATIONAL AWARDS:

  • Women Activist Award, (2016) for her role in gender advocacy and empowerment,
  • The Nation’s highest honor as Knight Great Dame, Order of the Most Venerable Order of the Pioneers in 2005; granted to her by Former President Charles G. Taylor for her service to the Nation as the 21st First Lady of Liberia;
  • The First Female to be given the Distinguished Traditional Title of   Venerable Chief in the National Traditional Council of Liberia in 2011,  a Chieftaincy title conferred on her by Traditional Chiefs and Elders of Bong County for her role in sponsoring the a bill which created the National Traditional Council of Liberia; and in full recognition of her exemplary Services to the people of Bong, yea Liberia;
  • The Ellen Johnson-Sirleaf Presidential Recognition Award for Humanitarian Services and contribution to Youth Development in Liberia from the (AAW Peace) African & American Women in 2011;
  • Senator of the Year, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015 from various organizations;
  • The National Excellence Award for National Service in 2011;
  • The National Excellence Award for Philanthropy in 2009;

INTERNATIONAL AWARDS:

  • The Pan African Award on Leadership Excellence & Women Empowerment, an Humanitarian Award 2016;
  • Woman of the Year, 2016, West African Philanthropist Organization;
  • Women Activist Award, 2016
  • West Africa  Philanthropy Awards  as Woman of the Year,  2016
  • 2nd Chance International Award as a Woman of Distinction 2015, New York City USA;
  • (ECOWAS) ECOFEPA Good Will Ambassador, Abuja, Nigeria; 2015;
  • Women Advancement Forum Award in recognition of her contribution to the Emancipation, Motivation and Advancement of Women of the World; 2014, Gambia.
  • The Outstanding African Women Achievers Award,  as African Mentor and Role Model 2013, from the African Women Leadership Organization(AWLO), in Nigeria;
  • An African Leadership Award, as Outstanding African Female Leader of the Year 2012 from the African Leadership Award, in Dubai;
  • An Excellence Award in Recognition of her Advocacy for the Rights and Empowerment of women from the African Women in Leadership Organization (AWLO) in 2012, in Nigeria

At 62, Mrs Howard-Taylor is far from spent. She is as agile as ever; as passionate to render humanitarian assistance as ever and as rearing to deliver projects as ever. She is the stock required for a formidable and true African Renaissance, and is poised to take the continent to the next level.

Additional information: The Executive Mansion

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