Boss Picks
Threat to Life, Property: Aderinokun’s Wife Cries Out to Sanwo-Olu
By Eric Elezuo
Mrs. Olufunlola Aderinokun, widow of late former Chief Executive Officer, Guaranty Trust Bank, Tayo Aderinokun, has raised alarm over illegal, dangerous construction and encroachment into her property, Rehoboth Place, situated along Banana Island Road, Ikoyi, Lagos, by the Shell Staff Cooperative Investment and Thrift Society Limited, alerting Governor Babajide Sanwo-Olu through an S.O.S letter to intervene, call the offenders to order, and save her building, its occupants and the general public from more present and unforeseen harm.
Speaking exclusively to The Boss, Mrs. Aderinokun lamented the recalcitrant stance of the Shell Staff Cooperative Investment and Thrift Society Limited, whose building shares a common perimeter fence with Rehoboth Place, and how they have continued their illegal construction, which has consistently defaced Rehoboth Place, in spite of cautions and deterring efforts employed by the government and the residents of Rehoboth Place.
“You need to visit the site to see how these people have defaced an already sitting building, causing structural damages as well as keeping residents of Rehoboth Place on their toes for fear of more structure collapse and/or imminent danger to lives,” she said.
Recalling that Rehoboth Place was built since 2016 according to all laid down construction rules and specifications, she further stated that on many occasions, the scaffolds and other heavy duty equipment including spanners and huge iron bars, used by the Shell Staff Coop builders, have collapsed and dropped into Rehoboth Place building, causing untold structural defacing and fear of possible fatal bodily harm to the residents. This, according to her, is because the Shell Staff Coop building is less than two metres away from the common fence, while the recommended spacing is from six meters.
Recounting to The Boss the genesis of her ordeal with the building developers and the Lagos State government with the General Manager of Lagos State Building Control Agency and Governor Babajide Sanwo-Olu, whom she believes is showing unbelievable favour to Shell Staff Coop at the expense of injuries to lives and properties at Rehoboth Place, Mrs Aderinokun, a 67 years old retired widow, who claims that she can neither sleep well in her own bedroom nor park her car in her own compound because of the noise, danger, debris and mutilation from the Shell Staff Coop construction, narrated that the whole illegality, as she termed it, is dated back to 2020, when the Shell Staff Coop building construction started the piling work.
“As at then, I was not in the country, and because of the COVID-19 issue, many things were played down. However, when I returned to the country in August 2021, after one and half years away from Nigeria, I discovered that they had damaged my property, Rehoboth Place, extensively. My own letting agent didn’t tell me, but was rather negotiating with the offenders on how to repair the damages. Naturally, I was furious and demanded both a halt on the project and thorough compensation for the extensive damage. Note that by then, at Rehoboth Place, a bungalow, the bore hole, the perimeter fence, and other structures were already completely compromised beyond repair.
“However, in 2023, I mobilised structural engineers and the company that built Rehoboth Place originally, Cappa and D’Alberto Ltd, to begin repairs of all the damages that Shell Staff Coop caused. The Engineers wrote off the compromised bungalow and common fence, and insisted that they must be brought down completely before repairs could commence.
“However, while they were carrying out repair and reconstruction works, materials from the Shell Staff Coop construction continued to drop inside the compound from very high levels, making it impossible for safe and healthy work to continue at Rehoboth Place. Debris of cement, water, polystyrene particles and bars, tools and other dangerous materials were constantly dropping into Rehoboth Place from high levels, and so the workmen had to abandon the job, and ran for dear life. It wasn’t safe. It was not healthy. Cappa & D’Alberto Ltd wrote to demobilise from the site of Rehoboth Place in July 2023, and cannot return to the site till date because of the danger from Shell Staff Coop construction, while Lagos State looks away!
“As at today, I can’t park my car in my own compound. The huge terrace at Rehoboth Place, next to the building of Shell Staff Coop and the swimming pool at Rehoboth Place, have not been usable since May 2023, till date. While I was getting ready to sue Shell Staff Coop for the damages caused to the building, the scaffolding of Shell Staff Coop fell on the 5th floor of Rehoboth Place on 19th July 2023. This could amount to a criminal offence under the laws of Lagos State as it constitutes danger to human life and public safety,” she said.
Mrs Aderinokun’s complaints to the Lagos State Building Control Agency, under Mr Gbolahan Oki, led to an inspection and subsequent sealing of the site to stop further construction in July 2023.
“Mr Oki stated to me over the phone on 1st November 2023 that the Shell Staff Coop will pay for the damages, and that, ‘even if it’s the governor that is the one building there, they (Lagos State) will do the right thing’. I’m surprised that Mr. Oki is the one who’s no longer responding to the matter today. And on January 15, 2024, the Lagos State government allowed Shell Staff Coop to return to site, and resume construction, alarmingly without addressing any of the reasons for sealing up the Shell Staff Coop building for almost 6 months! The knocks from the close construction of Shell Staff Coop woke me up from my bed on 15th January 2024 and have continued until now, 7 days a week,” she noted.
As a follow up, Aderinokun recalled that on January 20, 2024, writing in her capacity as the Director of her company, Quadro Investment Limited, owner of the property, Rehoboth Place, she again appealed to the Lagos State Building Control Agency via the General Manager, and re-detailed the hazards that the construction of the Shell Staff Coop portend, and continues to unleash, and appealed that the government should put a stop to the building or at most curtail the dangers inherent. She wondered why the construction was allowed to resume six months after sealing up, with nothing to show that due diligence has been done.
The letter, which was titled “Re: Construction of Multiple Storey Building Against Building Regulations Along Banana Island Road, Etisalat LGA, Ikoyi, Lagos, Which Shares a Common Perimeter Fence with Our Property, Rehoboth Place”, reminded the Agency that the ongoing construction of the Shell Staff Coop, was sealed up by Lagos State officials on July 25 2023, when they visited and they discovered certain unpalatable infractions including absence of airspace and protection against damage to the adjoining premises of Rehoboth Place and others, among many other inanities.
In their capacity as a regulatory agency, the LSBCA had, in July 2023, assessed the scene and discovered as follows:
1. That the safety nets were not properly installed,
2. Blockade of public drainage facilities as a result of the construction work,
3. Damage of adjoining property due to effects of construction,
4. Inadequate airspace of right side of the structure.
Therefore, the Agency came up with certain recommendations, which were pasted on the fence of the construction site of Shell Building Cooperative. The recommendation was a point-blank order to stop the construction of the building as a result of the following reasons: 1. The development was unauthorized 2. The development did not conform to the planning permit issued by the Lagos State Physical Planning Permit Authority. 3. There’s no authorization to commence construction by LSBCA as required by law, and 4. The structure erected is contrary to Building Control Standards.
The Agency concluded its recommendation with sealing up authorization that the building should stop henceforth with the service of the Order.
“That was on 25 July 2023, but the construction resumed on 15 January 2024 with no evidence of the noted hazards controlled, and events at the site have continued to put Rehoboth Place and its occupants in harm’s way, The 10 inches spanner fell onto the ground floor of Rehoboth Place on 29th January 2024, from a height of about 7 or more floors of the building of the Shell Staff Coop! If the spanner had fallen on the head of anyone at Rehoboth Place, the fatality that could have happened can only be imagined” Aderinokun lamented.
The letter is presented in details below:
22 January 2024.
The General Manager,
Lagos State Building Control Agency,
Muiz Banire Street,
Off Oba Akinjobi Way,
GRA, Ikeja.
Dear Sir,
RE: CONSTRUCTION OF MULTIPLE STOREY BUILDING AGAINST BUILDING REGULATIONS ALONG BANANA ISLAND ROAD, ETI-OSA L.G.A. IKOYI, LAGOS; WHICH SHARES A COMMON PERIMETER FENCE WITH OUR PROPERTY REHOBOTH PLACE.
The above-described development, which is an ongoing construction and adjacent to our property, Rehoboth Place (at Plots 16-17, along Banana Island Road, Ikoyi, Lagos) was sealed up by your agency on 25th July 2023 for a number of infractions, amongst which were the absence of protection and airspace against damage to the adjoining premises of Rehoboth Place and others. Please find attached here, copies of the contravention notice and stop work order pasted by your Agency on the construction site.
On 16th January 2024, work recommenced at the construction and it appears that the property has been unsealed. This is despite the continued absence of protection on the construction works and airspace to Rehoboth Place. As a result, both our property (Rehoboth Place) and its occupants have been placed back at risk of suffering substantial damage, serious injury and/or death due to debris and other things falling into Rehoboth Place from the construction site. Please find attached here, photos of some of the items that have fallen into Rehoboth Place from the adjoining construction site before the sealing up of the site by your Agency.
Further, the building remains less than the stipulated distance from its boundary with Rehoboth Place, which is a clear, and continuing breach of building regulations.
In the circumstances, we are left to speculate as to the reasons why the construction site has been permitted to continue, even as the specific contraventions, for which it was ordered to stop work, continue un-remediated, almost 6 months later. It would appear that the attitude that has resulted in a number of building tragedies in Lagos State continues to prevail within your Agency.
We hereby notify you that we will not fold our arms and do nothing, while our property is exposed to further trespass and the possibility of serious injury and/or loss of life to its occupants. Should any injury and/or death be suffered by anyone at all, please be in no doubt that a report will be made to law enforcement agencies and the contents of this letter and those of our other appeals to Lagos State on this matter, will be brought to the attention of the appropriate authorities.
In the circumstances, we are constrained to issue this notice demanding that you enforce the building regulations on the above-stated construction works, failing which we shall have no option, other than to institute legal proceedings to compel you to fulfil your statutory obligations.
Thank you.
Yours faithfully,
Olufunlola K. Aderinokun.
Director.
With no commensurate response from the LSBCA, and the sensing the criminal intent, Aderinokun petitioned the Commissioner of Police, CP Fayoade, and copied the AIG zone 2, the Attorney-General and Commissioner for Justice and the Commissioner for Environment, to use his good office to stop the construction before injuries or even death are recorded.
The letter is produced below:
20 February 2024.
The Commissioner of Police,
Lagos State Police Headquarters,
Muiz Banire Street,
GRA, Ikeja,
Lagos State.
Dear Sir,
RE: PETITION ON THE BUILDING CONSTRUCTION THAT IS AGAINST PUBLIC SAFETY, CONTRARY TO SECTION 123 OF THE CRIMINAL LAW OF LAGOS STATE, 2015, CURRENTLY TAKING PLACE AT THE PROPERTY THAT ADJOINS REHOBOTH PLACE (A RESIDENTIAL DEVELOPMENT) SITUATE ALONG BANANA ISLAND ROAD, IKOYL, LAGOS.
We are the owner of Rehoboth Place, situate at Plots 16-17, Banana Island Road, Ikoyi, Lagos.
The construction works adjoining Rehoboth Place belongs to, The Shell Staff Cooperative Investment and Thrift Society Limited, whose office address is at Freeman House, 21/22 Marina, Lagos State.
Please refer to the above subject matter and the self-explanatory letter, which is attached here, dated 22 January 2024, written by us to the Lagos State Building Control Agency (LSBCA).
In addition to the contents and attachments to our said letter written to the LSBCA, please find attached here, photos of 3 (three) more injurious items, which fell into Rehoboth Place from the adjoining compound at various times.
The big blue piece of iron (contained in the attachment to the letter to the LSBCA), which weighs about 8 kilograms, fell from the adjoining compound into Rehoboth Place, sometime in July 2023, while the 10 inches spanner, fell from the adjoining compound into Rehoboth Place at about 10.45am on 29th January 2024. The iron rod that is about 60 inches long, weighs two & a half kilograms.
All the items fell onto the ground floor of Rehoboth Place from heights of 6th, 7th, 8th and 9th floors of the adjoining construction works, which are obviously being constructed, too close to Rehoboth Place and other neighbouring properties, in contravention of the building laws, regulations and permits of Lagos State.
We hereby, humbly appeal to your office, to take all necessary action to investigate the ongoing danger to human life and public safety, that is being posed by the owners and occupiers of the property adjoining Rehoboth Place.
Furthermore, we appeal to you, to use your good offices to ensure that the said dangerous construction works, which are being carried out in the adjoining compound to Rehoboth Place are stopped immediately before any further crime in committed, particularly before the occurrence of any loss of life or serious injury to anyone,
We trust in your kind and urgent attention to this matter.
Thank you.
Yours faithfully,
DIRECTOR.
Cc:
1. The Attorney-General and Commissioner for Justice,
Lagos State Ministry of Justice,
The secretariat, Block 2,
Alausa, Ikeja.
2 The Assistant Inspector-General of Police,
The Nigeria Police Force, Zone 2,
Command Headquarters,
King George V Road, Onikan,
Lagos State.
3. The Commissioner of Environment and Water Resources,
Ministry of Environment and Water Resources,
The Lagos State secretariat,
Alausa, Ikeja.
With no response from the General Manager, Mr Gbolahan Oki, the Rehoboth Place owner, having established a criminal intent with the Police, resorted to writing the governor one more time, whom she had been privileged to discuss the matter with via phone and in person on several occasions. It is on record that Aderinokun had earlier on August 8, 2023 and November 28, 2023 written to the governor on the same issue. But like the manager of Lagos State Building Control Agency, neither the governor nor his office responded.
“They practically called my bluff, without a care of what their silence and inaction on these matters is causing to me personally, to other members of the public and/or may cause in the future,” Aderinokun said.
Below is the full letter addressed to the governor:
29th February 2023.
Mr. Governor, Babajide Sanwoolu,
Executive Governor,
Lagos State of Nigeria,
Governor’s Office,
Alausa,
Lagos State.
Dear Mr. Governor,
PLEASE, SAVE OUR SOULS.
RE: IN RESPECT OF THE ONGOING CONSTRUCTION OF MULTIPLE STOREY BUILDING AGAINST BUILDING REGULATIONS ALONG BANANA ISLAND ROAD, ETI-OSA L.G.A. IKOYI, LAGOS; POSING A DANGER TO THE ADJOINING PROPERTY-REHOBOTH PLACE AND HAS CAUSED STRUCTURAL DAMAGES & COLLAPSE OF STRUCTURES AT REHOBOTH PLACE.
I am the managing director of Quadro Investment Limited, the registered owner of Rehoboth Place, which is situated at Plots 16-17, along Banana Island Road, Ikoyi, Lagos, built and completed in the year 2016.
The owner of the ongoing construction which shares a common fence with Rehoboth Place, is Shell Staff Co-operative Investment & Thrift Society Limited (hereinafter called, “Shell Staff Cooperative”) with office address at Freeman House, 21/22 Marina, Lagos.
I am hereby writing an S.O.S., Save Our Souls to Mr. Governor for the reasons set out below.
1. People are continuously exposed to danger of serious injury and/or death at Rehoboth Place because the Lagos State authorities have allowed the construction work by Shell Staff Cooperative to continue, despite the danger it poses to the neighbourhood, its continuous pollution to the environment and the fact that it does not meet the building laws and regulations of Lagos State.
2. In respect of this subject matter, Quadro Investment Limited has written to:
2.1 you, Mr. Governor, by its letters dated 08 August 2023 and 28th November 2023;
2.2 the Lagos State Building Control Agency by its letter dated 22 January 2024;
2.3 the Commissioner of Police, Lagos State, by its letter dated 20 February 2024. This letter was copied to, the Attorney-General and Commissioner for Justice, Lagos State and the Assistant Inspector-General of Police, Nigeria Police Force and the Commissioner of Environment and Water Resources, Lagos State.
Copies of the letters stated in 2.2 and 2.3 above are attached here.
3. In addition to the above, I have made several personal appeals to you, imploring you to grant me an audience to meet with you, to explain the situation to you after my letters and for you to look into this matter and direct Lagos State authorities to ensure that its own Building Regulations and Laws are adhered to in the construction by Shell Staff Cooperative. Unfortunately, all my efforts appear to have been ignored.
4. The on-going construction by Shell Staff Cooperative, which is on its 9th floor and still going up, stands less than 2 meters to its common fence with Rehoboth Place and has caused extensive damage, including collapse of structures at Rehoboth Place. It is posing a danger to life and health in the neighbourhood and at Rehoboth Place. While Lagos State has allowed the construction by Shell Staff Cooperative to continue, the owners of Rehoboth Place cannot use their own property, for fear of danger to life!!
5. Injurious and life-threatening items like big iron bars, weighing 8kg, other iron rods weighing 3kg and 1kg, a 10 inches long spanner, huge polypyrene bars have fallen from heights of 6th, 7th, 8th and 9th floors of the ongoing construction by Shell Staff Cooperative into the ground floor of Rehoboth Place at various times in 2023, and on 29th January 2024. Also, rains of construction water, cement, dust and particles of polypyrene and nylon continuously shower and fly into the airspace, terraces, swimming pool, onto motor vehicles, other valuable properties and indoor living areas at Rehoboth Place. Please find attached hereto, photos to back this up.
6. The scaffolding being used for the construction by Shell Staff Cooperative fell onto the 5th floor of Rehoboth Place on 19th July 2023, which led to a Contravention Notice and a Stop Work Order being pasted on the construction site of Shell Staff Cooperative on 25 July 2023. Please find photos attached here. From then on, the site remained closed for work, for about 6 months, until 15th January 2024, when work suddenly resumed at the constructions of Shell Staff Cooperative, without addressing a single one of the reasons for the sealing up of the premises as stated in the Contravention Notice, including the non-application of safety net on the construction site. Please find attached here, shown in the videos recorded in the flash drive and photos of the dangling scaffolding on Rehoboth Place.
7. Since 15th January 2024, construction by Shell Staff Cooperative have continued, 7 days a week, including outside regulated working hours in a residential area, during night time hours, without any regard for neighbours. They start as early as 7am, waking me up from my sleep with consistent provocative sounds of hammer/iron knocking on iron, 7 days a week, week after week, without any break. Also, on 26th of January 2024, I was woken up from my sleep at 12.00 midnight because of the noise of the truck, working past midnight at the constructions of Shell Staff Cooperative. Please find the proof of this shown in the videos recorded in the flash drive attached here.
8. The non-stop early morning knocking noise (7 days a week) from construction by Shell Staff Cooperative have had untold impact on my brain, psychology and well-being. Part of the reasons that certain distances are prescribed and legislated between buildings, is to avoid noise from one building into another. Since 15th January 2024 to date, it has been like living on a construction site at Rehoboth Place, every day, non-stop, and not a single day of break. Sir, please permit me to add here, that by God’s grace, I am a 67 (sixty-seven) years old widow, resident and indigene of Lagos State.
9. I cannot walk around my compound, I cannot park my car in my own home at Rehoboth Place and we are not able to use our terraces, because of the showers of cement, dirt, dust and polystyrene particles raining from the constructions of Shell Staff Cooperative, onto our cars, other valuables and terraces at Rehoboth Place. Also, we have not been able to use the swimming pool at Rehoboth Place since April 2023 up to the date of this appeal. Please find attached here, the photo of the unhealthy materials from the construction by Shell Staff Cooperative inside the pool and on our terraces at Rehoboth Place, even inside our flower pots on the 5th floor!!!
10. Yet, Lagos State is looking away from this blatant disregard of its building regulations and laws, pollution of the environment, to favour the constructions of Shell Staff Cooperative at the expense of the users of Rehoboth Place.
11. Meanwhile, Lagos State recently banned the use of styrofoams and single use plastics in the State. Sir, it is my humble opinion that Lagos State needs to go further and ban the use of polystyrene in construction sites. The construction workers of Shell Staff Cooperative have been seen cutting into smaller bars, at high levels of 6th, 7th, 8th floors, huge polystyrene bars, without any protection, thereby spraying unhealthy particles of polystyrene, with high health hazards to the neighbourhood and onto Rehoboth Place.
12. Also shown in the videos recorded in the flash drive attached to this letter, is the video of Mr. Gbolahan Oki, the General Manager of the Lagos State Building Control Agency when he visited Rehoboth Place on 2nd November 2023. Unfortunately, Mr. Oki has not matched his words with actions and instead, has allowed the constructions of Shell Staff Cooperative to continue, despite the potential of the occurrence of a catastrophe.
13. Sir, my life and the lives of others are being put to danger by the construction of Shell Staff Cooperative, particularly because of its closeness to Rehoboth Place.
14. Sir, I’m not willing to wait until people are seriously injured and/or someone dies, before I cry out to the public. There is a potential of criminal offence being committed by the closeness of the constructions of Shell Staff Cooperative to Rehoboth Place. The photos and videos that I have attached here and the sealing up of the construction by Shell Staff Cooperative for about 6 months by Lagos State, speak volumes and I am sincerely not exaggerating.
15. Again, I hereby personally implore Mr. Governor, to use your good office to ensure that another unfortunate catastrophe related to building collapse, serious human injury and/or death does not happen in Lagos State, in this matter.
Sir, I am trusting in your speedy good judgement in this matter. Thank you, Sir.
Yours faithfully,
Mrs. Olufunlola K. Aderinokun (née Agusto).
It will be noted that building collapse has remained a recurring decimal in Lagos State. One can recall that a massive Ikoyi building, located not too far from Rehoboth Place, collapsed in 2022, and claimed lives of prominent Nigerians with many other budding professionals.
“All we are doing is to prevent a disaster lurking in the corner, and for me to have a safe and peaceful possession of my property,” Aderinokun concluded.
By Eric Elezuo
The Koumagnon Family and Allied Families of Seme-Kpodji, of the Republic of Benin, led by Monsieur Alberto Koumagnon, has declared their unflinching support for the candidacy of Romuald Wadagni as he steps out on Sunday to vie for the presidential seat of the Republic of Benin.
In statement of declaration, the families observed that Wadagni is propelled by a ‘vision embodied in this ambitious, realistic project, resolutely focused on the future of our country’.
The declaration is presented in full:
DECLARATION OF SUPPORT BY THE GREAT KOUMAGNON FAMILY AND ALLIED FAMILIES OF SÈMÈ-KPODJI FOR CANDIDATE ROMUALD WADAGNI
The great KOUMAGNON family and allied3 families of Sèmè-Kpodji, deeply committed to the values of peace, progress, and development, followed with particular interest the presentation, on Saturday, March 21, 2026, of the “Further Together” (Plus loin ensemble) social project by our dear candidate, President Romuald WADAGNI.
Following this important political event, and gathering on this day, 04/04/2026, we wish to express our full support for the vision embodied in this ambitious, realistic project, resolutely focused on the future of our country.
From the outset, we, descendants of the KOUMAGNON family and allied families, commend the enlightened leadership of President Patrice TALON who, faithful to his commitment to building a modern and prosperous Benin, has been able to propose to the presidential majority a competent, credible candidate who brings hope for consolidating achievements.
In this dynamic of continuity and progress, the candidacy of President Romuald WADAGNI is fully in line with the continuation of the structural reforms undertaken over several years in all sectors, particularly in infrastructure.
In this regard, we recognize and commend the many achievements of the government, especially road infrastructure, which has significantly improved mobility and living conditions for the populations of the communes of Sèmè-Kpodji and surrounding areas.
Moreover, these remarkable efforts reflect a constant determination to connect localities, stimulate economic exchanges, and sustainably strengthen the attractiveness of our territories.
Building on these achievements and firmly oriented toward the future, we are convinced of the relevance of the “Further Together” project.
Therefore, the great KOUMAGNON family and allied families of Sèmè-Kpodji give their firm, committed, and unconditional support to candidate Romuald WADAGNI, as well as to his running mate, Mrs. Mariam Chabi Talata Zimé Yérima.
In the same spirit, we call on all daughters and sons of Sèmè-Kpodji, as well as all citizens committed to peace and development in our country, Benin, to mobilize massively in support of this hopeful momentum by turning out in large numbers on April 12.
We also wish to assure our dear candidate of our commitment to mobilize widely to ensure a high voter turnout in the commune of Sèmè-Kpodji.
Together, let us continue the efforts undertaken.
Together, let us consolidate our achievements.
Together, let us go further.
Long live Benin on its path toward progress!
Long live the WADAGNI–TALATA ticket!
Thank you.
Done at Sèmè-Kpodji, on 04/04/2026
The great KOUMAGNON family and allied families
By Eric Elezuo
With a loud ovation, Nigerians reveled at the announcement of its billionaire-quartet, Aliko Dangote, Mike Adenuga, Femi Otedola, and Abdulsamad Rabiu as among Africa’s richest individuals in 2026.
The four has constantly put Nigeria in the limelight, ensuring that Forbes is never complete without a mention of the giant of Africa, Nigeria
According to the latest Africa Billionaires ranking released by Forbes, Dangote retained his position as Africa’s richest man, with an estimated net worth of $28.5 billion. He added about $4.6 billion to his fortune over the past year, largely driven by the strong performance of Dangote Cement on the Nigerian Exchange Limited.
Telecommunications magnate Adenuga also retained his place among Africa’s billionaires.
The founder of Globacom and chairman of Conoil Producing remains one of Nigeria’s most influential entrepreneurs with diversified interests spanning telecoms, oil and gas, and banking.
Otedola, chairman of Geregu Power Plc, also featured on the list despite a slight dip in his wealth over the past year. Forbes estimates that the billionaire investor lost about $200 million following the sale of a majority stake in the power generation company at a discount to its market price.
The increase in Rabiu’s net worth was largely driven by the performance of BUA Cement, whose shares rose 135% over the past year, outperforming the broader rally on the Nigerian stock market.
The 23 billionaires on the continent are now worth a combined $126.7 billion, representing a 21% increase from 2025 after they collectively added $20.3 billion to their net worth.
Across the continent, billionaire fortunes were boosted by strong equity market performance, record corporate profits, and improving currency stability in several African economies.
South Africa remains the highest number of billionaires on the list, with seven individuals, followed by Egypt with five, Nigeria with four, and Morocco with three.
Here is a peep into the world of Nigeria’s Billionaire-Quartet.
ALIKO DANGOTE
For the President of the Dangote Group, Alhaji Aliko Dangote, and his multifaceted group, playing second fiddle has never been an option. Both the enterprise and the entrepreneur have maintained market leadership to the extent that Dangote himself has appropriated the richest man in Africa status to himself, and has hardworkingly sustained the tag for as long as anyone can remember.
Since 2014, when Forbes magazine named him the world’s 23rd billionaire, jumping 20 spots on the scale from his previous 43rd position among the elite club of the world’s richest people. Aliko Dangote has not looked back, winning back to back the accolade among African billionaires, and never slipping from the world ranking.
Again, as expected, the famous Forbes has proclaimed the soft spoken businessman as Africa’s richest man for the 12th time in a row; a proof that the name Dangote is synonymous with consistency. He is a businessman, who understands that no man rest on his oars if turnovers have to continue to turn over. With marked differentiation, he has demystified the business terrain, and proved that if it can be done, then it must done. His establishment of the humongous fertilizer and sugar plants and the ambitious refinery in Lekki, Lagos, Nigeria, are testimonies of the trajectory of one who knows his onions.
Worth $13.4 by the last Forbes ranking, which sustained him as the richest man in African for the 11th time, entrepreneur extraordinaire has the following points to his name:
- Aliko Dangote, Africa’s richest person, founded and chairs Dangote Cement, the continent’s largest cement producer.
- He owns 85% of publicly-traded Dangote Cement through a holding company.
- Dangote Cement has the capacity to produce 48.6 million metric tons annually and has operations in 10 countries across Africa.
- After many years in development, Dangote’s fertilizer plant in Nigeria began operations in mid-2021.
- Dangote Refinery, under construction since 2016, hit the public space since 2024, and is one of the world’s largest oil refineries, with a capacity of 650,000 barrels per day production.
The above and many has remained the factors that have made it easy for the billionaire to remain in the top echelon of world’s money men, and the supremo among African businessmen. Little wonder he is one of the few recipients of the GCON national honours reserved for top politicians of vice president ranking and top government appointees.
Born in Kano in 1957, Dangote proudly shuttles between three wonderful tags as the richest man in Nigeria; the richest man in Africa and the richest Black man in the world. He has paid his dues, and mankind is the better for it.
Releasing impacts, Aliko Dangote Foundation (ADF), the private charitable foundation of Alhaji Aliko Dangote. Incorporated in 1994, as Dangote Foundation, is saddled with the mission to enhance opportunities for social change through strategic investments that improve health and wellbeing, promote quality education, and broaden economic empowerment opportunities. 20 years later, the Foundation has become the largest private Foundation in sub-Saharan Africa, with the largest endowment by a single African donor.
The primary focus of ADF is child nutrition, with wraparound interventions centered on health, education and empowerment, and disaster relief. The Foundation also supports stand-alone projects with the potential for significant social impact.
The Foundation works with state and national governments and many highly reputable international and domestic charities, non-governmental organizations and international agencies to advance its humanitarian agenda.
In one of its biggest collaboration to date, Aliko Dangote Foundation started working in partnership with the Bill and Melinda Gates Foundation and key northern State Governments in Nigeria from 2013 to eradicate polio and strengthen routine immunization in Nigeria.
Worthy of praise is the fact that nearly a decade, the Foundation has spent over N7 Billion in the course of feeding, clothing and the general welfare of the Internally Displaced Persons in the Northeast.
To make his host communities feel at ease, and the impact of his presence, Dangote has embarked on an initiative to provide further support to improving educational systems in Ibeju-Lekki and Epe locality. The educational support initiative is a tripartite programme consisting of scholarship, capacity building for teachers and school infrastructure projects.
In addition, Scholarships have been awarded to 52 secondary school students whilst some financial support was provided to their parents and/or guardians. Tertiary students will be included in the next batch of the scheme.
Furthermore, about 100 teachers, principals and school administrators were trained in teaching techniques for the 21st century. After which they were monitored in class on how they were using the skills acquired.
There is hardly any sector that has not felt the milk of human kindness running through Aliko Dangote; the military, media, politicians, governments across boards and more.
Dangote is surely an asset to this world!
As at today, there is no space for slowing down for Dangote as he continues to trudge on, creating firsts after first for himself and for humanity. He is blessed with three wonderful daughters, who have followed the rewarding footprints of entrepreneurship, and is looking forward to hitting the richest man in the world status. And very soon too.
ABDULSAMAD RABIU
Abdulsamad Rabiu’s consistent climb on the ladder of success has become phenomenal. The unassuming Chairman at BUA Group has become a study in entrepreneurial discipline, focus, philanthropy and intentional sacrifice. But what can actually be said of a man who has steadily evolved as one of Africa’s biggest investors, in fact, the biggest in the order of reckoning on the Nigerian Exchange. He has graciously used his BUA Foundation and the phenomenal Abdul Samad Rabiu Africa Initiative to not only affect lives, but ensured that the people of the world, especially his native Nigeria, live in better comfort. The Chairman/Chief Executive Officer, Bua Group, makers of quality cement, sugar, flour among other wonderful household items has been a epitome of enterprise. He is presently by divine and entrepreneurial orchestration one of Nigeria’s richest investor. He is also the third richest man in the Africa, by Forbes calculation behind Nigeria’s Aliko Dangote, South African billionaire, Johann Rupert.
In 2023, via a list compiled by Billionaires in Africa revealed the rankings on the Nigerian Exchange, NGX, showing that Abdulsamad Rabiu, the billionaire businessman and industrialist, overtook Aliko Dangote as the richest investor in the country, albeit temporarily.
According to data tracked by Billionaires.Africa, Rabiu’s holdings in his publicly-listed businesses on the local bourse were valued at an impressive $6.01 billion, making him the only investor with an investment portfolio worth over $6 billion then. This is a feat that can only be achieved through wholesome business acumen and dedication.
Born August 4, 1960, in Kano, to one of Nigeria’s foremost industrialists in the 1970s and 1980s, Khalifah Isyaku Rabiu, Abdul Samad Isyaku Rabiu CON is a perfect combination of many things in one.
It was in his native Kano that he kick-started his academic pursuit, carousing through elementary education with ease as a gifted child, and obtained his First School Leaving Certificate. He was later admitted into the Federal Government College, Kano, where he had his secondary education, and gradually with honours.
With a combination of fate, brilliance and determination, Abdulsamad was catapulted to Capital University in Columbus, Ohio, where he studiously studied Economics, and acquired his tertiary education before returning to Nigeria, all before his 24th birthday, to oversee his family business. He was that much sought after, and highly brilliant, and considered capable of holding fort for his father, who was being detained by the administration of General Muhammadu Buhari over matters concerning import duties.
In 1988, just after learning the ropes of entrepreneurial excellence, Abdul Samad Rabiu established BUA International Limited, for the sole purpose of commodity trading. The company followed after the footsteps of his father, and imported rice, edible oil, flour, iron and steel.
In 1990, having exhibited the character worthy of a world class entrepreneur, and the ability to execute classical projects, Rabiu’s BUA was invited by the government, which owned Delta Steel Company to supply its raw materials in exchange for finished products. This provided a much-needed leverage for the young company, and consequently expanded further into steel, producing billets, importing iron ore, and constructing multiple rolling mills in Nigeria.
Rabiu’s dexterity showed further a few years later, when the company acquired Nigerian Oil Mills Limited, the largest edible oil processing company in Nigeria, and there erupted the company’s and BUA’s influence and care over the people in the provision of affordable edible oil. His passion to see people excel in comfort has continued to make him churn out one great tiding after another, and endearing him in the hearts of the generality of the public.
A man with a vision for tomorrow, Rabiu, in 2005, started two flour-milling plants, in Lagos and in Kano, and by 2008, had broken an eight-year monopoly in the Nigerian sugar industry by commissioning the second-largest sugar refinery in sub-Saharan Africa. This was a feat only a bravest of hearts could wroth. As a result, in 2009, the company went on to acquire a controlling stake in a publicly-listed Cement Company in Northern Nigeria and began to construct a $900 million cement plant in Edo State, completing it in early 2015. Rabiu’s passion for expansion is unequalled.
BUA Group has since concentrated and excelled in manufacturing, infrastructure and agriculture and producing a revenue in excess of $2.5 billion. This is in addition to being the chairman of the Bank of Industry (BOI).
The Group, in 2019, announced plans to merge its privately owned BUA Cement with the publicly traded Cement Company of Northern Nigeria Plc (CCNN), to create Nigeria’s second largest cement producer thereby consolidating the grip on the cement market and breaking its monopolistic status.
MICHAEL ADENUGA
Michael Adenuga Jr. is one entrepreneur, who has proved over the decades that he is not the regular billionaire. He is of the stock that is not regulated by stock market figures, but by liquid cash. And that explains why his wealth and net worth supercedes whatever figures churned out by any institution, or any position he is placed in the billionaires’ list.
Adenuga is, for all intent and purpose, in a world and class of his own. This is because his business trajectory and personal philosophy are uniquely his, and therefore worthy of emulation.
Sitting atop one of the most cherished and subscribed network, Glo, Adenuga has not only inspired lives, but practically lifted not a few to enviable heights.
Known for his diverse investments in oil, gas, telecommunications, banking, construction, and real estate, Mike Adenuga notably shook up the African telecom sector with the launch of his telecommunications network, Globacom Limited (Glo), in August 2003.
Also referred to as The Guru, Adenuga is like the proverbial Iroko tree, who is unlike any other. In terms of humility, pedigree, magnanimity, wealth and portfolio of investments, he is one of a kind.
“As of Jan. 1, 2024, Forbes, the U.S.-based business magazine renowned for tracking global billionaire fortunes, estimated Adenuga’s wealth at $6.1 billion. By Dec. 31, 2024, his net worth had grown to $6.8 billion, ranking him as the 448th richest person in the world. Adenuga’s wealth is anchored in his control of Globacom, Nigeria’s second-largest mobile telecommunications and digital services provider, which boasts over 60 million subscribers,” according to Billionaires.Africa
Adenuga is fondly remembered for launching operations on Per Second Billing, thus ensuring subscribers only pay for actual time spent on a call instead of the practice of billing customers N50 per minute even when the call cuts off at just 2 seconds. It also crashed the cost of SIM card from N30,000 to N6,999 and later N100, thereby making it possible for low income earners, students and artisans to own GSM lines today. It is now one of the most recognizable brands across the continent.
Love him or hate him, you can’t fault him. He is an enigma. A definition of class, humanity, intellectual discipline and entrepreneurial acumen. He is the very epitome of when the going gets tough, the tough gets going. And of course, a reference point and research material when it comes to philanthropy. Dr. Mike Adenuga doesn’t give little or give just for giving sake. He gives to sort and solve a lasting challenge. Yes, he is Dr. Michael Adenuga Jr., ‘The People’s Billionaire,’ and without introduction, the brain behind the increasingly success stories recorded at the Globacom Group, among his many other conglomerates and subsidiaries.
Known by many appellations, such as the Spirit of Africa, a rare gem, walking kindness, moon amongst the stars, owner of wealth beyond money, the mighty oak, the man with the gift of Foresight, the Bull, Pillar of sports among a whole lot more, Adenuga’s image looms large. He appears little, and achieves so much more. Hardly seen, but gracefully and consistently felt.
Born on April 29, 1953 to Oloye Michael Adenuga Sr and Chief (Mrs) Juliana Oyindamola Adenuga, the Yeyeoba of Ijebuland, Otun Gbadebo of Ikija and Iyalaje of Ijebu-Igbo, Dr. Mike Adenuga Jnr was not a silver spoon kid, but his parents were comfortable.
The indigene of Oru, Ijebu-Igbo, Ogun State was born and schooled in Ibadan. He attended the famous Ibadan Grammar School. He had his university education in the United States. He majored in Business administration with emphasis on Marketing.
While in school, to augment the allowance sent by his parents, he worked as a cabbie (Taxi Driver), putting in many hours of work a week. This culture of back-breaking hard work shaped him for his ambitious business adventures later in life.
Dr. Mike Adenuga Jr is married to Mrs. Titi Adenuga (nee Adewale). She provides the comfort and stability that such an incredibly busy man requires. His children are Oyin, Babajide (Bobo), Paddy, Bella, Eniola, Bimbo, Sade and ‘Niyi Jnr. He also has grandchildren.
FEMI OTEDOLA
Billionaire businessman, and Chairman, Geregu Power Plc, simply addressed as Femi Otedola (CON), is a focused and determined man. He made his choice from day one, and has refused to be derailed. This explains his prolific nature in the world of entrepreneurship, which has directed his life.
One thing is very obvious before all and sundry, and that is the fact the dotting father of four adorable children is really an Epicurus son, and has no place for half measures when it comes to giving himself, his business and of course everyone around him the good life.
It won’t be forgotten in a hurry how the philanthropist spent a whopping Three Million Pounds to rent a cruise boat in celebration of his 60th birthday in 2022.
Born on November 4, 1962, in Ibadan to the family of the late Sir Michael Otedola, a former governor of Lagos State, Otedola is a definition of everything good, positive and encouraging. He has lived his 60 years representing the very essence of living, affecting lives as a philanthropist, developing careers and manpower as a businessman, industrialists and entrepreneur, and raising biological children, who has stood their own in the society. There is hardly anywhere this tall, handsome phenomenon of a personality can be faulted.
The billionaire businessman started his education at the University of Lagos Staff School before attending Olivet Baptist High School from where he was admitted into Obafemi Awolowo University in 1980. He graduated in1985.
A former chairman of Forte Oil Plc, the Chancellor of St Augustine University, Epe, Lagos, is the founder of Zenon Petroleum and Gas Ltd, and the owner of a number of other businesses across shipping, real estate and finance. He has recently invested in power generation as part of the liberalisation of the sector in Nigeria.
The author of the bestseller, MAKING IT BIG, who has homes in Lagos, Abuja, Dubai, London and New York City has a much impressive existence since he set out to take the bull by the horns in the field of enterprise. This is as chronicled by wikipedia. In 2003, having identified an opportunity in the fuel retail market, Otedola secured the finance to set up Zenon Petroleum and Gas Ltd, a petroleum products marketing and distribution company.
As owner and chairman of Zenon, in 2004 he invested N15 billion in downstream infrastructure development and acquired storage depots at Ibafon, Apapa as well as four cargo vessels, amounting to a combined total storage capacity of 147,000 metric tonnes. The same year he acquired a fleet of 100 DAF fuel-tanker trucks for N1.4 billion.
By 2005, Zenon controlled a major share of the Nigerian diesel market, supplying fuel to most of the major manufacturers in the country including Dangote Group, Cadbury, Coca-Cola, Nigerian Breweries, MTN, Unilever, Nestle and Guinness.
Atiku Raises Alarm over Alleged Plot to Disenfranchise Northern Voters
Tunde Ayeni’s Travails Return, As EFCC Arrests Ex-Skye Bank Chair over Fraud Allegations
2027: Opposition Parties Storm Ibadan, Unite to Field One Candidate Against Tinubu
Implosion Looms at APC
Aliko Dangote Stands Tall As Distinguished Fellow of Nigerian Academy of Engineers
Voice of Emancipation: Is Africa Left Behind in the Face of Globalisation
Glo-Sponsored African Voices Spotlights Ejatu Shaw
Kano Deputy Governorship: Why Murtala Sule Garo is Most Deserving
Court Admits Nine Exhibits Against Malami, Family in EFCC Fraud Trial
Tech and Humanity: Why Africa Must Write Its Own AI Rules
Tinubu Sacks Edun, Appoints Oyedele As Finance Minister
El-Rufai to Remain in ICPC Custody Till June
LP: Nenadi Usman Floors Julius Abure at Appeal Court
Timi Frank Petitions US, Demands Gbajabiamila’s Resignation over ‘Anti-Democratic’ Remarks
-
Opinion5 days agoKano Deputy Governorship: Why Murtala Sule Garo is Most Deserving
-
Featured5 days agoCourt Admits Nine Exhibits Against Malami, Family in EFCC Fraud Trial
-
Tech and Humanity2 days agoTech and Humanity: Why Africa Must Write Its Own AI Rules
-
Headline5 days agoTinubu Sacks Edun, Appoints Oyedele As Finance Minister
-
Featured5 days agoEl-Rufai to Remain in ICPC Custody Till June
-
Headline5 days agoLP: Nenadi Usman Floors Julius Abure at Appeal Court
-
Featured5 days agoTimi Frank Petitions US, Demands Gbajabiamila’s Resignation over ‘Anti-Democratic’ Remarks
-
Opinion1 day agoBeyond the Present Impasse: Five-Pillar Strategy for Restoring Credibility of ECOWAS