Boss Picks

The Femi Otedola Crackdown at FirstBank – His Many Battles –

Published

1 year ago

January 20, 2025

Eric

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.

Boss Picks

Aesthetics, Landscape, Professionalism: You Can’t See ABUAD in One Day!

Published

7 days ago

February 15, 2026

Eric

By Eric Elezuo

The idea behind one of Nigeria’s elevated private higher institution of learning, the Afe Babalola University, Ado-Ekiti (ABUAD) is not only humongous, but filled with classy intentions, beautiful landscape, and professionalism in tutelage and character molding.

A visit to this great citadel of learning is not a one day affair, cause no one can see ABUAD in One day; not even in one week, one month or a year, as this reporter can attest to. ABUAD is huge. ABUAD is large. ABUAD is an institution beyond the literary definition. ABUAD is a dream projected to last a lifetime, and it has not failed to live up to billing.

Navigating through the bustling streets of Ado-Ekiti via the centre of Ekiti Parapo Arena, and into the gracious Olusegun Obasanjo Way enroute Aye Ekiti, the institution is situated at an altitude of over 1,500 feet, and located on a 130-hectare piece of land; large enough to birth a kingdom, and accommodate whatever facility dreamt of.

The Boss learnt that the institution was established to address the mismatch between academic programmes and the demands of the labour market in Nigeria.

Established in 2009, in Ado-Ekiti, the capital of Ekiti State, by a distinguished legal icon, academic pillar and seasoned entrepreneur, Prof Afe Babalola, ABUAD has distinguished itself as a force to reckon with in the fields of research and training, developing and churning out creative minds, who have constituting a megaforce in global development.

By the benefit of hindsight, the University offers Academic programmes in seven Colleges: Sciences, Law, Engineering, Social and Management Sciences, Medicine and Health Sciences, Pharmacy and Postgraduate Studies. Beyond the academic ratings, ABUAD boasts of the very best of facilities for health, recreation, environmental, electricity, agriculture and more. It is also a centre of academic discipline with academic and non-academic staff of repute, whose stock-in-trade remain the production of all-round, well-tutored and easy-to-fit personality.

The institution is managed by the Vice Chancellor, Prof Smaranda Olarinde, which academic and administrative catalogue is quiet envious to behold.

By every standard, the institution merits its Time Higher Education (THE) Impact ranking as at 2025 as the 84th in the world, 3rd in Africa and 1st in Nigeria. Great feat!

Other top SDG Africa Rankings of ABUAD include, but not limited to SDG 7 (Affordable & Clean Energy): 1st in Africa, SDG 13 (Climate Action): 1st in Africa, SDG 1 (No Poverty): 2nd in Africa and SDG 17 (Partnership for the Goals): 3rd in Africa.

It is important to observe that these achievements underscore ‘ABUAD’s commitment to quality education and societal impact, marking a major milestone for the institution and Nigeria’s higher education sector’.

The Engineering College, one of the foremost architectural intelligence on the ABUAD land, is built on three and half acres of land, and is reputed to be one of the largest in Africa. The college was inaugurated by former President Goodluck Jonathan.

Campuses

The university has one main campus which is located in Ado-Ekiti, Ekiti State, Nigeria. The campus is situated in the hilly part of the town directly opposite the Federal Polytechnic Ado-Ekiti.The campus houses 6 undergraduate colleges, a postgraduate school, conference halls, a teaching hospital for medical students, student and staff accommodation, a sporting facility, and other auxiliary services such as a cafeteria for staff and students, a laundry, a bakery, and a water processing plant.Afe Babalola University holds a reputation for being one of the few Nigerian universities to begin academic work in the campus permanent site. However, due to the requirement by the National University Commission that the school must possess a functioning teaching hospital, a memorandum of understanding with the Nigerian federal government to make use of the Federal Medical Center (FMC) Ido-Ekiti, Ekiti State as its teaching hospital for a period of ten years beginning from October 2014.

Admission requirement

The admission requirement for the school varies between the different colleges. However, as with all Nigerian universities, for undergraduate programs the candidate is required to have at least 5 credits in subjects such as mathematics, English language and any other three subjects that are relevant to the course of study. The student is required to have passed the Joint Admission and Matriculation Board JAMB Unified Tertiary Matriculation Examination (UTME), after which the candidate is expected to take an oral interview with an academic staff of the prospective college before admission can be given. The university also offers direct entry admission to students who wish to transfer from another university or have undergone either an Advanced Level program or a degree foundation program. The level at which they are admitted into is decided by the college and varies among them.

Undergraduate colleges

The university operates a collegiate system and has six major colleges. They are the College of Engineering, College of Medicine and Health Sciences, College of Sciences, College of Law, College of Social and Management Sciences, and College of Pharmacy. Some of the colleges offer post graduate programme in some departments.

The College of Law

The College of Law is fully accredited by the National University Commission (NUC) of Nigeria. The college consists of fully furnished classrooms, a common room, a library containing law journals and articles, and a moot court for students to have court practice sessions. There are a number of student chambers in the college backed by a staff mentor who battle against each other in moot court sessions. Associate Prof. Elisabeta Smaranda Olarinde (FCAI) is the pioneer provost of the college of Law and is still the current provost of the college; she is also the acting vice chancellor of the university. The College of Law, which is regarded as one of the best law colleges in Nigeria, offers both undergraduate and post-graduate degrees (master’s level) in law.

The College of Engineering

The college of engineering was accredited by both the NUC and COREN during their one-week visit to the college. The main engineering building which houses laboratories, a central engineering library, lecturer rooms, an auditorium, a central engineering workshop and a certified Festo training center. The engineering building is named after the former Nigerian president Dr. Goodluck Jonathan and was commissioned by him on 20 October 2013 during the university’s first convocation ceremony. Prof. Israel Esan Owolabi served as the pioneer provost of the college of engineering; he stepped down from the post in 2015 and he is currently engaged in teaching activities in the electrical/electronics engineering programme.

Academic programs

B.Eng. Mechanical Engineering
B.Eng. Mechatronic Engineering
B.Eng. Electrical/Electronic Engineering
B.Eng. Petroleum Engineering
B.Eng. Civil Engineering
B.Eng. Chemical Engineering
B.Eng. Computer Engineering
B.Eng. Agricultural Engineering
B.Eng. Biomedical Engineering
B.Eng. Aeronautical and Astronautical Engineering

The College of Sciences

The College of Sciences is one of the pioneer colleges of the university after the university’s approval by the Nigerian University Commission (NUC). The university admitted students at inception on 4 January 2010.

Academic programs

B.Sc. Microbiology
B.Sc. Human Biology
B.Sc. Biotechnology
B.Sc. Biochemistry
B.Sc. Chemistry
B.Sc. Industrial Chemistry
B.Sc. Computer Science
B.Sc. Geology.
B.Sc. Physics with Electronics
B.Sc. Physics
B.Sc. Petroleum Chemistry
B.Arch Architecture

The College of Social and Management Sciences

At inception, on 4 January 2010 the university admitted students into the College of Social and Management Sciences, being one of the pioneer colleges of the university. The session ran smoothly without hitches from 4 January to August 2010. The second session of the university started on October 4, 2010, with over 1,000 students. So far the, university has maintained strict compliance with its academic calendar which makes it possible for students to pre-determine their possible date of completion of their programmes even before enrolment. It has been the policy of the university to post on-line students’ results within 24hours of approval by the Senate.

Academic programs

B.Sc. Economics
B.Sc. Accounting
B.Sc. Banking and Finance
B.Sc. Business Administration
B.Sc. Tourism and Events Management.
B.Sc. Political Science
B.Sc. International Relations and Diplomacy
B.Sc. Peace and Conflict Studies
B.Sc. Intelligence and Security Studies
B.Sc. Social Justice
B.Sc. Communication and Media Studies
B.Sc. Marketing
B.Sc. Entrepreneurship
B.Sc. Sociology

The College of Medicine and Health Sciences

The college commenced activities in October 2011 having been approved by National Universities Commission.

Academic programs

Medicine and Surgery (M.B.B.S)
B.NSc. Nursing Sciences
B.MLS. Medical Laboratory Science
B.Sc. Anatomy
B.Sc. Physiology
B.Sc. Human Nutrition and Dietetics
B.Sc. Pharmacology
B.Sc. Public Health
Pharm.D Pharmacy
B.DS. Dentistry
OD. Optometry

The College of Arts and Humanities

Academic programs

B. A. Performing Arts
B. A. English
B. A. History and International Studies
B. A. Linguistics

The College of Agriculture

Academic programs

B. Agric. Animal Science
B. Agric. Agricultural Economics
B. Agric. Extension Education
B. Agric. Crop Science
B. Agric. Soil Science

Postgraduate college

The university operates a collegiate system and has five major Postgraduate colleges. They are the College of Engineering, College of Medicine and Health Sciences, College of Sciences, College of Law and College of Social and Management Sciences.

ABUAD INDEPENDENT POWER PROJECT

To harness thorough academic and character building, the institution is operated off the national grid as it is run on its own power project, with a dam that powers its electrical needs.

HEALTH AND AGRICULTURE

ABUAD operates of the best medical schools and facilities in the country as it boasts of almost all equipment, space and atmosphere for sundry medical conditions, with reputable medical personnel to complement the environment.

In the vein, the institution runs a developed farming culture, that accommodates rearing of livestock and production of cash and food crops.

The farm sits on a large expanse of loamy soil, complimented with consistent flow of irrigation and drainage, and maintained with the classic of horticulture. The settlement is run by a team of professionals made up of Agroeconomists, horticulturist and more.

It is also worth knowing that the school has its Cassava Processing Factory just as it operates a self sustaining Carbonated Drink Factory.

ABUAD practically offers everything!

ABUAD’S FOUNDER, AARE AFE BABALOLA

Born in 1929, Aare Afe Babalola SAN is one of the most distinguished legal luminaries of his generation, renowned both in Africa and globally for his profound contributions to the legal profession and the advancement of education. With over five decades of uninterrupted legal practice, Aare Babalola’s career is a testament to exceptional dedication, strategic advocacy, and visionary leadership.

A highly accomplished advocate, he has led some of the most celebrated cases in Nigerian legal history, representing high-profile clients, including government institutions, multinational corporations, and individuals. His advocacy spans domestic and international courts, including contributions as a consultant to the Federal Government of Nigeria, World Bank, and various conglomerates. His extensive experience includes his role in arbitration, both locally and internationally, where he remains a respected authority. Aare Babalola has appeared in numerous landmark cases, shaping Nigerian jurisprudence and establishing himself as one of the nation’s most formidable legal minds.

His influence goes beyond the courtroom. As the Founder of Afe Babalola & Co. (Emmanuel Chambers), one of Nigeria’s leading law firms, Aare Babalola has trained over 300 lawyers, including 14 Senior Advocates of Nigeria (SANs), judges, and attorneys-general, making his chambers one of the most significant contributors to the legal profession in Nigeria. His exceptional litigation skills and legal acumen earned him the prestigious title of Senior Advocate of Nigeria (SAN) in 1987, cementing his place at the pinnacle of legal practice in the country.

A renowned scholar and author, Aare Babalola has authored several authoritative legal texts, including Injunctions and Enforcement of Orders and Law and Practice of Evidence in Nigeria. His contributions to legal education extend to teaching at the Nigerian Institute of Advanced Legal Studies and delivering lectures at prestigious universities such as the University of Lagos and the University of Ibadan. His popular column, YOU AND THE LAW, published in the Nigerian Tribune, reflects his commitment to educating the public on legal matters.

Beyond his legal practice, Aare Babalola has made extraordinary strides in education. His experience as Pro-Chancellor and Chairman of the Governing Council of the University of Lagos (2001-2007) exposed him to the declining standards of education in Nigeria, spurring him to establish Afe Babalola University, Ado-Ekiti (ABUAD).

ABUAD has quickly become a beacon of academic excellence, setting new standards in Nigeria’s educational system. His efforts in education have been recognized globally, with numerous honorary degrees from universities, including the University of London, University of Lagos, and Ekiti State University.

Aare Babalola’s leadership in academia and law has earned him numerous accolades, including the Officer of the Federal Republic (OFR), Commander of the Order of the Niger (CON), and international recognition such as the Queen Victoria Commemorative Award at the Socrates Awards in Oxford, UK. He was named Africa Man of the Year on Food Security and awarded an Honorary Doctor of Management by the Federal University of Technology, Akure. His groundbreaking achievements continue to inspire generations of lawyers and leaders across Africa and beyond.

In addition to his legal and educational contributions, Aare Babalola remains a committed philanthropist and advocate for reform in various sectors. His vast experience, unmatched expertise, and unwavering commitment to excellence make him not only a legal icon but also a trailblazer in the fight for quality education and justice.

Key Achievements:

Senior Advocate of Nigeria (SAN), 1987.
Officer of the Federal Republic (OFR).
Commander of the Order of the Niger (CON).
Pro-Chancellor and Chairman of the Governing Council, University of Lagos (2001-2007).
Founder and Chancellor, Afe Babalola University, Ado-Ekiti (ABUAD).
Queen Victoria Commemorative Award winner, Oxford UK.
Fellow, Nigerian Institute of Advanced Legal Studies.
Honorary Doctor of Laws from the University of London, Ekiti State University, University of Lagos, and more

ABUAD is a legacy, just like its Founder, Afe Babalola SAN.

Photos: Ben Osei and Ken Ehimen

Boss Picks

Emmanuel ‘Nuel’ Ojei: The Untold Story of the Unassuming Billionaire

Published

4 weeks ago

January 26, 2026

Eric

By Eric Elezuo

The name Nuel Ojei rings a bell loud enough for even the deaf to hear. His Exploits were manifold, unprecedented and humongous. He was a man of extreme means, a philanthropist of the superlative degree, famous business man, Chief Executive Officer of Nuel Ojei Holdings Limited, and not forgetting his identity as a power broker of repute. Yes, until he death, he was one of the deciders of political inclinations and power shifts.

But on December 27, 2025, the curtain fell on his extraordinary humanitarian efforts, his life, his activities on the physical earth and his benevolence to his immediate, extended and adopted families across the world. He was 74 years when he breathe his last on that fateful day, five months short of his 75th birthday.

Fondly known as Nuel Ojei, the businessman passed away that Saturday night in his hometown, Issele-Uku, in Aniocha North Local Government Area of Delta State, as confirmed by his son, Chuks Ojei, in a statement issued on Sunday, December 28, 2025, on behalf of the family.

He described the loss as a profound shock and an irreplaceable personal tragedy.

The statement read, “With a heavy heart, I confirm the passing of my beloved father. His death came as a profound shock to our family following a brief illness.

“Words cannot fully capture the depth of our pain at this moment, as we struggle to come to terms with the sudden loss of a man who was not only our father but our strength, teacher, and moral compass.

“My father was more than a businessman; he was a builder of lives and legacies. A distinguished Nigerian industrialist, entrepreneur, and business magnate, he served as the Founder, Executive Chairman, and Chief Executive Officer of Nuel Ojei Holdings Ltd.

“Through discipline, resilience, and uncommon wisdom, he built enterprises that created opportunities, inspired excellence, and contributed meaningfully to national development.

“To many, he was a mentor and leader of rare integrity. To us, he was a loving father whose counsel guided our steps and whose values shaped our lives. He led with humility, strength, and compassion, touching countless lives across generations.

“His absence leaves a void that can never be filled, but his teachings and example will forever remain our guide. Though his passing signals the end of a remarkable chapter, his legacy lives on in the institutions he built, the people he mentored, and the values he upheld.

“He is survived by his children, family members, and a wide community of friends, associates, and admirers who will continue to honour his memory.

“On behalf of the Ojei family, I humbly ask for your prayers, love, and support during this time of deep grief. Funeral arrangements and further details will be communicated in due course. An icon has fallen. A father is gone. His legacy will live forever.”

The story of Nuel Ojei is that of accomplishment, fulfillment and a typical example of I came, I saw, I conquer. He was part of everything he met. He didn’t just mentor folks, he saw them through from.scratch to finish; in business, politics and other aspects of life. He was the dreamers light.

Perhaps Nuel Ojei would still have been alive today as contrary to popularly held view, he was not under the strain of any undisclosed illness, was hail and hearty prior to his traveling to Asaba, then to his hometown, from where he returned to his maker. This is if, according sources, he not insisted on traveling to his hometown to celebrate the Christmas with his wife and family, whom he missed so much, contrary to his German doctor’s instruction.

Sources told The Boss exclusively that Ojei, who left Nigeria for Spain on December 10, returned to Abuja on December 22, and insisted on traveling to Asaba to join his family even when the doctor told him it wasn’t proper considering that he was under serious stress and fatigue. But he insisted, saying he missed his wife, who she has not seen close to a month, and would wish to spend the Christmas with the family. It was during his holidays at his country home that he asked away.

Nuel was one business minded individual, who began his business craft very early in life, hitting limelight in his 20s, becoming a millionaire, and buying his first house at the age of 29. He was already a big boy when he founded Nuel Ojei Limited in 1989, nurtured it in the early stages of vehicle distributorship with Rutam Motors, sole agent for Mazda, and partnership with Mercedes Benz, till it became a conglomerate.

In 1999, as Nuel Holdings was expanded, as he was diverting into many other enterprises, he bought the magnificent edifice at Mobolaji Bank Anthony Way, Ikeja, towards the airport, which was a furniture company. Honestly, the billionaire has a penchant for airport axis as Nuel Ojei Holdings head office in Abuja, sits glistening in the uphill sun, facing the Nnamdi Azikiwe Airport. Report has it that he bought the Ikeja property at a whooping cost of N1.2 billion in 1999 from the Labanese. With about four very gigantic warehouses therein, his furniture business kickstarted, and continued to make waves. Nuel is blessed with the Midas touch, and so every of his businesses has received the growth syndrome.

A cross section of individuals, who spoke to The Boss, confirmed in no few words of how lavishly benevolent the entrepreneur par excellence was.

“His giving was not limited. He gave to all and sundry; whether you already have or not,” a beneficiary confided in The Boss.

Those who know Ojei in his lifetime believe he was richer than any rich man in Nigeria today. “What Nigerian billionaires have is not money compared to Ojei’s solvency. He was very rich, and spends it without a care for the good of humanity,” a source told The Boss.

Among the many properties he has scattered across the world include houses in various capitals in Nigeria vis a vis Lagos, Abuja, Port Harcourt and more. He also has houses in France, from where his two private jets operate, Germany and other parts of the world. In addition, he boasts of the most expensively and expansively constructed edifice in the world, situated in his Isele Uku, Asaba, Delta State locality.

The sprawling edifice, which took about six years to construct, is a the palace of some sort, fit only for royalty. It is situated on a 35-dunam (roughly 10-acre) plot near the village of Issele-Uku in the Delta state, and covers an area of 12,000 square meters. A brief description of the masion has it that it is divided between a basement, an entrance floor and a residential floor, and among a large number of buildings, including a servants’ house and an entry pavilion used by the security guards.

In addition to all other qualities the gigantic house can boast of are cinema hall, discotheque, hair salon, bowling alley and separate 350-square-meter suites for the couple (Ojei and wife), as well as a selection of guest suites. It also has its own water-purification system and electrical generator.

In his garages are states of the art vehicles including Rolls Royce, Hummer jeeps, Mercedes Benz of various luxurious makes, Range Rovers, G-wagons…just name it. Sources say the number of automobiles in his Lagos home garage alone exceed 50. That’s how super wealthy Ojei was.

Born Emmanuel Isichei Ugochukwu Ojei on May 23, 1951 to military officer, who was during his time in the army superior to a onetime Nigeria’s Head of State, Nuel had both primary and secondary education in the locality of his birth, Lagos before relocating to his hometown attend the Issele Uku Technical College, Issele Uku, between 1970 and 1972. He obtained a National Diploma in Business Administration and Management in the bargain.

It was after the ND education that he concentrated on personal building, business-wise, and returned to Lagos, and took up a job as a Sales Executive at Rutam Motors Ltd, owned by the Ibru Family, known for their super wealth.

In 1976, he left the job after attaining the position of Sales Manager. He thereafter joined Kapital Assurance Ltd in 1977, and rose to become a Director.

With hands in so many pies, Ojei learnt the craft of mastering all endeavours. He was into supplies of military wares during the 1980s, banking, and was reputed to once owned a bank, insurance, construction and telecommunications.

His interest in the oil and gas industry was limitless as he is said to own three oil blocks, and had stakes in solid minerals, telecommunications, safety and security, as well as shipping and ship building. He was a master of all.

The story of Ojei is a case study, a reference point and a research material. He was one Nigeria, who said very little, but recorded and achieved so much. He mentored numerous persons, who are spreading wealth as well across the length and breadth of capacity development and transfer.

The NOH identity is a focused, determined and committed brand that Ojei had used to affect humanity.

As wealthy as he was, he married only one wife, and is blessed with five great children, who are living the dream in its clear 8-letters of positive.

It must be noted as well that Ojei’s must treasured belonging other than his family, is the honorary doctorate honours he received from the Delta State University for his business acumen and impact on humanity. To him, that award is from home, and when your home identifies with you, you have nothing to worry about.

Emmanuel Isichei Ugochukwu Ojei may have bowed out physically from the earth, but the legacies, he systematically created will live for generations and generations to come. He was not consistently in public view, but worked assidously behind the curtains to put laughter on the lips of so many individuals across the world.

May his industrious soul find rest in the bosom of the Lord…Amen!

Boss Picks

Hon Jumoke Okoya-Thomas Becomes Otun Iyalode of Lagos

Published

4 weeks ago

January 25, 2026

Eric

By Eric Elezuo

In recognition of her wholesome performances and contributions to governance in Lagos State, the Oba of Lagos, also known as Eleko of Eko, Oba Rilwan Akiolu, has conferred a deserved chieftaincy title on former lawmaker, APC leader and prominent female politician in Lagos State, Hon Olajumoke Okoya-Thomas.

The notable woman-leader is now the Otun Iyalode of Lagos; an important traditional stool in the cultural affairs of Lagos, and the ancient city couldn’t hold its joy as it rolled it the drums in celebration.

With an avalanche of dignitaries, nobles and political giants from across the socio-economic strata of Lagos, the Iga Idunganran residence of the paramount ruler of Lagos, became another excursion site, unleashing deep-rooted culture, excellent camaraderie and impressive display of ingredients that make Lagos, popularly known as Eko thick.

The gathering boasted of the likes of Otunba Gbenga Daniel, Sir Kesington Adebutu, Prince Samuel Adedoyin & wife, Pastor Ituah Ighodalo of Trinity House, Speaker of Lagos State House of Assembly, Rt. Hon Mudashiru Obasa, Governor of Lagos State, Mr. Babajide Sanwolu & wife, Chairperson, Diaspora Commission, Mrs. Abike Dabiri-Erewa, Chief Mrs Sena Anthony, Mr Ladi Adebutu, Mr Segun Adebutu, Firstlady of Ogun State, Mrs Bamidele Abiodun, HRM Oba Abdulwasiu Omogbolahan Lawal & Olori Mariam, HRM Oba Ibikunle Fafunwa Onikoyi, Alara of Ilara Oba Olufolarin Ogunsanwo, Olugbon of Orile Igbon, Oba Francis Alao & Olori, Chief Mrs Bisi Abiola, Olori Vicky Hastrup, Senator Sade Bent, Deputy Governor of Lagos State, Mr Babafemi Hamzat and Mr Tope Abere.

Others include Hon Kafilat Ogbara, Alhaji Tajudeen Okoya and Chief Durisimi Etti, who were also conferred with various chieftaincy honours.

As Hon Okoya-Thomas stepped out in grace, clad in all white, and adorned with precious ornaments; symbol of her royalty, the Oba was on hand to dish out the ‘sayings’, with the assistance of his white cap chiefs, that bestowed on her the powers and privileges of the Otun Iyalode.

Thereafter, a sumptuous reception was held at the Condo, Airforce Base, Victoria Island, where guests were treated to the best of entertainment ranging from good food, good music, good beverages and good networking under the very hilarious guidance of popular MC, Tee A. It was a night of solidarity for a woman, who has and is still giving her best to humanity and to society.

The atmosphere did not experience a dull moment as popular musician, Ayo Balogun serenaded the audience with soulful sounds, creating an environment, where the celebrant and her guests shuffled unhindered to the smooth ride of powerful renditions.

Earlier, and prior to the event, President Bola Tinubu had sent a heartwarming congratulatory message to the former lawmaker, who many believe is a highflyer and prominent Lagos politicians, wishing her well with regards to her double celebrations including her birthday on January 20, 2026, when she turned 69, and her receiving of the prestigious Otun Iyalode title, four days after.

In the statement signed by his Special Adviser, Information and Strategic, Bayo Onanuga, President Tinubu noted that “Jumoke Okoya-Thomas, the All Progressives Congress Women Leader in Lagos State, represented Lagos Island Federal Constituency in the House of Representatives for three consecutive terms, from 2003 to 2015.

“President Tinubu commends Okoya-Thomas for her contributions to the state and for her consistent efforts to increase women’s participation in politics and governance.

“The President also notes her chieftaincy title of Otun Iyalode of Lagos, describing it as appropriate and fitting, given her commitment to women’s empowerment and support for traditional institutions in Lagos.

“President Tinubu wishes Okoya-Thomas long life and good health, even as he prays for a successful chieftaincy ceremony.

THE JUMOKE THE WORLD KNOWS

Born of palatial privilege, Jumoke is the daughter of Chief Molade Okoya-Thomas, the Asoju Oba of Lagos. She was born on January 20, 1957, and has a diploma in Senior Managers in Government from the University of Lagos and a Diploma in Secretarial Administration from Burleigh College.

On three occasions since 2003, Olajumoke Okoya-Thomas has represented the good people of Lagos Island Federal Constituency in the House of Representatives. Her legislative interests has been defined as primarily as dwelling on the Social Development of Women and Children. During her sojourn in the House, she was the Chairman of the Committee on Public Procurement and also member of committees on Banking & Currency, Diaspora, Niger Delta and Women in parliament. Before then, she was the chairman of the House Committee of Prisons.Among her achievements during her tenure, Okoya-Thomas sponsored a bill on the compulsory breast feeding of babies in 2013. The bill however, could not be actualised because the Representatives insisted that it is an issue best left out of the public domain as “no woman has to be forced to breast feed her child” though they admitted the unarguable health benefits of breastfeeding. She is also the women’s leader of The All Progressive Congress in Lagos State.

As the new Otun Iyalode, a high ranking female chieftaincy title in Yoruba, Okoya-Thomas is saddled with the responsibility of performing leadership roles as well as being the spokesperson for all women in the community. S

She is also expected to play crucial roles in mediation of disputes, especially those involving women. She will participate in legislative functions and decision-making processes concerning the town’s welfare. These are responsibilities the all-experience former lawmaker is endowed with.

We therefore wish Madam Olajumoke Okoya-Thomas a happy 69th birthday, and gracious tenure as she navigates through the tasks of Otun Iyalode(ship).

Congratulations ma!