Headline

On June 12, I’m Guilty – Ibrahim Babangida

Published

3 weeks ago

February 22, 2025

Eric

By Eric Elezuo

“I regret June 12. I accept full responsibility for the decisions taken and June 12 happened under my watch. Mistakes, missteps happened in quick succession. That accident of history is most regrettable. The nation is entitled to expect my expression of regret” – Gen Ibrahim Babangida

What looked like a playback of what has lived rent-free in the minds of the average Nigerian over the years, was experienced in the capacity filled hall of the Transcorp Hilton Hotel, Abuja, where former maximum leader, who had preferred the title Military President, General Ibrahim Badamasi Babagida, launched his much awaited memoir and autobiography, A Journey In Service.

It was a gathering of the who’s who in Nigeria’s political history, entrepreneurial engagement and socio-economic endeavours, most whom attended more out of curiosity and respect than anything else. Everybody wanted to hear firsthand what the self-styled ‘evil genius’ and profoundly nicknamed ‘Maradona’ had up his sleeves. Every Nigerian wanted to know what Babangida would say much as a good number of people had read the book before hand. It was an opportunity to throw friendly banters, crack seniors jokes and speak of struggles of times past. The convivial atmosphere sustained President Bola Tinubu, who was the Special Guest of Honour, for the three honours the event lasted when many people had thought he would leave after only a while.

From former Presidents Olusegun Obasanjo (who chaired the event) and Goodluck Jonathan to former Heads of State, Yukubu Gowon and Abdullahi Abubakar, light hearted words were created to douse the tension of the what June 12 means to Nigerians. It was the immediate past Vice President, Prof Yemi Osinbajo, who took the opportunity of reviewing the book to bring out salient matters hidden the struggle for the revalidation of June 12. His there’s a gentleman here celebrating with his former teormentors, a bold reference to President Tinubu, elicited laugher and applause from the largely elitist crowd.

Some of guests that attended were President Bola Ahmed Tinubu, former Head of State General Yakubu Gowon, former Head of State General Abdulsalami Abubakar, former President and former Head of State President Olusegun Obasanjo, former President Goodluck Jonathan, former President of Ghana, Nana Akufo Addo, former President of Sierra Leone, Koroma, former Vice President Atiku Abubakar, former Vice President Namadi Sambo, and former Vice President Yemi Osinbajo, Alhaji Aliko Dangote, Chief Arthur Eze, General TY Danjuma (retd), Alhaji Abdul Samad Rabiu, lawmakers, industrialists, members of the diplomatic Corps and the general public.

But the event, which was anchored by two veteran female journalists, Bimbo Oloyede and Aisha Kadaria, finally proved to be an anti-climax, saying nothing different from popular opinion, and what has over the years been in the public domain. The only difference was that Babangida took responsibility for the annulment of the June 12, 1993 elections, touted as the freest and fairest in the entire history of Nigeria; expressed regret and tactically sought forgiveness.

During his speech, which marks the major highlight at the launch, Babangida reiterated his regret over the annulment and took full responsibility for it.

“The tragic irony of history remains that an administration that devised a near-perfect electoral system and conducted those near-perfect elections could not complete the process. That accident of history is most regrettable.

“The nation is entitled to expect my expression of regret. As the leader of the military administration, I accept full responsibility for all the decisions taken under my watch. And June 12 happened under my watch.

“Mistakes, oversights, and missteps happened in quick succession. But as I said in my book, in all matters, we acted in the supreme national interest so that Nigeria could survive. Our nation’s march to democracy was interrupted, a fact that I deeply regretted, but Nigeria survived, and democracy is still alive – a testament to our resilience and commitment to progress,” he said amid a long stretch of explanations.

But with Babangida’s admission of guilt, and plead for forgiveness, Nigerians via their personal selves or as a group are divided in their reactions. While a cross section feels the confession should be a foreclosure of the 32 years of waiting, others are of the opinion that the confession should be succeeded with reprimands and punishments, not celebration and eulogy.

Reacting during an interview shortly after the book launch, which was also an avenue to raise funds for the proposed Babangida Presidential Library in Minna, the Chairman, Ovation Media Group, who is a celebrated journalist, Chief Dele Momodu, noted that he forgave the former military leader a long time ago, urging Nigerians to do the same in the spirit of leaving the past behind and moving forward.

He applauded Babangida for the boldness to admit his wrong, saying that Abiola does not not need anymore validation, having already been introduced into the hall of deification by the June 12 election, and the incidents surrounding it.

“I think Nigerians already moved forward. I mean, you accept what you cannot change. We accepted it, we didn’t like it, we didn’t forget it, and we’re not likely to forget it. But the principal actor coming out to say, “Hey, I was wrong,” that’s good enough…

“…Abiola’s legacy would always be intact. On June 12th, God decided to purify Abiola and to cleanse him of all his sins, because none of us— we’re all sinners— none of us is perfect. But Abiola became a saint. The deification of Abiola happened on that day, and God gave him that chance. It doesn’t happen to everyone; it’s not everyone that will have that chance while on earth to become a saint and a martyr. That is something very, very special,” Chief Momodu said.

Also toeing Momodu’s is Prof Mike Ozekhome, a legal practitioner and human rights advocate, who says he has “personally forgive him because it takes tons of guts to make public confession of having erred, and atone for same as he has now done.”

Ozekhome, a party to the June 12 struggle recounted the horrendous experience he was made to go through including not being able to cater for his young family as no briefs were coming and his phones were bugged. He noted in all he salute the courage of the former dictator because penance is what leads to confession, and to restitution and to forgiveness.

“To me, that he has come out to open up to doing something wrong and egregious to a bleeding nation should be appreciated. I believe that Nigerians should forgive him because to err is human and to forgive is divine (Eph 4:32 ). I personally have now forgiven him because I was also a victim of the June12 crisis. It threw up all manners of challenges to me as a person, where in my very youthful age; in my thirties, I found myself marching on the streets of Lagos every day- from Ikeja bus stop roundabout, to Ikorodu road; up to Tejuosho market; from there to Ojuelegba, Surulere; to Mushin; to Shomolu and Igando, Alimosho,” Ozekhome said.

Also granting Babangida a pride of place for owning up, a former Aviation Minister, Chief Femi Fani-Kayode, described him as one of the greats among leaders of Nigeria.

He said: “IBB has told his side of the story and explained to us what actually transpired. He refused to remain silent, he did not shy away from speaking the truth or refuse to accept responsibility and he did not pass the buck. Instead he came clean, displayed immense courage and did the right and proper thing.

“That is what leaders are meant to do and he did it without fear or favour regardless of whose ox was gored. Kudos to him.

“We need to appreciate this gesture, eschew all bitterness, let go of all our pent up anger, forgive him for what many perceive him to be his sins and move on.

“Equally we need to accord him his rightful place in history as one the the greats despite his fallibility. He is after all a mere man, albeit a great one, and not God.”

But quite a good number of Nigerians have dismissed the confession and apology as medicine after death taking into consideration the untold hardship and pains the events preceeding the annulment caused Nigeria and Nigerians; the economic downturn, the deaths and the total distrust that erupted among Nigerians.

Many others belive the apology was another tongue-in-cheek effort on a Maradonic entity as the former dictator classically exonerated himself of all blames, but agreed to take responsibility because he at the helm of affairs at the time.

A social analyst, who prefer anonymity told The Boss that “it is clearly impossible that everything that happened, happened without IBB’s knowledge as he would make Nigerians believe. How could Humphrey Nwosu stop announcing results without the CinC’s knowledge. It was a military rule; all these stories of court did this, and court did that are mere fairytale.

“How could a Sani Abacha be the infante terrible today; all because he’s not alive to speak for himself. Humphrey Nwosu died October 2024, and can no longer speak for himself, and so the duo of Justice Ikp3me and Clement Akpamgbo. Babangida waited for every major stakeholder to die before laying allegations on them in other to appear saintly before Nigerians,” the analyst said.

Expressing her disgust at all the allegations against her father, Abacha’s daughter, Gumsu, took to her X handle to send a message. He wrote one word, ‘weakling’.

In the same vein, MKO’s daughter, Hafsat Abiola-Costello, dismissed the confession as lacking in substance with nothing new, adding that it does not erase decades of injustice.

“For decades, Nigerians have known the truth. This is not new to us. But it is important that history records it from those who played a role in that dark chapter,” she said.

In his remarks, the founder of Stanbic IBTC Bank Plc, Atedo Peterside, also publicly dismissed Babangida’s acknowledgement of MKO Abiola’s 1993 election victory, characterising the admission as trivially obvious and decades too late.

Peterside took to his X handle to dismiss the confession, and the gathering of elites as a farce, saying he doesn’t deserve any accolades.

“IBB admitting, in 2025, that MKO Abiola won the June 12 Presidential elections in 1993, is as significant as him admitting that night follows the day.

“Are we supposed to clap because he told the truth after three decades?” The banker queried.

Also, human rights lawyer, Mr Femi Falana, accused Babangida of deliberate distortions, saying the former Military President ‘packaged lies’, and sold to Nigerians.

He accused Babangida of suppressing dissent during his dictatorship, specifically mentioning the banning of the Nigerian Medical Association (NMA) and the National Association of Resident Doctors (NARD), organisations that advocated for the basic health rights of Nigerians, stating also how he was unlawfully arrested and incarcerated, and remained in detention until when Babangida left office in August 1993.

Also responding, the Centre for Democracy and Human Rights (CDHR), called for the arrest and prosecution of Babangida.

The group, in a statement by its President, Debo Adeniran, faulted Babangida’s belated admission, saying it was not only an affront to the principles of democracy and justice but also a clear acknowledgment of his direct involvement in an act that plunged Nigeria into years of political turmoil, civil unrest, loss of lives and properties and inestimable economic hardship.

The statement in part: “His actions meet the threshold of crime against humanity, as they resulted in widespread human rights abuses and the repression of pro-democracy activists and ultimately affected huge number of people who were affected by the misrule and misgovernance that followed that inglorious annulment.

“We would also like to remind President Tinubu that just as he said that Babangida lost the opportunity to become a hero with the annulment of the June 12 election, he (President Tinubu) should not lose that opportunity of becoming the hero of the June 12 struggle by announcing MKO Abiola as a past Nigerian president with full privileges of the status posthumously granted him and his family.

“We would also like the government of the day to punish the likes of all beneficiaries of the coup d’état, especially late Chief Ernest Shonekan, and those that served in his kangaroo and illegal cabinet called the “Interim National Government”. His successor, late Gen. Sanni Abacha, Justice Ikpeme, who delivered the midnight verdict to accentuate the journey to perdition, spineless late Humphrey Nwosu, who succumbed to illegal instructions to truncate announcement of the election results and all others who benefitted from the annulment of the election one way or the other.”

From every corner, Nigerians are either the courage of Babangida, condemning his barefaced inconsiderate action or asking him to go a little further to pay retribution to as many that met fatalities as a result of the annulment, especially the Abiola family.

But one thing is obvious, he has finally given voice to the thoughts of Nigerians as regards the June 12, and accepted playing a major role in the fatal crises.

But because some believe that there are distortions here and there in his narrative, surely, the end has not been heard about the 32 years old June 12.

Headline

Siminalayi Fubara: A Governor in Limbo

Published

14 hours ago

March 16, 2025

Eric

By Eric Elezuo

This is not the best of times for Rivers State Governor, Siminalayi Fubara, as the political crises in the state is speedily threatening to drown his incumbency.

The governor, who had talked tough in the last 18 months when the friendship between him and his political godfather, who is the immediate past governor of the state, Nyesom Wike, unceremoniously collapsed. The two men have since been on each other’s jugular over the control of the state, both in party structure and administrative mechanism. While the governor is fighting with the weapon of his executive powers, Wike is remote-controling Martins Amaewhule and his 26 loyal lawmakers to his advantage as his own weapon of warfare in the infamous war of supremacy in the state.

Today, after 18 months of unpleasant ups and downs, the Wike camp has secured an upper hand with the verdict on February 27, 2025, of the Supreme Court, which practically gave Wike and his team judgment, leaving Governor Fubara in the cold of uncertainty, waving in limbo, eating a humble pie and offering the olive branch in the war of attrition. Of course, Wike and his gang has conscientiously rejected the peace deal.

“All Wike and the 27 lawmakers and their supporters want is the tag ‘former governor’ to be attached to Fubara’s name. Nothing short of that. They want him impeached, and are doing everything humanly possible to see it happen,” a source told The Boss.

On Friday, February 28, 2005, the Supreme Court on made landmark pronouncements that placed Governor Fubara on the receiving end, and giving Wike and his supporters victory in what seem to be a foreclosure in the game of throne that paralysed the political and administrative existence of the state since inauguration in 2023.

Speaking to The Punch, on the excitement exhibited by Wike on the pronouncements, the PDP Deputy National Youth Leader, Timothy Osadolor, said, “Wike and the House of Assembly members should manage their egos to ensure the people of Rivers State do not suffer. Wike was almost pushed out of politics by Governor Fubara; he was almost turned into a neophyte. This would have caused a ruckus in Abuja. His rejoicing is not out of bliss. He rejoiced because he has his life back home. That was the essence of Fubara’s fight—to not only demystify him but to render him homeless.

“Wike’s excitement about this judgment is understandable, as he was almost gone. Whatever Fubara has done is not alien to politics.”

The apex court judgment stopped the Central Bank of Nigeria (CBN) and the Accountant-General of the Federation from releasing funds to the Rivers State Government until the Rivers House of Assembly is properly constituted in accordance with the 1999 Constitution.

It further affirmed the Martins Amaewhule-led Rivers House of Assembly members as valid members of the house, and Amaewhule, the authentic speaker.

The apex court, in a 62-page judgement on the case against the lawmaker (SC/CV/1174/2024) held that there was “no iota or shred of evidence” to support the claim that the lawmakers defected from the Peoples Democratic Party to the All Progressives Congress (APC).

The pronouncements were made by a five-member panel of the Supreme Court, in a unanimous decision delivered by Justice Emmanuel Akomaye Agim, declared that no money should be released to the Rivers State Government until a lawful Appropriation Act is enacted in the state, thereby affirming the judgment of the Federal High Court that initially barred the state’s allocation of funds.

Earlier, Justice Joyce Abdulmalik of the Federal High Court in Abuja, on October 24, 2024, had in a judgment issued an order barring the Central Bank of Nigeria from further disbursing monthly financial allocations to the Rivers State Government.

The trial judge, in her ruling, also stopped the Accountant-General of the Federation, Zenith Bank, and Access Bank, where the state holds accounts, from releasing funds to the government.

Justice Abdulmalik had declared that the Rivers State Governor, Siminalayi Fubara’s receipt and use of the state’s monthly allocations since January 2024 constituted a violation of the constitution that cannot be permitted to continue.

Meanwhile, delivering judgment in the appeal brought before it by the 27 lawmakers, Justice Agim set aside the Court of Appeal judgment, which earlier nullified the Federal High Court judgment on grounds of lack of jurisdiction and restored the trial court’s decision.

He said, “The judgment of the Federal High Court is hereby affirmed.”

The apex court also declared, “The Rivers State allocation fund is to be seized until they purge themselves of all the shades of unconstitutionality.”

Meanwhile, recalling the Appeal Court judgment that lambasted Fubara for presenting the 2024 budget before the four Assembly members, Justice Akomaye described the governor’s actions as “bigamy.”

The apex court, in its judgment, agreed with the trial and appellate courts, which declared the presentation of the 2024 budget before 4 out of 31 members of the house as a nullity.

Not only did the court nullified all the structures that sustained Fubara’s administration, it lambasted the governor, thoroughly reducing him to a laughing among Wike and his followers, berating him for breaking down the Rivers State House of Assembly building as a way to stop the defected 27 lawmakers from sitting, thereby forcing them to sit outside to carry out their lawful activities.

The justices said it is a regular occurrence for those in executive power who feel threatened that their seat is being taken or is about to be impeached to resort to actions like demolishing buildings and other acts of bigamy.

The court held, that “Four members sitting as purported members of the House of Assembly in disobedience to the subsisting order of the court is a nullity.”

The court added that the legislature represents the fulcrum of the Assembly and must be protected at all costs.

Justice Agim ordered that the Clerk and Deputy Clerk, who were unlawfully redeployed out of the House of Assembly, be allowed to resume work alongside the House of Assembly workers.

The court even awarded N5 million court against Fubara, saying that his actions were ‘a joke taken too far’.

“The Supreme Court spoke as if it was reading a script written by FCT minister, Nyesom Wike. The arguments and conclusions did not in anyway take into consideration of the prayers of Gov Fubara. It sounded more like the judgment that validated the Tinubu election, and of course the resolutions of the peace brokered by Tinubu in 2024,” the source further said.

But while the Fubara camp are going cap in hand in search if peace, the Wike camp has been proving heady, rebuffing every approach towards settlement.

In a press conference with selected journalists, and media houses, Wike spoke with zeal and confidence, rebuking Fubara and his government, and supporting members of the assembly for locking out the governor when he came to present the budget in as much as they had earlier issued a 48-hour ultimatum to the governor to present the budget.

“Politics is not play. If he has done something to be impeached, let them impeach him. It’s not a criminal offence,” Wike had said as a matter of factly, suggesting the intention of the camp to impeach him.

Wike, appearing to be the spokesperson for the Amaewhule-led Assembly, also criticised Fubara for choosing to send a public letter rather than directly contacting the Assembly Speaker and his team by phone to arrange a private meeting.

He argued that the lawmakers were not Fubara’s subordinates and deserved to nbe treated with respect.

Fubara had, in his bid to seek peace, invited the lawmakers to a meeting on Monday, March 10, 2025, in a letter signed by the Secretary to the Rivers State Government, Tammy Danagogo.

Even the factional chairman of the APC in Rivers State, Tony Okocha, attacked Fubara, asking him to resign from office or be impeached.

But in a twist of events, the state boils again with threats from the Ijaw nationalities, to blow up oil installations should Fubara be impeached; a threat Wike dismissed as ‘rubbish, nonsence’.

While the impeachment the pro-Wike lawmakers, comprising majority of the assembly members, 27 in number, are seeking, is a tall order, taking into consideration a few variables not in their favour, Fubara is exploring every option to ensure that impeachment is never put on the table. As a result, putting aside the disgrace of being locked out of the assembly quarters, the governor has promised to re-present the budget in fulfillment of the Supreme Court order, choosing Wednesday March 19, 2025, or any other date in March, the lawmakers might choose.

The governor, in a letter dated March 13 and addressed to the Speaker, Martin Amaewhule, said his decision is in compliance with the Supreme Court judgment and in response to the lawmakers’ request for him to re-present the budget.

He recalled the bitter experience of visiting the Assembly Quarters with his entourage, where the lawmakers were temporarily sitting to present the budget, but he was denied access to the complex.

The letter read, “You may recall my failed visit to the Rivers State House of Assembly on Wednesday, 12th March 2025, for the presentation of the 2025 Rivers State Budget in compliance with the judgment of the Supreme Court of Nigeria.

“As you know, the planned presentation of the said budget could not take place because my entourage and I were locked out at the gate and denied entry into the premises despite the prior delivery of a soft copy of the notice to you following the failure of the Clerk to accept the hard copy from us.

“Recall further that before this unfortunate incident, the House issued a 48-hour ultimatum to present the 2025 budget even when we were yet to be served with the certified true copy of the judgment and accompanying enrolled orders.

“Therefore, we were simply complying with both the order of the Supreme Court and the request of the Rivers State House of Assembly when we came to present the 2025 budget on the 12th of March, 2025.

“The Supreme Court has directed that all arms of government should exercise their powers and perform their duties within the ambits of the Constitution and ordinary laws of our country, and this we must do to end the lingering stalemate and advance the progress of our state and the well-being of our people.

“No matter the depth of our differences, we believe the interests of the state and our people should take priority over political conflicts.

“Against this background, it is my pleasure to again notify you, Mr. Speaker, of my desire and intention to present the 2025 Budget to the Rivers State House of Assembly on Wednesday, 19th March 2025, by 11.00 a.m. or any other date within March 2025 that you may consider convenient.

“Thank you for the kind consideration of my request by the House, and please accept, Mr. Speaker, the assurance of my highest regards.”

But the Martin Amaewhule-led House, has denied receipt of the governor’s letter, accusing him of frustrating the implementation of the Supreme Court’s judgment, especially the re-presentation of the budget.

According to the Chairman, House Committee on Information and spokesperson, Dr Enemi George, on Sunday, the House urged the public to pressure the governor to follow due process in presenting the 2025 Appropriation Bill, rather than attempting to gain public sympathy by portraying lawmakers as obstacles.

He challenged the governor to produce an acknowledged copy of the letter he claimed to have sent to the House.

He said in part, “Nothing can be farther from the truth. We want to state categorically that there is no such letter before the House of Assembly nor any of its staff.

“We challenge the governor and his aides to produce an acknowledgement copy of such a letter or any evidence that such a letter was sent or received by the House of Assembly. It is absolutely untrue and unfortunate. The general public must as a matter of importance ignore such claim.

“It is now very obvious that if at all there was such a letter, the intended recipient was not the legislature, but the public, and the clear intention was to play to the gallery, whip up public sentiment, demonize the House of Assembly and set the public against us. This is demeaning, denigrating and perilously unfortunate.”

So, while it is not clear if the lawmakers will honour the governor’s request, they are fighting tooth and nail to ensure that the Chief Judge of the state is removed. His removal will pave the way for smooth removal of Fubara as a replacement, planted by the lawmakers, will surely sanction any impeachment move.

They Chief Judge, Justice Simeon Amadi, has been accused by the House of age falsification, and directed the Department pf State Service (DSS) to investigate him.

From.every indication, it’s still a long walk to peace and resolution as the Wike camp continues to breathe fire down the neck of the executive governor, who as it appears, exists presently in a limbo.

The coming days however, will further unravel more matters

Headline

Bella Disu: The Rise and Rise of a Boardroom Guru

Published

1 week ago

March 9, 2025

Eric

By Eric Elezuo

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

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

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

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

In 2004, Disu joined her father’s Globacom, and consistently rose through the ranks to become the Executive Vice Chairman of the company. She is also a non-executive director with the construction giant, Julius Berger Nigeria Plc.

In April 2010, Bella took a break to solemnize her romantic relationship with her heartthrob, Jameel Disu, a venture capitalist, and both formalized their union in a fairytale wedding that is still the talk of the town, almost 15 years after.

As phenomenal and weighty as her family name, Bella dropped, and picked up completely her husband’s name, signifying undying love and loyalty. That’s still the name she bears till date. Both are blessed three wonderful children.

In 2019, the French Government awarded Disu the Chevalier dans ‘l’Ordre des Arts et des Lettres in recognition of her efforts in promoting French culture.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Abumet deploys energy-efficient curtain walls

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

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

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

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

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

Congratulations ma!

Headline

Nigeria’s Who’s Who Joins Otedola to Turn Sod for FirstBank’s 43-Storey New Headquarters

Published

2 weeks ago

March 6, 2025

Eric

By Eric Elezuo

Conducted in an atmosphere of class, beauty and wholesome networking, the event drew the likes of the Vice President of Nigeria, Senator Kashim Shettima, who represented President Bola Tinubu, as the special guest of honour.

Other dignitaries that graced the occasion were the governors of Lagos State, Mr. Babajide Sanwo-Olu; Ogun State, Prince Dapo Abiodun; Ondo State, Mr. Lucky Aiyedatiwa; and former governor of Delta State, Mr. James Ibori.

Also joining the retinue of the first class citizens were the Ghagoury brothers; Gilbert and Roland, Senator Daisy Danjuma, Mr. Deji Adeleke, Mustapha Ndimi, Alhaji Aliko Dangote, Mr. Tunde Folawiyo, Dr. Bukola Saraki, Mr. Ben Murray-Bruce, Chief Dele Momodu and a host of white cap chiefs, who represented the Oba of Lagos, Rilwan Akiotu.

Known for its penchant for creating firsts, the Nigeria’s premier and leading money deposit bank, as well as financial institution of choice, the bank is set to deliver a state-of-the-art edifice, described as the first of its kind in Nigeria, the West African subregion, and by hindsight, in the entire African continent.

It is also reported that on completion, the edifice will house a variety of facilities that will buttress, and toe the line of the Eko Atlantic City original manuscript, and lend candour to the skyline and nightlife of the exclusive city.

Earlier, the Managing Director and Chief Executive Officer of FirstBank Nigeria, Mr. Segun Alebiosu, had remarked in a statement that the building is a significant milestone and an ambitious project set to be an engineering and environmental delight due to its technologically advanced, eco-friendly and sophisticated construction that would set a new standard for the financial services sector in Africa.

“The groundbreaking ceremony signifies the beginning of a transformative journey that reinforces FirstBank’s commitment to excellence, innovation, and customer satisfaction.

“We are proud to mark this significant milestone in our journey towards excellence. Our new Head Office is envisioned as a world-class structure that represents our dedication to innovation, customer satisfaction, and sustainability.

“We believe that this development will play a crucial role in fostering economic growth and development across Africa, creating long-term value for all our stakeholders,” Alebiosu said.

The statement by the bank further revealed that the new headquarters is designed with sustainability in mind, featuring a green-certified building that reduces operational costs, and positions the bank as a leader in sustainable banking practices.

In his welcome address however, Alebiosu said that “The groundbreaking ceremony is a momentous occasion for us to redefine our commitment to position solidly as the bank for the future. Therefore, this new headquarters is not just about a modern architectural masterpiece; it is reimagining banking for generations yet unborn. It will serve as a hub for financial innovation, digital transformation, and operational excellence, ensuring that FirstBank remains ahead in an era where technology is reshaping activities.

“Situated in the heart of Eko Atlantic City, the iconic FirstBank headquarters complex, a 43-story edifice, will become the tallest building in Nigeria upon its completion.”

In his speech, the chief host, who is also the Chairman FirstHoldCo, Mr. Femi Otedola, praised the resilience of his FirstBank team, the Chagoury brothers for ‘creating land’ for Nigerians, stakeholders and the banking community, who have supported the FirstBank brand in 131 years of existence.

He noted that the gathering highlights the importance of collaboration and support from various sectors in bringing ambitious plans for the new headquarters to life.

“I appreciate the CBN for its efforts in sustaining the stability of the Nigerian financial services industry. I commend the Chagoury Group for their commitment to the infrastructural growth of the Nigerian economy. Worthy of note is that Chagoury has always been an inspiration and business model to me. I have personally felt that the creation of Eko Atlantic City is the ninth wonder of the world, coming after the eighth wonder, which is the Dangote Petrochemical City. These two wonders continue to reaffirm that Nigeria is indeed a great nation.

“To our customers and stakeholders of the bank, we must constantly be reminded that FirstBank is and will continue to be a legacy to behold. We shall continue to invest in cutting-edge technology, vibrant human capital, strategic partnerships, and customer-centric innovation that will define banking globally even as we detail our footprint across Nigeria, Africa, and the world. Thank you all for being a part of our rich heritage as we unveil this iconic building that will serve as the engine room of the bank’s next phase of dominance in the financial services sector and efforts to contribute our quota to the financial inclusion,” Otedola said.

The gathering was boosted by goodwill messages from stakeholders present including governors Sanwo-Olu, Abiodun and Aiyedatiwa. Other goodwill messages were delivered by Senator Danjuma, Mr Folawiyo, Alhaji Dangote, Mr. Adeleke and others.

In his charge, Sanwo-Olu ssaid, “First Bank, as usual, has led the way. I want to thank the visionaries who created a new city that will be Africa’s model city that all of us will be proud of. Mr. Femi Otedola, well done, well done to your board, well done to your management, and CBN Governor, thank you for the approval. We want you to give other financial institutions approval as well. There is space for them as well.”

One of the hallmarks of the event was the presentation of certificate to the FirstBank group by the Governor Sanwo-Olu, on behalf of the Lagos State government, to authorize commencement of construction.

In his keynote address however, the special guest of honour, President Bola Tinubu, who was represented by Vice President Kashim Shettima, lauded the building as representing and symbolising Nigeria’s ambition and progress.

“Today we lay the foundation for a monumental structure in Nigeria’s financial landscape, the First Bank iconic tower, a symbol of our nation’s progress and ambition. This tower will stand as a testament to our economic strength and vitality. The tower, which will be the tallest building in West Africa at 40 stories upon completion, is a symbol of confidence in our country’s future. For 130 years, FirstBank has been a pillar of our economy, empowering businesses, supporting families, and driving financial innovation. FirstBank has extended its reach from Lagos to London and all around major financial centres worldwide, proudly flying Nigeria’s flag on the global stage.

tower will symbolise ambition and excellence in Eko Atlantic, an investment that consolidates Lagos as a leading financial hub and showcases the dynamism of Nigeria’s private sector.

“As president, I reaffirm our unwavering commitment to fostering an environment where significant investment and transformative projects like this can thrive through bold economic reforms, strategic public-private partnerships, and infrastructure development. We are ensuring that Nigeria once again becomes the top destination for investment,” Shettima said on behalf of President Tinubu.

The event of the day was concluded with the turning of the sod to signify commencement of building activities for the 43-storey ambitious project, which will change the landscape of the Eko Atlantic City, banking industry and architectural intelligence.