Business
Kola Abiola’s Myriad of Troubles
Kola Abiola’s Myriad of Troubles
All over the world, news abound of children of stupendously rich men and women who could not successfully build on the business empires established by their late parents.
In recent time, there have been tales of how Kola Abiola, son of the late business mogul, publisher and politician, Chief MKO Abiola, has come to swell up the number of children whose parents were in history adjudged as wealthy but have failed to carry on the legacy.
Before his late father ran for President in 1993, he was arguably the wealthiest man in Nigeria.
He had his hand in many pies, including banking, finance and education, transport, publishingand oil and gas.
But Kola, the eldest son of the acclaimed winner of the June 12, 1993 election, seems to be finding it hard to preserve the family wealth.
While many expect that he would have taken the octopod business to the next level, he has beenbogged down with inheritance tussle with some of his siblings as well as contending with issues of heavy debt burden concerning his own personal investments.For some years now, Kola’s name has consistently found its way into the exclusive list ofnon-performing loan debtors.
Not quite long, he lost the oil bloc (OPL 206) for Summit Oil International.
Under his watch, the company simply lost its glitter and became unattractive. He reportedly turnedIt into gainless venture. As a result , the Federal Government wielded the big hammer on thecompany revoking its licence. Kola’s trajectory again became manifest, since news filtered in that he has been running from pillar to post to keep to the terms of settlement filed beforethe Federal High Court, Ikoyi, Lagos, by Asset Management Corporation of Nigeria, AMCON over a N1.8 billion debt owed by one of his own personal companies, 35 Oil and Gas Nigeria Limited.
The Court had ruled in June over an AMCON application filedand argued before it granted an order directing 19 commercial banks in Nigeria named in the application to freeze the accounts of the defendants to the sum of N1,891,532,469.21 pending the final determination of the suit.
Africa’s technology ecosystem has produced innovative fintech, e-commerce and digital service companies. But there is another important part of the technology value chain that deserves attention: semiconductor engineering.
ChipMango is developing capabilities in chip design, verification and emerging hardware technologies. Its story demonstrates the kind of specialised innovation that deserves greater investment and attention.
Through Boost Africa, a joint initiative of the European Investment Bank (EIB) and African Development Bank, supported by the EU, the EIB helps channel investment through venture capital funds to innovative African enterprises. Discover how this
investment ecosystem is helping create opportunities for businesses working on Africa’s technological future.
Watch the video:
From smartphones and laptops to vehicles and AI systems, semiconductors are essential to modern technology. Yet, the expertise required to design these components remains concentrated in a relatively small number of global
technology hubs.
ChipMango is working to expand access to semiconductor engineering skills and commercial opportunities for African engineers. Its journey also highlights why initiatives such as EIB’s Boost Africa matter. By supporting venture capital funds investing in innovative African businesses, Boost Africa helps strengthen the financing ecosystem needed to develop specialised technology companies. Watch the video to learn how ChipMango is contributing to Africa’s place in the global technology industry.
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Business
ChipMango: Building Nigeria’s Semiconductor Engineering Capabilities for the Global Tech Industry
Africa’s participation in the global technology industry should go beyond
using digital products and services.
African engineers also have an opportunity to contribute to the technologies themselves, including the semiconductors that power smartphones, computers, vehicles and artificial intelligence.
Nigerian semiconductor technology company ChipMango is working to develop this capability by connecting engineering education with practical chip-design and verification projects.
Through its investment in African venture capital funds, the European Investment Bank (EIB), under the Boost Africa
initiative, is helping strengthen the ecosystem that supports innovative businesses like ChipMango.
Boost Africa is a joint initiative of the EIB and African Development Bank, supported by the European Union.
Watch the video to discover ChipMango’s story and the opportunities it is helping create.
Watch the video:
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