From the outset, billionaire Femi Otedola has always showcased his shrewdness and brilliance as a businessman.
Those who were in doubts had a rethink after he bought over and turned around the moribund African Petroleum, AP, which he rechristened Forte Oil.
Blessed with proven magic wand, he successfully re-jigged the company from its former declining state to a flourishing one that became a brand to beat in the sector.
This, as he has reiterated on several occasions, did not come without a sweat.
He actually toiled and sweated to put the oil company on a competitive edge today.
It was, therefore, understandable that many expressed great shock when news broke that he was planning to sell of his 75% share in the
It was the biggest story not only in the business sector, but also among many across all walks of life.
For those who know him too well, Otedola, it is believed, must have thought it out.
“Femi Otedola is, indeed, a guru in the field. He knows when to invest and he knows when not to. He is an encyclopedia and a cognoscenti in the business world,” a source said.
Just as the story of his Forte Oil sales made the biggest story, his diversification into power is currently a major discourse and enjoying
front cover on the dailies.
For many who don’t know the Lagos State -born business mogul, he is not new in the power sector, he acquired Geregu Power plant in 2013.
It was disclosed that he is only shooting up his stake and giving his all in the sector, just as he did in the oil sector.
A source divulged that with the new billions of Naira he just invested in Geregu Power Plant, he is already giving his rivals sleepless night.
He is fully showcasing his new forte.‘’ With the new funds he injected and his full attention and focus, the power sector in Nigeria will definitely not remain the same again,’’ another source added.
The deep pocket businessman’s life is a challenge to those who were born with the silver spoon but, out of sheer indiscipline and lack of focus, abused the privilege; and his life is also an inspiration for people from humble backgrounds that they should never entomb their dreams, even in the face of adversity. It was gathered that while he was growing up, he had displayed traits of a child destined to be great in life. He was precious to the admiration of all. While growing up, he had nursed a beautiful dream to be one of the greatest businessmen in the world. As a son of a former Lagos State governor, the late Sir Michael Otedola, providence has been magnanimous enough to him. So, many would argue that his paths were already laced with roses because of his background. But what many do not know is that he himself had sowed with sweats. In other words, foundation of his business empire was laid with sweat, determination and hard work. Of course, you cannot rule out the divine grace in his life, a situation that further attests to his first name: Femi (it literally means God loves me).
Many years after he floated his business, he resolved to pursue his dream on a global stage. Though it looked an impossible task, he was determined to pursue his ambition of ruling the world with unwavering doggedness. Today, the company is not only recognised around the world, but the Lagos State- born has become a shining light in the Africa’s business firmament and has been listed as one of the richest on the continent of Africa.
Lasaco Assurance: Looking Good For The Future By Rilwan Oshinusi
Facebook Announces its New Office in Lagos, Nigeria
As part of its continued commitment and ongoing investment in Africa, Facebook today announced it will be opening an office in Lagos, Nigeria – its second office on the African continent. Aimed at supporting the entire Sub-Saharan Africa region, the office is expected to become operational in H2 2021 and will be the first on the continent to house a team of expert engineers building for the future of Africa and beyond.Facebook’s office will be home to various teams servicing the continent from across the business, including Sales, Partnerships, Policy, Communications as well as Engineers.Commenting, Ime Archibong, Facebook’s Head of New Product Experimentation said: “The opening of our new office in Lagos, Nigeria presents new and exciting opportunities in digital innovations to be developed from the continent and taken to the rest of the world. All across Africa we’re seeing immense talent in the tech ecosystem, and I’m proud that with the upcoming opening of our new office, we’ll be building products for the future of Africa, and the rest of the world, with Africans at the helm. We look forward to contributing further to the African tech ecosystem.” The investment of the new Facebook office follows the 2018 opening of NG_Hub, its first flagship community hub space in Africa in partnership with CcHub, and the 2019 opening of a Small Business Group (SBG) Operations Centre in Lagos, in partnership with Teleperformance. Providing outsourced support to all English-speaking advertisers across Sub-Saharan Africa, the SBG office supports Small Medium Businesses (SMBs) through its Advocacy, Community & Education (ACE) programme, as well as its Marketing Expert sales programmes – all aimed at enabling SMBs to accelerate the growth and development of their businesses. “Our new office in Nigeria presents an important milestone which further reinforces our ongoing commitment to the region”, commented Kojo Boakye, Facebook’s Director of Public Policy, Africa. “Our mission in Africa is no different to elsewhere in the world – to build community and bring the world closer together, and I’m excited about the possibilities that this will create, not just in Nigeria, but across Africa.” Since the opening of its first office in 2015, Facebook has made a number of investments across the continent, aimed at supporting and growing the tech ecosystem, expanding and providing reliable connectivity infrastructures and helping businesses to grow locally, regionally and globally. This includes the recent rollout of its SMB Grants programme in Nigeria and South Africa, aimed at supporting over 900 businesses by providing a combination of cash and ad credits to help small businesses as they rebuild from COVID. The development of 2Africa, the world’s largest subsea cable project that will deliver much needed internet capacity and reliability across large parts of Africa, as well as its ongoing training programmes across the continent which support various communities including students, SMBs, digital creatives, female entrepreneurs, start-up’s and developers. Nunu Ntshingila, Regional Director, Facebook Africa,said: “We’re delighted to be announcing our new office in Nigeria. Five years on from opening our first office on the continent in Johannesburg, South Africa, we’re continuing to invest in and support local talent, as well as the various communities that use our platforms. The office in Lagos will also be key in helping to expand how we service our clients across the continent.”
Billionaire Businessman, Harry Akande, Battles Shoprite
Billionaire Harry Ayoade Akande towers above many of his contemporaries, particularly because he has been in warm embrace of fame for many decades.
Beyond his famed status as a successful businessman, he has also remained very relevant owing to his uncommon brilliance, a quality that has endeared him to many across the globe.
The Agbaoye of Ibadan, who set out to pursue his dreams quite early in life, had served as a business advisor and consultant to many other businessmen, including governments of several nations.
The world-class businessman in the past has scored many firsts in the nation’s business climate to the envy of many of his competitors.
Indeed, he would have scored yet another first in 2005, as the South African retail store, Shoprite, had several meetings with his company, AIC Limited, and agreed his company would be the exclusive operator and manager of its brand across West Africa, except Ghana where the Shoprite brand was already established.
Consequently , there were a series of business meetings between Akande’s representatives and Shoprite Checkers first in South Africa on April 16, 1998 and then at Akande’s office in Victoria Island, Lagos on May 27, 1998.
Shoprite was also said to have flown in representatives who were shown possible locations for retail stores at some locations ,including Lekki Roundabout, Trade fair Complex and Lagos National Theatre, Iganmu.
But when the South African retail giant was ready to commence operations in Nigeria, it allegedly sidelined Akande’s AIC and incorporated another company, Retail Supermarkets Nigeria Limited, and began using the new entity to operate in Nigeria, thereby breaching agreements between them.
The billionaire was upset and this led to a prolonged legal battle with Akande securing a 2018 major victory against the South African retail group for breaching contract between both parties in Suit No LD/488/2010 —AIC Limited (Claimant) v Shoprite Checkers (PTY) Ltd of South Africa and Retail Supermarkets Nigeria Limited (Defendants).
However, Shoprite owners appealed the judgement, while the Ibadan, Oyo State-born billionaire secured another victory in May 2020 at the appellate court.
Though the three-man panel of Court of Appeal , Lagos Division, didn’t agree to Akande’s cross appeal, demanding 50 per cent of $92.3million as loss of profit he suffered due to the incorporation of Retail Supermarkets Limited, it unanimously affirmed the judgment of a Lagos High Court that awarded $10 million (N4.7 billion) damages against Shoprite Checkers (PTY) Limited.
Apart from the $10 million award, the court had directed the South African retail giant to pay 10 percent per annum on the damages, with effect from the date of judgment until the final liquidation of the entire sum.
Consequently, the shrewd businessman has initiated a fresh legal battle at the Federal High Court to halt Shoprite Checkers’ exit moves out of Nigeria until the entire sum demanded is paid to the last kobo.
The billionaire, through his company, has got an ex-parte application for an order of Mareva Injunction restraining the South African retail giant, its privies, officers, nominees, successors-in-title, subsidiaries or anyone acting through it or by it from transferring, assigning, charging, disposing of its trademark, franchise and intellectual property in a manner that will alter, dissipate or remove these non-cash assets from the court’s jurisdiction.
Business2 years ago
Alleged Manipulation of Tax : Italian Construction company, Borini Prono, Battles Nigerian Police
Business2 years ago
PRESIDENT BUHARI’S GODSON, NASIRU HALADU DANU’S WINNING STREAK
Society2 years ago
When Mohammed Babangida Stepped out With Umma
Society1 year ago
Gumsu Abacha’s Pretentious Lifestyle after Marriage Crash
Business2 years ago
Visionscape Boss, Niyi Makanjuola’s Myriad of Troubles
Society2 years ago
Lulu-Briggs: Family Exposes Wife, Seinye’s Dirty Ways.. Ola KING
Society1 year ago
Lulu-Briggs’ Death Controversy: Dumo Laughs Last
Humanity1 year ago
Segun Adebutu amplifies father’s famed legacy of benevolence and generosity