Nigeria and the United Arab Emirates (UAE) are eagerly making plans to explore the limitless business opportunities present in both countries.

This was the talking point at an exclusive business forum organised by Consulate General of the United Arab Emirates in Lagos and the leading financial advisory firm in Nigeria, Woodhall Capital, at the prestigious Lagos Continental Hotel in Victoria Island, Lagos, recently.

Themed “UAE-Nigeria: Investors’ 1st Meeting”, the objective of the forum was to create a platform for the government of the UAE to meet with top and carefully selected members of the Nigerian business community.

The founder of Woodhall Capital, Moji Hunponu-Wusu, revealed to the top business leaders that the government of The UAE believes in Africa and is willing to continue supporting the continent.

“Woodhall Capital is a financial services firm, which raises international funding for banks, corporates and governments. We set up in 2014 and the story of why we’re here began in 2020, when we took the leap to open an office in Dubai.

“And the reason why we thought we should pull you into what we feel has been a monumental leap in the history of Woodhall Capital is what happened after we decided we were going to open in Dubai. I was reluctant because I’m European-based; I grew up in Europe.

“We then decided at one point during COVID-19 to set up in Dubai, and just look at what it has taken us—four years under that; we raised just under half a billion dollars from the support that Dubai and Middle East banks have given to Woodhall Capital, believing in this Africa that so often the rest of the world has pulled out on. As a matter of fact, we closed a $150 million transaction last Friday with a corporate here in Nigeria.

“The UAE government has decided that it would collaborate, not only with Woodhall Capital, but they are looking for captains of industry. And when we were given the brief to put this forum together, they wanted to show that if they can collaborate with us, they’re willing to have discussions not only with us, but they are also interested in the clients we represent,” she stated.

While adding that the forum is an avenue for an open discussion about the best of Nigeria and Africa, Hunponu-Wusu also announced that the UAE government has welcomed the firm to open in Abu Dhabi, the capital of the UAE.

In his speech, the Consul General of the UAE in Lagos, His Excellency Dr. Abdulla Al Mandoos, revealed that Nigeria is a key West African country with many opportunities and challenges.

“I firmly believe that with the esteemed individuals gathered here today, we have an opportunity to accomplish significant achievements for both the UAE and Nigeria. Our vision is to engage with Nigeria and explore how we can contribute further to the growth and development of both countries,” Dr. Al Mandoos stated.

The Consulate General of the UAE in Lagos also stated that its government has prioritised humanitarian activities and attracting FDI (Foreign Direct Investment). It has also identified Nigeria as a key and strategic partner because of esteemed investors like yourselves and several investment indicators, thus making the Consulate in Lagos and the Embassy in Abuja an extension of this objective.”

While, the Consulate General is the official contact point assigned by the UAE government to help carry out its activities in Lagos, Nigeria, which include economic, cultural and humanitarian endeavours. However, it was emphasised that the consulate is also tasked with facilitating investment between Lagos- Nigeria and the UAE.

While outlining reasons the UAE should be the preferred investment destination, it was mentioned that the UAE has a very strategic geographical location with access to over 200 cities, more than 400 direct shipping lines for import and export, and top-notch infrastructure.

“The UAE is also the first in the region to achieve macroeconomic stability, earning an Aa2 Moody’s rating. This became more evident in 2022, when we attracted over $20 billion in terms of FDI” he said.

During the open discussion, the industry leaders as well as Woodhall Capital were given the opportunity to present their capabilities, their concerns and deliberations on how they would want the Consulate General of the UAE in Lagos to support the establishment and operations of their businesses in the UAE.

In his words, the founder of A2Energy Limited, Abdul Abiola, believed that the forum provided a platform for the exchange of ideas from masters in different industries, and that the UAE’s partnership with Nigerian businesses would go a long way in fostering innovations useful to both countries.

“We focus on clean energy and our goal is to accommodate innovation for energy transition. For Africa to grow, we need energy, and as much as we’re still focusing on fossil fuels, climate change is real. For A2Energy, our focus is on how we can develop innovation for the growth of Africa, and coming to this event has been really exciting because we’ve received different ideas from different counterparts from different industries to unlock investments,” he added.

Akinsola Akeredolu-Ale, Chief Executive Officer of Lagos Commodities and Futures Exchange (LCFE), believed that the efforts of the Nigerian government in attracting investments into the country are beginning to bear fruit.

“Market infrastructure, where we operate, is a particular sector of the market that allows you to use templates and mediums for people to engage in trades with each other, which is called a commodity exchange; and that’s why we are here today.

“What the UAE delegates have been able to do underscores the fact that some of the roadshows the federal government has held are bearing fruit now, and they are coming home to establish that the UAE is ready to do business with Nigeria. They have a consulate and embassy that handle their economic affairs here.

“I’m happy to be part of this conversation because for the market infrastructure that creates enablement for capital mobilisation, particularly in the agricultural and solid minerals sectors, we’ve been able to move the conversation to a very high level today,” Akeredolu-Ale emphasised.

For Woodhall Capital, having benefited so much from establishing its roots in Dubai by telling the African story to the international community, Nigerian businesses can dare and be bold enough to set up in the financial markets of the world, connecting the world to Nigerian captains of industry with integrity as its primary objective.

“We proudly say to the world that there are Nigerians we can showcase—Nigerians with integrity and serious about doing business. And that there are global captains of industry emerging from the continent of Africa, and particularly my home country, Nigeria,” Hunponu-Wusu announced.

The resumption of Emirates Airline’s daily flights in and out of Nigeria is further evidence that the business communities of Nigeria and the United Arab Emirates (UAE) are ready and willing to explore the limitless business opportunities present in both countries.

Dr. Henry Mobolaji Akinduro, Chairman/CEO of Global Signature Hotel and Total Grace Group Limited, has filed a N5 billion lawsuit against the Economic and Financial Crimes Commission (EFCC) for allegedly declaring him wanted unlawfully.

In the suit filed on Wednesday at the Federal High Court, Lagos, Akinduro submitted that the EFCC declared him wanted without any form of judicial intervention, recourse to constitutional safeguards or order of court.

The EFCC on Friday, 11 October, 2024 at about 7.20pm on its official twitter handle, also known as ‘X’ declared the oil magnate ‘Wanted’. The businessman is praying the court to order the EFCC to remove his name from the wanted list published on the commission’s official website or any other related platform including Twitter (X).

Akinduro is seeking N5 billion as “general damages”.

On Monday 14 October, 2024, the businessman, via his counsel, Olalekan Ojo SAN had petitioned the Executive Chairman of the EFCC over the unconstitutional violation of his fundamental human rights to personal liberty and human dignity by the publication of his name on the list of wanted persons on the EFCC’s website.

Ojo averred in the petition that at all times preceding the said publication there was no order of any Court of competent jurisdiction authorizing the said publication and no charge had been preferred against our Client before any Court of law.

According to Akinduro’s Lawyer, the Commission had allegedly made the said illegal or unlawful publication declaring him wanted upon the prompting or instigation of one Mr. Femi Olushakin who had earlier written a petition against the oil magnate in respect of a N240 million contractual dispute between them —Messrs Olushakin and Akinduro.

He affirmed that disputes had arisen from the investment agreement entered into between the two men leading to Olushakin petitioning EFCC.

“Our Client (Akinduro) was invited by the Commission on 4th June, 2024 and he immediately responded via letter dated 5th June, 2024 notifying the Commission of his unavailability due to medical reasons. In the said letter, it was stated therein that our Client was out of the Country receiving medical attention. He subsequently provided assurances that he would be present at the Commission as soon as he was medically cleared to travel. It is pertinent at this juncture to chronicle the genesis of the subject matter which led to the declaration of our Client Wanted by the Commission,” Ojo stated.

The Counsel disclosed that there was a business transaction between Akinduro and Olushakin which was backed by a viable collateral which included Akinduro’s Global Signature Hotel worth N500 million, three (3) 60-Seater Yutong buses valued at over N240 million and a Toyota 4Runner SUV.

Ojo claimed that Olushakin has sold the three 60-Seater Yutong buses and currently drives around the city in the Toyota 4Runner SUV which were used as collateral by Akinduro.

“It is clear from the above that this is a purely civil business transaction with no element of criminality embedded in it. Mr. Femi Olushakin maliciously petitioned the Commission after selling the 60-Seater Yutong buses and currently using the Toyota 4runner SUV for his personal use,” he stated.

The Senior Lawyer added that despite Akinduro’s medical condition overseas, he has maintained close communication with the Commission.

“Our Client regularly sends his Legal Officer to the Commission, affirming his willingness and desire to appear before the Commission upon due confirmation of his being fit to travel by his doctors. There was no further request by the Commission inviting our Client before the unlawful publication.

“It is to be further noted that on 11 October, 2024, our Client’s Legal Officer was physically present at the office of the Commission around noon to submit a correspondence to the Commission and he also reassured the Operatives of the Commission of our Client’s desire and willingness to cooperate with the investigation by the Commission upon his arrival in Nigeria.

“It is regrettable that despite the repeated reassurances of our Client to cooperate with the investigation upon his arrival in Nigeria, the Commission proceeded to declare our Client ‘Wanted’ later that same day at about 7.20pm without an order of Court and in the absence of a valid charge in a Court of law.

“The Commission published our Client’s name and photograph depicting our Client as a fugitive from the law and branded him “WANTED” without any evidence of evading investigation. This action of the Commission has not only defamed our Client but also violated our Client’s right to freedom of movement without the order of the Courts.

“The Commission has also by the unlawful publication subjected our Client to public humiliation and ridicule thus causing our Client loss of personal and business relationships as well as reputational damage. It is our instruction that since the publication, our Client has been inundated with calls, Whatsapp messages from his business associates all over the world who had read the post expressing their disgust and dismay at the defamatory publication, and the said publication has also caused our Client emotional trauma and distress.”

Akinduro, through his lawyer, said he considered it imperatively necessary to put the records straight with a view to showing that the fraud allegations are trumped-up allegations aimed at causing incalculable damage to his hard earned but richly deserved reputation.

“It is pertinent to state that the petition against Dr. Henry Akinduro was an ignoble attempt to criminalize purely contractual disputes that had arisen from the investment agreement between Dr. Henry Akinduro and the Petitioner, Mr. Femi Olushakin,” he said.

Ojo stated that the commercial or contractual disputes had earlier been referred to the competent Court by the parties before Olushakin resorted to lodging the fraud allegations against the oil magnate for reasons best known to him.

“Indeed, with knowledge of this, Mr. Femi Olushakin through his

lawyers, as part of the originating processes filed towards the resolution of the dispute between the parties

in court, the Petitioner (the Defendant in the Civil Suit No I/87512024 at the State High Court, Ibadan Judicial Division, Oyo State of Nigeria) has filed a Counterclaim. Some of the reliefs set out in the Counter Claims are as follows:

– AN ORDER directing the Defendants to the Counter Claim to pay the sum of N250 million Naira only to the Counter Claimant, sum of which was invested by the Counter Claimant into the business of the Defendants to the Counter Claim (Dr. Henry Akinduro and co)

– AN ORDER directing the Defendants to the Counter Claim to pay the sum of N205,325,000 to the Counter Claimant being the Return on Investment (ROI) to be paid to the Counter Claimants by the Defendant to the Counter Claimants.

– AN ORDER directing the Defendants to the Counter Claim to pay the sum of N52.5 million to the Counter Claimant (Mr. Femi Olushakin) being the Return on Investment (ROI) to be paid to the Counter Claimant by the Defendants to the Counter Claim on the investment of N100 million only).

– An Order directing the Defendants to the Counter Claim to pay the sum of N10 million only) to the Counter Claimant being the shortfall or deficit.

“One would have expected that Olushakin would allow the Court to decide the rights and liabilities of the parties since the matter is already sub-judice. Our client has taken further legal actions towards establishing with compelling finality that the fraud allegations made against him are unfounded, groundless, baseless and ill-motivated. It is pertinent to stress that our client is presumed innocent by constitutional fiat until the contrary is proved or established. Our Client wishes to restate his confidence in the judicial process which he believes will vindicate him,” Akinduro’s lawyer submitted.

The 2024 edition of the Business fair of the Federation of Business Women Entrepreneurs (FEBWE), an ECOWAS-founded regional organization, successfully concluded in Victoria Island, Lagos. Held between 25th and 27th September 2024, the three-day event highlighted the importance of empowering women entrepreneurs in West Africa and closed with a gala dinner.

The fair saw a significant turnout of influential women from across West Africa, especially from Nigeria. Key figures included H E Dame Pauline Tallen, former Minister for Women Affairs, Dr. Folashade Tinubu-Ojo, President-General of the Association of Commodity Market Women & Men of Nigeria, and Madame Candide Leguede, Regional President of ECOWAS FEBWE.

Papers and presentations were delivered by prominent institutions, such as the International Trade Centre-Geneva, Wema Bank, and CBW Africa, focusing on business growth through innovative digital tools and grants.

Her Excellency Dame Tallen opened the event by emphasizing the impact of empowering women on the African continent. “When women are empowered, the family, society, and the nation are empowered,” she stated, urging the private sector to support FEBWE through funding and empowerment initiatives.

Dr. Anthony Luka Elumelu, representing ECOWAS Commission, discussed FEBWE’s role in promoting economic integration, peace, and governance in West Africa. The Director Private Sector was also speaking on behalf of the Commissioner for Economic Affairs and Agriculture Mrs. Massandjé TOURE-LITSE at the event. He called for the prioritization of the ECOWAS protocol on the free movement of people, goods, and services to unlock the region’s vast potential, stating that seamless cross-border trade would boost regional growth.

Dr. Folashade Tinubu-Ojo (the IYALOJA GENERAL the President General of Commodity Market Women and Men of Nigeria, in Lagos) stressed that women in business require easier access to funds and government support, urging more initiatives like FEBWE to create awareness and networking opportunities for women entrepreneurs across ECOWAS Member States.

Over 35 exhibitors showcased products from various African countries, demonstrating the diversity and strength of the region’s female-led businesses. The President of FEBWE Nigeria, Princess Omotola Omole, commended the ECOWAS-backed platform for fostering trade and empowering women entrepreneurs. She expressed hope that goods from the fair would soon circulate across West African countries, encouraging intra-regional trade.

Madame Candide Leguede, in a panel interview, discussed solutions to the challenges faced by women entrepreneurs in cross-border trade. She emphasized the need for business people to familiarize themselves with trading regulations to navigate border challenges effectively. “Both businessmen and women need to know their rights to ensure officials act professionally,” she stated.

FEBWE’s 2024 edition demonstrated the organization’s commitment to advancing the role of women in business throughout West Africa, with its sights set on fostering greater integration and cross-border trade opportunities.