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HOW FEMI OTEDOLA HELPED TONY ELUMELU WITH 20M DOLLARS TO TAKE OVER UBA FROM BELLO-OSAGIE IN 2003

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2 years ago

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Indeed, billionaire businessman, Femi Otedola is a prophet of enterprise. No doubt, he is one of the illustrious popes of commerce, robed and mitred in the resonance of their exploits. He is the artist who paints beautifully on canvas with his feats even as he writes wonderful poetry by his exploits.

That the last six decades of the hugely successful and astute businessman are packed with twists and turns worthy of a potential box-office is not in question. Femi Otedola did not only walk the tightrope to the pinnacle of entrepreneurial success; he emerged stronger from situations that have the tendency to confine many to terminal illness if not to their untimely demise. Of a fact, not many businessmen of Nigerian extraction could lose about $1.5 billion, and bounce back in a big way like Femi Otedola did.

He has distinguished himself from his contemporaries. His chutzpah to take a plunge when and where others develop cold feet stands him tall above his peers. His virtues and ideals have seen him elevated and celebrated by many.

However, his foray into business acquisition might just be gaining global attention, research has shown that the Chairman of Geregu Power Plc, has been at the top of the acquisition game for two decades. For a man whose business acumen began to unravel at the age of six, Otedola’s shrewdness and methodical precision in investment decisions are not only top-notch but have been largely responsible for the entrepreneurial success he is currently enjoying. From African Petroleum to Forte Oil Plc, divestment from Forte to Geregu Power Plc, Otedola has demonstrated that he is made to play prominently in the economic sector.

Selfless to a fault, Otedola it was whom Tony Elumelu ran to in 2003 when the latter had his eyes set on United Bank for Africa (UBA) with a voracious intent to aggressively take it over from Hakeem Bello-Osagie. As the Managing Director/CEO of the now defunct Standard Trust Bank (STB), not only did Elumelu not have the financial war chest to prize away UBA from its owners then; it was even more arduous a task to take over a bank of that calibre from a well-grounded Bello-Osagie who was at the helm of affairs.

Elumelu had to run cap-in-hand to Otedola begging him for Two Billion Naira (N2b), about twenty million dollars ($2m) at that time, which Otedola coughed out without bating an eyelid. It was this rare kind gesture from Otedola that set Elumelu on the path of banking excellence that now readily defines his career. Little wonder Elumelu is forever in Otedola’s debt.

Interestingly, Otedola built his name on the breeches of enterprise. Indeed, he crafted his repute on the steep planes of industry, where the nimble rises to acclaim by hard work and the lethargic plummets for lack of lustre.
Building an empire is no walk in the park; it requires a stern disposition to the elements – through good and bad times, success or failure, the entrepreneur must nurse an enduring passion for enterprise.

Thus even as the odds rallied against him as devised by torrid fate, he never cringed from the bothersome question: “What if I fail?” He simply wondered: “What if I fly?”And the rest is history.

THE CAPITAL.

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Former Governor Ifeanyi Okowa, Spends Second Night In EFCC’s Cell Over N1.3 Trillion Alleged Fraud

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7 hours ago

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November 7, 2024

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Immediate past governor of Delta State, Ifeanyi Okowa, who was arrested and detained by the Economic and Financial Crimes Commission (EFCC) has spent second night in the custody of the anti-graft commission.

 

Okowa is currently being investigated and detained over the alleged diversion of N1.3 trillion.

 

The N1.3 trillion reportedly represents the 13% derivation fund from the federation account between 2015 and 2023.

 

According to sources within the commission, Okowa was invited to the EFCC office in Port Harcourt, Rivers State, where he’s subsequently detained by officials.

 

One of the sources stated, “Okowa was at our Port Harcourt office following an invitation from investigators probing the allegations against him. He was then arrested. The commission is investigating him regarding the N1.3 trillion 13% derivation fund from the federation account between 2015 and 2023.

 

“He is also accused of failing to account for the funds, as well as another N40 billion he allegedly claimed was used to acquire shares in UTM Floating Liquefied Natural Gas. He reportedly bought shares worth N40 billion in one of the country’s major banks, representing an 8% equity stake, to support the offshore LNG project. The funds are alleged to have been misappropriated for other purposes.

Investigators are also examining the alleged diversion of funds by the former governor to acquire estates in Abuja and Asaba, Delta State. He is currently being held at the EFCC facility in Port Harcourt.

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Lagos Government Shuts Down Redeemed Church, Celestial Church, Clubs, Event Centres Over Noise Pollution

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20 hours ago

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November 6, 2024

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The Lagos State government has shut down a branch of Pastor E. A. Adeboye’s Redeemed Christian Church of God, a Celestial church, nightclubs and event centres over noise pollution.

The Commissioner for Environment and Water Resources, Tokunbo Wahab, who made this known on Wednesday, said the churches, clubs and event centres were sealed on Tuesday by the Lagos State Environmental Protection Agency (LASEPA) in the Ogudu, Gbagada, Iyana Ejigbo, Isolo, Ajao Estate, Oshodi, Ilasamaja, and Okota areas of the state.

The sealed establishments include: Redeemed Christian Church of God, Celestial Church of God, OMA Nightclub and Lounge, Lounge & Lodging, Bridge Spot Bar, Okiki Event Center and Hall, Emota Paradise Hotel (Phase 2), CF Hotel & Suites, House 27 Hotel & Suites, Echo Spring Hotel, and Smile T Continental Hotel.

The commissioner in a post on X said, “In a bid to address noise pollution and other environmental violations, the Lagos State Environmental Protection Agency (LASEPA) took action yesterday, closing down several establishments across different parts of the state.

“This enforcement drive, focusing on areas like Ogudu, Gbagada, Iyana Ejigbo, Isolo, Ajao Estate, Oshodi, Ilasamaja, and Okota, is part of LASEPA’s continuous efforts to uphold environmental standards and safeguard public health.

“The affected establishments include Honourable Lounge & Lodging, Redeemed Christian Church of God, Celestial Church of God, OMA Nightclub and Lounge, Bridge Spot Bar, Okiki Event Center and Hall, Emota Paradise Hotel (Phase 2), CF Hotel & Suites, House 27 Hotel & Suites, Echo Spring Hotel, and Smile T Continental Hotel.”

 

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Gen. Taoreed Lagbaja: Tinubu directs flags be flown at half-mast

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21 hours ago

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November 6, 2024

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President Bola Tinubu has directed that Nigeria’s national flags be flown at half mast for seven days across the country to mourn the passing of the late Chief of Army Staff, Lt. Gen. Taoreed Lagbaja.

The late Army chief, who was appointed by Tinubu on 19 June 2023, was said to have passed away on Tuesday night after a prolonged illness.

The Secretary to the Government of the Federation, George Akume, in a statement on Wednesday by his office Director of Information & Public Relations, Segun Imohiosen, said the president expressed regret over Lagbaja’s death.

Akume said, “President Bola Tinubu has expressed regret following the death of the Chief of Army Staff, Lieutenant General Taoreed Abiodun Lagbaja, after a brief illness at the age of 56.

“The President has directed that national flags be flown at half mast throughout the country for seven days in honour of the departed Army chief.

“He profoundly appreciates the services of the departed to the nation and wishes the family the fortitude to bear the great loss.”

Meanwhile, the Ministers of Defence, Mohammed Badaru and Bello Matawalle, have commiserated with the president, the military, and Lagbaja’s family over his death.

In a statement by the Ministry’s spokesperson, Henshaw Ogubike, the ministers described Lagbaja’s death as a great loss to his family, the Army, and the nation at large.

“The passing on to eternal glory shocked us at the Ministry of Defence, as our working relationship with him was commendable; he exhibited the spirit of camaraderie and cooperation with us in the discharge of our mandate.

“The late Chief of Army Staff contributed significantly to internal security operations across Nigeria and also exhibited a high level of professionalism.

“He will be greatly missed by the family, the military, and the nation, as he served the nation with commitment and dedication,” the statement added.

 

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