Facebook Twitter Instagram Pinterest YouTube Tumblr LinkedIn RSS
    • About
    • Advertise
    • Contribute
    • Donate
    • Forum
    • Contact
    Login
    InfoStride NewsInfoStride News
    • Home
    • Business
    • Celebrity
    • Crime
    • Nigeria
    • Politics
    • Sports
    • Technology
    • More
      • COVID-19
      • Editor’s Picks
      • Health
      • Opinions
      • Press Releases
      • World
    Subscribe
    InfoStride NewsInfoStride News
    Home»News»African News»West African News»Nigeria News»I Made Folorunsho Alakija A Billionaire – Olusegun Obasanjo

    I Made Folorunsho Alakija A Billionaire – Olusegun Obasanjo

    Nigeria News By David F.Nov 4, 2016No Comments3 Mins Read
    Facebook Twitter WhatsApp Pinterest LinkedIn Tumblr Email Reddit VKontakte

    Olusegun_Obasanjo1Former President Olusegun Obasanjo said on Saturday in Lagos that Mrs Folorunsho Alakija, Africa’s richest woman by Forbes reckoning, was among the 25 billionaires he made during his tenure as President.

    Obasanjo stated this at the 2016 Tony Elumelu Foundation Entrepreneurship Forum.
    The former president was reacting to an allegation by Alakija at the event, that the Obasanjo administration frustrated her effort when she ventured into oil business.

    Alakija, who spoke before Obasanjo, alleged that his administration illegally took an oil block allocated to her company after her family had invested all its savings to strike oil in commercial quantity.

    “This oil block is in 5000 feet depth of water and was extremely difficult to explore.

    “It took 15 years from the time that we were awarded the licence in 1993 till 2008 when we struck the first oil.

    “When this event happened, 60 per cent out of our 60 per cent equity in the business, was forcefully taken from us by the government of the day without due process.

    See also  Igbos Should Have A Go At The Presidency In 2019 - Obasanjo

    “We had to fight back by going to court to seek redress and it took another 12 years for justice to be served in our favour.

    “In all those years it was my trust in God, my perseverance and the support of my family that got me going,” she said.

    She used her experiences to charge the 2000 budding entrepreneurs at the event to be dogged, determined and not to give up in the face of challenges.

    When Obasanjo spoke, the former president seized the opportunity to reply to the allegation by Alakija.

    “There is a saying in my part of the world that when a proverb touches you and you failed to reply, then you are a coward,” he said.

    Obasanjo explained that the action of the government then was in line with the Mining Act, which regulates oil prospection and exploration.

    See also  More Women Should Get Actively Involved In Politics - Obasanjo

    “For you to come here and say that, for no cause whatsoever, you were denied what was rightfully yours, is not fair.

    “I do not know you from Adam and there is no reason I would have denied you what rightfully belonged to you.

    “So, you have struggled, and you have struck oil. God bless your heart.

    “My delight is to be able to create Nigerian billionaire and I always say it that my aim, when I was in government was to create 50 Nigerian billionaires.

    “Unfortunately I failed. I created only 25 and Madam, you are one of them,” he said.

    Obasanjo hailed the vision of Mr Tony Elumelu for helping to build African young entrepreneurs with his resources.

    He also urged the government to create conducive environment for people to move businesses into the country.

    Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate

    billionaire Exploration Folorunsho Alakija made Olusegun Obasanjo
    Share. Facebook Twitter WhatsApp Pinterest Reddit Tumblr VKontakte Email LinkedIn

    Related Posts

    Ihedioha withdraws from Imo PDP governorship primaries, gives reason

    Mar 28, 2023

    NASS elections: Gov Ortom finally accepts defeat, withdraws case from tribunal

    Mar 28, 2023

    Zone Senate presidency to South-south – APC national vice chair, Lukman

    Mar 28, 2023

    PDP chair, Ayu steps aside

    Mar 28, 2023
    Add A Comment

    Comments are closed.

    Get Social with Us
    • Facebook
    • Twitter 6.5K
    • Pinterest 92
    • Instagram
    • YouTube
    Latest Posts

    Retirement Will Be A Relief Amid The Constant Pressure – Anthony Joshua

    Mar 28, 2023

    I Feel Responsible For Conte’s Sack – Son

    Mar 28, 2023

    Avoid Serious Relationships If You Are Broke – Deyemi Okanlawon

    Mar 28, 2023

    Most Women Won’t Associate With You At Your Beginning Stage – Whitemoney

    Mar 28, 2023

    Subscribe to Updates

    Get the latest breaking news straight into your inbox!

    Random News

    I Wish Fred Amata Long Life – Ibinabo Fiberesima

    May 24, 2018

    BBNaija’s Tacha’s Bad Character Will Make Her Lose Everything – Angela Okorie

    Dec 5, 2019

    Liverpool Fans Should Heed Jurgen Klopp’s Advice

    Nov 14, 2016

    Pogba Left Beautiful Memories – Pjanic

    Aug 10, 2016

    InfoStride News delivers the latest breaking news, Nigeria news, world news and top stories on business, celebrity, entertainment, politics, sports, technology and more. Experience the best of in-depth coverage, special reports, football highlights, political opinions, crime watch, celebrity gossips etc.

    GooglePlay Store Button

    Support InfoStride News' Credible Journalism

    Credible journalism involves a lot of efforts and money; and can guarantee a fair, accountable and transparent society, including democracy and government. We need your support to continue offering free access to our loyal readers and visitors like you.

    Click here to Donate

    Facebook Twitter Instagram Pinterest YouTube Tumblr LinkedIn RSS
    • Our Terms
    © 2023 InfoStride News. All Rights Reserved.

    Type above and press Enter to search. Press Esc to cancel.

    Sign In or Register

    Welcome Back!

    Login to your account below.

    Continue with Facebook
    Continue with Google
    Continue with Twitter
    Lost password?