Lagos – Former 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.

“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.

“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.

“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.

The former president urged government to relax its visa policy and company registration process to encourage investors.

He said the government should create certification centres in the country for easy exportation of agro processed products.

The President of Sierra Leone, Bai Koroma noted that what transpired between Obasanjo and Alakija was part of the challenges and difficulties that leaders lived with in the discharge of their duties.

With limited resources competing for unlimited demands and expectations from the people, leaders were seen to be larger than life, he said.

Koroma also commended Elumelu for his project for African young entrepreneurs adding that his vision resonated with a new Africa development agenda.

Read more at: http://www.vanguardngr.com/2016/10/made-billionaire-obasanjo-tells-folorunsho-alakija/

So?

interesting

and you are a zillionaire right

Confession time, hope u didn't do what u did with your daughter in law with her,
Obj give and take personalised.
We are waiting for her reply

hopeforcharles:
Confession time, hope u didn't do what u did with your daughter in law with her,
Obj give and take personalised.
We are waiting for her reply

hmmm my brother u have taken the words out of my mouth

hopeforcharles:
Confession time, hope u didn't do what u did with your daughter in law with her,
Obj give and take personalised.
We are waiting for her reply

Next time read before you comment, lazy man

Obj and his useless pride.. who give him the audacity to claim he made someone who she is today.

Dangote is next online

sign*obasanjo

I like this line

“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.


Nice one OBJ

Entrepreneurs like Elumelu dey talk,
Even Folurunsho Alakija were IBB dash oil well were she take hamma billions dey follow talk,
Sister no do me vex oh,
If we were in a Sane country,
You could have been stripped of not only those oil wells,
But all the earnings you made from it

richidinho:


Next time read before you comment, lazy man

U self u to dey form which one come be lazy man, meanwhile I read am and I no believe both of them.

hopeforcharles:

U self u to dey form which one come be lazy man, meanwhile I read am and I no believe both of them.

Na lazy people no dey read

richidinho:


Na lazy people no dey read

Guy today na Sunday go church. hope no be from church u dey Nairalandin

talk2alabama:
Obj and his useless pride.. who give him the odersity to claim he made someone who she is today.

"Odersity" It is well with your soul...

Niger Delta Oyel hmmm

andre82:
"Odersity" It is well with your soul...

lol thanks for the correction..

This Obasanjo likes re writing history to favour himself ..his attack on Michael Adenuga and Mrs Alakija is no secret on business circles, if not for GOD Obasanjo would have wrecked both of them

hungryboy:
Entrepreneurs like Elumelu dey talk,
Even Folurunsho Alakija were IBB dash oil well were she take hamma billions dey follow talk,
Sister no do me vex oh,
If we were in a Sane country,
You could have been stripped of not only those oil wells,
But all the earnings you made from it

Na dis kind thing I no dey like!! Do you know how many people were awarded oil blocks but could not develop it? Do you know despite the fact that many years ago the first set of marginal fields were awarded to indigenous entrepreneurs (because the majors felt it was a waste of resources for them to exploit such blocks), only a handful could strike oil in commercial quantity? Many of the original awardees or licensees of those oil blocks have actually lost their licenses, because the tenor of such licenses expired before they were able to turn their OPL to an OML!

This woman was able to amass international financiers, highly-rated technical firms and sound minds to develop that field, and has been able to generate oil while building a world class company to boot, yet you are still berating her? Abeg, receive sense in Jesus name!