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Paddy Adenuga’s Entrepreneur Story And The Depressing Predictability Of Nigeria’ by americanson: 8:03pm On Feb 12, 2018 |
Paddy Adenuga’s entrepreneur story and the depressing predictability of Nigeria’s elite It was the economist Albert Hirschmann who espoused the idea of an ‘enclave economy’ in the late 1950s. This is a phenomenon where one sector of a country’s economy is highly developed but exists in a way that has practically no bearing on the rest of the country’s economy. cc laudate laudateII |
Re: Paddy Adenuga’s Entrepreneur Story And The Depressing Predictability Of Nigeria’ by Holluwaphlexy(m): 8:10pm On Feb 12, 2018 |
kilode!! |
Re: Paddy Adenuga’s Entrepreneur Story And The Depressing Predictability Of Nigeria’ by LaudateII: 1:07am On Feb 14, 2018 |
americanson: Unless Fawehinmi can show strong links between the debt incurred by Adenuga (snr), and the money spent by Paddy in trying to acquire Chevron Netherlands, then most of his assumptions dwell in the realm of speculation. First of all, a lot of analysts use parameters that are subjective in arriving at their conclusions. There are quite a few independent oil exploration companies in Nigeria and elsewhere, that have done good business exploring for crude and trading the product. Dubri oil, Moni Pulo, Famfa Oil, Amni International, Niger-Delta Exploration & Production etc comes to mind. At the start of their operations, many business analysts would have written them off as nonentities, who would be unable to swim with the sharks in an industry dominated by major oil corporations. But they have shown slow, steady and profitable growth, ever since they started exploration and production activities within their marginal fields, years ago. Secondly, in this part of the world within Africa, governments and corporations are far more likely to give credence to foreign firms from the West, than indigenous players. This must have informed Paddy's strategy to launch a bid for Chevron Netherlands. Where there is a will, there is usually a way. There is no way of telling if he probably would have found an innovative way to deal with the abandex issue, if he had succeeded in buying the oil firm. Afterall, Petronas of Oman bought it - so what did they (as the new owners), intend to do about the abandex issue? Would they have closed a blind eye to it? Surely not. Thirdly, at the stage of the company's acquisition, it is highly unlikely that Paddy would have disclosed his entire strategy for the firm, upfront in detail. Such details are kept close to one's chest, and only released at the proper time. Oil prices go up and down. Indonesia is a country that monetised its gas resources very well, so fluctuations in crude prices, did not really affect its oil industry, as it was able to withstand such shocks when things did not go well with revenue from crude sales, due to income earned from gas. Fourthly, Fawehinmi's interpretation of Edgar's action is flawed. He does not reside within the man's mind, and cannot tell if there was some prior unknown story, engagement or action, that informed Edgar's request for money upfront. Oyinbo people do not play with their money, they are not Father Christmas. If they give you credit, you would pay interest on it. Like they say: certain things are sure - death and taxes. Finally, Adenuga (snr) is owning the banks. But the question is this - are those loans being serviced? Are they being repaid, instalmentally? No one has said that Adenuga has defaulted on payments so far.... so why is Fawehinmi so emphatic that taxpayers' money are in jeopardy? Is there a chance that the money may not be recovered from Adenuga? Fawehinmi needs to supply proof of this fact, before throwing accusations left, right and centre. Last but not the least, big fancy cars, high class jet travels, wining and dining etc., are a feature of international business, worldwide. It is difficult to separate such things from the global corporate world, entertainment scene or the foreign oil industry. Those who have heard of the Petroleum Club and its perks, the OTC meetings etc, would know quite well what we are talking about. If Paddy had turned up on the doorsteps of Chevron Netherlands head office, in a battered hired cab, wearing an old weather beaten suit, clutching a sheaf of tattered papers to buy the oil firm, would he have been given a second glance? Probably not. During such meetings, you never get a second chance to make a first impression. And the top management of such an oil firm would have cast doubts on his expertise, assets and ability to play in their league. Businessmen are not altruistic. They merely pretend to be. 4 Likes |
Re: Paddy Adenuga’s Entrepreneur Story And The Depressing Predictability Of Nigeria’ by Rainmaker69(m): 8:05am On Feb 14, 2018 |
This is a very mature and seasoned analysis. A little light but it hits the right notes. 1 Like |
Re: Paddy Adenuga’s Entrepreneur Story And The Depressing Predictability Of Nigeria’ by hedonistical: 8:08am On Feb 14, 2018 |
Nice one, LaudateII. What's the author's full name? |
Re: Paddy Adenuga’s Entrepreneur Story And The Depressing Predictability Of Nigeria’ by LaudateII: 6:41pm On Feb 14, 2018 |
hedonistical:Am sorry, ...didn't get that....the author of what? |
Re: Paddy Adenuga’s Entrepreneur Story And The Depressing Predictability Of Nigeria’ by hedonistical: 6:44pm On Feb 14, 2018 |
LaudateII:Of the article you responded to. I heard you mention a certain Fawehinmi. |
Re: Paddy Adenuga’s Entrepreneur Story And The Depressing Predictability Of Nigeria’ by LaudateII: 6:51pm On Feb 14, 2018 |
hedonistical: Oh yes, it was an article written by Feyi Fawehinmi a business analyst, for a publication called Quartz Africa. The article is titled: SIMBA'S TALE - Paddy Adenuga’s entrepreneur story and the depressing predictability of Nigeria’s elite. The story can be found here - https://qz.com/1204418/paddy-adenuga-nigerias-oil-industry-banks-and-its-entrepreneurs/ |
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