KunleMax:
Oga there's nothing to "think" oh. The Ibrus are not richer than Dangote "presently". Emphasis on "presently". But the true test will be in Dangote family passing & maintaining wealth across decades and generations. Na here Ibru & Dantata family take be everybody papa - generational wealth.

And yes!! The nonsense Obaro dude is still ballin hard across the globe.

Moh247:


No they don't

They own alot of investment back then like Oceanic bank, but lost over 1 billion euros to fine of corruption with their asset frozen in Nigeria UK and UAE

Hedonisco:


Abeg make I laugh. Even some top level yahoo boys would dust his azz in that same Dubai.

Generally I don't need to mention some heavy names but trust me, 'ordinary' Jowi, Captain Okunbor's heir, and many more will run Obaro out of own.

KunleMax:
$500m networth is very very poor. They are certainly worth above that.

If it was discovered by authorities that madam Cecilia alone was worth $3.5B (569B) in 2010 (more than Dangote and Otedola's networth combined as at the time). Common sense suppose tell us say the Family worth atleast three times of that amount in 2010. The thing be say folks mostly know about their domestic ventures & some of their interests are private. The family get mad & shady real estate investments across the world, their real estate portfolio alone overseas is possibly worth above $500m. For example, Atlanta folks fit tell you how the Ibrus were buying up the Atlanta property market in the 90s. They have considerable assets domiciled in the state of Georgia. Casualobserver dey only view things from a domestic lense!!.

ConfidentialDoc:


I don't think Mr Obaro is competing with anyone. He doesn't care

KunleMax:
[img][/img] Go watch Nenesi Ibru wedding videos make you see true wealth and class. You think say na about sponsoring and sleeping with Lagos IG baddies or to dey loud on social media we dey discuss here? mteew

No be only Jowizaza and captain Okunbor heir. Wetin be the level of the company/investment wey Dem and their papa dey control? Tell us wetin Dem get. Big bosses like Cletus Ibeto na Ibrus tenant for Apapa sef.

FYI We are discussing a certain "cadre" of wealth here. No be Jowizaza matter or him papa level.

KunleMax:
[img][/img] Go watch Nenesi Ibru wedding videos make you see true wealth and class. You think say na about sponsoring and sleeping with Lagos IG baddies or to dey loud on social media we dey discuss here? mteew

No be only Jowizaza and captain Okunbor heir. Wetin be the level of the company/investment wey Dem and their papa dey control? Tell us wetin Dem get. Big bosses like Cletus Ibeto na Ibrus tenant for Apapa sef.

FYI We are discussing a certain "cadre" of wealth here. No be Jowizaza matter or him papa level.

ChidiKalu:
He's the one I am talking about and I know he's really wealthy. I agree with you on him being the most prominent indigenous player in the palm oil sector btw. He heads the sector and has done so for years.

PS: The casualobserver guy who claimed to be knowledgeable about the palm oil sector had never heard of him or the most powerful palm oil cabal in the country (which he heads). But he thinks he knows the Ibrus and their business operations. Laughing my ass off!!!

casualobserver:



I have told you that I am not interested in debating the fortunes of others to the point of turning it into a seminar but since you keep mentioning my name in every post trying frantically to draw my attention by appearing in my mentions. Let me respond to your wild claims once and for all.

1) the largest functioning oil palm plantations in Nigeria are Presco Plc and Okomu Oil. Okomu Oil has a market valuation of N250B ($250M) as at today and Presco N201B ($201m)

2) to get to this size Okomu has 19,000 ha of Oil palm and 7,000 ha of rubber.

3). To get to this size Presco has well over 30,000 hectares of oil palm

4. Aden River estates (ibru) is only hoping to get to 5,000 ha by 2024 "However, we plan to start refining crude palm oil once we finish our initial expansion, which will see us getting to 5,000 hectares by 2024 and 7,000 hectares by 2026"
...direct quote from Emmanual Ibru. and this is the person you are touting as Oil palm cartel boss because he is chairman of Association? Let me tell you something for free, Oil palm plantation is not profitable below 10,000 ha. Adebutu (see below) has been into Oil palm for over 2 decades and many times bigger than Ibru, he said in an interview (which you can watch on youtube) that it is only recently that they have started to reap the benefits.

5.) JB farms (owned by Adebutu) has over 18,000 ha of Oil palm, you are not mentioning JB farms, it is Ibru you are mentioning because he has the name "Ibru" and chairman of POFON? Fayemi was chairman of governors forum, it doesnt mean his state is the most powerful state..indeed Ekiti is one of Nigeria's poorest states.

6.) Ibru's interests in Aden River estate is worth somewhere between $20-30m, assuming it was developed without debt. How do I arrive at this? comparison of the valuations of the above companies and their acreage as well as a direct quote from Emmanual Ibru himself where he says "To develop one hectare of oil palm, you need between $4,000 and $5000." Like I said that is assuming the investment is fully funded by Ibru himself (which is very unlikely) which means he is probably indebt and running at a loss because he hasnt even started refining and if he is just cultivating his estate, the palm plants are probably not producing economically yet (if at all) which means he is almost certainly currently running at a loss.


https://www.presco-plc.com/plantation/

https://okomunigeria.com/

https://tribuneonlineng.com/what-we-are-doing-to-salvage-nigerias-oil-palm-industry-ibru-pofon-chairman/

https://tribuneonlineng.com/palm-oil-production-receives-boost-as-jb-farms-expands-operations-to-ondo-with-10000-ha-oil-palm-plantation/

I am not someone who talks without facts, I dont make wild claims based on rumours. If i say something I back it up, not they are rich they are rich like you. That which I do not know I will say i do not know, that which I know I will say I know, that which I am not sure I will say I am not sure. The Ibrus are wealthy but you are hyping them beyond their current status. A lot of their businesses are dead or on life support and thay are only just trying to revive those that can be revived. Between the last time i posted and today they have lost 20-30% of their value. This has been the problem with the Ibrus and a lot of Nigerian family businesses since the mid-80s....their businesses and income are based in Naira. Even when your businesses do not die and you can increase prices, your demand falls because there is only so much purchasing power available to the average Nigerian in the midst of ever devaluing currency. That is the story of the Ibrus in a nutshell, theyve done well to remain standing (not all are standing BTW) but they are not the Ibrus of old, certainly not as at today.

There are a few paths to legitimate $ billionaire status in a country like Nigeria. You are involved in something that every Nigerian will use regularly in the course of his day to day life and you are the top 1-3 in your industry. Be it telecoms, oil, foods, banking etc. Diversified as the Ibrus may be, tell me the last time you used any product that was produced by the Ibrus? ...and there is your answer! One in 3 Nigerians will on a regular basis consume something produced or a service by Dangote, BUA, Glo, Airtell, Adenuga, Otedola, Elumelu,MRS etc. yet some of them are not even Billionaires...when was the last time you consumed a product by the Ibrus? Dangote became a billionaire because he controlled the sugar market for the whole country, at one time Otedola deisel, what do the Ibrus control? Please dont disrespect $1B. As at today, UBA, Access bank and zenith are worth $500m, $500m, and $1b respectively. It shows you 1) that $1b is not beans and 2) the effect of Naira devaluation of wealth. All these banks were at some point billion dollar companies. All the noise they are making about Otedola and 1st bank, largest shareholder blah blah. FBn is only worth $570m. And all this noise about somebody being the largest shareholder with 7% amounts to only $40m. All this noise about Elumelu, he is not a billionaire, UBA and Transcorp together are worth $750m, how much does he own in UBA, how much does he own in Transcorp? Elumelu has 2.4b shares in UBA directly and indirectly, together they are worth N40b or approx $40m. He has recently increased his stake in transcorp to 36%…..36% of 275b is N99B or $99m, together with UBA a total of $135m but people like you will tell us Elumelu is a billionaire.....again $1b is not beans! And again if you wealth is based in Naira, you earn in Naira, devaluation will eventually damage your wealth. Even Dangote went from $23b to less than $10b at some point.

As for the ignoramus who said one of the Ibrus is balling, there is no difference between the life style of a multimillionaire and a Billionaire. They are both entering 1st class or private jets, they are both living large in monaco. There is a level of wealth you get to where it does not matter how much you have you are equal. it does not mean you are a billionaire.


This is the last post I will make on this subject. I have better things to do with my time. Any attempts by you and other ignoramuses and praise singers to drag me in by shamelessly and frantically mentioning my name in every conversation with others will be ignored.

ChidiKalu:
1. Nobody contested the fact that Presco & Okomu are the largest palm oil producers in Nigeria. I only told you that the Ibrus are significant indigenous players in the oil palm industry & one of the Ibrus heads POFON (the association of the largest plantation owners in the country). You had not heard about POFON until this thread, neither did you know the Ibrus were invested in the Palm industry (along with other investments you are not aware of).

2. Aden river (Ibru) started in 1969 with 500 hectares of cultivated palm, and expanded to 2k Hectares of cultivated palm plantation in the 70s (Funded from their pocket). JB farms (Adebutu) only ventured into palm industry with 8 Hectares of cultivated palm plantation in 1998. While JB farms has done fantastically well in 25 yrs, The Ibrus have been in the sector since JB Adebutu was an infant. Michael Ibru's maternal grandfather, Chief Osadjere of Olomu, one of the richest Niger deltans of his era, also made most of his his wealth through the palm oil trade. They've been at this trade for over 100yrs.

Aden rivers have about 5k hectares of cultivated palm oil plantation presently, while JB farms has about 8k of cultivated palm oil plantation presently. Aden rivers has about 15k hectares of total land holdings (including about 5k Hectares of cultivated tomato farm), while JB farms has about 18k hectares of total land holdings. There's a difference btw hectares of cultivated farm/palm plantation and total land holdings (JB farms does not have 18k hectares of cultivated palm oil plantation, As a matter of fact, he only acquired the extra 10k hectares of land last year).

And yes! I did mention Adebutu. Infact, I was the one that first mentioned his name on this thread, Cos I do know that Emmanuel Ibru and JB Adebutu are big/prominent indigenous players in the palm oil sector. If you know other bigger and relevant Indigenous players (Nigerians) in the palm sector, mention them. And you saying one can't be profitable in palm oil production if he has below 10k hectares of cultivated palm plantation is blatantly false. You are the original ignoramus here.

3. You don't need to own a product/service that 1 in 3 Nigerians use or be top 3 in your industry to be a dollar billionaire, this shows your limited knowledge of wealth. Diversification & significant investment in companies across relevant industries can land you that. The Ibrus are still very much invested in every relevant sector/industry you can think of in the country & much of their asset is now domiciled oversees so that naira devaluation talk holds some water but doesn't entirely apply. I don't see how naira devaluation affects millions of dollars worth of overseas real estate, trust, or shares in foreign companies. Every fact/publication as recently as post-2000s has pointed to the Ibrus being a multi-billion dollar family, I even posted a court case in the US where $2B worth of some assets of Olorogun was being contested by two Ibrus. Sure they have lost some part of that multi-billion dollar wealth due to a couple of factors, but a $500m networth is poor & below the mark, stop being ignorant and seeing things only from a domestic investment angle.


PS: I saw that you also said Tony Elumelu is worth $135m? Damn!! Only God knows how you come up with these networths SMH


You refer to people as ignoramus, but you have displayed nothing but "total ignorance" on this thread. Ewu!!

casualobserver:


You are an ignoramus and a peasant who suffers from small mindedness and a poverty mentality. Anybody with money is a billionaire to you.

I had professional dealings with the oil palm industry that’s why I have some knowledge because I was involved in some financing deals. I got to know of some of the big players at the time and that’s why I knew of Wilmer, Presco, okomu and JB. I never heard of Aden because as you yourself have unknowingly confirmed they were small time players. 500 hectares is just above subsistence farming!!!! They are only just trying to grow. In the grand scheme of things there is no big player in the Nigerian oil palm industry. Companies are acquiring 100,000 hectares at a go in countries like Ivory Coast you are here touting 5,000 hectares? Go and investigate what Willmar is doing and the partners of Presco in other African countries and you will realize that in reality there is no true big player in Nigeria yet.. ibru may be chairman of POFON but he is a smal boy in the oil palm industry even in Nigeria. You are very small time no wonder a millionaire is a billionaire to you.


As for Elumelu, his companies are public companies and the records and his holdings are public. His known assets are Uba and transcorp. As at yesterday those holdings are worth $135m. If you dispute that tell us where his other wealth is derived from, back it up with evidence. don’t come here talking as if you are in a roadside beer parkour. When I posted I gave you backed up facts. You are dealing in rumor, hype and speculation.

There is no doubt Elumelu was richer that he is today but like I have been telling you, just like the Ibru’s, over time the devaluation of the Naira deals with most Nigerian business men whose businesses are primarily derived in Nigerian and the Naira. At the start of my involvement in this thread, I confirmed the Ibru’s were wealthy, I confirmed they were top of the tree, I even said I know for a fact that one of them bought Ilashe beach though I don’t know the status of that as I know there was some legal tussle but I will not sanction lies, hype and falsehoods. There are not billionaires…full stop. I don’t want to get personal and reveal info but I even know some of them that can’t pay school fees.

It is a pity this forum does not have an ignore function as it constantly exposes one to dimwits.


Nonetheless consider yourself ignored.

Can you imagine this nincompoop talking about 500 hectares as big player….nonsense!,,, like I said I was involved in providing finance for one of the major oil palm companies in Nigeria that is why I can speak with authority. As part of that project I visited Okomu and JB farms to asses viability on behalf of my firm before arriving at a decision on whether to approve the financing request. At the time the list of all the major players including adapalm, rispalm okomu, Presco, etc came up, nobody mentioned Aden and rightfully so. There are numerous people in Nigeria with 500 hectares…they all failed.

1) I repeat oil palm plantations are not viable below 10,000 ha … that’s why many Nigerians who venture into them fail and you don’t see many
2) the profit is approx $1-2k per hectare…..only after yr 7

Somebody on 500 ha is small time or running at a loss or will eventually fold up which is why it took your Ibru’s 60 years to get to 2000 hectares and why he never registered on the list of oil palm players.

ChidiKalu:
I have conceded that the Ibrus are probably not wealthier than Dangote as things stand currently. But casualobserver's $500m networth estimation is piss poor and totally below the mark. And let's not forget that Dangote's high networth is mostly due to the fact that his major bussiness is listed on the stock exchange (public company).

And you are very correct about Dantata and Ibru dynasty being generational wealthy families.

ChidiKalu:
You are just borderline incorrigible and a buffoon. I said they started with 500 hectares in 1969. I wasn't talking about today. They presently have about 5k Hectares of cultivated palm oil plantation. They are not big players but Aden rivers is part of POFON (an association only meant for the largest palm oil/plantation owners in the country). He's not a major player but they let him chair the association. You are just a big ignorant fool!!

Is like saying the Ibrus aren't major players in the shipping industry but Oskar Ibru chaired the "Nigeria chamber of shipping" (an association only meant for the biggest ship owners/operators in Nigeria). Other chairmen have included Femi Otedola, Mike Akhigbe etc.

You know and said the Ibrus are "wealthy and top of the tree", but you are saying you know some who can't pay school fees? Mugu!! Why are you lying just because you are trying to double down on your errors? A hopeless dying man clutching at straws. I am sure if you are asked to mention names now, you will start dancing around circles. Onye Efulefu!!

Tony Elumelu is Worth $135m? Ewu. Common get lost!! Nkita.

Hedonisco:


Abeg make I laugh. Even some top level yahoo boys would dust his azz in that same Dubai.

Generally I don't need to mention some heavy names but trust me, 'ordinary' Jowi, Captain Okunbor's heir, and many more will run Obaro out of own.

Bizibi:
generational wealth is difficult to maintain.

Bizibi:
jowizaza Come on,this is ibru oooh,abeg calm down.

ChidiKalu:
This is what got me pissed about the whole thread. Utter rubbish here.

Bizibi:
I am from Delta State so some of us know that family very well. Who is jowizaza, even his family wealth is not half of ibru. That family is really industrious,I am still surprise at how they kept growing their wealth. I am still mad at Cecilia ibru for the mess she made at oceanic bank.

I don't know if they are billionaire in dollars now but no one really knows their present networth.

Bizibi:
I am from Delta State so some of us know that family very well. Who is jowizaza, even his family wealth is not half of ibru. That family is really industrious,I am still surprise at how they kept growing their wealth. I am still mad at Cecilia ibru for the mess she made at oceanic bank.

I don't know if they are billionaire in dollars now but no one really knows their present networth.

Bizibi:
jowizaza Come on,this is ibru oooh,abeg calm down.

Hedonisco:


Lol. I know it is not a comprehension problem. It is an impatience problem.

Read my post again slowly and understand my unambiguous point: Jowizaza is richer and more liquid than OBARO Ibru and many of the Ibru kids, one on one. And again I repeat currently, Jowi will run OBARO out of town when it boils down to the money doings that OBARO was infamous for in his prime.

If you're doubting that or relating it to Jowizaza's dad's so-called wealth, then you'll are deluded. This even has nothing to do with Jowi's father or his potential inheritance when he dies. I'm talking about essentially Self-made Jowizaza.

KunleMax:
Hmm!! I say people were arguing obi Cubana is richer than Dangote on Instagram and Twitter. So Ibru & Jowi zaza comparison is not surprising to me. I've seen it all.

Yes oh!! Madam Cecilia messed up at oceanic bank oh. Bank wey she use her hand grow to top 5 bank. The first lady of banking. Chaii.

casualobserver:


You are an ignoramus and a peasant who suffers from small mindedness and a poverty mentality. Anybody with money is a billionaire to you.

I had professional dealings with the oil palm industry that’s why I have some knowledge because I was involved in some financing deals. I got to know of some of the big players at the time and that’s why I knew of Wilmer, Presco, okomu and JB. I never heard of Aden because as you yourself have unknowingly confirmed they were small time players. 500 hectares is just above subsistence farming!!!! They are only just trying to grow. In the grand scheme of things there is no big player in the Nigerian oil palm industry. Companies are acquiring and. Developing 100,000 hectares at a go in countries like Ivory Coast you are here touting 5,000 hectares? Go and investigate what Willmar is doing and the partners of Presco in other African countries and you will realize that in reality there is no true big player in Nigeria yet.. ibru may be chairman of POFON but he is a smal boy in the oil palm industry even in Nigeria. You are very small time no wonder a millionaire is a billionaire to you.


As for Elumelu, his companies are public companies and the records and his holdings are public. His known assets are Uba and transcorp. As at yesterday those holdings are worth $135m. If you dispute that tell us where his other wealth is derived from, back it up with evidence. don’t come here talking as if you are in a roadside beer parkour. When I posted I gave you backed up facts. You are dealing in rumor, hype and speculation.

There is no doubt Elumelu was richer that he is today but like I have been telling you, just like the Ibru’s, over time the devaluation of the Naira deals with most Nigerian business men whose businesses are primarily derived in Nigerian and the Naira. At the start of my involvement in this thread, I confirmed the Ibru’s were wealthy, I confirmed they were top of the tree, I even said I know for a fact that one of them bought Ilashe beach though I don’t know the status of that as I know there was some legal tussle but I will not sanction lies, hype and falsehoods. There are not billionaires…full stop. I don’t want to get personal and reveal info here that I shouldn’t. My purpose is not to attack the Ibrus, I have nothing against them but I even know some of them who are struggling financially.

It is a pity this forum does not have an ignore function as it constantly exposes one to dimwits.

I have been guilty on this platform of ignoring the greats words of wisdom. Proverbs 26:4 - "Answer not a fool according to his folly; lest you also be like him"


Nonetheless consider yourself ignored.

Can you imagine this nincompoop talking about 500 hectares as big player….nonsense!,,, like I said I was involved in providing finance for one of the major oil palm companies in Nigeria that is why I can speak with authority. As part of that project I visited Okomu and JB farms to asses viability on behalf of my firm before arriving at a decision on whether to approve the financing request. At the time the list of all the major players including adapalm, rispalm okomu, Presco, etc came up, nobody mentioned Aden and rightfully so. There are numerous people in Nigeria with 500 hectares…they all failed. Too civil servants, retired military officers etc, many of them have 500-100 ha of farm land….they all fail because it is not economically viable especially for plantation farming. There is nothing like medium scale when it comes to oil palm. You are either small Substinence 30 ha or you are big…10000ha+, anything in between is a sure path to financial ruin. Which is why for 60 years they neither made head or tail.

1) I repeat oil palm plantations are not viable below 10,000 ha … that’s why many Nigerians who venture into them fail and you don’t see many
2) the profit is approx $1-2k per hectare…..only after yr 7

Somebody on 500 ha is small time or running at a loss or will eventually fold up which is why it took your Ibru’s 60 years to get to 2000 hectares and why he never registered on the list of major oil palm players.

Hedonisco:


Lol. I know it is not a comprehension problem. It is an impatience problem.

Read my post again slowly and understand my unambiguous point: Jowizaza is richer and more liquid than OBARO Ibru and many of the Ibru kids, one on one. And again I repeat currently, Jowi will run OBARO out of town when it boils down to the money doings that OBARO was infamous for in his prime.

If you're doubting that or relating it to Jowizaza's dad's so-called wealth, then you'll are deluded. This even has nothing to do with Jowi's father or his potential inheritance when he dies. I'm talking about essentially Self-made Jowizaza.

Hedonisco:


Lol. I know it is not a comprehension problem. It is an impatience problem.

Read my post again slowly and understand my unambiguous point: Jowizaza is richer and more liquid than OBARO Ibru and many of the Ibru kids, one on one. And again I repeat currently, Jowi will run OBARO out of town when it boils down to the money doings that OBARO was infamous for in his prime.

If you're doubting that or relating it to Jowizaza's dad's so-called wealth, then you'll are deluded. This even has nothing to do with Jowi's father or his potential inheritance when he dies. I'm talking about essentially Self-made Jowizaza.

Hedonisco:
I hear some people saying the entire dynasty may be worth at least $500m. Fair enough. Net worth. Not money in the bank.

You do know or have heard that some fraud boys run schemes of multiple millions of dollars. Some of these boys have $10m cash stashed in bitcoin. We heard of woodberry at least.

If the whole Ibru clan's complicated network of assets may be worth $500m, then how many children are in the extended Ibru clan, and how much cash do you think OBARO personally has access to? That's my point.

As of today, in terms of liquidity, he will be run out of town by one nonentity who was a child running around naked in probably one ghetto in Agege in 2002 when Obaro was already Obaro.

KunleMax:
That complicated $500m network of assets we dey talk about na just the real estate portfolio oh.

The entire Ibru dynasty can not be worth $500m.


But I get the point you are driving at.

KunleMax:
If you say one-on-one that Jowizaza can best "many" of the Ibru kids then fair enough, I won't argue with this. You can't expect all of them to be that Liquid liquid. Wealth don spread.. that's what makes it a wealthy family.

Now you talk about Jowi zaza being rich & self made, abeg mention the relevant investment/company he owns?

KunleMax:
Omo!! You get problem oh. Kalu said they started with 500 hectares in 1969, not their present capacity. Even The Risopalm you mentioned started with less than 1k hectares in 1955 (and it was owned by the govt).

You claim say you do viability assessment on behalf of your firm and the names of the biggest oil palm plantations come up including Ada palm. But I know that Ada palm has less than 5k Hectares of palm plantation. Na you still talk say palm plantation no dey make profit for the owner if e dey below 10k hectares of palm plantation.

There's no way you can talk about large oil palm plantations in Nigeria without mentioning Aden rivers. There's literally an association for the biggest players in the sector and Aden rivers is part of it.

You just dey talk from both sides of your mouth. No dey lie...lie no good.