₦airaland Forum

Adebayo Ogunlesi, a Nigerian-born lawyer, investment banker, and businessman, has carved a path from being a law graduate to becoming a global infrastructure powerhouse in the finance industry.

Despite being dismissed by Godwin Emefiele, the former governor of the Central Bank of Nigeria, from the position of chairman at the African Finance Corporation, he has now been acquired by the world’s largest asset manager for $12.5 billion.

Here are 5 things you didn’t know about Ogunlesi:

Emefiele sacked him
According to a knowledge source, Ogunlesi previously held the position of chairman at the African Finance Corporation, an entity focused on financing infrastructure projects in Africa, during Lamido Sanusi’s term as the governor of the Central Bank of Nigeria.

However, he was dismissed by Godwin Emefiele upon assuming office.

The source noted that Ogunlesi, although hesitant, eventually accepted the decision, preferring not to get involved in political matters and avoiding the accommodation of personal interests.

“I did say to Sanusi that Bayo would not accept any political interference in the board nor accept any personal interests being accommodated. It must be said that Lamido Sanusi did honour the assurances that he gave on governance and non-interference. Lamido Sanusi was removed as governor of CBN, and Godwin Emefiele became Central Bank Governor. I can recall discussing AFC with Emefiele,” the source said.

“Anyway, Emefiele fires Bayo as Chairman. He didn’t even have the courtesy of informing him. He replaces him not with an infrastructure expert but with Joseph Nnanna, his deputy governor and a regulator. Today, Emefiele is battling to stay out of jail. Bayo’s infrastructure company has been bought by the largest asset manager in the world,” the source added.

He is a sports lover
Ogunlesi is a passionate cricket and Tottenham Hotspur fan who makes time for them at critical moments, according to the Financial Times (FT).

According to FT, a director of Topgolf Callaway Brands said that he had become an “atrocious golfer” since knee surgery. But Kenneth Chenault, former CEO of American Express, who plays regularly with him, said this self-deprecation minimises his “competitive fire.”

He does not like publicity
Ogunlesi, a Nigerian-born financier who pioneered a $ 1 trillion sector, one of the fastest-growing segments of money management is a publicity-shy person.

Despite his prominent board positions, including the Goldman Sachs, in an interview, he was asked why he has remained so private, he said, “I don’t need to read about myself,” he said. “I know enough about myself and who I am.”

He is a family man who holds his wife in high esteem
Ogunlesi a father of two said he owes his career switch to his wife according to an interview he had with Financial Times.

Torn between a banking career and a gnawing dissatisfaction, Ogunlesi found the answer at home. His wife’s “kick in the behind,” as described in a Financial Times interview, led him to quit at 52 and embrace a new path as an investor.

“In 2005, then as a top banker at Credit Suisse, he was summoned to Omaha, Nebraska, by the energy arm of Warren Buffett’s Berkshire Hathaway to study a large takeover. It was the kind of call most financiers dream of, but Ogunlesi complained to his wife: “I really don’t want to go.”

He said his wife offered an ultimatum: “Either you decide you like your job and you want to keep doing it. Or, if you decide you don’t, go find something else. But please don’t think you can spend the next five years moaning.”

He will have his first boss after 18 years
Ogunlesi, the co-founder and CEO of GIP is set to join BlackRock’s board and global executive committee, however, in this new role, he will be working under Larry Fink, the founder and CEO of BlackRock, marking his first experience with a boss in 18 years.

However in the interview, he said Fink, a friend since both worked at First Boston, has downplayed the potential for conflict: “Larry said to me: ‘You will be on the board of directors, you will be my boss’. I think we have mutually assured destruction.”

Source: https://businessday.ng/news/article/emefiele-sacked-ogunlesi-and-4-other-things-you-didnt-know/

mynd44 Nlfpmod

That's massive

You can't eat your cake and have it. You want the international students money but you don't want them to come with their dependents. No way!!

"Tinubu is my motivation" Says Bwala


https://www.youtube.com/watch?v=QxaSIehOljk

casualobserver:
This is why I don’t keep a Naira forex account. All my forex are resided abroad in my foreign account.

It is the unreasonable ness of some of our policies. How can you backdate the charge? What of those with zero balances or those who have closed their accounts?

That's a very smart move from you. Nigeria is so unpredictable. You can wake up one morning and there is a new policy restricting you access to your funds.

Man must eat.

There is no ideology in Nigerian politics. They are all looking for their daily bread.

If FFK could lie on the Holy Spirit as the reason for his return to APC then I see no reason why Bwala can't pay a visit to the president.


“President Tinubu is my motivation. If supporting him will take me to APC, so be it” — Atiku Campaign Spokesperson, Daniel Bwala.


https://www.youtube.com/watch?v=QxaSIehOljk

This is absolute rubbish. Debiting people for transactions that occured since 2021 does not make any sense. Why can't they start the enforcement from 2024 transactions

Someone took ring light to church
All these tiktokers

One significant misrepresentation, for instance, is that while Tingo Group reported having cash and cash equivalent of $461.7 million for the fiscal year 2023, its bank accounts held less than $50 in total. The SEC also said Mmobuosi “fraudulently obtained hundreds of millions in money or property through these schemes, and that Mmobuosi has siphoned off funds for his personal benefit, including purchases of luxury cars and travel on private jets, as well as an unsuccessful attempt to acquire an English Football Club Premier League team, among other things.”

This is really mind blowing. I watched his interview some months ago about him bidding for Sheffield United.

America’s Securities and Exchange Commission (SEC) will bring charges against Dozy Mmobuosi, the CEO of Tingo Group, for fabricating financial statements and other documents of three of Tingo Group and its subsidiaries, Tingo Mobile and Tingo Foods PLC.

Dozy Mmobuosi and all three of Tingo’s subsidiaries are listed as defendants in the case with charges ranging from insider trading, lying to auditors, and failing to disclose the sale of millions of common shares for which he was the ultimate beneficial owner and internal controls violations.

The announcement of the charges comes one month after the SEC formally launched an investigation into Tingo Group. The agency also suspended trading in the shares of the self-described agritech company.

Part of the SEC’s filing said, “Mmobuosi made and caused the entities to make material misrepresentations about their business operations and financial success in press releases, periodic SEC filings.

One significant misrepresentation, for instance, is that while Tingo Group reported having cash and cash equivalent of $461.7 million for the fiscal year 2023, its bank accounts held less than $50 in total. The SEC also said Mmobuosi “fraudulently obtained hundreds of millions in money or property through these schemes, and that Mmobuosi has siphoned off funds for his personal benefit, including purchases of luxury cars and travel on private jets, as well as an unsuccessful attempt to acquire an English Football Club Premier League team, among other things.”

Tingo Group was the subject of an explosive report published by Hindenburg Group, the famous American short seller. The research firm called Tingo Group an “exceptionally obvious scam with completely fabricated financials” in June 2023.

Source: https://techcabal.com/2023/12/18/breaking-sec-charges-tingo-group-ceo-dozy-mmobuosi-with-fraud

mynd44 Nlfpmod

Great!

This is approximately N27bn. I wish government can just invest this directly into either education or health. We don't want a situation the funds gets looted just like the repatriated abacha's loots

Israel-Hamas war: Nigeria chooses Turkey for 2024 Christian pilgrimage

Source: AIT News

cc: mynd44, Nlfpmod


https://www.youtube.com/watch?v=HzzCqw-EPS4

New week, new wahala.

Last week was "empty budget". This week is COP28 delegates.

We keep getting distracted by trivia issues while the major things we should focus on are not getting media attention.

We are in December already and nobody is talking about the refineries (dangote and PH Refinery), CNG buses rollout, palliatives, Fx backlogs etc.

emmyN:
Oh shvt up! You obviously can't think, and typing at length shows your intellectual bankruptcy even more. Take some time to do some introspection, perhaps one of these days you would be able to hold respectable opinion where sane minds are having conversations.

After reading your posts, I just wanted to apologize for attempting to engage you in an intellectual discussion. Please accept my heartfelt regrets. Take care, bye!

emmyN:
Leave the boss that calls the shot and blame the servant. You talk like an invalid, and it would be safe to assume you are one. The distraction is not necessary. All you APC bots deserve the worst part in hell.

This prove you are a child. Once someone disagrees with your line of thought that person is already a paid agent of a political party. Gosh!!!!

It's high time seun start verifying new members. We can't keep having minors spilling thrash on a global platform like nairaland.

If you don't have the brainpower to think logically and independently without; political, tribal or religious coloration then stay off nairaland. TikTok or facebook is there for you.

I wish you all the best

emmyN:
You didn't answer the question. Was Emefiele Nigeria's president? You all just keep writing nonsense and diverting attention from the real culprit.

So Buhari just woke up one day and asked Emefiele to redesign the currency Who advised the president about the need to redesign the currency??

You just talk like a child. I am pretty much sure you are one of those kids littering nairaland

emmyN:
It was Emefiele that was Nigeria's president at the time?

Keep justifying rubbish

Emefiele just punished Nigerians for nothing. Law of Karma is already dealing with him


https://www.youtube.com/watch?v=3XfR6VbKjmE

FROM A BOAT, TO KEKE NAPEB THEN BIKE AS SOLUDO BECOMES THE FIRST ANAMBRA GOVERNOR TO VISIT OLUMBANASA

Governor Charles Soludo on Saturday, became the first governor to visit Olumbanasa. The Island community and its people have been suffering for decades due to the lack of government presence.

Source:

FROM A BOAT, TO KEKE NAPEB THEN BIKE AS SOLUDO BECOMES THE FIRST ANAMBRA GOVERNOR TO VISIT OLUMBANASA@CCSoludo on Saturday, became the first governor to visit Olumbanasa. The Island community and its people have been suffering for decades due to the lack of government presence. pic.twitter.com/pPHmRC3RHa

— Anambra State New Media (@AnambraNewMedia) November 26, 2023

https://www.youtube.com/watch?v=M3ImVvzHucs


cc: mynd44 Nlfpmod

Maybe she already saw this video


https://youtube.com/shorts/QXtaP_dCaBI

Female boxer withdraws from Canadian tournament after being told her rival was transgender with an HOUR'S notice, leaving her fearing for her safety

Dr. Katia Bissonnette, from Saguenay, claims she was given just an hour's notice she was being matched with transgender fighter Mya Walmsley last month.

The two had been due to face off in the 2023 Provincial Golden Glove Championship in Victoriaville, Quebec.

But Bissonnette withdrew at the last second after learning the identity of her opponent, resulting in Walmsley being declared the winner by default as they could not find anyone else to take her position in the same weight class.

'Women shouldn't have to bear the physical and psychological risks brought by a man's decisions regarding his personal life and identity,' Bissonnette told Reduxx. 'There should be two categories: biological male and female.'

She also cited a study by the University of Utah which found that men can punch 163 per cent harder than women.

Studies on the strength of transgender women suggest that hormone blockers may reduce this biological advantage slightly.

According to Boxing Canada, a trans fighter's identity should not be disclosed if a transition was undertaken before puberty to prevent discrimination.

Walmsley is originally from Australia her history is not known, Bissonnette said. She claims that Walmsley's file indicates 'zero fights as a woman' in Canada.

For her part, Walmsley has criticized Bissonnette for publicly outing her rather than approaching her directly for a resolution.

'This kind of behavior puts athletes at risk of being excluded or receiving personal attacks based on hearsay,' Walmsley said in a statement.

'I am afraid that this type of accusation could eventually be used to delegitimize athletes in the women's category, and justify arbitrary and invasive regulations.'

Source: https://www.dailymail.co.uk/news/article-12766215/Female-boxer-Canada-withdraws-trans-opponent.html

The first gas under the deal will be exported to Germany in 2026

Nigeria will supply more gas to Germany after the two countries signed a deal that will also include $500m (£399m) in renewable energy investments in the West African nation.

Nigeria’s presidency said the gas supply deal was signed at a business forum in Berlin between Riverside LNG project based in the Niger Delta and German company Johannes Schuetze Energy Import.

"The project will supply energy from Nigeria to Germany at 850,000 tonnes per annum, expanding to 1.2 million tonnes per annum," said David Ige, a partner in the Nigerian project. The first gas under the deal will be exported to Germany in 2026.

The Union Bank of Nigeria and the DWS Group also signed a deal for the German firm to invest $500m in renewable energy projects in Nigeria.

Germany is also in talks with electronics giant Siemens to help Nigeria, which experiences frequent power blackouts, to improve electricity supply, according to German state broadcaster Deutsche Welle.

German Chancellor Olaf Scholz pledged more investments in Nigeria’s critical minerals and energy sectors during talks with President Bola Tinubu in Abuja in October.

BBC News Africa

Motorist groan over the deplorable state of Nsukka – Enugu expressway. In the video trending online, motorists are forced to drive 7 feet below the ground level just to navigate through the poor road. Residents and motorists are calling the Federal government to intervene as soon as possible.


https://www.youtube.com/watch?v=w48MCd5Fq2o


cc: mynd44 Nlfpmod

Jubilation across Abia State as residents troop out to celebrate the ‘first-ever’ water fountain in the State.


https://www.youtube.com/watch?v=cwJchjvQSJI

Earlier: Face off between Nigerian Airforce and EFCC over arrest of airforce officer.


https://www.youtube.com/watch?v=ElJHYWHMBDY

The Economic and Financial Crimes Commission (EFCC) has released the seven serving military personnel linked with alleged internet-related fraud.

The suspects which include one Army personnel and six from the Nigerian Air Force were arrested by the Kaduna Zonal office of the anti-graft agency on Monday and were remanded in the custody of the commission for further investigation and possibly prosecution.

However, the matter took a new twist on Friday morning as armed soldiers from the Nigerian Air Force invaded the EFCC office at Number 4 Wurno Road in the Kaduna State capital to enforce the release of their colleagues from detention.

The soldiers who arrived at the EFCC office in five Hilux patrol vans at about 10 am, surrounded the main gate of the commission, thereby preventing the EFCC officials from going in or coming out of their offices.

The situation led to a showdown between the Air Force personnel and EFCC security operatives, who engaged themselves in a shouting match and threatened to pull the trigger against each other.

After nerves were calmed, the EFCC Zonal Head and the leader of the Air Force team, met briefly after which the suspects were released.

Reacting to the incident, the EFCC spokesman, Dele Oyewale told Channels Television in a phone call that the Commission released the suspects upon completion of an investigation and forensic profiling.

“The EFCC exercised restraint in the face of the provocation and flagrant abuse of power. The Commission continued to engage with the leadership of the Nigeria Air Force and released the officers to the NAF Provost after they had been duly profiled,” Oyewale said in another statement late Friday.

He explained that the release and handing over of the suspects to their agency was done in line with the commission’s operating procedure, adding that the suspects would still be arraigned in court at the appropriate time despite being released to their agency.

Source: https://www.channelstv.com/2023/11/17/efcc-releases-seven-naf-personnel-linked-with-internet-fraud/

mynd44 Nlfpmod

He looks so emaciated. Truly power is transient.


https://www.youtube.com/watch?v=3XfR6VbKjmE

Emefiele looking emaciated on his way to Kuje prison.



https://www.youtube.com/watch?v=3XfR6VbKjmE

Adeleke also approved the appointment of Olayinka Afolabi as the new acting chief judge of the state.

Osun State Governor, Ademola Adeleke, has suspended Adepele Ojo from office as chief judge of the state.

This was disclosed in a statement on Thursday by the spokesperson to the governor, Olawale Rasheed, saying Adeleke approved the suspension of Ojo after the resolution of the state house of assembly.

Rasheed said Adeleke also approved the appointment of Olayinka Afolabi as the new acting chief judge of the state.

“Meanwhile, following the approval of the resolution of the House by the Governor, the Deputy-Governor has been directed by the Governor to perform the swearing-in ceremony of the Acting Chief Judge of Osun State which will be held tomorrow at the Executive Lounge, Governor’s Office, Osogbo,” the statement partly read. Earlier, the National Industrial Court restrained the governor from removing him from office.

See the full statement below:

Governor Adeleke Approves Resolution of the Osun Assembly Asking Osun State Chief Judge to Step Aside

The Executive Governor of Osun State, Governor Ademola Adeleke has approved the resolution of the Osun State House of Assembly asking the Osun State Chief Judge, Adepele Ojo to step aside pending investigation of allegations of misconduct, abuse of power, corruption and disregard for rule of law against her by the House of Assembly.

In the resolution of the Osun Assembly sitting today 16th November, 2023, the House resolved that the Executive should be informed of the House resolution and that the next in order of seniority to Justice Adepele Ojo be sworn-in immediately to avoid any vacuum in the third arm of government in Osun State.

The House had earlier resolved as follows:

“Having received various petitions against the Chief Judge of Osun State bothering on gross misconducts, abuse of office, corruption and lack of respect for due process and rule of law, this Honourable House, in performance of its oversight functions and exercise of its investigative powers vested by the 1999 Constitution of Nigeria (as amended) hereby resolved as follows:

1. That the Committee on Judiciary, Public Petitions and Legal Matters investigate the petitions against the Chief Judge of Osun State, Honourable Justice Adepele Ojo, by inviting the Chief Judge and report to the House within 7 days from today.

2. That pending the outcome of the investigation, the Chief Judge of Osun State, Honourable Justice Adepele Ojo should step aside, not for any disciplinary action, but to allow for proper investigation of the allegations

3. That while she steps aside pending the investigation, the Executive Governor should immediately swear-in the next judge in order of Seniority as the Acting Chief Judge of Osun State.

4. The the Executive should immediately notify the National Judicial Council and the State Judicial Service Commission of the resolutions of this House immediately for their awareness.

5. That the Clerk of this House should forward the resolutions of this House to the Executive, the National Judicial Council and the State Judicial Service Commission

Meanwhile, following the approval of the resolution of the House by the Governor, the Deputy-Governor has been directed by the Governor to perform the swearing-in ceremony of the Acting Chief Judge of Osun State which will be held tomorrow at the Executive Lounge, Governor’s Office, Osogbo.

Signed

Mallam Olawale Rasheed,

Spokesperson to the State Governor.

Source: https://www.channelstv.com/2023/11/16/adeleke-suspends-osun-chief-judge-ojo/

"This procedure was not limited to Nigerian citizens only, but rather to citizens of other countries."

The Royal Embassy of Saudi Arabia clarified media reports about the deportation of 264 Nigerians upon entry into the Kingdom, stating that it was not targeting Nigerians.

On Monday, The Saudi Arabian government cancelled the visa of all the 264 passengers airlifted by Nigeria’s major carrier, Air Peace, on arrival at the country from Kano, insisting that they be returned to Nigeria.

However, in a statement released on Wednesday, the Saudis Embassy said, “The passengers who were denied entry, and subsequently deported to their initial destinations, didn’t fulfil the entry conditions and requirements in accordance with the applicable rules and regulations of the Kingdom, as they submitted incorrect information to obtain a category of visa that doesn’t apply to them, which was discovered upon their arrival.”

“This procedure was not limited to Nigerian citizens only, but rather to citizens of other countries.”

Similarly, The Ministry of Foreign Affairs, in a statement made available to Channels Television on Tuesday, said it was “investigating the matter to see if any consular or aviation rules have been flouted.”

Special Adviser on Media and Communications Strategy to the Minister of Foreign Affairs, Yusuf Tuggar, said the ministry will ensure such actions that impact the welfare of Nigerian citizens are mitigated in the future in line with what was described as the Four Ds strategy of President Bola Ahmed Tinubu.

The Royal Saudi Embassy also issued cautionary measures for applicants wishing to visit the Arabian Peninsula.

“The Royal Embassy would like to stress the importance of following the procedures and laws enacted by the Kingdom of Saudi Arabia for all visitors,” it also read.

“Furthermore, all passengers should review all the documents to determine their conformity with the conditions before departing from their countries to the Kingdom.”

Source: https://www.channelstv.com/2023/11/15/deported-nigerians-submitted-incorrect-information-saudi-embassy-addresses-cancelled-visas/

It's a sad situation.

20yrs - N30million

That's: N1.5million savings annually, N125k monthly ($125 dollars monthly).

The minister is quite professional in his response. It would have been a "gba gbos" situation in the past.