₦airaland Forum

Abiola was one of the wealthiest men in Africa when he was alive. By the late 1980s, he was recognized as the richest man in Nigeria - a notion he constantly denied, but he agreed that he was the biggest philanthropist in Africa.

His wealth wasn't only accrued from his involvement in the Nigerian oil sector as a magnate but from a varied number of investments and businesses that included aviation, farming, printing, publishing, communication and well as banking.

While he was alive, he had in his business empire Abiola Farms, Abiola Bookshops, Radio Communications Nigeria, Wonder Bakeries, Concord Press, Banuso Fisheries, Concord Airlines, Summit Oil International Ltd, Africa Ocean Lines, Habib Bank, Decca W.A. Ltd, and Abiola Football Club.

In the 1980s, Abiola’s firms and companies employed over 5,000 people in Nigeria and all over the West African subregion.

Unconfirmed reports estimated Abiola’s net worth to be over $1 billion before death.

This was arrived at by valuing his major and flourishing businesses which were said to be at over $1 billion in assets.

Abiola was a jolly good fellow and he lived to the fullest. Long before a report that he was one of the richest Africans, Abiola had been flying private jets with several luxurious properties scattered across Nigeria, United Kingdom and the United States of America.

The children of the late Chief M.K.O Abiola have publicly aired their dissociation from an alleged fraudulent actions being done by two of their siblings.

They should name names,
So we can help them to sort their family problems.

This is why it's very important to prepare a will.

Especially if you have a large family.

Most times, these children will fight to death, and destroy every legacy that their fathers had spent his whole life to create.

ok

Ile olorogun, Ile Ijogbon

You will think these people will learn a thing or two but no. They will rather accumulate more

Issues loud

These are some of the dangers of polygamy. Discord and disunity. I hope they find a resolution for the sake of their father's memory.

Kola was a failure, couldn't handle his father wealth and properties.

Polygamy does not seem to make sense at all.

It’s certainly a very big shame that the family is in complete disarray. The late Chief Abiola seemed to over indulged himself with women affairs. He was a very good man.

Chief Abiola’s death brought up Kola as the head of the family, while his other siblings from other wives were far younger than him age wise. If Summit oil was mismanaged, we would not be seeing the contract agreements signed with Halliburton and the other foreign companies today. A mismanaged company in most cases fails to exist anymore.

One of his prized possessions was Berec batteries in Isolo. That factory is directly by the Iyana Isolo flyover and appears abandoned completely. The man amassed so much wealth in his time and his wealth has brought his family into this unending feud.

Summit oil was established in the 80s, I believe. They got their oil license and MKO purchased equipment publicly quoted as at 1994 to be valued at 110m dollars. The events of June 12 led Abacha to try to shut down the company, he attacked all Abiola’s known business interests.

It was in the public spaces that his late first wife advised him not to get into politics. Upon her death and with support of Kudirat, his second wife, he ventured into what eventually cost him his life.

For the children of the late Kudirat, they probably are so angry that they are not getting attention from Kola, Deji, Lola, etc and are deeply aggrieved. Their mum was very wealthy and was touted to own that building that housed Mr. Biggs on Allen avenue.

It is good to note that the company is very alive and thriving. Hopefully they can resolve the matter and move ahead.

End time MKO Abiola kids

Dapagun:
https://www.instagram.com/p/C_0WiN0CAqk/

CHILDREN THAT CAUSETH SHAME..THE ONLY GIFT HE SHOULD HAVE GIVEN HIS CHILDREN IS A GOOD EDUCATION...IF I WERE ABIOLA MY ESTATE WILL BE Headed by a trust and it will take care of my children only for their education paid directly to their schools and if I am going to add extra it's an apartment after that shishi them no go see. U father left billions u reduced his wealth...lazy children.

Noted.

Dapagun:
https://www.instagram.com/p/C_0WiN0CAqk/

IG should sue them too cuz no coup in Nigeria that time that their father's did not finance.

Anaskie:
This is why it's very important to prepare a will.

Especially if you have a large family.

Most times, these children will fight to death, and destroy every legacy that their fathers had spent his whole life to create.

Will doesn't solve the problem

Wills can be challenged as being fraudulent in Nigeria

Abiola was the richest black man and business man in Africa back then


quote author= post=131970257]Abiola was one of the wealthiest men in Africa when he was alive. By the late 1980s, he was recognized as the richest man in Nigeria - a notion he constantly denied, but he agreed that he was the biggest philanthropist in Africa.

His wealth wasn't only accrued from his involvement in the Nigerian oil sector as a magnate but from a varied number of investments and businesses that included aviation, farming, printing, publishing, communication and well as banking.

While he was alive, he had in his business empire Abiola Farms, Abiola Bookshops, Radio Communications Nigeria, Wonder Bakeries, Concord Press, Banuso Fisheries, Concord Airlines, Summit Oil International Ltd, Africa Ocean Lines, Habib Bank, Decca W.A. Ltd, and Abiola Football Club.

In the 1980s, Abiola’s firms and companies employed over 5,000 people in Nigeria and all over the West African subregion.

Unconfirmed reports estimated Abiola’s net worth to be over $1 billion before death.

This was arrived at by valuing his major and flourishing businesses which were said to be at over $1 billion in assets.

Abiola was a jolly good fellow and he lived to the fullest. Long before a report that he was one of the richest Africans, Abiola had been flying private jets with several luxurious properties scattered across Nigeria, United Kingdom and the United States of America.[/quote]

So sad this ones are just squandering and diverting the wealth of their late father

I believe d igp has better things to do

How much d man get sef ?

yewit37486:
These are some of the dangers of polygamy. Discord and disunity. I hope they find a resolution for the sake of their father's memory.

Add witchcraft, sorcery, charms, voodoo etc to it as well

Sad.

What is the best inheritance to give a child

CHARACTER.

Character will guide them through rough timesand good times, good places and bad places.

EDUCATION.

Education is more powerul than money in the long run.

Jackie Chan's Son Will Get None Of His $130 Million Fortune, he said "If he is capable, he can make his own money. If he is not, then he will just be wasting my money."

This post has nothing to do with MKO and his wives. I am just writing it when I read the story as every parent thinks about this.

Dapagun:
https://www.instagram.com/p/C_0WiN0CAqk/

Wetin concern Kola with petition? guy man has decided to be useless a long time ago

Our Oyel!

Dapagun:
https://www.instagram.com/p/C_0WiN0CAqk/

Siblings war is deeper than Kiriji war.

Anaskie:
This is why it's very important to prepare a will.

Especially if you have a large family.

Most times, these children will fight to death, and destroy every legacy that their fathers had spent his whole life to create.

He had a will where his four wives and all children (within and outside marriage) were accommodated. His will was made public.

[quote author= post=131970264]They should name names,
So we can help them to sort their family problems.[/quote]You saw their names in the petition: the children he had with his first wife Simbiat.

F117nighthawk:
Abiola was the richest black man and business man in Africa back then


quote author= post=131970257]Abiola was one of the wealthiest men in Africa when he was alive. By the late 1980s, he was recognized as the richest man in Nigeria - a notion he constantly denied, but he agreed that he was the biggest philanthropist in Africa.

His wealth wasn't only accrued from his involvement in the Nigerian oil sector as a magnate but from a varied number of investments and businesses that included aviation, farming, printing, publishing, communication and well as banking.

While he was alive, he had in his business empire Abiola Farms, Abiola Bookshops, Radio Communications Nigeria, Wonder Bakeries, Concord Press, Banuso Fisheries, Concord Airlines, Summit Oil International Ltd, Africa Ocean Lines, Habib Bank, Decca W.A. Ltd, and Abiola Football Club.

In the 1980s, Abiola’s firms and companies employed over 5,000 people in Nigeria and all over the West African subregion.

Unconfirmed reports estimated Abiola’s net worth to be over $1 billion before death.

This was arrived at by valuing his major and flourishing businesses which were said to be at over $1 billion in assets.

Abiola was a jolly good fellow and he lived to the fullest. Long before a report that he was one of the richest Africans, Abiola had been flying private jets with several luxurious properties scattered across Nigeria, United Kingdom and the United States of America.

African Ocean was a joint venture between Abiola, Shehu Yaradua and Raymond Dokpesi. They purchased two vessels and left the management in care of Raymond Dokpesi, as the story went then. Dokpesi then resided on Marine road, Apapa, which served also as part of their office. The business packed up and all friends went their respective ways. Politics came up with Abiola and Yaradua finding themselves in SDP in 1993. The rest became history, with Dokpesi kicking off Raypower FM in 1994, after Abiola’s detention by Abacha.

[quote author= post=131970257]Abiola was one of the wealthiest men in Africa when he was alive. By the late 1980s, he was recognized as the richest man in Nigeria - a notion he constantly denied, but he agreed that he was the biggest philanthropist in Africa.

His wealth wasn't only accrued from his involvement in the Nigerian oil sector as a magnate but from a varied number of investments and businesses that included aviation, farming, printing, publishing, communication and well as banking.

While he was alive, he had in his business empire Abiola Farms, Abiola Bookshops, Radio Communications Nigeria, Wonder Bakeries, Concord Press, Banuso Fisheries, Concord Airlines, Summit Oil International Ltd, Africa Ocean Lines, Habib Bank, Decca W.A. Ltd, and Abiola Football Club.

In the 1980s, Abiola’s firms and companies employed over 5,000 people in Nigeria and all over the West African subregion.

Unconfirmed reports estimated Abiola’s net worth to be over $1 billion before death.

This was arrived at by valuing his major and flourishing businesses which were said to be at over $1 billion in assets.

Abiola was a jolly good fellow and he lived to the fullest. Long before a report that he was one of the richest Africans, Abiola had been flying private jets with several luxurious properties scattered across Nigeria, United Kingdom and the United States of America.[/quote]We overhype people. Abiola could never have been worth $1b. 1) most of his businesses failed, 2) he was a govt contractor, that was his main source of income, he channeled his money into other businesses almost all of which failed. 3) he was jailed in 1992, at that time the GDP of Nigeria was $52b. He was Vice President for Africa for ITT and that was the springboard for his wealth. Even the ITT global group itself of which ITT Nigeria would have been a minor part of their global operations was only worth $2b in 1992. Thouh he left ITTin 1988, his oga at the top in America was only paid $11m a year in 1990 so how much could he have possibly made from ITT in terms of salary and stocks? Note from the article that as at the time MKO left in 1988, his oga earned less than $5.5m a year.

Abiola was a multi millionaire no doubt but he was never a billionaire. Not even close!

Most of those businesses you mention were unprofitable and were simply established with his gains from his govt contracts. What was the source of his major contracts? Telecoms….how much did we spend on telecoms in the history of Net/Nitel from 1970-1992? The entire annual budget of the whole country in that period averaged around $5-6 billion! The entire ITT contract that made Abiola his money was $150m later increased to $250m and it lasted decades so it was 1 contract. Of that, even if it was inflated by 100% after sharing with his Army and NPN buddies, what share was left for him considering he owned 40% of ITT Nigeria? Dont forget also a lot of that money he used to finance the election of Shagari just like PDP used Dasuki to finance elections. Abiola has not shown in any of his buinesses the ability to grow a business devoid of govt contracts, so i doubt even if he made $100m from the deal he was able to grow it to $1b.

I don’t think people understand what it meant to be a billionaire in the 80s which was Abiola’s peak. There were only a few in the whole world! In 1980 there were only 13. In 1990 only 66.

His jet 5N-AMY and pictured below, for instance was a small jet and it was 13 yrs old when he bought it and probably did not cost him more than $1m and I am being generous. Do you see a billionaire today buying a used small jet? Note a billion today is nothing compared to a billion in Abiola’s time.

Today people who have small money you call them billionaires when they aren't, ask anyone who was alive in those days nobody, even with hype, mentioned Abiola and billionaire in the same sentence. Billionaires in those days were the likes of Aristotle Onasis, Sultan of brunei, Kinf Fahd of Saudi and Howard Hughes.....Abiola was not in their league. He was wealthy, he was flamboyant, but billionaire no! He was a contractor, a deal maker not a business man in the true sense of the word, hence despite using proceeds from his role as a govt contractor to establis many businesses, you cannot point to a single Abiola business that endured. His only path to probable billionaire status was his oil block but he didn’t live to see it produce as it was blocked for close to 2 decades due to politics. Abiola was a flamboyant and very generous man he spent as generously and flamboyantly as he earned giving the impression he was richer than he really was.