October 30, 2016

I made you a billionaire, Obasanjo fires back at Africa’s richest woman, Folorunsho Alakija


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.

According to Vanguard, 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.She alleged 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. .

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