I Created 25 Nigerian billionaires - Obasanjo

Chief Olusegun Obasanjo has said that Africa’s richest woman, Mrs Folorunsho Alakija was one of the 25 people he made billionaires. Vanguard reports that the former president made this revelation on Saturday, October 29 2016 at the Tony Elumelu Foundation Entrepreneurship Forum.


Alakija had accused Obasanjo at the same event of illegally taking an oil block allocated to her company after her family had invested its entire savings to strike oil in commercial quantity. She said:

  “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.”

Obasanjo in his response said what his administration did was in line with the Mining Act, which regulates oil prospection and exploration.

 “For you to come here and say that, for no cause whatsoever, you were denied what was rightfully yours, is not fair.

 “I do not know you from Adam and there is no reason I would have denied you what rightfully belonged to you.

“So, you have struggled, and you have struck oil. God bless your heart.

“My delight is to be able to create Nigerian billionaire and I always say it that my aim, when I was in government was to create 50 Nigerian billionaires.

“Unfortunately I failed. I created only 25 and Madam, you are one of them.”

Obasanjo applauded Elumelu for building young entrepreneurs in Africa and urged the federal government to create conducive environment for people to move businesses into the country.

Naija. Com