FORMER president Chief Olusegun Obasanjo has revealed that he was behind the making of Africa's richest woman Mrs Folorunsho Alakija one of the wealthiest women in the world as part of his regime's economic drive that created 25 billionaires in Nigeria.
Famfa Oil chairman, Mrs Alakija is rated by Forbes Magazine as the 1,121st richest woman in the world with her wealth put at $1.6bn. Speaking yesterday at the 2016 Tony Elumelu Foundation Entrepreneurship Forum, Chief Obasanjo was reacting to an allegation by Mrs Alakija that his administration frustrated her efforts when she ventured into oil business.
Mrs Alakija, who spoke before Chief Obasanjo, alleged that his administration illegally took an oil block allocated to her company after her family had invested all its savings to strike oil in commercial quantity. She added that the oil block was in 5000 feet of deep 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% out of our 60% 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,” Mrs Alakija said.
She used her experiences to charge the 2000 budding entrepreneurs at the event to be dogged, determined and not to give up in the face of challenges. When Chief Obasanjo replied, he seized the opportunity to reply to the allegation by Mrs Alakija.
Chief Obasanjo said: “There is a saying in my part of the world that when a proverb touches you and you failed to reply, then you are a coward. 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."
He explained that the action of the government then was in line with the Mining Act, which regulates oil prospection and exploration. Chief Obasanjo hailed the vision of Tony Elumelu for helping to build African young entrepreneurs with his resources.
"My delight is to be able to create Nigerian billionaire and I always said 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,” Chief Obasanjo added.
He also urged the government to create conducive environment for people to move businesses into the country. In addition, the former president urged government to relax its visa policy and company registration process to encourage investors.
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