You’ve done well for yourself. Were you born
with a silver spoon?
with a silver spoon?
I must tell you that it’s far from it. My father is a
bricklayer, with seven wives as of the time I counted last and well over 40
children. And my mother, leading the team, has six children. We are from
Igbotako in Ondo State. There was no way we would have been born with silver
spoon in our mouths. Development at a young age was very terrible; terrible in
the sense that all the children assembled and ate together, at least from their
mother’s side. You put the food at the centre of the table, everybody ate, and
the most interesting aspect of it was when we were going to share the fish or
meat. The eldest had to pick the meat, cut it with his teeth, suck the juice
out of it and pass it to the next person. That person will cut it until it gets
to the last person.
bricklayer, with seven wives as of the time I counted last and well over 40
children. And my mother, leading the team, has six children. We are from
Igbotako in Ondo State. There was no way we would have been born with silver
spoon in our mouths. Development at a young age was very terrible; terrible in
the sense that all the children assembled and ate together, at least from their
mother’s side. You put the food at the centre of the table, everybody ate, and
the most interesting aspect of it was when we were going to share the fish or
meat. The eldest had to pick the meat, cut it with his teeth, suck the juice
out of it and pass it to the next person. That person will cut it until it gets
to the last person.
The last person might get something as little as an ant and
that was how it was being shared. It was a very horrible life. When we wanted
to sleep at night, we had to sleep across so that a mat could take seven
people. A lot of things you’ll learn from that. You may not likely misbehave
when you get to this level because you’ll keep remembering the yesterday and
you know how everything started. If you have the opportunity to ride a car, you
will ride the car very well.
What was your childhood dream?
I was very stubborn about success; I was very determined. I was
stubbornly determined that I must succeed. And there is a saying that there is
a circular flow of poverty and you have to break it. I was strongly determined
that I must break this cycle of poverty.
stubbornly determined that I must succeed. And there is a saying that there is
a circular flow of poverty and you have to break it. I was strongly determined
that I must break this cycle of poverty.
Was there any age target you set for yourself to attain success?
I didn’t have any doubt; nothing came to me as a surprise. You
need to see how determined I was when I was in the village. My father is a
bricklayer and I learnt bricklaying from him. I used to take up contracts to
build kitchens, even in my secondary school days. I had enough money to pay for
my General Certificate Examination without anybody’s assistance. You had to
take the GCE in class four before the West Africa School Certificate and I made
some credits before sitting for WASC, and WASC was just a walkover for some of
us. Beyond that, we used to go to a cocoa farmer and assist him to cut cocoa
puddings in the morning before going for classes.
need to see how determined I was when I was in the village. My father is a
bricklayer and I learnt bricklaying from him. I used to take up contracts to
build kitchens, even in my secondary school days. I had enough money to pay for
my General Certificate Examination without anybody’s assistance. You had to
take the GCE in class four before the West Africa School Certificate and I made
some credits before sitting for WASC, and WASC was just a walkover for some of
us. Beyond that, we used to go to a cocoa farmer and assist him to cut cocoa
puddings in the morning before going for classes.
Is it true that you started business when you were at the
University of Ife as a student?
University of Ife as a student?
I started when I was in the secondary school. When I was in Ife,
I expanded. I already started Inter-Faculty Law Journal. I started having
conferences for judges as a student of the university. I started having a
published journal where lecturers published their articles. While I was at Ife,
I bought my first car — Volkswagen Beetle — for N7, 600. When I did a seminar
on local government laws, for instance, people participated. When we got money
from there, we floated the journal and people brought articles for publication
and we also sold it. We printed four volumes. People like Justice Teslim Elias
of blessed memory had an article published in the first edition of my journal,
when I was in part three as a law student.
I expanded. I already started Inter-Faculty Law Journal. I started having
conferences for judges as a student of the university. I started having a
published journal where lecturers published their articles. While I was at Ife,
I bought my first car — Volkswagen Beetle — for N7, 600. When I did a seminar
on local government laws, for instance, people participated. When we got money
from there, we floated the journal and people brought articles for publication
and we also sold it. We printed four volumes. People like Justice Teslim Elias
of blessed memory had an article published in the first edition of my journal,
when I was in part three as a law student.
When did you make your first million?
The first one million — physical cash — came in after I had
graduated; it was during my service year around 1991/1992. I left Ife in 1990
and I was called to the bar in 1991. 1992 was my service year and I was already
in millions. I had already made between four and six million naira. It was in
my service year that I built my house in the village (Igbotako); it was in my
service year that I built four houses in Egbe in Lagos; it was in my service
year I started the four-storey building in Idimu, which I completed. I was
conducting seminars on public service because when I went to the library, I
found out that I could see the State and Federal Government laws but I couldn’t
find the local government laws. So, I organised the first national workshop on
local government laws and I invited all officers in the local governments. We
have about 744 local governments and we asked for four officials from each of
the local governments and we charged N5,000 per participant. If eventually we
had about 800 people who participated, that gave us about N4m. If we used about
N2m to do the seminar, we still have a profit of N2m. In that very year, we had
about 16 local government seminars.
graduated; it was during my service year around 1991/1992. I left Ife in 1990
and I was called to the bar in 1991. 1992 was my service year and I was already
in millions. I had already made between four and six million naira. It was in
my service year that I built my house in the village (Igbotako); it was in my
service year that I built four houses in Egbe in Lagos; it was in my service
year I started the four-storey building in Idimu, which I completed. I was
conducting seminars on public service because when I went to the library, I
found out that I could see the State and Federal Government laws but I couldn’t
find the local government laws. So, I organised the first national workshop on
local government laws and I invited all officers in the local governments. We
have about 744 local governments and we asked for four officials from each of
the local governments and we charged N5,000 per participant. If eventually we
had about 800 people who participated, that gave us about N4m. If we used about
N2m to do the seminar, we still have a profit of N2m. In that very year, we had
about 16 local government seminars.
Did you ever work for government at any level?
Not really except that when we were running a seminar at a time,
I did a proposal to government on the collection of taxes in the oil industry
because we saw that we needed to do a seminar on tax compliance and we were
appointed as a consultant. It was a consultancy thing and we raked in a lot of
money for government at that time. We did that very successfully. While I was
doing that, a friend of mine was appointed military administrator of Bayelsa
State — Navy Capt. Oladipo Ayeni — who also invited me to be his Special
Adviser but regrettably, the government lasted less than 90 days. He was sick
after about 45 days in office. Before then, I had already left because I had to
continue with the oil tax consultation. So, my staying there was less than 45
days. A lecturer from Ife was already appointed to be my successor in office.
I did a proposal to government on the collection of taxes in the oil industry
because we saw that we needed to do a seminar on tax compliance and we were
appointed as a consultant. It was a consultancy thing and we raked in a lot of
money for government at that time. We did that very successfully. While I was
doing that, a friend of mine was appointed military administrator of Bayelsa
State — Navy Capt. Oladipo Ayeni — who also invited me to be his Special
Adviser but regrettably, the government lasted less than 90 days. He was sick
after about 45 days in office. Before then, I had already left because I had to
continue with the oil tax consultation. So, my staying there was less than 45
days. A lecturer from Ife was already appointed to be my successor in office.
President Umaru Yar’Adua appointed me as Chairman of Corporate
Affairs Commission again on a part-time basis. I also consulted for the
International Monetary Fund on tax reforms in Croatia and Lithuania when I was
in Harvard as a tax student in 1989.
Affairs Commission again on a part-time basis. I also consulted for the
International Monetary Fund on tax reforms in Croatia and Lithuania when I was
in Harvard as a tax student in 1989.
With your knowledge of the workings of business, did you ever
think that you needed to be in Harvard?
think that you needed to be in Harvard?
But for the grace of God and Harvard, I would not have been
successful. When I finished the tax job, I went to a world conference on tax in
New York and from there I said, “Yes I got this consultancy job but I need to
improve myself on taxation.” And because I had advocated in my thesis in
Harvard that the Federal Government should convert the Federal Inland Revenue
Service into a full-fledged ministry and appoint a minister of revenue and that
was well received. It was in Harvard that I knew about case studies and I can
tell you without mincing words that a lot of our businesses have been built on
case studies.
successful. When I finished the tax job, I went to a world conference on tax in
New York and from there I said, “Yes I got this consultancy job but I need to
improve myself on taxation.” And because I had advocated in my thesis in
Harvard that the Federal Government should convert the Federal Inland Revenue
Service into a full-fledged ministry and appoint a minister of revenue and that
was well received. It was in Harvard that I knew about case studies and I can
tell you without mincing words that a lot of our businesses have been built on
case studies.
Many have described you as “Mr. Turnaround” but your critics
have argued that some of your businesses are not doing well. How do you draw
the line between the two?
have argued that some of your businesses are not doing well. How do you draw
the line between the two?
In business, I don’t look at critics. Regrettably — I must apologise
— I don’t consider critics at all. That is not the reason why I went into
business. If you are not controversial, you will not be successful. Give me 10
people that are not controversial and let me see whether they are successful or
not. The more controversial you are, the more you are likely to be successful.
Coming to turnaround, which is the first leg of the question, it is not in
doubt that we’ve been involved in many turnarounds in this country. I got a
letter from the London School of Economics asking me to allow some students to
understudy some of my turnarounds. When we took over NICON Insurance, it was in
N26bn pension fund debt. As I am talking today, the pension we owe is less than
N6bn. How did we do the magic in four years? That is about turnaround. Take the
hotel in Abuja (Le Meridien Hotel): There was a government circular when we
took over the hotel that no government function should hold there and no
government official should go to that hotel because big reptiles were there. We
had to consult a biological garden, which brought snake powder to the car park
at night, and when the snakes inhaled this powder, they came out of their
hiding, became powerless and they were captured and taken away.
— I don’t consider critics at all. That is not the reason why I went into
business. If you are not controversial, you will not be successful. Give me 10
people that are not controversial and let me see whether they are successful or
not. The more controversial you are, the more you are likely to be successful.
Coming to turnaround, which is the first leg of the question, it is not in
doubt that we’ve been involved in many turnarounds in this country. I got a
letter from the London School of Economics asking me to allow some students to
understudy some of my turnarounds. When we took over NICON Insurance, it was in
N26bn pension fund debt. As I am talking today, the pension we owe is less than
N6bn. How did we do the magic in four years? That is about turnaround. Take the
hotel in Abuja (Le Meridien Hotel): There was a government circular when we
took over the hotel that no government function should hold there and no
government official should go to that hotel because big reptiles were there. We
had to consult a biological garden, which brought snake powder to the car park
at night, and when the snakes inhaled this powder, they came out of their
hiding, became powerless and they were captured and taken away.
Today, presidents, senators, governors go there to have their
meetings. Now come to the media industry. Is this the National Mirror (raising
a copy of the paper) you saw five years ago? Is that not a turnaround?
Newswatch has been in existence for 28 years; nobody ever thought of having a
newspaper out of it. Today, it comes out daily. Is that not a good turnaround?
meetings. Now come to the media industry. Is this the National Mirror (raising
a copy of the paper) you saw five years ago? Is that not a turnaround?
Newswatch has been in existence for 28 years; nobody ever thought of having a
newspaper out of it. Today, it comes out daily. Is that not a good turnaround?
Take Air Nigeria. We bought Air Nigeria from Richard Branson.
The company owed about $300m in debt; we bought it with two aircraft, one was
flying while the other had been at an airport for six months. We moved it to 13
aircraft. What kind of turnaround do you expect apart from that? When you turn
around a company, it does not mean the company will continue to be in existence
for ever. You can turn around and sell. To say that critics will not criticise
you when you’re acquiring companies and turning them around, I think it will be
the least expected.
The company owed about $300m in debt; we bought it with two aircraft, one was
flying while the other had been at an airport for six months. We moved it to 13
aircraft. What kind of turnaround do you expect apart from that? When you turn
around a company, it does not mean the company will continue to be in existence
for ever. You can turn around and sell. To say that critics will not criticise
you when you’re acquiring companies and turning them around, I think it will be
the least expected.
But Air Nigeria was not sold. What about the issue raised by the
Senate bordering on diversion of intervention funds meant for the airline? Some
senior managers in the airline also raised the alarm over illegal deductions.
Senate bordering on diversion of intervention funds meant for the airline? Some
senior managers in the airline also raised the alarm over illegal deductions.
Do you think the country’s security system is so mad that
somebody will carry intervention funds and will still running round the
streets? The issue is that Air Nigeria collected N35bn from the intervention
fund to be used to wipe off the existing debt of Air Nigeria. That same day,
the loan was used by the bank to wipe off the debt. In order words, nobody
disbursed one naira to me. Are you saying that we don’t have a central bank in
Nigeria which will see movement of the money and will not confirm to the
appropriate investigating authorities whether the money was diverted? The truth
of the matter is that no one naira was diverted and that was why we are moving
freely on the streets.
somebody will carry intervention funds and will still running round the
streets? The issue is that Air Nigeria collected N35bn from the intervention
fund to be used to wipe off the existing debt of Air Nigeria. That same day,
the loan was used by the bank to wipe off the debt. In order words, nobody
disbursed one naira to me. Are you saying that we don’t have a central bank in
Nigeria which will see movement of the money and will not confirm to the
appropriate investigating authorities whether the money was diverted? The truth
of the matter is that no one naira was diverted and that was why we are moving
freely on the streets.
So, what is the Senate saying?
I am not in the Senate. The Senate didn’t mention my name, so I
have no reasons to attack the Senate. What the Senate said was that the
intervention fund that was given to Air Nigeria by United Bank for Africa
should be recovered from Air Nigeria through UBA. So, what is my business about
that? I am neither UBA nor Air Nigeria; I am Jimoh Ibrahim. When you granted
the N35bn as an intervention fund, you gave an instruction that the fund should
not be disbursed in cash to the customer; it should be used to clear the
existing debt. What is the offence of UBA then? The UBA knew that there was
N35bn debt, UBA applied to Central Bank of Nigeria and Bank of Industry to
collect N35bn to wipe off the debt. The debt was not created by Jimoh Ibrahim;
it was created during the days of Richard Branson. Why are you now calling on
Jimoh Ibrahim; what has he got to do with it? I published a letter in which UBA
said the fund was not diverted and that it was used to pay the existing loan of
Air Nigeria which was the purpose for which it was created.
have no reasons to attack the Senate. What the Senate said was that the
intervention fund that was given to Air Nigeria by United Bank for Africa
should be recovered from Air Nigeria through UBA. So, what is my business about
that? I am neither UBA nor Air Nigeria; I am Jimoh Ibrahim. When you granted
the N35bn as an intervention fund, you gave an instruction that the fund should
not be disbursed in cash to the customer; it should be used to clear the
existing debt. What is the offence of UBA then? The UBA knew that there was
N35bn debt, UBA applied to Central Bank of Nigeria and Bank of Industry to
collect N35bn to wipe off the debt. The debt was not created by Jimoh Ibrahim;
it was created during the days of Richard Branson. Why are you now calling on
Jimoh Ibrahim; what has he got to do with it? I published a letter in which UBA
said the fund was not diverted and that it was used to pay the existing loan of
Air Nigeria which was the purpose for which it was created.
In the said advertorial, you inferred that some people wanted to
create a merger of Air Nigeria and some other airlines and you threatened that
you will not be part of it. Who are these people?
create a merger of Air Nigeria and some other airlines and you threatened that
you will not be part of it. Who are these people?
The government is the people.
Did government tell you that?
They confessed to Nigerians that they wanted to have a national
airline and they wanted the airlines to merge. I don’t have problems with
government having a policy to merge airlines; it’s a fantastic policy. But it
is not a compulsory or compelling policy; you cannot say everybody must
compulsorily go in there.
airline and they wanted the airlines to merge. I don’t have problems with
government having a policy to merge airlines; it’s a fantastic policy. But it
is not a compulsory or compelling policy; you cannot say everybody must
compulsorily go in there.
What is the future of Air Nigeria today?
The future of Air Nigeria is that it will fly. When we shut
down, we said we shut down for one year. We are just in the fifth month; it’s
not too long; we shut down on September 16, 2012. We still have about seven
months into the one-year promise. Within the one year, Air Nigeria will fly
again. It may fly as a merged company; if that happens, Jimoh Ibrahim will not
be part of that arrangement. That means Jimoh must have disinvested. If that
does not happen and it flies solo, that means Jimoh Ibrahim had been allowed to
fly solo without being any part of any merger.
down, we said we shut down for one year. We are just in the fifth month; it’s
not too long; we shut down on September 16, 2012. We still have about seven
months into the one-year promise. Within the one year, Air Nigeria will fly
again. It may fly as a merged company; if that happens, Jimoh Ibrahim will not
be part of that arrangement. That means Jimoh must have disinvested. If that
does not happen and it flies solo, that means Jimoh Ibrahim had been allowed to
fly solo without being any part of any merger.
Some of your staff allege that deductions were made from their
salaries supposedly to be saved in their accounts with the organisation’s
cooperative society but the funds were not remitted. What is the situation now?
salaries supposedly to be saved in their accounts with the organisation’s
cooperative society but the funds were not remitted. What is the situation now?
That is not an issue. I am not the management of Air Nigeria and
I think they went to court on the issue you’re talking about. What happened to
their case? It was thrown out. If you have your money in the cooperative
society, am I part of the cooperative society? Why should that become a Jimoh
Ibrahim issue? The accountant whose duty was to deduct money was a member of
the society. Why was he not deducting it? If he deducted it, why did he keep
it? I run 16 companies. How will I know the cooperative society of every
company, what they do and how they do it? A cooperative society is working
outside the corporation. We have only 49 per cent of the shares of that
airline, we still have 51 per cent belonging to other people who are not Jimoh
Ibrahim and you are not mentioning their names.
I think they went to court on the issue you’re talking about. What happened to
their case? It was thrown out. If you have your money in the cooperative
society, am I part of the cooperative society? Why should that become a Jimoh
Ibrahim issue? The accountant whose duty was to deduct money was a member of
the society. Why was he not deducting it? If he deducted it, why did he keep
it? I run 16 companies. How will I know the cooperative society of every
company, what they do and how they do it? A cooperative society is working
outside the corporation. We have only 49 per cent of the shares of that
airline, we still have 51 per cent belonging to other people who are not Jimoh
Ibrahim and you are not mentioning their names.
Some directors of Newswatch have alleged that, as a lawyer, you
took over the company by deceit, using your legal skill. They accused you of
taking unilateral decisions because you hold 51 per cent stake of the
organisation. What is your response to the allegation?
took over the company by deceit, using your legal skill. They accused you of
taking unilateral decisions because you hold 51 per cent stake of the
organisation. What is your response to the allegation?
I won’t be able to talk about Newswatch issue, regrettably,
because it’s in court. And as a lawyer, I respect the judiciary. But two
significant events have happened which will probably give you an answer. One,
some people have gone to court to ask for an interim order to restrict the
paper from publishing; they lost. The second stage of that was an interlocutory
injunction; the court said no and they lost. The last stage is the perpetual
order. I only made these comments fair enough because the court had given
rulings on those orders. When the court finishes with the final judgment, I can
make comments on the position of the court.
because it’s in court. And as a lawyer, I respect the judiciary. But two
significant events have happened which will probably give you an answer. One,
some people have gone to court to ask for an interim order to restrict the
paper from publishing; they lost. The second stage of that was an interlocutory
injunction; the court said no and they lost. The last stage is the perpetual
order. I only made these comments fair enough because the court had given
rulings on those orders. When the court finishes with the final judgment, I can
make comments on the position of the court.
You won the bid for African Petroleum and due to an issue you
pulled out about 170 filling stations from the company. However, the filling
stations are no more dispensing fuel. What is the problem?
pulled out about 170 filling stations from the company. However, the filling
stations are no more dispensing fuel. What is the problem?
It is a business strategy. One, you talked about AP; it is not
every bid you win. I blame no one if we have paid for AP and the handing over
was not done, that was okay. But we are the owners of the 170 stations you
talked about. We pulled them out of AP, meaning that we wanted to have our
brand. It got to a stage that we had to introduce our brand to the market. We
branded them Energy and the next issue was supply. Supply was coming from AP,
later we got our supply from ENI oil company because its petroleum products
were deregulated.
every bid you win. I blame no one if we have paid for AP and the handing over
was not done, that was okay. But we are the owners of the 170 stations you
talked about. We pulled them out of AP, meaning that we wanted to have our
brand. It got to a stage that we had to introduce our brand to the market. We
branded them Energy and the next issue was supply. Supply was coming from AP,
later we got our supply from ENI oil company because its petroleum products
were deregulated.
I’ll tell you about an interesting scenario. If we were
desperately supplying products to those stations by all means, we’d be a member
of the cabal; that would be the headline of newspapers. We have developed a
business concept whereby we go into retailing; all the 210 stations will go to
dealers. This goes with our vision of creating employment. We had 960 people
that bid for 210 and virtually about 600 of them were qualified. We’re selecting
just 210 out of the 600.
desperately supplying products to those stations by all means, we’d be a member
of the cabal; that would be the headline of newspapers. We have developed a
business concept whereby we go into retailing; all the 210 stations will go to
dealers. This goes with our vision of creating employment. We had 960 people
that bid for 210 and virtually about 600 of them were qualified. We’re selecting
just 210 out of the 600.
Under the terms of the licensee, they will run the stations, get
fuels in them, maintain the brand, employ their people and make their profit
and loss; they will not refer to the head office here for anything. They will
run each as a business unit. Any rent we have collected from them will be used
to buy more stations and brand them Energy until the time when we have a
suitable depot that can supply them Premium Motor Spirit (petrol).
fuels in them, maintain the brand, employ their people and make their profit
and loss; they will not refer to the head office here for anything. They will
run each as a business unit. Any rent we have collected from them will be used
to buy more stations and brand them Energy until the time when we have a
suitable depot that can supply them Premium Motor Spirit (petrol).
The Senate Ad hoc Committee on Investigation of the Bureau of
Public Enterprise alleged that there were irregularities in the sale of NICON
Insurance, which you acquired…
Public Enterprise alleged that there were irregularities in the sale of NICON
Insurance, which you acquired…
(Cuts in) That is not true. What they wrote in their report was
that government should recover from NICON, N500m deposit for shares. When we
bought NICON Insurance, the amount you needed to do insurance business in
Nigeria was N300m. After the sale, government increased the capital base of
NICON Insurance to N5bn. Every shareholder had to contribute to meet up with
the new capital requirement. Government still maintained 30 per cent share of
the company when they sold it to us. It dawned on the government to pay 30 per
cent of the N5bn but they said they won’t pay because they had N900m deposit
for shares. The government shares were upgraded to the amount of money they
deposited.
that government should recover from NICON, N500m deposit for shares. When we
bought NICON Insurance, the amount you needed to do insurance business in
Nigeria was N300m. After the sale, government increased the capital base of
NICON Insurance to N5bn. Every shareholder had to contribute to meet up with
the new capital requirement. Government still maintained 30 per cent share of
the company when they sold it to us. It dawned on the government to pay 30 per
cent of the N5bn but they said they won’t pay because they had N900m deposit
for shares. The government shares were upgraded to the amount of money they
deposited.
The Senate ad hoc committee said “recover the money for shares.”
We were ready to give them a cheque the next day, if they wanted to implement
it. The implication is very simple: government will own no shares again in
NICON and if you move from N300m to N5bn and you didn’t contribute anything, it
means that the government would not have anything. But today, government still
has about 10 per cent or more in NICON; they can still sell that to the public
and still make much more money than how much they made when they sold NICON
itself because of the new balance sheet NICON now carries.
We were ready to give them a cheque the next day, if they wanted to implement
it. The implication is very simple: government will own no shares again in
NICON and if you move from N300m to N5bn and you didn’t contribute anything, it
means that the government would not have anything. But today, government still
has about 10 per cent or more in NICON; they can still sell that to the public
and still make much more money than how much they made when they sold NICON
itself because of the new balance sheet NICON now carries.
You said if one must be successful in life, one must be
controversial. Is being controversial not having a negative impact on your business
and personality?
controversial. Is being controversial not having a negative impact on your business
and personality?
In the midst of these controversies I got the Officer of the
Federal Republic; I think it’s actually improving our image. In the midst of
same controversies, I got an honorary degree from my own university — (OAU);
and I was the youngest in history that was ever conferred. In the midst of the
controversies, I was in America last year to give a lecture to the Harvard tax
students on tax future and prospects in Africa; that’s a fantastic case of
controversies bringing better results. Corporate adventure is not politics; it
is not political or democratic. We have over 21,000 people on employment in
this building. If you have such number on employment, how do you think
controversies will affect us negatively?
Federal Republic; I think it’s actually improving our image. In the midst of
same controversies, I got an honorary degree from my own university — (OAU);
and I was the youngest in history that was ever conferred. In the midst of the
controversies, I was in America last year to give a lecture to the Harvard tax
students on tax future and prospects in Africa; that’s a fantastic case of
controversies bringing better results. Corporate adventure is not politics; it
is not political or democratic. We have over 21,000 people on employment in
this building. If you have such number on employment, how do you think
controversies will affect us negatively?
Nigerians should learn how to appreciate people. The aim of the
controversies was to bring us down but we are too big to fall. If the
government of Nigeria, today, withdraws all my businesses, I will rebuild them
in few days. We are in Dubai, United States, the UK, Ghana, Sao Tome, and in
this great country — Nigeria — in 10 years; a fantastic corporate effort! If we
have 16 companies and one dies, we are still on ‘A’ grade. Why should the
corporate surgeon be crucified for the one that died? Why don’t we ask
questions about the success of the 15 which have employed 21,000 people and pay
over N4bn in salaries? You think it’s a joke? It’s not a joke. We don’t owe
salaries; there is no member of staff that has not received January salary in
the whole group.
controversies was to bring us down but we are too big to fall. If the
government of Nigeria, today, withdraws all my businesses, I will rebuild them
in few days. We are in Dubai, United States, the UK, Ghana, Sao Tome, and in
this great country — Nigeria — in 10 years; a fantastic corporate effort! If we
have 16 companies and one dies, we are still on ‘A’ grade. Why should the
corporate surgeon be crucified for the one that died? Why don’t we ask
questions about the success of the 15 which have employed 21,000 people and pay
over N4bn in salaries? You think it’s a joke? It’s not a joke. We don’t owe
salaries; there is no member of staff that has not received January salary in
the whole group.
I love Nigeria; I have passion for this country; I believe in
Nigeria. If not because of few threats here and there, I won’t locate
businesses outside. But I must, because my entrepreneurial skill will be deemed
to be local, if I don’t have businesses outside the country. Our investment in
some countries is bigger than what we have in Nigeria.
Nigeria. If not because of few threats here and there, I won’t locate
businesses outside. But I must, because my entrepreneurial skill will be deemed
to be local, if I don’t have businesses outside the country. Our investment in
some countries is bigger than what we have in Nigeria.
Do you still have your eyes on the governorship of Ondo State?
When I finish with all I have to do in the corporate world, I
must retire somewhere. If we have concluded that assignment (business), we
should pick up the Ondo State issue you’re talking about. We should go there
and run the state, and put it in a better shape. We don’t have to hide the fact
that we have an ambition to be governor of Ondo State. The President knows that
I have that ambition; God knows; everybody knows. By the grace of God, I will
run in 2016.
must retire somewhere. If we have concluded that assignment (business), we
should pick up the Ondo State issue you’re talking about. We should go there
and run the state, and put it in a better shape. We don’t have to hide the fact
that we have an ambition to be governor of Ondo State. The President knows that
I have that ambition; God knows; everybody knows. By the grace of God, I will
run in 2016.
Culled From Punch
