Funke Olaode And Lanre Alfred
31 May 2008
What is old? What is new? Has it not been said that there is nothing new under the sun? Some things never change! Up and down, in and out, round and about, no matter how the liquid shakes in the bottle, it still comes pouring out. Since man invented an acceptable article for the exchange of goods and services, trade and living entered a circle of convenience that has changed many destinies; for good, and bad: The name is money, a constant item of value.
The Bible says, 'money answers to all things', but the same Bible also says that 'the love of money is the root of all evil'. Note, however, that it is not money itself that is evil, but the love of it. Will man ever stop the search for money? Will money ever become irrelevant? Chances are that money will continue to re-invent itself. Now, there is plastic money, giving vent to an environment described as a cashless economy. While many argue that behind every 'big' money, there is a crime, it is the bid to trace this history behind such monies that throws up many questions. The answer? It's blowing in the wind. Certain folks enter a life-long romance with money and generation after generation, money keeps spelling their names right.
But then, every generation has it's own share of the new rich. Their emergence, however, does not often cancel the relevance of many who have had a leisurely walk on cash street.
Old Money But Still Relevant
They are old men with means. Their business interests spread outside the shores of Nigeria. They ride the waves of living in Nigeria decades back. Some of them are known faces that cut across all sectors of the Nigerian economy. They are into real estate, construction, oil and gas, communications, hospitality, law etc. They are also active players in the nation's stock market. Many have built organizations from nothing. Today, irrespective of their backgrounds, they are successful businessmen. They are mostly in their mid 60s while some are in their late 70s and 80s. What do they have in common? They are all Nigerians. They have the Midas touch. And they are super rich. They are men who, despite their old age, still count their money in billions. They live big and are still big time players.
Chief Bayo Kuku
While some people excel in academics, some do in business, but this multi-faceted tycoon has been able to accomplish both. With luck and hard work, he has been able to attain an enviable height on the nation's economic terrain. But out of a characteristic humility, he refuses to flaunt his wealth and achievements. Instead, he maintains a low profile. However loud or intriguing the name Bayo Kuku might sound to you, the truth is that he has affected far too many lives to be ignored.
In spite of his philanthropy, the Ogbeni-Oja of Ijebuland, Chief Bayo Kuku has religiously held on to his slogan of "living a life of moderation".
Royal and majestic are the best words to describe his homes in Lagos and Ijebu-Ode. And for those who have been opportuned to have a glimpse into Chief Kuku's Ikoyi residence located on old Waring Road, since renamed after him as Bayo Kuku Road, you'd marvel at the luxury of his taste. Chief Kuku has been around for decades, yet his wealth and energy haven't waned a bit. He can compete favourably with today's emerging billionaires.
Otunba Olasubomi Balogun
Otunba Subomi Balogun who is regarded as one of the foremost bankers in Nigeria today having established the first indigenous bank, doesn't need introduction. Born in Ijebu-Ode Ogun state, Otunba, as he is fondly called, read law in England and happens to be the first Nigerian to receive special training in Legal Drafting. He is a trained lawyer whose tremendous success in the financial sector has since overshadowed his law profession.
In 1982, he founded the First City Merchant Bank (FCMB). After 18 years of unbroken success as a merchant bank, FCMB widened its doors to retail customers in January 2001 and adopted universal banking. The bank has since changed its name to First City Monument Bank and is one of the leading post-consolidation banks in Nigeria today. There is no doubt that today he is a man with plenty of cash. His eye popping edifice in both Lagos and Ijebu-Ode, his home town, further confirm his style and taste as a man of means. Otunba's case is that of an old money mixed with new money that continues to wax stronger. .
Chief Chris Ogunbanjo
Chief Chris Ogunbanjo is an industrialist, Corporate Lawyer and Philanthropist. The son of a Clergyman, he was born in Erunwon, Ijebu-Ode on the 14th of December 1923. Attended Igbobi College in 1938, obtained a Bachelor of Laws Degree from London University in 1949 and was enrolled as a Barrister-at-Law and Solicitor of the Supreme Court of Nigeria in August 1950. Chris Ogunbanjo & Co. was founded in 1960. It is a leading international law firm, with lawyers based around the world who provide a comprehensive global service to national and multi-national corporations, financial institutions and governments. For many years it has been at the forefront of developments in the legal arena. In his mid 80s, the Olotu of Ijebuland is no doubt not a push over when it comes to old money that is still relevant in today's business circle.
Adekunle Ojora:
He has often been referred to as a consummate investor. Adekunle Ojora is an outstanding entrepreneur, industrialist and businessman. This 77 -years-old business tycoon has investments in many segments of the Nigerian economy from oil to food, insurance, to office equipment and the finance industry. Chief Ojora started out with solid educational training in London Polytechnic, London, and Christ College, Cambridge University, England. Thereafter, he became assistant editor, BBC London in 1954 and later returned to Nigeria where he joined the federal civil service between 1955 and 1961. For several years, Chief Ojora held numerous positions of honour both locally, and nationally. He holds the leading single shareholding of many blue chip companies in Nigeria. This has enabled him to hold their directorships for long periods. These include Agip where he was director between 1967 and 1970 and later its chairman until he called it quits with the company. Otunba's investment still runs to billions of naira. Anywhere his name is mentioned, he still falls into the category of yesteryears billionaires who are still in charge of today's business empire.
Mr. Pascal G. Dozie
He is an extremely wealthy man who prefers to be addressed as "Mr." Mr. Dozie is an economics graduate of the London School of Economics and a holder of an M.Sc. from the City University London, Mr. Dozie is a seasoned economist, econometrist, consultant and banker. Mr. Pascal Dozie is the current Chairman of MTN Nigeria Communications Ltd, a former chairman of the Board of Diamond Bank Plc and is a former president of the Nigerian Stock Exchange. He has extensive experience in capital market and an in-depth knowledge of aviation finance. He is a quiet billionaire who has pulled off strings of successes in today's consolidation of the banking industry.
Chief Afe Babalola (SAN).
Chief Emmanuel Afe Babalola (SAN) is one of the most accomplished legal luminaries in Nigeria. He started from humble beginnings and worked himself to the limelight. His clients are in the big league and his cases juicy. He has been in the forefront of many landmark cases and won most of them both nationally and internationally.
He has the president's ears, no doubt. Apart from their longstanding friendship, it would seem as if the former President Olusegun Obasanjo could sleep with both eyes closed when it comes to certain legal cases. Chief Babalola who is well connected both locally and internationally is also a great philanthropist who many benefited from. Chief Babalola who has been in the legal profession for close to five decades has recorded successes and has made money for himself. And today, he seems not to slow down in his legal profession and can still count his investment in properties and other businesses.
Chief Richard Osuolale Akinjide (SAN)
What comes to mind when the name of this renowned lawyer is mentioned is "early achiever". His pedigree and hard work seem to be the potpourri of this successful lawyer, politician and statesman. Chief Akinjide, a minister in the First and Second Republics. He became a Member of Parliament from inception representing Ibadan SouthEast, at the tender age of 27, a position he held until the early coup of January 15, 1966. He later became a minister in his 30s. Between 1979 and 1983 he was appointed Attorney General and minister of Justice of the Federation. And as far back as 1958, his name has been coming out on the front page of the Daily Times newspapers along with his photograph over important cases. Lawyers have always been known to be conservative but Akinjide's style is effusive. A look at his palatial home in Jericho, Ibadan reveals affluence; a large compound and state-of-the-art cars. Even this is small compared to the seven-acre home he acquired a long time ago in Stanmore, Middlesex, England. At close to 77, Chief Akinjide is still very active in his legal profession and extremely rich. He is a core investor in banking and has property scattered everywhere. If you weigh him in both raw cash and property, this legal luminary can rub shoulders with the emerging billionaires without blinking his eyes for a second.
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