Former President Olusegun Obasanjo and Africa\u2019s richest woman, Mrs<\/p>\n
Folorunsho Alakija on Saturday in Lagos exchanged words over the latter\u2019s
\ndecision to take over an oil block allocated to her in 1993.<\/p>\n
The verbal exchanges took place at the 2016 Tony Elumelu Foundation
\nEntrepreneurship Forum.<\/p>\n
Alakija, in her speech, alleged that the Obasanjo administration
\nfrustrated her effort when she ventured into oil business by illegally
\ntaking an oil block allocated to her company after her family had invested
\nall its savings to strike oil in commercial quantity.<\/p>\n
\u201cThis oil block is in 5000 feet depth of water and was extremely difficult
\nto explore.<\/p>\n
\u201cIt took 15 years from the time that we were awarded the licence in 1993
\ntill 2008 when we struck the first oil<\/p>\n
\u201cWhen this event happened, 60 percent out of our 60 percent equity in the
\nbusiness, was forcefully taken from us by the government of the day
\nwithout due process.<\/p>\n
\u201cWe had to fight back by going to court to seek redress and it took
\nanother 12 years for justice to be served in our favour.<\/p>\n
\u201cIn all those years it was my trust in God, my perseverance and the
\nsupport of my family that got me going,\u201d she said.<\/p>\n
She used her experiences to charge the 2000 budding entrepreneurs at the
\nevent to be dogged, determined and not to give up in the face of
\nchallenges.<\/p>\n
But responding, Obasanjo denied the allegation, saying that infact,
\nFolorunsho Alakija was among the 25 billionaires he made during his tenure
\nas President.<\/p>\n
\u201cThere is a saying in my part of the world that when a proverb touches you
\nand you failed to reply, then you are a coward,\u201d he said.<\/p>\n
Obasanjo explained that the action of the government then was in line with
\nthe Mining Act, which regulates oil prospection and exploration.<\/p>\n
\u201cFor you to come here and say that, for no cause whatsoever, you were
\ndenied what was rightfully yours, is not fair.<\/p>\n
\u201cI do not know you from Adam and there is no reason I would have denied
\nyou what rightfully belonged to you.<\/p>\n
\u201cSo, you have struggled, and you have struck oil. God bless your heart.<\/p>\n
\u201cMy delight is to be able to create Nigerian billionaires and I always say
\nit that my aim, when I was in government was to create 50 Nigerian
\nbillionaires.<\/p>\n
\u201cUnfortunately I failed. I created only 25 and Madam, you are one of
\nthem,\u201d he said.<\/p>\n
Obasanjo hailed the vision of Mr Tony Elumelu for helping to build African
\nyoung entrepreneurs with his resources.<\/p>\n
He also urged the government to create conducive environment for people to
\nmove businesses into the country.<\/p>\n
The former president urged government to relax its visa policy and company
\nregistration process to encourage investors.<\/p>\n
He said the government should create certification centres in the country
\nfor easy exportation of agro processed products.<\/p>\n
The President of Sierra Leone, Bai Koroma noted that what transpired
\nbetween Obasanjo and Alakija was part of the challenges and difficulties
\nthat leaders lived with in the discharge of their duties.<\/p>\n
With limited resources competing for unlimited demands and expectations
\nfrom the people, leaders were seen to be larger than life, he said.<\/p>\n
Koroma also commended Elumelu for his project for African young
\nentrepreneurs adding that his vision resonated with a new Africa
\ndevelopment agenda.<\/p>\n","protected":false},"excerpt":{"rendered":"
Former President Olusegun Obasanjo and Africa\u2019s richest woman, Mrs Folorunsho Alakija on Saturday in Lagos exchanged words over the latter\u2019s decision to take over an oil block allocated to her…<\/p>\n","protected":false},"author":1,"featured_media":54135,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-54134","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n