Nigeria’s Kola Aluko $1 Billion Net Worth
Kola Aluko’s total net worth was estimated at about $1 billion before he fled the country amid numerous accusations of fraudulent oil dealings when President Muahammadu Buhari became President in 2015.
Kola Aluko is a Nigerian energy businessman with interests in African infrastructure development and aviation.
Born in Lagos Nigeria on October 20, 1969, Aluko was the Co-Chief Officer and an Executive Director of Atlantic Energy, an indigenous, private upstream oil and gas company that focused on independent exploration and production in Nigeria.
In November 2013, the New African Magazine included the energy businessman in its 100 most influential Africans list, while Forbes Africa ranked him as one of the 40 richest Africans and listed him among the top ten successful African entrepreneurs to follow on Twitter.
Kola Aluko Business Career
In 1995, Kola Aluko co-founded the very first oil trading company in Nigeria, Besse Oil. Besse oil traded crude oil and fuel oil and was a major importer of gasoline into Nigeria.
In 2001, Aluko founded another company called Fossil Resources, an indigenous downstream oil and gas company, where he held the role of CEO.
In 2004, Kola Aluko formed yet another company, Exoro Energy International, to finally move into exploration and production. As the CEO, he partnered with a division of Weatherford, to showcase its exploration and production technology.
In 2007 he bought the division of Weatherford and merged with Exoro Energy to form an independent company, Seven Energy.
In 2011, Aluko, with a team of Nigerian and international E&P executives, co-founded Atlantic Energy, a private upstream oil and gas company, with an increased focus on under-developed producing fields in Nigeria.
In partnership with the Nigerian Petroleum Development Company (NPDC) Atlantic Energy focused mainly on Niger Delta assets, contracted and executed under Strategic Alliance Agreements (SAAs) with the NPDC.
In 2010, Aluko diversified into the aviation industry, becoming a member of the VistaJet advisory board, assisting with the West-African expansion of the Swiss-based luxury aviation company.
Aluko, Jide Omokore and Diezani Alison-Madueke, the former Nigeria Petroleum Minister, are currently being investigated for numerous multibillion-dollar fraud and money laundering offences in Nigeria, the United Kingdom and America.
Aluko sold a portion of his substantial overseas real estate holdings between 2015 and 2017 to prevent seizure by the US government and other government agencies engaged by the Nigerian authority to recover suspected looted funds.
In July 2019, the Federal Government of Nigeria and the United States Government sold his $48 million yacht believed to have been acquired with proceeds of fraudulent oil deals.
Presently, the U.S. Department of Justice has filed a civil complaint to forfeit and recover around $144 million in assets alleged to be proceeds of corruption offenses.
MultiChoice Nigeria Expands Product Offerings, Unveils 3 New DStv Business Packages
Leading Pay-TV service provider, MultiChoice Nigeria has rolled out new features and expanded the product offerings on its DStv Business packages for businesses and corporate organizations in Nigeria.
The new DStv Business packages are DStv Work, DStv Play and DStv Stay.
Chief Executive Officer, MultiChoice Nigeria, John Ugbe said: “We always ask ourselves how we can make our customers experience better for businesses. We have revamped our DStv Business packages, offering business owners the right mixture of entertainment to enhance the experience of guests and staff. At the end of the day, your guests will always remember how you made them feel.”
The DStv Work, tiered into 2 categories, DStv Work Ultra with 48 channels and DStv Work Essential with 75 channels, has been tailored to suit the businDStv Work, DStv Play and DStv Stay.ess environment including banks, offices, and other corporate organizations with specific offerings such as the latest news headlines from across the world, sports, weather updates and other work-related entertainment which sets the tone and keeps everyone well informed.
Commenting on the revamped DStv packages, Head of DStv Business, Abayomi Famakinwa said: “For the Work category, we have taken into consideration all our offices and different organizations. For Stay, we have considered all organizations across accommodation offerings such as hotels, B&Bs, Guesthouses and the likes; for Play, we are taking into consideration the Pubs, Clubs, lounges, restaurants, bars and the likes.”
The DStv Play package, tiered into 3 categories, DStv Play Ultra with 86 channels, DStv Play Essential with 61 channels, and DStv Play Basic with 40 channels aims to enhance guest experiences and ensure that they are always entertained with their favourite sports programmes and other first-class entertainment.
Famakinwa stated further: “A lot of our customers used to complain to us that there is only one package across the different bouquets so they couldn’t move from one package to the other, and we have listened as we always do and we have now tiered our packages into different categories for each of the segments. Secondly, we have factored in all the add-ons into our different packages; and from the decoder perspective we have bundled our decoders, which means, for each and every decoder that you have you can talk to MultiChoice and tell us what channels you would like to have on the decoder.”
The DStv Stay package, tiered into 3 categories, DStv Stay Basic with 77 channels, DStv Stay Essential with 99 channels, and DStv Stay Ultra with 139 channels are best suitable for hotels, motels, lodges, resorts, B&B and serviced apartments as it gives each guest – whether a kid, adult or elder – a memorable in-room experience due to the vast array of channels available to them during their stay.
Meanwhile, Chief Customer Officer, MultiChoice Nigeria, Martin Mabutho said: “At the centre of what we do and the key characteristics that we live by day in day out is innovation. And a company that prides itself in innovation, not only from the point of view of what we do with our hard work, or the point of view of content ideas that are groundbreaking, but clearly also from the point of view of all we have seen in the communities and economies that we operate in, and how different businesses can also become our partners.”
Speaking on what informed the Pay TV’s decision to expand its offerings, Martin noted: “As content is consumed on different platforms, mobile devices, phones, tablets, and computers, the people that own those contents have started to tighten around usage rights; the people that regulate us as pay-TV service providers also start to expect that we hit the right notes when it comes to the issue of morality, political correctness, and religion amongst others. It is for that reason that we saw it fit that we sit down and categorise our packages of big chop of contents and say, those that use DStv in offices what is the content that we have, that firstly we have the rights to, and secondly, would be deemed appropriate.”
Total Nigeria Rebounds from 2020 COVID-19 Damages, Grows Profit by 1,601 Percent to N8.1 Billion in H1 2021
Total Nigeria Plc, a subsidiary of Total, grew revenue by 42 percent from N106.705 billion recorded in the first half (H1) of 2020 to N151.333 billion in the first half of 2021.
In the company’s unaudited financial statements for the period, the cost of sales inched higher by 33.4 percent from N94.305 billion filed in the first half of 2020 to N124.83 billion in the period under review.
Total Nigeria’s gross profit appreciated by 105.7 percent to N25.504 billion in the first half of 2021, up from N12.400 billion in the corresponding period of 2020.
The company grew operating profit to N12.526 billion in the first half from -N716.812 million achieved in the first half of 2020 during the peak of COVID-19.
Profit before minimum tax jumped by 2,358 percent from -N523.898 million in H1 2020 to N11.779 billion in the period under review.
Total Nigeria paid N3.713 billion as income tax in the first half of 2021 to take the total profit after tax to N8.1 billion, a 1,601 percent increase from -N537.188 million posted in the corresponding period.
Shareholders’ funds expanded by 17 percent to N32.821 billion from N28.151 billion in H1 2020.
Total Nigeria’s share price grew by 49 percent during the period under review to N145.00 a share, up from N97.50 a unit in the first half of 2020.
Earnings per share jumped from -N1.58 in H1 2020 to N23 in H1 2021.
Wema Bank Announces Prince Olusegun Adesegun and Mr. Adeyemi Adefarakan as Non-Executive Directors
Wema Bank Plc has announced the appointments of Prince Olusegun Adesegun and Mr. Adeyemi Adefarakan as Non-Executive Directors of the Bank, effective July 19, 2021.
The announcement was after the Central Bank of Nigeria had approved both appointments, the lender disclosed in a statement signed by Johnson lebile, Company Secretary and Legal Adviser, Wema Bank Plc.
Prince Olusegun Adesegun Background
Prince Olusegun Adesegun is a Psychologist with a Masters’ Degree in Industrial Psychology from the University of Ibadan. He served and worked in Pyramid Products Limited as Manager in Training and rose to become the General Manager of the then Eastern Zone in 1988.
He retired and engaged in private business and has overtime garnered experience in marketing administration, management, and supply chain logistics solutions. He eventually became the CEO of Pecol Ventures Limited – a cash crop export and paper products company where he transformed the company from a small producer to a large, world-class Agric-Export firm.
He combined his private business with public service to become Commissioner for Works and Housing in Ogun State twice, and later served as the Deputy Governor of Ogun State between 2011-2015.
He currently serves as a Career Counsellor and Consultant for high quality investment decisions.
Adeyemi Adefarakan Profile
Adeyemi Adefarakan is a seasoned executive with strong global investment banking, portfolio risk, asset and financial management exposure.
He graduated with a BSc (Hons) in Economics & Accountancy from the prestigious City University, London, and holds a Masters degree in International Securities, Investment & Banking from the acclaimed ICMA Centre at the University of Reading, U.K. He is also an alumnus of the Emerging CFO: Strategic Financial Leadership Programme at Stanford Graduate School of Business, USA, and currently pursuing a Global CEO Africa Programme in the triumvirate of business schools comprising of Lagos Business School, Strathmore Business School (Nairobi, Kenya) and Yale School of Management (Connecticut, USA).
Yemi currently serves as the Group Chief Financial Officer and an Executive Director on the board of CBSL (Continental Broadcasting Service Limited). He holds other boards positions where he continues to create and extract shareholder value through active board engagement.
Prior to joining CBSL, Yemi forged his career on the trading floors of some of London’s financial powerhouses, to wit; State Street Global Markets, DRW Investments, JP Morgan Chase, Deutsche Bank and HSBC Global Asset Management, where he traded both vanilla and complex instruments and riskmanaged multi-billion-dollar multiasset portfolios.
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