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The world of Nigerian enterprise is usually cutthroat. From energy struggles to intense feuds, billionaires in Nigeria aren’t any strangers to fierce conflicts and heated rivalries.
These rich people interact in a fierce battle, not with weapons, however by way of authorized ways and strategic strikes. Whether or not in oil or telecommunications, these trade leaders are pushed by the lure of immense wealth and untapped alternatives. Their robust need for dominance turns the pursuit of riches into an ongoing wrestle, the place solely probably the most decided and artful can come out on high.
Because the saying goes: the place there’s muck, there’s brass. These feuds present the industries/companies Nigeria’s wealthiest males suppose are price combating over. So, right here’s a rundown of each public feud between Nigerian billionaires.
The battle for African petroleum
In 2007, two Nigerian billionaires, Femi Otedola and Jimoh Ibrahim, went to ‘battle’ over the possession of African Petroleum Plc (AP). The battle was lengthy and bitter, and it finally ended with Otedola taking management of the corporate.
The combat between Otedola and Ibrahim started when Otedola, who was the chairman of AP on the time, accused Ibrahim, the managing director of the corporate, of utilizing his place to counterpoint himself and his cronies. Ibrahim denied the allegations, and he accused Otedola of making an attempt to take over the corporate.
The dispute escalated shortly, and it quickly turned clear that neither man was keen to again down. Otedola filed a lawsuit in opposition to Ibrahim, alleging that he had dedicated fraud and mismanagement. Ibrahim filed a countersuit, alleging that Otedola was making an attempt to illegally oust him from the corporate.
The battle between Otedola and Ibrahim dragged on for months, ultimately reaching the Supreme Court docket of Nigeria. In 2008, the Supreme Court docket dominated in favour of Otedola, and he was appointed as the brand new chairman of AP.
Preventing to maintain the lights on
In 2010, shortly after the oil bubble burst, there was a feud between Femi Otedola and Aliko Dangote. It started when Chevron introduced its intention to divest Texaco Nigeria, and Otedola, who had been shopping for Chevron shares, confided in Dangote. Nonetheless, Dangote’s cousin’s firm, MRS Holdings, outbid Otedola. This led to Otedola declaring battle on Dangote by investing $2 billion in industries that had been Dangote’s territory.
Otedola additionally accused Dangote of manipulating the share worth of an organization wherein Otedola held important shares. Ultimately, the 2 reconciled, however the falling oil costs and banking disaster in Nigeria had a major impression on Otedola’s wealth, pushing him off the Forbes billionaire checklist.
The cement wars
Dangote Cement is the market chief in Nigeria, however BUA Cement has been rising quickly in recent times. The 2 firms have been competing for market share, and there have been allegations of price-fixing and different anti-competitive behaviour.
In 2018, Dangote Cement accused BUA Cement of price-fixing. The Nigerian Competitors and Client Safety Fee (NCPC) investigated the allegations however discovered no proof of wrongdoing.
In 2020, Dangote accused Abdul Samad of price-fixing once more. This time, the NCPC issued a preliminary report discovering that BUA Cement had engaged in anti-competitive behaviour. Nonetheless, the NCPC has not but issued a remaining ruling on the matter.
That very same 12 months, Dangote accused BUA Cement of trespassing on its mining web site in Obu-Okpella, Edo State. BUA Cement denied the allegations, and the matter is at present being litigated in courtroom.
The battle for Transcorp
The newest billionaires’ feud that caught the general public eye was between Femi Otedola and Tony Elumelu. The feud started this 12 months when Otedola made a bid to accumulate a majority stake in Transcorp Plc, a Nigerian conglomerate. Elumelu, who was already the chairman of the corporate, blocked Otedola’s provide. This led to a public feud between the 2 males, with Otedola accusing Elumelu of betrayal and Elumelu accusing Otedola of making an attempt to take over Transcorp at a fire-sale worth.
The feud ultimately led to Otedola promoting his stake in Transcorp to Elumelu. Nonetheless, the injury had already occurred. In Could 2023, Otedola made a collection of explosive allegations in opposition to Elumelu, accusing him of backstabbing him on a number of events. Otedola additionally alleged that Elumelu had taken benefit of his chapter in 2008 to grab management of his companies.
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