adegoke oyeniyi

<h1>Billionaire businessman Mike Adenuga’s son Paddy yesterday broke the Nigerian internet space with a thrilling and inspiring tale.</h1>

It chronicled how he masterminded an almost successful acquisition of the entire business and asset of Chevron in the Netherlands. And he was 29 years old at the time.

Many have described the account as “inspiring”, BellaNaija termed it “captivating”, all making the 34 year old business mind the endearment and attraction of many.

But very little is known of the billionaire son. He’s real names are not even really known. He’s only popularly known as Paddy Adenuga. So Pulse Business has put together a few facts about him.

1. Paddy was born Mike Agbolade Adeniyi Ishola Paddy Adenuga in London, England at the St. Thomas Hospital on June 21, 1984.

2. Paddy’s mother Emelia is of Calabar descent.

3. He attended Corona Primary School, Victoria-Island, then King’s College Secondary School in Lagos.

4. At the age of 10, he was relocated to Harlingen, Texas, USA in the Rio Grande Valley to attend the prestigious Marine Military Academy (MMA). After 3 years at MMA, he attended The Tenney School in Houston Texas. By early 1998, he graduated from high school at the very young age of 13.

5. Still at the age of 13, Mike Adenuga Jnr. started tertiary education at the University of Massachusetts, Boston studying Business Administration but graduated at Northeastern University in 2002 with a Bachelors in Business Management at the age of 18.

6. From then on, he worked at family owned conglomerate, the Mike Adenuga Group, till 2006. He was the Group Executive Director of the Group’s telecom division known as GLO and also the upstream exploration &amp; production company, ConOil Producing.

7. In 2006, he left the Mike Adenuga Group and moved to London to setup an oil brokering firm with a business partner called Cayne &amp; Cayne. Cayne &amp; Cayne brokered supplies of refined petroleum product to Nigerian oil firms.

8. In 2009, Paddy returned to his father’s business in an even more senior capacity as the co-CEO of GLO &amp; ConOil Producing. Under his leadership, GLO significantly increased its national cell site coverage in Nigeria, Ghana, &amp; Benin Republic, increased its overall revenue, and embraced new technologies to enhance customer experience and service delivery.

9. In 2011, I led ConOil Producing’s $1.3 billion bid for Shell Nigeria’s OML 30 oil block in Nigeria.

10. Paddy Adenuga has also been a screenwriter since the age of 15 and finished his fifth screenplay, “Waterloo” a little over a year ago.

Very little is known about billionaire son Paddy Adenuga. So Pulse Business has put together a few facts about him.

10 things you probably did not know about billionaire son

<h1>The ‘IF’ crooner, with his First-Bank-powered, #30BillionConcert, has claimed he has 30 Billion in his account.</h1>

While the jury is still out on if he’s really got that much money, what is true is that it is possible to own that much money. Billionaires such as Coscharis founder Dr. Cosmos Maduka have gone from poverty to wealth in their lifetime. This piece looks at what it takes to hit your first  ₦30 billion.

Think big. Wealth making starts in the mind. Billionaires do not reach wealth status accidentally. All the richest men, whether globally, or locally, are big thinkers. They have a conquest mindset of growing bigger companies and conquering markets.

Asides vision, a common trait with all billionaires is hard work. Africa’s richest man Aliko Dangote says: “I believe in hardwork and one of my business success secrets is hard work. It’s hard to see a youth that will go to bed by 2 a.m. and wake up by 5 a.m. I don’t rest until I have achieved something.”

Wealth in billions is either inherited or built. So if your father isn’t Otedola, Indimi and the likes, then you know you have the arduous route of patiently building wealth which often takes decades. It has taken Aliko Dangote about 30 years to turn the $3,000 loan he got from his uncle Alhaji Sanusi Dantata in 1977 to billions in dollars today.

There has only been two ways to consciously build wealth. Through investments like Warren Buffet and building companies as <a href="http://www.pulse.ng/news/business/dangote-soon-to-finish-n250-million-business-school-for-ui-id7888148.html" id="23fb847b-8e5d-5497-b258-c3f8daf2d34e">Aliko Dangote</a> has shown. The tougher route however, is through building companies. In Nigeria, only one out of ten new businesses survives beyond the fifth year. Of every surviving and thriving company, rarely is majority of its shareholding owned by the founder. So it’s important as a founder to be great at negotiations and retain as much equity as possible.

Often, it’s investors in the company, especially privately held companies, that control most of the equity and this makes the art of investing very interesting. There are billionaires who just make money smartly deploying their money in companies while employees in the company do the heavy lifting. The world’s third richest man, Warren Buffet, who is worth $78 billion, through his company Berkshire Hathaway makes mega investments in business he believes would keep turning profit even after decades. Brands like Coca Cola are under his portfolio.

Career professionals also build wealth by saving huge chunks of their salaries and making long-term investments in mutual funds or buying and owning successful company stocks for decades.

Stanford professor David Cheriton made a $10,000 investment in Google when the company just launched. Today, it is worth billions of dollars in Google stocks. Before the crash of the Nigerian stock market, a Nigerian writer who had  ₦3000 in shares in a consumer goods company in the 70s disclosed it eventually became over  ₦200 million in shares.

Zimbabwe’s wealthiest man and Econet founder Strive Masiyiwa summarised an important lesson in wealth making when he said; “If you do not know how to invest properly you will never really have any wealth of your own.”

There's actually a formula to building wealth. First, bank with great financial investors and asset managers. Second, be great in business.

How to make your first ₦30 billion

<h1>Internship classifieds start-up Placements.ng has won the inaugural Techpoint Build startup pitch competition.</h1>

Founded in 2017, placements is a platform that allows job seekers find paid internship opportunities across Nigeria.

Placements slugged it out with eight other start-ups in front of judges including Ringier Africa manager Leonard Stiegler, iROKO founder Jason Njoku, and Cc-Hub co-founder Tunji Eleso.

As winners, placements co-founders Ayobami Oyaleke and Tayo Fagbohun, went home with a million Naira prize money.

Speaking with pulse , an excited Oyaleke said: "I wasn't expecting this. I mean, this has to be luck. There were better pitches and competitors."

On what the prize money will be spent on, Oyaleke with hands in the air, said: "I don't know. It was tough getting here. The team tried."

165 start-ups submitted entries for Techpoint Build and where shortlisted to Placements and eight other finalists which include The Footwear Academy, service platform engaged in training people interested in the art of making footwear; Legitcar: An online platform that is working to make stolen vehicles difficult to resell, and easy to recover; Wemove, a startup building technology solutions to ease transportation services in Nigeria, starting with vehicle hire; and Accounteer, a smart cloud accounting platform for SMEs.

Others are SmartTeller, a mobile and web application designed to innovate and automate field operations for microfinance institutions; myPadi, a marketplace for college students and young professionals to access both on-campus and off-campus local houses and shared rooms in every city across Nigeria; and Gerocare,a platform that provides regular medical doctor visits to the elderly in the comfort of their home as a subscription service.

After shortlisting 165 entries, 9 start-ups competed for N1 million prize money and placements emerged the winner.

Internship classified site wins N1 million Techpoint Build start-up competition

<h1>Jewish-American billionaire and Open Society founder George Soros was all fire and brimstone against world powers at the ongoing World Economic Forum in Davos.</h1>

He criticized presidents of America and Russia, Donald Trump and Vladmir Putin, respectively, and said Facebook and Google are fueling destructive addiction on a global scale to manipulate consumers into spending. He concluded by warning the ‘unchecked’ social media giants of impending regulation to curb excesses.

Below is a detailed excerpt of his speech.

"These companies have often played an innovative and liberating role. But as Facebook and Google have grown into ever more powerful monopolies, they have become obstacles to innovation, and they have caused a variety of problems of which we are only now beginning to become aware.

Companies earn their profits by exploiting their environment. Mining and oil companies exploit the physical environment; social media companies exploit the social environment. This is particularly nefarious because social media companies influence how people think and behave without them even being aware of it. This has far-reaching adverse consequences on the functioning of democracy, particularly on the integrity of elections.

The distinguishing feature of internet platform companies is that they are networks and they enjoy rising marginal returns; that accounts for their phenomenal growth. The network effect is truly unprecedented and transformative, but it is also unsustainable. It took Facebook eight and a half years to reach a billion users and half that time to reach the second billion. At this rate, Facebook will run out of people to convert in less than 3 years.

Facebook and Google effectively control over half of all internet advertising revenue. To maintain their dominance, they need to expand their networks and increase their share of users’ attention. Currently they do this by providing users with a convenient platform. The more time users spend on the platform, the more valuable they become to the companies.

Content providers also contribute to the profitability of social media companies because they cannot avoid using the platforms and they have to accept whatever terms they are offered.

The exceptional profitability of these companies is largely a function of their avoiding responsibility for—and avoiding paying for—the content on their platforms.

They claim they are merely distributing information. But the fact that they are near-monopoly distributors makes them public utilities and should subject them to more stringent regulations, aimed at preserving competition, innovation, and fair and open universal access.

The business model of social media companies is based on advertising. Their true customers are the advertisers. But gradually a new business model is emerging, based not only on advertising but on selling products and services directly to users. They exploit the data they control, bundle the services they offer, and use discriminatory pricing to keep for themselves more of the benefits that otherwise they would have to share with consumers. This enhances their profitability even further—but the bundling of services and discriminatory pricing undermine the efficiency of the market economy.

Social media companies deceive their users by manipulating their attention and directing it towards their own commercial purposes. They deliberately engineer addiction to the services they provide. This can be very harmful, particularly for adolescents. There is a similarity between internet platforms and gambling companies. Casinos have developed techniques to hook gamblers to the point where they gamble away all their money, even money they don’t have.

Something very harmful and maybe irreversible is happening to human attention in our digital age. Not just distraction or addiction; social media companies are inducing people to give up their autonomy. The power to shape people’s attention is increasingly concentrated in the hands of a few companies. It takes a real effort to assert and defend what John Stuart Mill called “the freedom of mind.” There is a possibility that once lost, people who grow up in the digital age will have difficulty in regaining it. This may have far-reaching political consequences. People without the freedom of mind can be easily manipulated. This danger does not loom only in the future; it already played an important role in the 2016 US presidential elections.

But there is an even more alarming prospect on the horizon. There could be an alliance between authoritarian states and these large, data-rich IT monopolies that would bring together nascent systems of corporate surveillance with an already developed system of state-sponsored surveillance. This may well result in a web of totalitarian control the likes of which not even Aldous Huxley or George Orwell could have imagined.

The countries in which such unholy marriages are likely to occur first are Russia and China. The Chinese IT companies in particular are fully equal to the American ones. They also enjoy the full support and protection of the Xi Jingping regime. The government of China is strong enough to protect its national champions, at least within its borders.

US-based IT monopolies are already tempted to compromise themselves in order to gain entrance to these vast and fast growing markets. The dictatorial leaders in these countries may be only too happy to collaborate with them since they want to improve their methods of control over their own populations and expand their power and influence in the United States and the rest of the world.

The owners of the platform giants consider themselves the masters of the universe, but in fact they are slaves to preserving their dominant position. It is only a matter of time before the global dominance of the US IT monopolies is broken. Davos is a good place to announce that their days are numbered. Regulation and taxation will be their undoing and EU Competition Commissioner Vestager will be their nemesis."

EU regulation to check social media giants’ excesses.

‘Nemesis is coming against Google and Facebook for mind controlling the world’ - Jewish billionaire

While cheaper labour, skilled hands and infrastructure development has made markets outsource production to China and earned the Asian country the title of ‘factory of the world’, Nigeria’s vice president Prof. Yemi Osinbajo, has stated at the ongoing World Economic Forum that Africa is on course to takeover as the global headquarter of labour.

Below is an excerpt from an interactive session titled “Stabilizing the Mediterranean” at the World Economic Forum in Davos, Switzerland, where the vice president was quizzed.

Q: How realistic is Africa replacing China as the factory of the world, how realistic is that? How do you look at the Marshall plan for Africa, is it something you think is credible?

Vice President: Let me begin with the Africa Rising narrative and all of the possibilities around Africa replacing China as the factory of the world. I think that probably is in the natural cause of things. Even now, we see that as wage costs go up in China, Africa is becoming the obvious choice for some certain industries, so it is clear that will happen and there are quite a few initiatives in that direction already; there are a few countries like Ivory Coast, Nigeria, with the development of Special Economic Zones, with partnerships coming from China.

I think those sorts of arrangements will very quickly absorb labour because obviously, you are looking at growing populations in Africa, the projections as you know are in the next 20 years or so, we are looking at the youth population... probably 70% of Africa’s population would be young people and Africa would probably about be the third largest population.

I think that the critical thing is to see that we cannot deal with this in any quick way, there are no quick fixes to this, we have got to look at this long term, because clearly there’s no way that African economies will ramp off quickly enough to be able to meet all of the expectations, especially all of the projections around population. So this is going to be a long walk and I think that it is important for all of us to see this as such.

The idea of the Marshall Plan is to me, in some sense, bringing old solutions to what really is a dynamic problem. I think that what Africa needs and what a lot of the southern neighbours of the Europeans need are fairer trade policies and a cocktail of policies that centre on job creation in those locations, more investments, but I think more thinking through those ideas and policies that creates more opportunities, partnership between Europe and Africa.

I don’t think that aid has worked through the years. I think that there’s a need for possibly just much more commitment to the whole process. I mean there have been multi-processes, several of them, but I certainly think that if we look at this as a major global problem and when you look around and look at extremism, terrorism and all of the various things that are exported along with illegal migration, it is a global problem and we really does deserve a global solution and the way to look at that is by coming together to reason these things through, but frankly it is not by those Marshal Plans off the shelf, I think it is more nuanced than that.

Q: Do you feel that values of human rights are being compromised in order for Europe to have tactical immediate solutions?

Vice President: I certainly agree that it was a great shock to see actual slave dealings in this century; it was absolutely horrifying to see that. What we are seeing is a degeneration of criminal activities where you find that state capacity is unable to maintain international human rights norms.

One of the crucial things is to encourage repatriation. Nigerian government for example is working with the Libyan government in repatriating everyone who is in the camps. It is a slow process because there are those who claim nationalities because they see a way out of the camps. There is also a great deal of willingness on the part of those who are in the camps to go back because it is entirely voluntary. There is pressure where there is no state capacity or inadequate state capacity to maintain law and order and international human rights norms. The pressure is a bit too much for the Libyan authorities, so what you find is that the criminal gangs and all of these asymmetric type organizations dominate the space and we may not be able to do much without relieving the Libyan authorities of a lot of the illegal migrants in their custody or their country.

Q: With a Yes or No, 5 years from now, are we still going to be seating here having the same discussion?

Vice President: Would you give us a chance to say, “I hope not?” (Laughter). I really suspect yes.

The continent’s cheap labour, bulging youth population seeking employment and partnership with China to develop Special Economic Zones, will make it the world’s most preferred outsourcing destination.

Africa will replace China as the factory of the world – VP Osinbajo

<h1>Billionaire industrialist Aliko Dangote, has promised that construction of the N250 million University of Ibadan Business School he pledged is soon to be completed.</h1>

The Chief Executive of the Aliko Dangote Foundation, Zouera Youssoufou, affirmed that the “construction is currently on-going and the project will be delivered to the university in February 2018.”

Undertaken by the Aliko Dangote Foundation, the UI Business School was promised by the business mogul last year during a convocation ceremony by the university when he was conferred honorary doctorate degree.

The school’s management stated that the building will be named ‘Aliko Dangote Complex’.

The business mogul is also constructing similar project in the Bayero University Kano (BUK) and  would be ready for hand over to the university management soon.

These infrastructural contributions are part of a N2 billion investment by the Aliko Dangote Foundation, across various tertiary institutions, to enhance opportunities for social change through strategic investments that improve health and wellbeing, promote quality education, and broaden economic empowerment opportunities.

On the Bayero Business School, the Foundation boss explained that on commencement, the business school will be only the third accredited business school in the country and the first in the North, others being University of Lagos Business School and University of Ibadan Business School.

According to ThisDay, the Foundation is currently involved in N10 billion micro grants to women in all 774 local governments across the federation in a bid to ameliorate widespread poverty in Nigeria by empowering the women and the vulnerable in the society.

The fund has been disbursed in some states such as Lagos, Kogi, Jigawa, Kano and a host of others while Nasarawa, Niger and Osun States are being primed for the next round disbursement.

Aliko Dangote, has promised that the construction of the University of Ibadan Business School is currently on-going and the project will be delivered to the university in February 2018.

Billionaire soon to finish N250 million business school for UI

<h1>Ride-hailing app Uber could pull out of Africa and Asia going by recent events.</h1>

Rajeev Misra, a board member of its latest investor Softbank has said that Uber needs to withdraw from Africa and Asia to focus on core markets in the US and Latin America, in order to hit profitability quicker.

He made the comment last week immediately after Softbank led an <a href="http://www.pulse.ng/bi/tech/tech-ubers-massive-multi-billion-dollar-deal-with-softbank-has-officially-closed-and-the-japanese-company-now-controls-15-of-uber-id7863878.html" id="ca4bd8b3-6ca5-5040-928b-2a4d0accccaf">$8 billion investment</a> in the ride-hailing app for 15 percent equity. The move makes the Japanese tech investor giant the largest shareholder and it plans to throw its weight to influence Uber in the direction it believes is best for the company.

However, Uber thinks differently. The company says it plans to “double down” on providing services “to more people in more places around the world.”

Quartz Africa also reports that a spokesperson for Uber assured that the company is “very much committed” to its operations in Africa and is “excited” about its “future growth prospects.”

But in the world of business, the shareholders have the final say. They can even vote a founder out, as shareholders once ousted Steve Jobs out of his own company Apple.

In Softbank’s case, it seems to pundits that the investor is merely trying to save its own face as Uber in Africa and Asia currently competes with Taxify and Didi, respectively, companies it has invested in.

Uber leaving these growth markets means its other investments could fare better.

Also Read:<a href="http://www.pulse.ng/bi/tech/tech-former-uber-ceo-travis-kalanick-just-became-an-actual-billionaire-with-1-4-billion-in-cash-and-he-plans-to-start-giving-it-away-id7864166.html" id="23624967-e2cd-509d-9664-22ef3eaf46ef">Ex-Uber CEO gets $1.4 billion cash from deal, and he plans to give it away</a>

Uber began operations in Africa in 2013 and has since expanded into 8 different markets on the continent including Kenya, South Africa, Nigeria, Ghana and Uganda. The ride-hailing company has enjoyed warm welcome locally unlike in London where its license was revoked or in India where it suffered a national outcry when a user was raped.

A powerful shareholder is suggesting the ride-hailing app leaves Africa and Asia to hit profitability quicker.

Company’s operations in Africa could come to an end soon

<h1>Wapic Insurance has signed a Memorandum of Understanding (MoU) with the Nigeria Football Federation (NFF) to be the official insurer of the NFF.</h1>

The 5-year deal also covers the Super Eagles, other national teams, and all assets, co-sponsors and official partners of the NFF.

Under the partnership which commences immediately, Wapic will provide comprehensive insurance coverage for all national team players and officials for every match to be played as well as all other events and programs organized by the NFF.

Wapic, as a life insurer, would also be offering advisory services to players on long-term investments to secure their future upon retirement from active football.

The NFF President Amaju Pinnick, in his remarks stated that “we are not just looking for a partner because of money, we want to give our players a life, we want to give them hope and a future. We also want to help them invest their money wisely. Encouraging smart investment among players is important to the NFF, and so, together with Wapic, players will be mentored and influenced towards investment so that they have something to fall back on upon retirement.”

This Wapic- NFF partnership is wholly beneficial not only to the NFF, but also to Wapic as football is one of the strongest platform for corporate entities to align with.

For the next five years, Wapic has secured the rights to not only use a composite logo of Wapic &amp; NFF brands, but also to use designations and the NFF logo, images, trademark, clips and footage for merchandising and advertising activities as well as on promotional and marketing materials – Print, TV, Point of Sale (POS), Digital and other media to indicate a sponsorship relationship.

The partnership will see Wapic offer a number of exclusive NFF related benefits to the insuring public. Wapic customers will also be able to tap into a range of match and player exclusive content- highlights, club news and interviews, all of these developments that will appeal to, and be appreciated by customers.

The NFF also appointed Senforce Insurance Brokers as the Official Insurance Brokers under the arrangement. Senforce will provide advisory services to NFF on the best insurance packages to procure and to ensure an effective insurance coverage for the NFF.

The MoU was signed by the President, Nigeria Football Federation, Mr. Amaju Pinnick, and the Managing Director of Wapic, Mrs. Yinka Adekoya, in the presence of other Football Federation dignitaries which included the Independent Chairperson of the Nigeria Women Football League (NWFL), Ms. Aisha Falode, the Executive Director, Wapic Insurance, Mr. Olufemi Obaleke, the Chairman, Senforce Insurance Brokers, Mr. Anirejuoritse Ojuyah, the first Vice-President of NFF, Barr. Seyi Akinwunmi, the 2nd Vice-President of NFF, Mr. Shehu Dikko and other distinguished guests.

For the next five years, the NFF, all its partners, national teams and events, are covered.

Insurer partners NFF, to train footballers on financial investment

<h1>The International Committee of the Red Cross (ICRC) has partnered with the Tony Elumelu Foundation (TEF) to help launch and manage its $1 million economic empowerment program.</h1>

It will support 200 entrepreneurs in two violence troubled regions in Nigeria - North East and Niger Delta.

“We have been looking for a reliable partner in Africa, where over 40% of our work is, to help us develop a sustainable programme that would help people affected by conflict or violence create income-generating activities. After analysis and discussion with affected communities, we decided to support start-ups with innovative ideas in the area of agriculture, healthcare, micro-finance, construction, commerce and fashion, generated by men and women of all walks of life, with or without prior education,” ICRC Deputy Director for Africa, Patrick Youssef, said.

“We believe economic hope is the starting point towards the alleviation of poverty,” TEF Founder, Tony O. Elumelu, commented on the new project.

The initiative will run alongside Tony Elumemlu Foundation’s existing $100 million 10-year entrepreneurship programme which gives $5,000 seed grants to prospective or micro and small business owners to test their entrepreneurship ideas or grow their existing ventures. Consequently, selected applicants of the ICRC initiative will be announced when TEF releases its list of annual beneficiary of 1,000 entrepreneurs which come from across 54 African countries. Winners from North East and Niger Delta armed conflict regions would also be receiving non-refundable $5,000 grants like their TEF counterparts.

They will also receive quality mentorship and business trainings before accessing the funds.

The $100 million TEF Entrepreneurship Programme in its 3-year run has mentored and trained 3,000 African entrepreneurs, generated revenue and created jobs across all 54 African countries. Out of this number, 1,593 entrepreneurs – over 50% – are Nigerian citizens.

The ICRC and TEF partnership is based on the common principle of accountability and proximity to people, a desire to restore livelihoods affected by conflict or violence and the desire to see a positive change in Africa.

The billionaire banker and investor has always believed in partnerships and the power of people. He once shared that the mentorship he received under Chief Ebitimi Banigo helped framed him to the leader he has become.

"Chief Banigo helped me to develop my strategic thinking and insight and to channel my ideas into concrete action. So that when the opportune moment arrived at the age of 34, I had the set belief to gather a small group together to take over and revive a failing bank through innovations in our services," he said.

200 entrepreneurs in North East or Niger Delta regions, will get $5,000 to fund business ideas.

TEF, Red Cross launch $1 million entrepreneurship fund for conflict regions

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