Monalisa Chinda dance on stage at her Christmas Dance event

Lagos experienced unlimited fun and ecstasy like never before on Monday 24th December 2012, as the maiden edition of Nigeria’s most classical event, Monalisa Chinda’s “Project Help: Dance for Life'  took centre stage at the Oriental Hotels, Victoria Island.

Hosted by versatile theatre acts Segun Arinze and Bimbo Akintola, the novel Christmas dance production featured an interesting array of movie stars such as Kate Henshaw, Desmond Elliot, Monalisa Chinda, Bovi and the incredible Bailamos Dance Company delivering electrifying performances, thrilling Christmas recitals and breathtaking surprises  that held audience spellbound from start to finish. The well attended event was organized and produced by Monalisacode Productions. See more photos below

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Emeka and Jumai Ossai dedicate their twins

Actor Emeka Ossai and his wife Jumai welcomed twins, a boy and a girl in September 2012 after five years of marriage. Yesterday Sunday December 30th, they held their children's dedication and baptism at St Dominics Catholic Church, Yaba. Great way to end the year!

Osaze — I Regret Insulting Keshi But He Wasn't Fair To Me

Estranged Super Eagles attacker Osaze Odemwingie has said he regrets his abusive Twitter comments. He claimed they were made because coach Stephen Keshi was not fair to him. He even described Chris Green, whom he had also abused, as a good man:

“I remember it was Green who settled my case with Siasia then, but I was too angry when he called me over this matter, and was impatient to listen to him.”  

“My comment was not directed at him personally, but to those who made the decision, but I think I overreacted then.”

On his face-off with Keshi, Osaze said:

“I called the coach two or three times within that period, maybe two or three days before the list was made public and told him of my commitment to be part of the Nations Cup, and have told my (club) coach I will be going to the Nations Cup.

“I told the coach I was ready to report to camp by January 3, even before other professionals start reporting to camp, if I were in his programme for the Nations Cup, and even told him to feel free to drop me, if I were not in his programme.

“I felt betrayed after that seeming heart-to-heart discussions with the coach few days to the release of the team list and he could not hint me I was not in his plan for the Nations Cup.

“I am human and open to errors by the way I may have taken the issue, and regret the whole controversy, and want to put all this behind me now and focus on my club career, while wishing the team the best of luck as a Nigerian.”

Recall that the West Bromwich striker had in the wake of the release of the Nigeria provisional team list for the 2013 Africa Cup of Nations taken to his Twitter account and made disparaging comments against Keshi, the team captain and some Nigeria Football Federation officials. 

Past coaches, including Samson Siasia and Lars Lagerback, were not spared and continued days later with direct hits at ex-Nigeria international Victor Ikpeba.

However, Osaze said his mistakes were made in a fit of anger.

Victim of horrific Indian gang rape dies in Singapore hospital

Indian police today sealed off parts off New Delhi and appealed for calm after the death of a woman gang-raped on a bus in the city. The woman was flown to Mount Elizabeth Hospital, Singapore for treatment 10 days after she was brutally attacked by six men who inserted an iron rod into her body on December 16. In response to the attack, the Indian government has promised to publicise photos, names and addresses of convicted rapists following days of widespread protests.

The body of the rape victim being moved into a funeral home

The 23-year-old student's body is being flown home after she 'passed away peacefully' in a Singapore hospital where she had been taken for specialist treatment.

She suffered multiple organ failure and a heart attack following the brutal assault on December 16 which has triggered violent public protests.

Her horrific ordeal has galvanised Indians to demand greater protection for women from sexual violence with mass demonstrations, candle-lit vigils and street protests with placards, chants and road blocks. One policeman has died in the protests.

Gatherings of more than five people have been banned in the city centre.

A few hundred protesters arrived this morning at the Jantar Mantar observatory, one of the areas of the city where demonstrations are allowed, the BBC reported.

The victim's family and officials from the Indian High Commission were at her bedside when she lost her 13-day fight for life.

Culled from Daily Mail 

Jessica Simpson tweets bare baby bump

Jessica Simpson is heavy again barely eight months after giving birth to her first child, Maxwell. The proud mum to be shared this photo on her Twitter page yesterday Sunday December 30th with the caption - 'bumpin and proud'.

Kim K and Kanye West expecting their first child

Kanye made this surprise announcement last night while performing at Revel in Atlantic City, New Jersey. Kanye said:

"Stop the music and make noise for my baby mama," referring to Kim, who was in the audience.

Shortly after Kanye shared the news, Kim's sisters, Khloe and Kourtney expressed their happiness via Twitter.

Rising Star: Dayo Okeniyi

Raised in Lagos Nigeria, Dayo Okeniyi, 24, began acting in the theatre at his elementary school. In 2003 Okeniyi, the youngest of five siblings, moved from Nigeria with his family to the United States. His father, now retired DCG customs officer Ezekiel Okeniyi and mother Elizabeth Okeniyi now a retired British literature teacher were adamant that their children receive an education in the United States.

Okeniyi received a Bachelor's degree from Anderson University in visual communications design in 2009. After College he decided to move to Los Angeles to pursue Acting his true passion. In 2012 Dayo Okeniyi landed the highly coveted role of "Thresh" the gladiatorial tribute from District 11 chosen along side his female counterpart "Rue" to fight to the death in the colossally successful motion picture franchise "The Hunger Games." Since then Okeniyi has been cast in upcoming films "The Spectacular Now" and the Ben Affleck / Justin Timberlake Starer "Runner Runner" both films are due out in 2013

Is it just me or is Rita Dominic getting finer by the day?

Is it the hair, the make up or what? She's been really stunning in all her recent photos.

See what Dwayne 'The Rock' Johnson did for his mum this Christmas

 

How sweet!

Kogi State Governor Walks Around With Crutches

Following the series of suggeries he went through at an Abuja hospital, Kogi State Governor, Idris Wada, who was involved in a car accident last Friday, is said to be fighting to return to his feet.

The governor now walks around with inside his hospital room with the aid of crutches, probably to prove he's the strong man he claimed he is.

Governor Wada, who was rushed to the hospital on Friday night after a ghastly motor accident, suffered a broken thigh and has since undergone surgery.

The CMD of Cedacrest Hospital, Abuja, who addressed a news conference in Abuja on Saturday, explained that the governor was brought to the hospital at 8pm on Friday and they would do their best to treat him since he won't be flown abroad.

Check Out DAVIDO's New Video –– Feel Alright

http://www.youtube.com/watch?feature=player_embedded&v=9t46fNXkD84

Sambo Celebrates as His Boss, Jonathan Mourns

Two events were held on Saturday; one was sorrowful while the other filled with joy and happiness. The events were very significant to the presidency as they were shared between the country’s First Citizen and its Second Citizen, President Goodluck Ebele Jonathan and Vice President Mohammed Namadi Sambo.

While the remains of President Jonathan’s younger brother, Meni, who died on November 20, was being interred in Otuoke, Bayelsa State, Vice President Sambo gave out his two daughters in Kaduna at a ceremony attended by high-ranking dignitaries in the country.

Interestingly, the two incidents happened at the same day and perhaps the same time.

Speaking at the wedding reception, the SGF, Anyim Pius Anyim captured the scenario aptly when he said: “Today is a very important day to us because we are holding important events. First, it’s the burial of our brother and secondly the wedding of our daughters”.

He added that members of the cabinet were divided into two for the purpose. “We split into two groups. The first team went to Bayelsa to bury our brother, while I am here with the Chief of Defence, Chief of Air Staff, the Inspector General of Police and many other cabinet members for the wedding of our daughters,” he said.

Cold war between Goldie& J Martins after he disrupts her video shoot in SA

There's serious bad blood right now between two music stars: Goldie and J Martins. It's a long story, but I'll try to make it short. Goldie invited J Martins to South Africa in November to appear in the video of a song they did together called Give It To Me. J Martins asked for business class. Goldie said she couldn't afford it. J Martins agreed to come reluctantly. Then he told Goldie to pick him up at the airport. Goldie sent someone instead. J Martin refused to follow the man Goldie sent to the airport to pick him up, saying he didn't know the man and didn't want to be kidnapped (which makes sense).



J Martins took a taxi, then checked himself into a $700 hotel, refusing to check into the hotel Goldie had booked for him. Goldie and other members of her crew then went to J Martins' hotel to see him but he refused to see them. He said he was tired, and was not feeling well, so couldn't see anyone. Then the morning of the shoot, J Martins refused to come to set. He asked Goldie and her crew to pay for his hotel accommodation. $700 x 5 nights = $3, 500. Goldie said she couldn't afford it. After much begging and talks, J Martins agreed to two nights refund which was $1400.

After that was settled, J Martins didn't show up on set till 3pm that afternoon. When he got on set, he refused to enter the video until they gave him the $1400. Then he complained about the costumes, said they weren't his style, he complained about this, complained about that, he refused to do this, refused to do that...he was rude to the crew, he was talking on the phone instead of shooting...etc...etc.

Anyway, to cut the long story short, the white guys shooting the video got tired of all the drama and packed their stuff and left without completing the video. J Martins shot some scenes but not all Goldie is said to be pretty angry at J Martins right now because she lost a lot of money as a result of his behaviour and she didn't even get an apology from him.

Right now, they are 'sworn enemies'.
End of story! :-) 

President Jonathan's brother laid to rest

President Goodluck Jonathan's half brother, Meni Jonathan, who died of Cardiac Arrest November 20th, has been laid to rest.

Late Meni who until his death was the chairman of Otuoke chiefs council, was buried yesterday at his Otuoke home town in Ogbia council area of Bayelsa State after a solemn funeral service at St. Stephen’s Anglican Church. May his soul rest in peace...amen.

Rihanna still posing nude and posting photos on Instagram

I'm officially tired of seeing Rihanna naked...:-)

Wow! 52yrs Old Woman Gives Birth after 25 Years Of Marriage

At 52, when some women have already become grandmothers, the case of Mrs. Olukorede Obamo, a teacher in Ogun State, is different. 

Olukorode who got married 25 years ago just had her first child last week. Like other women in that kind of position, she had visited hospitals, herbal centres and countless other places; yet to no avail.

When in February this year, she conceived for the first time, she found it difficult to comprehend her body chemistry.

Not able to conceal the development, she told her husband, Moses Obamo, an accountant with Medexia Nigeria Limited, Lagos. Without wasting time, Moses, took her to a hospital for pregnancy test. At the hospital, it was confirmed that she was indeed pregnant.

In disbelief, they went to other hospitals to reconfirm the result of the test done by the first hospital, and it was positive.

Thereafter, Olukorede started to nurture the pregnancy and nine months later, precisely November 13, she was delivered of a baby girl.

Since the news of her birth spread in the neighbourhood, the entire residents turned the home of the Obamos into a Mecca of some sort.

When Punch Metro visited the Obamos during the baby’s christening last week Wednesday, an army of visitors thronged the venue. Expectedly, the Obamos threw a lavish party to celebrate the baby who was given more than 20 names, but the most striking of all the names is Obadunsin (It is good to serve God).

During an interview with Olukorede, she said the bundle of joy had stirred up her trust in God and reinforced her belief in spousal love. She however said she would not forget in a hurry the psychological trauma she went through during the trying times.

Olukorede said, “It was a tough experience; I did not find it easy. I am still in my husband’s house because God is with me. We fought times without number but God settled us. My husband relations did not give me a breathing space; they always reminded me they needed a child."

Iyanya breaks Yvonne Nelson's heart, dumps her for Tonto Dikeh

This is not rumor o. Its fact! Iyanya's four months relationship with Ghanaian actress Yvonne Nelson has ended. The two went their separate ways after Yvonne found out Iyanya was also involved with another actress, Tonto Dikeh. The relationship between Iyanya and Yvonne started in July this year and ended about a week ago. The one with Tonto, well, Iyanya and Tonto have been friends for a while, but they started getting real close in the last couple of weeks...

Yvonne has been venting on Twitter all morning...see more Tweets after the cut...

  

Attack Obasanjo And Lose Your Job – Jonathan Warns His Aides

President Goodluck Jonathan has directed his aides to stop the media war against former President Olusegun Obasanjo with a warning that any aide that errs will lose his job.

The presidential directive came on the heels of intervention by some unnamed chieftains of the ruling Peoples Democratic Party. The party elders were said to have asked the President to caution his aides.

A Presidency source, who spoke on condition of anonymity, told The Punch that some members of the party felt that the exchange of words between the President, his aides and the former President was not good for the image of the party.

The source said: “The party informed the President that the members of the opposition could capitalise on the disagreement to cause a major friction between the two leaders of the party.

“The President has directed his aides not to speak either directly or indirectly on anything that is injurious to the former President on any issue. This is because some leaders of the PDP have advised him not to take on the former President in a fight.

“Apart from the political implication of such, we also believe that it could heat up the polity and cause tension in both the party and the polity.

“Moreover, the party has seen that the opposition is already trying to make gains from the fight and that will not be a good thing either for the two leaders or our party.

“The President respects Obasanjo. He will not do anything that will widen the gap between them. I am sure that the disagreement will be settled.

“Besides, there are no plans by the President to witch-hunt Obasanjo with any probe.”

Recall that both men's relationship has been cold since President Jonathan condemned the invasion of Odi, a village in his state, Bayelsa, by the government of former President Obasanjo on National Television.

Incredible! N9bn Spent on 10 Aircraft in Presidential Fleet Annually

Information obtained from government aviation agencies and airline operators has revealed that President Goodluck Jonathan-led administration spends an estimated N9.08bn annually on the Presidential Air Fleet (PAF).

The PAF has the third largest fleet of aircraft in the country. According to findings, the PAF contains a total of 10 aircraft.

Cost of running the Presidential fleet:

According to a former Minister of Information, Professor Dora Akunyili, each of the two Falcon 7X jets purchased in 2010 cost $51.1m, while the Gulfstream 550 costs $53.3m.

The factory price of other aircraft in the fleet could not be easily obtained online. However, airline CEOs put the average price of Falcon 900 at $35m, Gulfstream IVSP as $40m, Gulfstream V at $45m, Boeing 737 BBJ at $58m, Cessna Citation is $7m and Hawker Siddley 125-800 at $15m.

This brings a combined estimated value of Nigeria’s PAF to $390.5m (N60.53bn).

According to airline chief executives and industry experts, airlines spend between 15 and 20 per cent of the cost of an aircraft on its operation yearly. They say that averagely, a little less than one-fifth of the cost of the plane is spent every year on insurance, flight and cabin crew, maintenance, fuelling, catering and training.

Going by the fact that at least 15 per cent of this amount is spent annually on operating the PAF, it means about $58.57m (N9.08bn ) is spent annually on running the planes .

Figures obtained from the Nigerian Airspace Management Agency, Federal Airports Authority of Nigeria, and the Nigerian Civil Aviation Authority revealed that N9.08bn is spent to maintain the 10 presidential jets every year.

The PAF include two Falcon 7X jets, two Falcon 900 jets, Gulfstream 550, one Boeing 737 BBJ (Nigerian Air Force 001 or Eagle One), and Gulfstream IVSP.

Others are one Gulfstream V, Cessna Citation 2 aircraft and Hawker Siddley 125-800 jet.

Nigeria happens to be one of few countries of the world with a large PAF.

Other countries’ fleets
Most major and more populated countries in Europe and Asia maintain mostly two aircraft in their Presidential Air Fleet, according to Wikipedia. According to the website, Japan maintains only two Boeing 747-400 planes in its Presidential Air Fleet.

Sexual Exploits With Ladies in Banking Industry To Get Deposits

As a new employee in Ecobank back in 2008, we were given targets from the Head Office – to ‘get’ deposits, like they were hanging on trees and all we were to do was ‘pluck’ the monies. Most women told me horrific stories of how they had to affairs with men and women alike, all in the name of getting ‘deposits’.

One particular incident stays with me:

I had walked into the office of this well known Independent Oil Marketer in my region – my church-member, to sell him my bank services, even though every other bank was offering same services. In his expansive office, he offered me this plush chair to sit on, and then he hastily went on to get me drink.

I sat calmly, as my heart thudded in my chest, even as I thought of what to tell him since all I had planned to recite had evaporated immediately I beheld his lewd smile. He wore that same slimy smile as he offered me the bottle of Maltina.

“My pretty baby, what brings you to my humble office?” He was frenzied with excitement. He brought a low chair and sat opposite me, his knees almost grazing mine. He didn’t give me chance to catch my breath and confidence. My stomach quivered in fear. He knew this game well.

“Sir..”

“Call me, Ken,” He quipped in. He was almost as old as my father.

“My name is Ukamaka Olisakwe.”

“Uka-baby, don’t be shy. Be free with me. Talk to me.” He quickly grabbed my shoulders, shook them, and then left me again. He launched into a lot of nonsense about how I looked and how he liked my outfit, especially my shoes. I squirmed all the while. “Don’t be shy.” He held my hands in his. I stared at him, and then pulled my hands away.

He asked how long I had been in the banking industry. I said I was new. He beamed. He would give me deposit that would shock my manager. He will make me the envy of all in my branch. Ha! “Do you know if I call your MD and told him I am going to give you N100, 000, 000 in fixed deposit you would be given double promotion? What is even your salary? Do you have an official car yet? I am going to shock, baby. Just ask about me. Do you know how many ladies ‘chase’ me for deposit? I just like you.”

I stared at my palms. My wedding ring glistened. I felt sad, then angry. I knew if I were a man he would not be this informal with me. He would have been respectful and might even have engaged me in a talk on politics or football or the financial markets. But I was a woman, and as expected, I deserved none of those ‘gentlemanly’ discussions. What do we know, we women? We should be seen as sex objects - as toys to be played with, that’s the best respect you could give to a woman. Right? Not as human equals, but as objects to massage men’s ego.

“Do you want to have sex with me?” I blurted.

The smirk disappeared. He looked a little shaken. Then he quickly began to regain the lost balance.

“Ehhh, you are one naughty girl..” The dirty smile crept out again.

“I am not naughty.”

He laughed out loud. “I like you. You are fearless.”

“I didn’t know I was supposed to be afraid of you.”

“No. No. I didn’t mean that. Just surprised by your boldness.” He was laughing still.

“You don’t want to see me bold, Sir,” I said. I wanted to tell him that only a coward, piss-poor-excuse-for-a-man would disrespect a woman this way. I wanted to scream in his face that only fools like him would turn an official visit as an opportunity to browbeat a woman into sex. Another woman might cower, but I am not another woman. I am Ukamaka. If I ever wanted to engage into an affair with you, I would, not because I was forced into it, but because I wanted it. 

But I quietly stood, patted down my dress and said: “Thank you and have a nice day, Sir.”

I got to our office and told my supervisor, the good man, Ugochukwu Nwamara, of my challenges. He did the best thing for us – the marketers. He introduced to us the concept of ‘Team Marketing’. He made us confident. He thought us that women should be shown respect not because they should be pitied, but because they are Human Beings, too.

I wish other women were lucky, but it is sad that this modern day slavery is still practiced!

Sexual Deposits - A True Life Narrative About Pimping In The Nigerian Banking Sector
By Olisakwe Ukamaka Evelyn
Olisakwe Ukamaka Evelyn is a banker and writer. She is the author of the hit Nigerian novel, EYE OF A GODDESS. In addition to writing, she has a passion for promoting literature, women and children rights

BREAKING: Islamic Terrorists Throw Bomb At A Luxury Bus In Kano

There is a sad report coming in from the city of Kano. Multiple sources have confirmed that men suspected to be members of a dreaded Islamic sect hurled explosives at a loaded luxury bus in Kano early Wednesday morning.

Reports of casualties remain sketchy but there is commotion in the area.

Sources in Kano said news of the incident have thrown the state into a panic mood as workers and business owners are running back home. Some are even heading to neighbouring states, a source added.

Also, there were reports that two explosions occurred in the Zoo Road area of Kano on Wednesday morning. The attack, by two men riding on a bike, was a police post. The perpetrators threw the explosives at the post, injuring people around.

A source said gunshots are heard from different directions. Security agencies are yet to make a statement.

Vice President Namadi Sambo to get a N2billion home

Our Vice President is getting a home worth N2 billion from the government of Nigeria. There's a N50bn budget for the Federal Capital Territory and N2bn, according to the FCT Minister Bala Mohammed, is going into the construction of the official residence of Vice President Namadi Sambo, while N300 million is for the construction of the official residences of Senate president David Mark and his deputy, Ike Ekweremadu; the Speaker, Aminu Tambuwal; and his deputy, Emeka Ihedioha.

So my question is; if they are building new homes for these people, where were they living before now? First a N2bn 150-seater banquet hall, now a N2bn home for the VP. This is the priority of the Government of a country where more than half the population live on under $1 a day. #Standingovation

Oh and Julius Berger is handling the home construction, with 20 months as completion period.

Sexy or Trashy: Should A Lady Expose Her Body So Cheaply?

I really wonder what exactly Toni Tones is trying to promote with this kind of outfit! Why this?

"I can't stop using cocaine' - Majek Fashek

"People must talk. But they make you popular; that's the truth. You cannot fight the press, you cannot fight the media. They are the ones that will tell people what is going on, so I cannot fight the media. They said I'm crazy, I use cocaine. Well I still use cocaine. I dey blow my nose, I dey smoke my igbo. As I speak to you, I have cocaine in my pocket and in my house. I still dey use am. I can't stop. How will you play music with a 'normal eye'? You can't be a good musician playing without getting high. Pastors dem dey high too. The truth is that you can't be on the human level and give the message. The humans are looking up to you, so you must be super- human to live up to their expectations." Majek Fashek

Who Paid Actress Bisi Ibidapo To Blackmail Dino Melaye With Fake Pregnancy?

The lies of controversial actress, Bisi Ibidapo Obe with regards to the pregnancy she allegedly had for former House of Reps member, Hon Dino Melaye, has come to the fore.

She had claimed in an interview that she met Dino in April and within that period he spent night(s) in her apartment in Lagos. Consequently, she claimed he got her pregnant.

But seven months down the line, the actress gave birth to a baby girl, on Friday 30th November, 2012. You may wish to know that the baby was not delivered before her due time.

Following this 'strange' development, Dino was said to have told his close friends to ignore the cheap liar. "I am not distracted a bit about this joke and imaginary creation of a serial liar. Am not her 1st victim and may not be the last," he had said about the allegation.

The question is: if Bisi truly got pregnant for Dino after they met in April, as she claimed, is it possible for her to have given birth in November?

My Daughter Sleeps Around ‘Like Dog’; Has 3 Kids For Different Men

I am pained in my heart and I really need your advice and those of your readers....I need your help. I am a mother of four; three women and a young man.

My first daughter is 41, married with two kids. She and my last child; the young man are my source of joy. My second and third, both women, are a source of concern to me.

Although I raised them alone due to their father's death.... They lacked nothing while growing up. We may not have in abundance, but we lacked nothing, so I really cannot place or lay my hands on why these girls are behaving the way they are now. 

My second daughter, at present has three children for three different men. She had her first child when she was in her first year in the university, she took in for a married man she dated then.

When she left home for campus, she became a changed girl from the child I raised. Her action almost sent me to an early grave. Her mother-in-law took the child so that she could finish school. Along the line, while still in school, her relationship with the father of her child broke up.

I spoke and pleaded with her to move on. I told her she had no reason to settle for less - a married man - as there are lots of single men out there she could get married to when ready. But alas! My daughter only listened, she did not heed my advice.

Because when she went for her youth service, she got pregnant and had another child, again for a married man. This act almost broke the man’s home. Eventually, she couldn’t get married to him. She got a job and started living as a single parent.

Three years after, maybe she would have had a chance to settle down and live a good life but her fiance died few weeks to their wedding. I never knew my daughter was carrying his child until she became evidently pregnant.

Now, she has three children and remains a single parent. Her situation gives me sleepless nights.

Recently a woman walked into my nursing home to ask me to beg my daughter not to break her home. I was shocked when she told me that my daughter had been dating her husband for over three years. She said she had pleaded with her several times to leave her husband alone.

I was shocked at what I heard. As if this was not enough she said that few months ago, September precisely, her husband finally called it quits with my daughter, but my third daughter came to plead with her husband on her sister’s behalf. I was too shocked for words.

I asked this woman to give me time to investigate her allegation. She, however, gave me a parting shot. She asked me to warn my daughter that any attempt by her to have a child for her husband would result in her death.

I am old enough not to take any threat with levity, I called my daughter and she confirmed this woman’s words. I then called my daughters to a meeting. My concerned daughter’s answer shocked me, she said she would rather die than leave this man alone.

Please, how do I treat this issue?

Enebeli Elebuwa dies in Indian hospital

Former Actors' Guild President, Segun Arinze, has confirmed the passing away of veteran actor, Enebeli Elebuwa in a hospital in India.

Mr Elebuwa died in the early hours of today Wednesday December 5th in the hospital in India where he was flown to a few months ago by the Delta State government to receive treatment for an ailment. He was 65. Truly sad! May his soul rest in peace. Amen.

Mrs Folorunsho Alakija is the richest black woman in the world?

VENTURES AFRICA/Africa’s Secret Millionaires – Move over, Oprah – there is a new richest black woman in the world. And she’s Nigerian.

Meet Folorunsho Alakija, a Nigerian billionaire oil tycoon, Fashion designer and philanthropist who is worth at least $3.3 billion- contrary to a recent Forbes Magazine ranking which pegs her net worth at only $600 million.

Alakija, 61, was born into a wealthy, polygamous Nigerian family. She started out her professional career in the mid 70s as a secretary at the now defunct International Merchant Bank of Nigeria, one of the country’s earliest investment banks. In the early 80s, Alakija quit her job and went on to study Fashion design in England, returning to Nigeria shortly afterwards to start Supreme Stitches, a premium Nigerian fashion label which catered exclusively to upscale clientele.

The business thrived, and Alakija quickly made a tidy fortune selling high-end Nigerian clothing to fashionable wives of military bigwigs and society women.

Oil Prospecting License

In May 1993 Alakija applied for an allocation of an Oil Prospecting License (OPL). The license to explore for oil on a 617,000 acre block – (now referred to as OPL 216) was granted to Alakija’s company, Famfa Limited. The block is located approximately 220 miles South East of Lagos and 70 miles offshore Nigeria in the central Niger Delta.

This was in 1993. Many wealthy Nigerian businessmen and military bigwigs who had been allocated oil blocs by the military administration at the time had no clue as to the technicalities in operating an oil block, so many of them typically acquired OPLs, and then flipped them off to international oil companies for substantial profits.

But Alakija was intelligent. She had no expertise or experience in running an oil field, but she decided not to sell off her license. In September 1996, she entered into a joint venture agreement with Star Deep Water Petroleum Limited (a wholly-owned subsidiary of Texaco) and appointed the company as a technical adviser for the exploration of the license, transferring 40 percent of her 100 percent stake to Star Deep. Subsequently, Star Deep sold off 8 percent of its stake in OPL 216 to Petrobas, a Brazilian company. Folorunsho Alakija and her family owned 60 percent.

Nigerian Government Forcefully Acquires Stake In The Block

Star Deep Petroleum carried on with exploitation of the oil field. In 2000, the first appraisal well was confirmed to have recoverable reserves in excess of 1 billion barrels of oil equivalent. When this was discovered, the Nigerian government, led by Olusegun Obasanjo immediately ordered that a 40 percent interest in OPL 216 be allocated to the Nigerian National Petroleum Corporation (NNPC) under the Back-in-Right Regulation of 2003 which gives the Nigerian government participatory rights in any OPL or OML. You can read more about this back-in-right regulation in detail here.

This would leave Famfa Oil with a 20 percent stake. This was in 2000, and the government did not pay Famfa a dime for the stake. In 2003, Famfa applied for a conversion from an OPL to an OML, and in 2004 the request was granted. OPL 216 became OML 127.
But the Nigerian government was not content with its 40 percent stake in Famfa. In 2005, the government led by General Olusegun Obasanjo forcefully acquired a further 10 percent stake in OML 127.

Folorunsho Alakija immediately went to the courts to challenge the government’s forceful acquisition take a 50% in the license. It was a lengthy court battle which lasted for several years, but in May 2012, the Supreme Court voided the government’s acquisition of a 50 percent stake in OML 127 and subsequently transferred the 50 percent stake back to Famfa Oil. (Read about Famfa’s victory here).

The Nigerian government tried to appeal the Supreme’s court decision, but the case has been dismissed- a victory for Famfa Oil which sees the little-known oil company owning a 60 percent in OML 127, which is one of Nigeria’s most prolific oil blocks.

Valuation Of OML 127

Daily production at OML 127 currently stands at 200,000 barrels per day. When the Nigerian government, through its wholly-owned petroleum company, NNPC, was trying to justify its forceful acquisition of a 50 percent stake in OML 127 at the Supreme court, the Government admitted that if Famfa Oil owned a 60 percent stake in the OML, the company stood to earn $10 million on a daily basis (after taxes and other exploration costs have been settled).  The government’s argument at the Supreme Court can be found through this link, (item number 23).

So how much is a 60 percent stake in OML 127 worth?

Comparator: In July 2012, Royal Dutch Shell agreed to sell its 45 percent stake in OML 30 for $850 million to Heritage Oil and Shoreline Energy.

According to Fool.co.uk, OML 30 currently produces 35,000 barrels of oil per day.

So, if 45 percent of a 35,000 bpd-producing oil bloc is $850 million, 100 percent of the same bloc = $1.88 billion i.e 100/45 x $850 million

If a 100 percent stake in a 35,000 bpd-producing oil bloc is $1.88 billion, by the same logic, a 100 percent stake in 200,000 bpd-producing oil bloc is worth $10.74 billion i.e 200,000 bpd/35,000 bpd X $1.88 billion

Folorunsho Alakija’s 60 percent stake in a $10.74 billion oil well is worth $6.44 billion.

Technically, her 60 percent stake in OML 127 is worth $6.44 billion.

Another comparator: In November 2012, French oil group Total announced that it was selling a 20 percent stake in its Nigerian offshore oil field to China’s Sinopec in a $2.5 billion deal. The block in question, OML 138 is a 180,000 bpd facility.

So, if a 20 percent stake in an 180,000 bpd facility offshore block is worth $2.5 billion, the entire block is worth $12.5 billion i.e 100/20 x $2.5 billion. Since a 180,000 bpd-producing facility is worth $12.5 billion, a 200,000 bpd-producing facility is worth $13.8 billion because 200,000/180,000 x $12.5 billion.

Using the Total-Sinopec deal as the yardstick, we could also value OML 127 at $13.8 billion. In that case, her 60 percent stake would be worth $8.3 billion.

But to be conservative, we prefer to go with the lower valuation of $6.44 billion.

On Debt
Ventures Africa reached out to Famfa Limited to comment, but the company declined to divulge any information regarding any long-term or short-term debt. We have no idea on how much debt (if any, the company has), but even if we take the high side, and subtract 50 percent of the value of her stake for debt, that still gives her 60 percent stake in OML 127 a market value of $3.2 billion, which makes her richer than the $2.7 billion Oprah Winfrey is worth according to Forbes Magazine’s last rankings.

Real Estate: $100 million
Folorunsho Alakija also has a real estate portfolio worth over $100 million.  Earlier this year, Nigerian and British media announced that Alakija acquired a property at One Hyde Park for $102 million. See media coverage here and here

A source at Famfa Oil who asked for anonymity indeed confirmed that Mrs. Alakija actually acquired the property at One Hyde Park.

Private Jet
Alakija owns a Bombardier Global Express 6000 which she bought earlier this year for a reported $46 million.

PHILANTHROPY
Folorunsho Alakija is the founder of the Rose of Sharon foundation, a Christian-based charity which gives out small grants to widows.

PERSONAL
Alakija is married to Modupe Alakija and they have four grown-up sons together.  She also has a grandchild from her first son. Modupe Alakija, her husband is the Chairman of Famfa Oil. Her sons run the company.