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Tony Elumelu Promotes Nigeria as top Investment Destination to the French Business Community

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Serial entrepreneur, philanthropist and promoter of Africaptalism, Tony O. Elumelu on 27 May 2016, delivered an inspiring speech in Paris, France, selling Nigeria as an investment destination to the French business community.

Elumelu, who is the Chairman of Pan-African banking group, United Bank for Africa (UBA) Plc and proprietary investment firm, Heirs Holdings delivered the speech as a guest speaker at the 1st ‘Colloque Nigeria’, a colloquium on doing business and investment in Nigeria, which was organised by the French Senate at the exquisite Palais de Luxembourg in Paris, France.

Speaking at the conference, the Founder of the Tony Elumelu Foundation said that like every part of the world, investors in Nigeria and Africa are faced with a myriad of challenges, but amidst these challenges no other destinations provided more opportunities and return on investment as do Nigeria and Africa. “Nigeria remains a very viable, attractive and important investment and export destination for French companies. As a matter of fact, I would argue that now is a good time to come and invest in Nigeria, because it is an investor’s market. The fundamentals of the Nigerian economy remain strong,” he said.

According to Elumelu, some of the trends supporting long – term growth in Nigeria are the increased use of technology by the Nigerian population, high consumerism, young demographic and increasing urbanization. Whilst encouraging French businesses to come and discover Nigeria, he advised the would – be investors to find the right partner that would help them navigate the environment and stated that they need be committed to invest in Nigeria for the long haul.

“Nigeria has always been a unique country. We are not only the most populous country on the continent of Africa, we are amongst the best educated and most-traveled people in Africa. We Nigerians are well known for our positive outlook and can-do spirit. Even more importantly, we have a strong culture and spirit of entrepreneurship. The smart investor, knows that this is the time to enter our market because the fundamentals of the Nigerian economy remain strong, and where others perceive risk and challenge, the glass is actually half full rather than half empty” Elumelu said.

He asserted that despite the current challenges faced by Nigeria which have been brought about by the sharp drop in commodity prices, the country still offers one of the highest returns on investment on the continent

iting the example of what UBA has been able to achieve in Nigeria, Elumelu said that UBA has operated profitably in Nigeria for the past 70 years and in the last decade, increased its footprint into 18 other countries in Africa as it set up business offices in Paris, New York and London. “UBA is helping to finance major projects in infrastructure, as well as in the agriculture and construction sectors of the African countries in which we operate, most of these being francophone countries. We have continued to open more UBA branches of our subsidiaries and we have become better established in those markets. The second stage of the roll out on the continent begins later this year”.

“The large Nigerian economy plays an important leading role in West Africa and beyond. So when you invest in Nigeria, the benefits spill over to our neighbours in dozens of countries” he continued.

He thanked the investing community for their enthusiasm about investing in Nigeria and he encouraged them to “believe in Nigeria; come to Nigeria; discover Nigeria; invest in Nigeria; help develop Nigeria and prosper with Nigerians; and most importantly, take an Africapitalist approach to entering and investing in Nigeria because what we are looking for are sustainable partnerships that will deliver sustainable development through the private sector going about its normal commercial activities,” he concluded.

Also speaking at the Colloque Nigeria summit, the President of the French Senate, Mr. Gerard Larcher stressed that the summit is strategic to French business interests as Nigeria remains the first destination of French investment in sub Saharan Africa. ” We want to strengthen these privileged links, said the President.

He thanked Mr Elumelu for his sterling contributions to the economic development of the continent, and especially in the area of entrepreneurship where the Tony Elumelu Foundation – through its Tony Elumelu Entrepreneurship Programme – has been engaging in promoting start-up businesses across the continent.

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Lagos Lawyer Gboyega Adetunji Delves Into Agriculture, Floats Abundish; A Revolutionary Farm-To-Table Outfit

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Barrister Gboyega Adetunji, a Lagos-based renowned legal practitioner, has ventured into agriculture with the launch of Abundish, a revolutionary farm-to-table service aimed at transforming how Nigerians access fresh, high-quality, and healthy farm produce.

 

Abundish is committed to offtake directly from farmers and supply to consumers promoting sustainable agricultural practices, and ensuring fair market value for produce.

 

The innovative platform offers a subscription-based model, allowing customers to customize their experience and receive curated selections of fresh, seasonal produce delivered conveniently to their homes.

 

“I’m thrilled to embark on this new journey, combining my passion for sustainable living and community development,” said Barrister Adetunji, Founder and CEO of Abundish.

 

“Our goal is to empower farmers, support local economies, and provide healthy, fresh produce to consumers while reducing food wastage and promoting sustainable practices.”

 

“Abundish is more than just a bridge,” says Barr. Gboyega Adetunji.

 

“We are a movement bringing fresh, high-quality produce whether cash or food crops directly from the farm to the end consumer, cutting out unhygienic produce, reducing landing costs of produce, and the convenience of doorstep delivery it affords our customers. This does not only benefits our customers, but also supports sustainable agricultural practices, grows the naira and local economies, and also empowers the farmers who nourish our communities.

 

Reacting to what inspires his diversification, Barr. Gboyega said “I’d always wanted to have my little farm that can cater for at least 80% of my consumption, but then I realized how impactful it would be if this practice could be extended to others, hence the creation of the Abundish brand”

 

When asked what sets Abundish apart from its counterparts, Barr. Gboyega said, “Abundish offers a unique subscription model, allowing customers to customize their experience and receive a curated selection of the freshest seasonal produce delivered conveniently to their homes. By bypassing traditional distribution channels, Abundish reduces food waste, ensures peak freshness for consumers and the amount of time doing tedious work of purchase and clean up”.

 

“Abundish offer fresh farm produce at fair market value, championing food security with sustainable practices” he added.

 

At Abundish, we are not just passionate about delivering farm-fresh produce, we are committed to creating a positive impact on our world. That is why we operate with the UN Sustainable Development Goals (SDGs) in mind, striving for a more sustainable, equitable, and food-secure future.

 

Join The Abundish Movement, visit www.abundish.info to learn more about Abundish, and subscribe to receive the freshest produce delivered at your convenience.

 

Follow Abundish on social media platforms for behind-the-scene farm footage, exclusive offers, recipes, and our social impact initiatives.

 

X (Twitter) – @abundish

 

Instagram – _@abundish

 

Facebook – Abundish

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US-based Nigerian Jailed 41 Months For Operating Illegal Money Transmitting Business; Funds Wired To Lagos Bank

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A Nigerian man based in the United States Oluwafemi Osinowo has been sentenced to 41 months in a federal prison after he was convicted of operating an illegal money transmitting business.

 

U.S. Attorney Ronald C. Gathe, Jr. in a press release issued by the U.S. Attorney’s Office, Middle District of Louisiana on Monday, announced that Chief Judge Shelly D. Dick also sentenced Osinowo, 35, of Miami, Florida, to three years of supervised release following his term of imprisonment.

 

According to admissions made as part of his guilty plea, from December 2016 to January 2019, Osinowo operated an unlicensed money transmitting business.

 

He confessed that he conducted foreign currency exchange business without complying with required federal registration requirements.

During the course of operating the business, money was transmitted from third parties from the Middle District of Louisiana and elsewhere to bank accounts located in Miami, Florida.

 

Once the money was in the bank accounts in Miami, Florida, an individual acting as an agent of Osinowo’s business wired the money to a bank in Lagos, Nigeria. Those wire transfers included approximately 51 separate transmissions in the aggregate total of approximately $722,177.

 

 

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‘Stolen’ $6.2m: What Emefiele Told Us In Kuje Prison – Investigators

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One of the investigators handling the case of $6,230,000 allegedly stolen from the Central Bank of Nigeria (CBN) on February 8, 2023, has revealed what Godwin Emefiele, immediate past governor of the apex bank, told them at Kuje prison.

The former CBN governor, who is standing trial on an alleged 20-count amended charge, preferred against him by the Economic and Financial Crimes Commission (EFCC), was once remanded at Kuje prison.

He was alleged to have engaged in criminal breach of trust, forgery, conspiracy to obtain by false pretence and obtaining money by false pretence when he served as central bank chief.

In an affidavit filed before a Federal High Court in Abuja, one of the investigators, a Deputy Superintendent of Police, gave details of investigators’ findings and progress made so far.

The Deputy Superintendent of Police was quoted to have said: “We visited Kuje Correctional Centre, where we interviewed Godwin Emefiele, who purportedly approved the memos authorising the payment, as then CBN gov and he denied seeing, talk less of approving such memos.

“We also arrested some concerned staff of the Central Bank of Nigeria, who denied any involvement in the crime, before we finally arrested Bashirudeen Maishanu, who corroborated the account of Abdulmajeed Muhammad and further confessed to have been involved in the crime which, according to him was perpetrated by himself and the first to third defendants/respondents – Adamu Abubakar, Imam Abubakar and Odoh Eric Ocheme.

“Bashiru Maishanu further confessed that himself, the first and second defendants/respondents (Adamu Abubakar and Imam Abubakar) shared the sum of $2,500,000.00 from the stolen money, while the third defendant/respondent (Odoh Eric Ocheme), being a fellow staff of the Central Bank of Nigeria, kept the balance of $3,730,000.00 claiming that he had other interests to settle in the CBN.

“Bashirudeen Maishanu further confessed that both himself, and the first and second defendants/respondents jointly invested the United States dollars equivalent of the sum of N1, 440,000,000.00 into real estate business of Afrolyk Global Ltd.

“The Managing Director of the said Afrolyk Ltd, Aminu Lawal has been arrested and he confirmed the investment by Bashirudeen Maishanu, Adamu Abubakar and Imam Abubakar, and already refunded the sum of $200 000 00 to the Special Investigator’s team as part of the money he (Aminu Lawal) received as part of the purported investment.

“Cash of about $400,000 00 has also been voluntarily returned by Bashiru Maishanu from part of his remaining share of the money in question. The money (the $6,230,000) was received in cash from the Central Bank at Nigeria and also shared in the same cash by the defendants/respondents and others, making it difficult to trace the monies without arresting the defendants/respondents.

“It was later revealed that the third defendant – Odoh Eric Ocheme – was the Personal Assistant to Godwin Emefiele as the CBN governor while the first and second defendants (Adamu Abubakar and Imam Abubakar) are businessmen and associates of Bashirudeen Maishanu.”

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