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The Souvenir Hawker Who Became A Billionaire – Meet The Agege Boy That Built A $400million Company

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Sijibomi Ogundele, Nigeria’s youngest Billionaire and Luxury Real Estate mogul is noted for his status as Nigeria’s youngest billionaire and CEO of multi-million dollar company, Sujimoto Group. But only a few know about his humble beginnings, hustling on the busy streets of Agege to the well-paved streets in France.

Growing up in the slum of Agege, as a little 8-year-old, Sijibomi’s first introduction to Entrepreneurship was when he started a bike business popularly called‘Okada’ business, from his little savings. Despite the usual African Parent’s disapproval, he drew inspiration from his mother’s entrepreneurial spirit and grew his Okada business from 1 to 6 motorcycles, a testament to his strong, resolute and resilient business mind.

At just a young age of 39, he has built his company, Sujimoto Group, in just 5 years, into a Luxury Construction behemoth, focused on building extraordinary edifices in premium neighbourhoods of Ikoyi and Banana Island. With annual revenue of approximately $30 million and many other pending projects, Mr Ogundele believes the Sujimoto group is worth over $400 Million.

Many have opined that the young and dynamic businessman might be eyeing a political position, but according to Mr. Ogundele, “the business of politics is bigger than the politics of business. We are focused on business but we shall support the government. To us, the Government is like a beautiful woman, marry her only when she is an asset, not a liability.”

Source: GhanaFeed.Com

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Business

Sub-Saharan Africa Has No Choice Than To Stick To Fossil Fuel-Dr Babajide Agunbiade.

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As the world is drifting towards the use of renewable energy to power their economies, sub-Saharan Africa has no choice than to focus on exploring the use of oil and gas to support their economies, and this is according to Dr Babajide Agunbiade, a renowned engineer, investor and Director for Houston -based National Oilwell Varco.

Speaking in an interview with U.K – based Channel TV Business Desk, on the global rising oil demand, Dr. Agunbiade said despite the adverse effect of Covid-19 resulting in lower oil production, demand for oil and gas has peaked as a result of the use of an alternative source of energy that does not require fossil fuel.

He stated, however, that the wind of change is not taking place as much as it should in sub-Saharan Africa.

Dr. Babajide, who has over 20 years experience in the oil industry and one of the worlds leading offshore production experts, was of the view that sub-Saharan Africa, China, and India are places where oil demand is rising, unlike the UK, North America, among a host of advanced countries, where a lot of new technologies are coming into play.

“However, in Africa, it is still the only commodity that can satisfy the demands of an increasing population, an expanding middle class, and in some cases, the main source of governments’ earnings. We still have a lot of oil,” he asserted.

Dr. Babajide explained that as a result of the enormous deposits of oil and gas, operators and service companies are doing what they can to optimize production cost and continue producing the commodity.

“As stated, a lot of these African countries do depend substantially on oil revenue for survival. Oil still plays a large role in these sub- Saharan countries’ economies, accounting for up to 40 percent of GDP and 80 percent to 90 percent of governments’ earnings,” he stated.

The Director of National Oilwell Varco, the largest Oilfield equipment manufacturing company in the world, said 90 per cent of the earnings of the Government of Nigeria come from oil and the same as Angola, Gabon and the rest of the oil-producing countries in sub- Saharan Africa.

With these figures, he was convinced that the shift to renewable energy at the expense of oil and gas in sub-Saharan Africa has not been the focus for now, and this must change.

“There is no push for anything different. They are still aggressively trying to source foreign exchange, which for the most part, they can only do that through oil,” he opined.

According to him, wind energy, electric cars and a lot of other renewable energy options and integrated gasification in the combined cycle, IGCC from coal have to come into play.

Source: GhanaFeed.Com

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Business

African Construction Giant, Sujimoto Clinches Time Tech Award

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Sijumoto, Nigeria’s leading luxury Real Estate brand has won the just concluded Time Tech Award, a prestigious continental award organised to celebrate Africa’s most influential corporate brands.

As part of the conditions for identifying and selecting the winner of the Africa Corporate Brand Award, the organisers whose motive is driven by excellent service delivery of nominated brands, and also their consistency and general contribution to the economy describes the award as an excellent service meant to elevate brands’ contribution to the market place.

“The organisers of the Time Tech Awards also look for companies with a competitive advantage in the frugal African economy as well as to reveal emerging African companies, their projects and several impacts on Africa and globe.

“After a fiercely competed race to be named the first in the prestigious Time Tech Awards against leading brands such as Standard Bank, Interswitch, Zenith Bank, GTBank, FlutterWave, Dangote Group, Access Bank Plc, MTN group, FarmCrowdy, Opaym, Andela, Komaza, Safaricom, Sanlam, Naspers, East African Breweries, Exxaro Resources, Twiga Foods, Chandaria Industries, Sijumoto, emerged top with an average score of 7, 215 points (27.65%)” the statement reads.

Reacting to the award, Sijibomi Ogundele, CEO of Sijumoto construction Said ” Sujimoto is out to make another statement. This time, it is not to clinch an award. The brand is out to introduce her latest innovation which delivers exquisite comfort which offers a good return on investment in due time for investors. To be officially launched in the month of October, the housing projects by Sujimoto are arrays of quality, the best money can buy at pocket friendly rates. These includes: 3 Bedroom Apartment on Bourdillon Road and Eko Atlantic are selling for $2m – $4.5 USD.

“Also, the luxury LeonardobySujimoto is a 2 Bedroom apartment that guarantees $50,000 Rental ROI per annum, 3 Bedroom for $70,000 and 4 Bedroom provides $100,000 USD per annum. For an initial deposit of $150,000 (30%), any prospective buyer can enjoy Leonardo by Sujimoto- a waterfront high-rise building that features premium fittings and facilities, award winning Zaha Hadid Bathrooms, the phenomenal Techno Gym, Full Home Automation, prestigious Kohler Kitchen, IMAX Cinema, incredible personalized Hair Salon, dedicated restaurants strictly for the residents, 5 Star interactive Lobby, Crèche, Tennis Court, Squash Courts, the 1st Private Luxury Boat Club in Africa and a top choice Mini-mart”.

Speaking on the success recorded by Sijumoto, President of CMC Gladiators, Ambassador Cornel Udofia noted: ‘’I am proud to say that the success recorded by Sijumoto is a success for every member of this group. On behalf of my humble self and every member of Exco as well as the steering committee, I say a very big thank you. Sijumoto is a renowned Real Estate Company and as a brand, we are happy to be part of them. I trust their housing arrangements which is one of the best in the country and beyond’’.

Source: GhanaFeed.Com

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Business

4% Reduction In ‘Talk Tax’ Takes Effect Today

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Mobile subscribers and data users will from Tuesday, September 15, 2020, enjoy longer durations of voice and data bundles but pay the same amount of money for recharges.

This is because mobile network operators will be reducing the Communication Service Tax (CST), also known as “talk tax” charged on the use of communication services in the country.

The Minister of Finance, Ken Ofori-Atta, during the presentation of the 2020 mid-year budget review announced that the talk tax will be reduced from 9 percent to 5 percent.

This formed part of the government’s effort to alleviate the plight of Ghanaians during the coronavirus pandemic.

n a statement to confirm the implementation of the new tariff, the Chief Executive Officer of the Ghana Chamber of Telecommunications, Ken Ashigbey, said, “The tariff adjustment programme means when our customers pay the same price they would enjoy more, which is in line with the government’s measures in alleviating cost burden on citizens in the wake of the global pandemic.”

The statement added, “Mobile Network Operators will notify their customers on the completion of the modification exercise and provide further transparency on the adjusted tariffs of their products and services while offering other relevant information post usage of these services.”

This new development, according to the statement, comes after “effective dialogue and stakeholder
engagements led by the Finance Ministry as well as our supervising Ministry and agencies”.

Source: GhanaFeed.Com

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