Every August 9 is not only a special day for Nigeria but Africa at large. On that same date in 1919, the continent’s first chartered accountant, Pa Akintola Williams, was born.
Below are 10 facts you may not know about the first President of the Institute of Chartered Accountants:
Akintola was born a day after the first Governor-General of Nigeria, Lord Frederick Lugard, stepped aside and handed over power to Sir Hugh Clifford who went on to administer the young country for six years.
Williams comes from a family of “many firsts. His younger brother, Rotimi Williams, was also the first Nigerian to be decorated with the title, ‘Senior Advocate of Nigeria’. The younger brother also set up the first indigenous Nigerian law firm in 1948 with Chief Remilekun Fani-Kayode and Chief Bode Thomas. The law firm was called Thomas, Williams, and Kayode.
Akintola, as a youth, was among the founders of the Yoruba socio-political group, Egbe Omo Oduduwa, along with the late sage, Chief Obafemi Awolowo, and other notable politicians in the Western Region such as Chief Ayo Rosiji, who later became the Minister of Health.
Akintola’s firm, Akintola Williams & Co., is the first indigenous chartered accounting firm in Nigeria. Established in 1952, it had notable clients such as the defunct West African Pilot Newspaper owned by the late President Nnamdi Azikiwe.
A lover of classical music, the centenarian is one of the brains behind the Music Society of Nigeria — operators of the MUSON Centre, Onikan, Lagos.
The nation’s oldest accountant was also involved in establishing the Nigerian Stock Exchange and he is the only surviving signatory to the original Memorandum and Articles of Association of the Nigerian Stock Exchange at the founding of the NSE on September 15, 1960.
Akintola has headed many government panels, both at the state and federal levels. He was chairman of the Federal Income Tax Appeal Commissioners (1958-68); chairman of the Lagos State Government Revenue Collection Panel (1973); and chairman of the Public Service Review Panel to correct the anomalies in the Udoji Salary Review Commission (1975).
He is the last surviving member of the Coker Commission of Enquiry set up by the late Prime Minister, Tafawa Balewa, to probe the finances of the Western Region.
The 100-year-old accountant has served on the boards of many notable companies. They include Shell Trustees (Nigeria) Limited, John Holt Investment Limited, British-American Tobacco Company, BEWAC Limited, Bentworth Finance Limited, G. Cappa Plc , Universe Re-Insurance Company Limited, Mandilas Limited, and United Nigerian Textiles Plc.
He was, for over 60 years, married to Mabel Efuntiloye Williams until her death in 2009. They both had two children, Tokunbo and Seni.
Meet Adebayo Ogunlesi, Nigeria’s investment banker shaking up Wall Street
Though his name does not ring a bell like Aliko Dangote, Otedola and Mike Adenuga, Ogunlesi is equally a “billionaire” in his own right.
Some refer to him as a “silent billionaire”, and this is not a wrong statement about the man who has stakes in a number of airports around the world, including Gatwick Airport, the second-busiest airport by total passenger traffic in the UK and the ninth-busiest in Europe.
Adebayo Ogunlesi, a Nigerian who started out as a lawyer and later an investment banker, has spread his wings around the globe and is now currently the Chairman and Managing Partner at the private equity firm Global Infrastructure Partners (GIP). Though his name does not ring a bell like Aliko Dangote, Otedola and Mike Adenuga, Ogunlesi is equally a billionaire in his own right.
Adebayo hails from Makun, Sagamu, Ogun State, and was born on the 20th of December 1953 to the family of Dr Theophilus O. Ogunlesi, who later became Nigeria’s first Professor of Medicine in Ibadan.
He had his primary education there in Sagamu and then attended the prestigious King’s College, Lagos before travelling to England where he bagged a B.A. with first-class honours in Philosophy, Politics and Economics from Oxford University.
He went on to pursue two degrees concurrently at Harvard, and in 1979, received a J.D. magna cum laude from Harvard Law School and an M.B.A. from the Harvard Business School.
He worked as a law clerk to Associate Justice Thurgood Marshall of the United States Supreme Court from 1980 to 1981, and as an attorney at Cravath, Swaine & Moore – a law firm in New York City till 1983.
Armed with his MBA, Adebayo made the switch to investment banking when he joined First Boston Investment Bank as an advisor on a Nigerian gas project in 1983. He also worked with the Project Finance Group, as a financial advisor to several clients on the transactions of North and South America, the Caribbean, Europe, the Middle East, Africa and Asia.
Other places Adebayo worked include the Credit Suisse First Boston (CSFB) (earlier known as Global Energy Group) where he advised clients on strategic transactions and financing for some years, before becoming the Global Head of CSFB’s Investment Banking Division. He was appointed member of the Credit Suisse Executive Board and Management Committee in 2002, and became the Executive Vice Chairman and Chief Client Officer of CSFB between 2004 and 2006.
While at the CSFB, he was also lecturing at Harvard Law School and Yale School of Management.
He was appointed a member of the Board of Directors of Goldman Sachs in October 2012 and became Lead Director on the 24th of July, 2014.
Ogunlesi, the investor
In July 2006, he founded a private equity firm Global Infrastructure Partners (GIP) in New York City, with CSFB and General Electric as the first investors; and assumed the role of Chairman and Managing Partner. In the same year, GIP bought London City Airport an international airport located in the Royal Docks in the London Borough of Newham in the City of London. GIP later sold off the airport after a decade.
Three years later in 2009, GIP invested £1.455 billion to acquire the majority share in London Gatwick Airport, a major international airport near Crawley, Sussex, England. Another three years after in 2012, GIP bought Edinburgh Airport, said to be the busiest airport in Scotland in 2019, handling over 14.7 million passengers.
GIP also bought Nuovo Trasporto Viaggiatori in February 2018.
Some other GIP Investments In the Transport Sector include Terminal Investment Limited, Port of Melbourne; Pacific National; Italo; Access Midstream Partners; Biffa Group Limited; Port of Brisbane; Great Yarmouth Port Company.
GIP also had stakes in infrastructure assets around the world, with selected equity and debt investments in several sectors. The company manages a portfolio of combined annual revenue greater than $46 billion, and investments of over $51 billion for its investors.
The company is an infrastructure investment fund that makes both equity and selected debt investments. It has investments in high-quality infrastructure assets in the energy, transport, water and waste sectors.
In the energy sector, Gip has investments in Guacolda Energia, Freeport LNG, CPV, Saeta Yield/Bow Power, Hess Infrastructure Partners, Vena Energy, Naturgy Energy Group and several others.
Ogunlesi is now a Member, Board of Dean’s Advisors at the Harvard Business School; Member, Leadership Council of New York at Harvard Law School; and Member, Global Advisory Council at Harvard University.
He is also a Member, Board of Directors of the Partnership for New York City Fund; National Board of Directors NAACP Legal Defense and Educational Fund; Board of Trustees NewYork-Presbyterian Hospital; and the King’s College Old Boys Association.
He is a member of the District of Columbia Bar Association. He taught a course on transnational investment projects in emerging countries, as a lecturer at Harvard Law School and the Yale School of Management, while also working at Credit Suisse First Boston.
In October 2012, Ogunlesi was appointed to the Board of Directors at Goldman Sachs and became Lead Director in 2014. There is no confirmed source of his net worth, but Wallmine estimates that Ogunlesi is worth at least $22.5 million dollars and owns at least 66,677 units of Goldman Sachs stock as of 7 May 2020.
In December 2016, Ogunlesi was named among business leaders that would be part of Donald Trump’s Strategic and Policy Forum, but the forum was disbanded 8 months later.
Ogunlesi was given The Award of Excellence by The International Center in New York, and in 2019 was cited as one of the Top 100 most influential Africans by New African magazine. He is still actively engaged in several volunteer works across Africa.
Atsu Davoh is building ways for Africans to easily acquire and spend cryptocurrency
Atsu Davoh has gone from failed projects to running one of Ghana’s most innovative startups.
In recent times, the tech space in Africa has experienced immense growth, with the introduction of several key players and disruptors across various sectors. One sector that is also rising is the cryptocurrency space with Africa experiencing greater crypto ownership and trade volume.
The number of Bitcoins processed on a single day reached its highest value at the beginning of 2021, as more people displayed interest in the cryptocurrency. Due to its fast adoption, more fintech players have created platforms that have made trading with cryptocurrency easier. One of such players is Atsu Davoh who calls himself the “product guy.”
Atsu Davoh dropped out of college (Carleton College) in the United States and moved back to Ghana to help innovate on Africa’s financial infrastructure. Atsu first discovered Bitcoin in 2017 during the first boom when it became mainstream. Before then, he and his co-founder Samuel Baohen had been involved in many failed projects.
He developed a USSD system where people could buy bitcoin through their phone numbers, like tying crypto to phone numbers in a native way. This was one of the first iterations of Bitsika.
Atsu was invited to Join Binance Labs Incubator by Yele Bademosi where he got $150,000 after graduating from the incubator. Bitsika went on to raise around $900,000 from investors. This brought the total seed raised to $1,050,000.
This USSD system worked in Ghana but didn’t work in Nigeria. Atsu and his team then pivoted the platform to a donation crowdfunding platform, which allowed people living in other countries to send donations to African nationals in need of the funds before finally building it into a cross-border crypto remittance platform.
Bitsika users can deposit and remit money across multiple currencies using the app, with all monies deposited in Bitsika stored in USD credits or stable-coin.
Bitsika has over 50,000+ downloads on Playstore and processed nearly $40 million in 2020 with $18,872,474 in deposits, $17,890,807 in payouts (withdrawals), and $3,189,834 in internal peer-to-peer transfers.
Despite a few unfavourable regulations surrounding cryptocurrency in Africa, the market has shown no signs of slowing down as more people are building products that will make trading seamless.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
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- Guinea Insurance Plc reports a loss of N142.13 million in 9M 2020.
- Unilever Nigeria Plc set to hold Annual General Meeting on 6th of May.
- UBA Plc posts profit after tax of N38.16 billion in Q1 2021.
- PZ Cussons Nigeria Plc appoints Ifueko Okauru as Independent Non-Executive Director.