NWC8

Businesses Of The Future: 20 New Wealth Creators On The African Continent

It’s a gloomy Monday afternoon in the leafy Johannesburg
suburb of Greenside, South Africa, but inside the photo studio where we are,
the mood is festive as Madagascar-born Ylias Akbaraly transforms himself from a
humble, down-to-earth entrepreneur in modest casual wear into a stately
capitalist wearing a nifty-grey Italian designer suit, dark tie and light-blue
shirt. 



Madagascar’s wealthy businessman, who estimates his worth at
just over a billion dollars, has come to share his story of how in under 30
years, he turned a small family business with a turnover of almost $34,000 and
employing 20 people, to an empire with revenue expected to exceed $265 million
in 2019 and employing 3,000 staff.



The multinational conglomerate that he created through
discipline, hard work and seizing opportunities, now has tentacles beyond his
island state extending to Mali, Ghana, Mauritius, France and soon the United
States (US) and Canada, to name a few.&nbsp; 



A phone-call to his parents was all it took for the silver
fox to embark on this transformative journey. 



The ebullient 59-year-old describes the moment: “It was a
very special situation. I was doing very well in the US, I was living in
California – can you imagine, beautiful state, beautiful weather, good friends.
I could work there. I had some opportunities to work at the Bank of America at
that time, so I called my parents and said I am going to stay in the US, it is
better.” 



His parents were saddened by his decision, they asked him to
return and join the business.



In 1992, he did.



“I decided to come back and be with the family and thank God
I decided to come back. I don’t regret it, I am very happy, and they were very
happy,” the man who calls himself a spiritual person tells FORBES AFRICA. 



On his return, Akbaraly worked for Sipromad, a small retail
business focused on detergents that his father, Sermamod, the son of Indian
immigrants, established in Madagascar’s capital, Antananarivo, in 1972 after a
stint selling shoes, shirts and ties.



Warmly, Akbaraly says: “I came back, I saw a very small
business, but my parents were happy, they had a very peaceful life, and things
at home were very nice and joyful.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">“I worked with my father, I assisted him, I wanted to change things but I was facing a generational conflict in business. But my father is very intelligent so step-by-step he let me change things.” </blockquote>



Full of fresh ideas from his time spent working and studying
in both France and the US, Akbaraly began to give his personal touch to
Sipromad. He created a team, and hired new people and professionals. 



The company started doing a lot of research; it went to see
some local suppliers who asked Sipromad to change the packaging, pricing and
color of its products, which it did. It extended its product lines. 



For example, instead of offering its products in big boxes,
it offered them in medium and small, so that it could target different
consumers, says the man known as one of Madagascar’s wealthiest.&nbsp; 



“At the same time we had our ear to the ground, we went to
see retailers and our customers to find out what they wanted, as the buyer is
king,” Akbaraly adds. 



From this exercise an important lesson was learned. 



“You have to adapt your product to the market, this is the
base of an entrepreneur, to adapt his way of doing things.” 



Through these changes, the business started growing its
market share and diversifying. It now operates in several sectors including
broadcasting, agribusiness, real estate, technology, finance, renewable energy,
tourism, aviation and industry. 



Akbaraly, a staunch believer in ‘free leadership’, becomes
animated when he explains how Sipromad was able to see opportunities in these
sectors.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">“It is a question of opportunities, it is a question of courage, I believe a lot in teamwork because with my colleagues, we talk, we debate, we change, we decide together.” </blockquote>



“I believe that business is a creation,” he adds. To explain
his point, he draws an analogy to an artist with his palette, who mixes his paint
as he sees the potential beauty it can create. 



Like the artist who mixes his colors, business is a creation
of the opportunities you take, reckons Akbaraly. 



“This is why understanding the market, understanding what is going to happen in five years, is important so that you can take decisions when you have opportunities in front of you, we are very proactive, very fast in taking decisions and we are not scared, we are not afraid because we work very hard,” Akbaraly says. 



<h4 class="wp-block-heading">The rationale for diversification&nbsp; </h4>



What is striking about the clusters Sipromad operates in is
that they are vastly different. 



Akbaraly claims the rationale for this is that it comes down
to the businessperson you are: “There are two types of businessmen. Some prefer
to stay in the same sector, to invest in the same sector and develop in the
same sector, to integrate. Our strategy was diversification. We thought about
it and the outcome of our discussions and debates was to diversify the business
as it protects you if you are facing problems in one sector.”



The architect of this multi-sector business also suggests
the market demanded it: “Today, when we see how we became big and how we became
so strong in business, it is because we diversified our business for different
markets. 



“Now things are changing because of this diversification, now we can synergize because sometimes our customers are interested in detergents, tobacco, soap, so we can synergize and propose many products to one customer because of our diversification. This is a big advantage because one customer is able to buy products from different sectors of our company.”



<h4 class="wp-block-heading">Reinvesting profits</h4>



The growth was funded by reinvesting a 100% of the company’s
profits back into the family empire, explains the mogul with an international
outlook. 



“When you don’t distribute your profit it means your profit becomes a strength for your company… when you show the bankers that your money is reinvesting and you don’t distribute your dividends and you tell them, ‘ok we have this type of investment, we can bring 30%, we can raise 70% from you’, it gives our financial partners very big security and they follow us. this is how we raised money to reinvest, diversify and buy equipment, buy raw materials and increase our business.”



<h4 class="wp-block-heading">‘Reputation very important’</h4>



But it wasn’t just Sipromad’s shrewdness in capital raising
that allowed it to expand but its reputation.



Candidly, Akbaraly says: “We are very careful about our
management. Reputation is very important, because of our serious work, our engagement,
our products, our customers, our suppliers, we created a name and when you do
that, you create your brand, and because of that, when foreigners come to
invest in Madagascar, they come to Sipromad. 



Those that have partnered with the company include Orange
Money in mobile banking, Italy’s Tozzi Green in hydropower, Brink’s for the
transport of money, and Apple, to name a few.



Last year, the global company did a joint venture with one of Morocco’s largest banks, Banque Centrale Populaire, to buy Mauritius-based Banque des Mascareignes and its subsidiary Banque des Mascareignes – Madagascar.



<h4 class="wp-block-heading">Analogue to digital</h4>



Akbaraly says the company’s reputation led to its
partnership with Rohde &amp; Schwarz based in Munich, Germany, and its purchase
of Thomson Broadcast. These deals catapulted it to another level.



Akbaraly, with fervor, explains further: “As we have a very
strong IT department, we set up Broadcasting Media Solutions (BMS), which
specializes in broadcast, because of our reputation, we were approached by
electronics group Rohde &amp; Schwarz.&nbsp; 



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">“They came to us and told us ‘we know you have a very serious business, you have a very good maintenance team, do you want to work with us in Madagascar to sell our products in broadcast and maintain them?’ Of course we did!”</blockquote>



From Madagascar, Sipromad partnered with Rohde &amp; Schwarz
in Mauritius and Morocco and subcontracted for the electronics group after it
won a tender in Zimbabwe and Ghana.



In the process, Sipromad became a player in the broadcasting
space. In 2018, BMS bid for a contract in Mali for the deployment of a
nationwide, end-to-end digital terrestrial television (DTT) turnkey roll out,
it lost to France’s Thomson Broadcast. Refusing to give up, Akbaraly discovered
Thomson had financial problems and decided to buy it.



Thomson not only allowed Sipromad to expand into Mali but
transformed it to a truly global business with operations in France, Israel,
Cape Verde, Bangladesh, India, Russia and the United Arab Emirates.



Akbaraly says it is looking to expand to Pennsylvania in the
US, to Canada, Angola, Sierra Leone and South Africa. In Africa, it plans to
migrate countries from analogue to digital broadcasting.



The visionary says Sipromad’s dream is for a pan-African
company to become a leader in broadcast.



But Madagascar will always remain his core. Full of love for his homeland, he speaks highly of it: “It is my center of energy, we call it plasma, I am here because of Madagascar, it was the source, the beginning, the start and my grandfather taught me, my mother’s father [who said] ‘don’t forget Madagascar because you have been protected by the flag of Madagascar, Madagascar was your protector, do the best, develop your business all around the world’, but the source, the energy, the key, the chi is Madagascar.”



<h4 class="wp-block-heading">Balanced life</h4>



The father of four believes his success comes from living a
balanced life, surrounding himself with the right people, being spiritual and
positive. 



“If you want to be successful in life, you have to create
positive energy, how you create it is according to your behavior, according to
what you do, how you behave with others.” He reckons the energy was passed on
from his family through education, their good attitude and transparency.



The martial arts veteran follows a very strict routine. It’s
the reason he has been called the monk of business. 



“My life is very well-organized, because I wake up in the morning between 4AM and 4.30AM and pray; spirituality first, then meditation, yoga, and take some water, fruit and then I go for my sports, usually I start at 6 o’ clock, for a minimum of one hour a day and then I go to the office.



&nbsp;“When you’re at a certain level of business, you have to be very well-organized, you cannot afford to go outside in the night to clubs, to sleep late. This is not possible, otherwise in the morning, you cannot wake up early, your day starts badly… that is why one day, one of my very close uncles told me ‘your life is like a Buddhist life, it is like a monk’. I think at a certain level you need to have this type of life. I don’t drink alcohol, I don’t smoke, and I don’t eat meat.”



<h4 class="wp-block-heading">Philanthropy, education and inclusion</h4>



It is Akbaraly’s deep spirituality, love for his country and
sense of justice that led him to use his wealth for the greater good of
humanity. In 2008, he and his Italian wife, Cinzia, who shares and developed
his spirituality, founded the Akbaraly Foundation.



The idea was conceptualized while Cinzia was in hospital for
cancer. She wanted to do something for Madagascan women because they are the
foundation of life, the center of energy, the plasma of the world, says
Akbaraly. 



In Madagascar, they set up prevention centers to assist
women with breast and gynaecological cancer.



The country is among the poorest in the world, it saddens
the philanthropist when he reflects on it: 



“We are not happy because when you see people you know that
are not in a good situation, they don’t have shoes, they don’t have enough
food… you need justice, life needs to be fair. My dream, and I hope it will
materialize, is to fight against poverty, to give a better life to our
population so that they can go to school and have hospitals.” 



It is for this reason that the foundation’s aim is to fight
against extreme poverty. Its projects extend to health, education and
sustainable development.



“Right now, we are in discussions in the US with MIT
[Massachusetts Institute of Technology]. We would like to sign an agreement
between MIT and Thomson, and one university of IT in Madagascar, to offer our
young generation of Madagascans IT and maybe send them abroad,” says Akbaraly,
who is a firm believer in the power of education.&nbsp;&nbsp;&nbsp;&nbsp; 



In countries where Sipromad operates, it prioritizes
corporate social investment. In Mali, for example, together with the
government, it is investing in radio to transfer education to parts of Mali,
Akbaraly says.



The foundation also makes contributions. In Rwanda, for
example, it is contributing $100,000 to the launch of new hospitals, says the
businessman. 



His sense of justice doesn’t just extend to the foundation’s
projects but also to his own organization. 



Women and men are paid equally for the same work. More and
more women are being placed in executive positions because they are very good,
Akbaraly says.



His fight against poverty lives out in the projects his
company chooses to focus on. 



“That is why we are investing a lot in the industry sector;
we just built the [Orange Telecommunication] Tower,” a 33-storey headquarter building,
the tallest in the world’s fourth largest island, and known as the “pride of
the nation”. 



“We are doing so many investments, we hire people, we give them jobs. We are, right now, in another project for real estate, what we can do is to invest, to hire people, to fight against unemployment, to give them a chance to buy things, to go to the restaurant, to have good food and at the same time with the profit to share in the project of CSI, this is the positive energy, this is the karma, this is important in life because in life you have to be fair, you cannot accept that some people are in this situation while others are in a better situation,” Akbaraly reflects. Throughout his career, he has received accolades. The one he is most proud of is the Pravasi Bharatiya Samman from India in 2009. 



<h4 class="wp-block-heading">Succession planning </h4>



Akbaraly is under no illusion he will hold on to power forever. He is hard at work preparing the next generation to take over Sipromad, because in a few years’ time, he wants to do something else, he tells FORBES AFRICA. “I want to do more for others. Really to share with others,” the monk of business says with a smile.



<h4 class="wp-block-heading">Additional inputs:</h4>



Akbaraly and Philippe Douste-Blazy, the Under-Secretary-General, Special Adviser on Innovative Financing for Development in the United Nations, have forged a friendship over the years. “Ylias is a self-made millionaire who started from humble beginnings,” Douste-Blazy says. “We’ve had many interesting conversations about geopolitics and other trends around the world.”



Douste-Blazy talks about Akbaraly’s humility and how he lets
his work speak for itself. “He is very discreet. When you see him walk down the
street, he is not loud about his wealth. He walks freely without guards or
expensive cars.” 



<figure class="wp-block-image"><img loading="lazy" decoding="async" width="688" height="434" src="https://www.forbesafrica.com/wp-content/uploads/2019/03/Phillipe.png" alt="" class="wp-image-39419" srcset="https://cms.forbesafrica.com/wp-content/uploads/2019/03/Phillipe.png 688w, https://cms.forbesafrica.com/wp-content/uploads/2019/03/Phillipe-300x189.png 300w, https://cms.forbesafrica.com/wp-content/uploads/2019/03/Phillipe-600x378.png 600w" sizes="(max-width: 688px) 100vw, 688px" /><figcaption> Philippe Douste-Blazy, the Under-Secretary-General, Special Adviser on Innovative Financing for Development in the United Nations. Picture:Supplied</figcaption></figure>



Douste-Blazy expends that Akbaraly’s business strategies
have captured the attention of many.&nbsp;
“Akbaraly is respected in France, his acquisition of Thomson [Broadcast]
was very important&#8230;.The assets that he has acquired show him to be a smart
businessman.”



<hr class="wp-block-separator"/>



 “I have much respect for my friend and peer Ylias Akbaraly. He is the textbook definition of a visionary entrepreneur. The transformation of his group of companies was single-handedly spearheaded by him. 



 “From their international expansion to endeavors in tourism, manufacturing, energy, real estate, they were all strategically invested by him. There’s much to take note of in this story. 



<figure class="wp-block-image"><img loading="lazy" decoding="async" width="684" height="1024" src="https://www.forbesafrica.com/wp-content/uploads/2018/10/use-684x1024.jpg" alt="" class="wp-image-37430" srcset="https://cms.forbesafrica.com/wp-content/uploads/2018/10/use-684x1024.jpg 684w, https://cms.forbesafrica.com/wp-content/uploads/2018/10/use-300x449.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2018/10/use-600x899.jpg 600w, https://cms.forbesafrica.com/wp-content/uploads/2018/10/use-200x300.jpg 200w, https://cms.forbesafrica.com/wp-content/uploads/2018/10/use-768x1151.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2018/10/use.jpg 1367w" sizes="(max-width: 684px) 100vw, 684px" /><figcaption>Mohammed Dewji, CEO, MeTL and Africa&#8217;s youngest billionair as per FORBES.</figcaption></figure>



“What many may not know is in addition to his many accolades, I must say his piety seeps through all his endeavors, both professionally and personally. His strong faith has propelled him to be even more grounded and thus become the successful businessman he is today.” &#8211; Mohammed Dewji, CEO, MeTL Group, and Africa&#8217;s youngest billionaire



-With inputs from Unathi Shologu

ylias-2

The Monk Of Business: Ylias Akbaraly Talks About Secret To Success And Plans To Take Africa With Him

Madagascar is a priority country for conservation and preserving Earth’s biodiversity riches threatened by a rampant rate of habitat destruction. Ninety percent of the natural habitat of Madagascar has been destroyed and 91% of the lemur species are critically endangered, endangered or threatened. 



Since the political turmoil of 2009, coupled with security issues and illegal extraction activities, the conservation situation has worsened. The presidential election that took place in January offers hope that this new regime will make preservation of the unique wildlife of Madagascar a priority. 



President Andry Rajoelina ran on a platform of eliminating poverty for his people. 



Ecotourism is good for the economy, but there are doubts if it is enough. Our conservation teams in the Ranomafana region are hoping that we have a solution for improving local economies. 



<figure class="wp-block-image"><img loading="lazy" decoding="async" width="640" height="426" src="https://www.forbesafrica.com/wp-content/uploads/2019/03/Hood-Wright-052411-0022-copy.jpg" alt="" class="wp-image-39427" srcset="https://cms.forbesafrica.com/wp-content/uploads/2019/03/Hood-Wright-052411-0022-copy.jpg 640w, https://cms.forbesafrica.com/wp-content/uploads/2019/03/Hood-Wright-052411-0022-copy-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2019/03/Hood-Wright-052411-0022-copy-600x399.jpg 600w" sizes="(max-width: 640px) 100vw, 640px" /><figcaption> Patricia Wright is a Distinguished Professor of Anthropology at the Stony Brook University in the US and Founder of Centre ValBio Research Station, in Ranomafana, Madagascar.&nbsp;Picture:&nbsp;Supplied </figcaption></figure>



Centre ValBio (CVB), a 30-year-old research center, is nestled overlooking the Ranomafana National Park rainforest near Fianarantsoa, and is an eight-hour drive from the capital Antananarivo. 



CVB is a hub of modern science with laboratory equipment to study genetics, infectious diseases and mapping from satellites. 



Substantial efforts by scientists have led to an improved understanding about taxonomy, species distributions, the evolution, behavior and population size of the flora and fauna, and the impact of habitat loss on Madagascan biodiversity. 



READ MORE | <a href="https://www.forbesafrica.com/economy/2018/12/20/putting-land-to-good-use-food-security-in-our-backyards/" target="_blank" rel="noreferrer noopener" aria-label="Putting land To Good Use: Food Security In Our Backyards (opens in a new tab)">Putting land To Good Use: Food Security In Our Backyards</a>



This knowledge has been successfully used to guide conservation planning and action, as well as new discoveries in medical science. Scientists investigate the impact of anthropogenic influence, edge effects, climate change, and fragmentation on ecosystems and communities in these lush rainforests. 



The CVB campus has five buildings and a staff of 130 local scientists, technicians and administrators who work year-round on research, training and conservation. 



This station conducts studies of cyanide-eating lemurs, climate change, new leech species, lemurs that have genes that might be related to diabetes and Alzheimer’s, and genetics of an ecosystem. 



All around, the parks, forests and the rare species within them are still disappearing. Slash-and-burn agriculture is the main threat to rainforests in Madagascar. 



READ MORE | <a href="https://www.forbesafrica.com/woman/2017/10/03/professor-saved-african-rainforest/" target="_blank" rel="noreferrer noopener" aria-label="The Professor Who Saved An African Rainforest (opens in a new tab)">The Professor Who Saved An African Rainforest</a>



Forests are sacrificed to plant rice, the staple food for humans. CVB has launched an alternative against this destruction of natural resources. First, the village elders are engaged to ensure a buy-in by the communities. 



If the villagers are enthusiastic, workshops and training begin in the fields. Next, using years of botanical knowledge, the reforestation team (technicians and scientists) helps villagers plant endemic saplings of tree species eaten by lemurs. We don’t plant a monoculture, but rather use natural dispersion as a guide. 



We know from our pilot experience that it takes about 15 years for the endemic trees to fruit and flower, and for birds, bats and lemurs to return to these ‘new forests’ where they could help ‘plant’ more forests by dispersing their seeds. 



We are hoping that this strategy will help to stabilize the soil, prevent erosion and river silting, and expand the habitats for wildlife. But what value do these trees have for the Malagasy farmer? 



Using these trees as structure vines of high value crops such as vanilla, wild pepper and cinnamon that need shade to grow well are transplanted onto these trees. 



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">With assistance in processing and marketing, the local farmers can harvest these high-value crops and earn great economic gain. </blockquote>



The prices of Malagasy spices are high in the world market and spice venders project that the high prices will continue into the future with new markets in China and India. 



There is hope that not only will this strategy increase biodiversity, but it will also bring affluence to the farmers and merchants of Madagascar. Rajoelina’s promise of prosperity is possible and the unforeseen benefits could be transformative. 



– The writer is a Distinguished Professor of Anthropology at the Stony Brook University in the US and Founder of Centre ValBio Research Station, in Ranomafana, Madagascar

1086251856

A Solution To Improve Madagascar’s Local Economies

caster1

‘From Zero to Hero’: The Queen Of The 800 meters Caster Semenya

kagame

2018 African Of The Year – President of Rwanda  Paul Kagame

Key contributors to the growth of the Nigerian economy, they have redefined banking by leveraging technology and connecting people to market. From just £100 in his bank account, Pascal Dozie has built a business empire his son Uzoma is taking to the future.



<a href="https://www.forbesafrica.com/cover-story/2018/11/26/the-money-men-of-nigerias-banking-industry/">READ: The Money Men Of Nigeria’s Banking Industry</a>

Photo by: Kelechi Amadi-Obi (www.kelechiamadiobi.com)

WATCH | Father-Son Duo Pascal & Uzoma Dozie on Cover of Forbes Africa November Issue

The Money Men Of Nigeria’s Banking Industry

Africa’s Mr Development

TLH_5464

Lights Camera Connie!

Caucasian businessman standing on wrist watch

You Only Live Twice

TLH_2018

The Two Faces That Mean Business

Aluko &amp; Oyebode, Nigeria’s formidable commercial law firm, at No.1 Murtala Mohammed Road in Ikoyi, Lagos, Nigeria, is unusually empty for a Saturday.
It gives one enough time to admire its plush interiors. Describing it would be taking a page out of a John Grisham novel.
The imposing building houses three floors of prime real estate in the heart of the city and on one of the most expensive strips in Lagos.
As you walk in, the blood-red walls are juxtaposed with grey metallic fixtures and fittings. The décor of the building is reminiscent of past cultures of various African countries.
Each floor is delightfully curated with Afro-centric artefacts and in the middle floor of the building is the firm’s seat of power, the office of its leader, Gbenga Oyebode.
For a sweltering Nigerian afternoon, Oyebode is dressed like no other in a 100-mile radius of the elite Victoria Island hub of Lagos: in a two-piece power suit, his signature outfit. Today, it is in black, accented by a deep blue tie.
Oyebode is cordial and pleasant with the team as he takes his position on the ground floor for the first set of pictures for the FORBES AFRICA cover.
He is the Chairman of Aluko &amp; Oyebode, one of the largest integrated law firms in Nigeria with over 70 lawyers and three offices in Lagos, Abuja and Port Harcourt. 
The firm provides a comprehensive range of specialist legal services to a highly diversified clientele including top-tier Nigerian, international and multinational clients. In his capacity as chairman, Oyebode coordinates the various practice areas of the firm.
Described as a consummate dealmaker who has received plaudits from clients and peers alike for his corporate acumen, Oyebode’s areas of expertise cover energy and natural resources, power projects, foreign investment and privatization, telecommunications and project finance. 
It is not just his formal dressing that is unusual.
Law firms in the country, family-owned by tradition, almost never run their firms like well-oiled machines providing solutions for several sectors at the same time. Oyebode was one of the pioneers of this concept. And it has not been an easy journey.
<blockquote>&#8220;It exposed me to these great minds I read about in the The Wall Street Journal and The New York Times and I said very quickly to myself that I wanted to be like them,”</blockquote>
The 59-year-old spent the early years of his life musing over the promises of life in the civil service, a path taken by his father. It was a stable and comfortable job and one had guaranteed employment as well as a good salary. But he was compelled to ponder the possibilities of a riskier career.
“In those days, being a civil servant was the dream of every young person due to the stability of the job. However, as I started reading law, it became clear to me that I wanted to be an entrepreneur and for a lawyer that means opening a law firm,” says Oyebode as he takes a break from the photoshoot to begin our interview.
And that is exactly what he did. But not just any law firm, he wanted to leave behind a dynasty of great lawyers whose work would carry on long after he was gone.
If he had worked for any Nigerian law firm, his future would not have been guaranteed.
<div id="attachment_36614" style="width: 855px" class="wp-caption alignnone"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-36614" class="wp-image-36614 size-large" src="https://www.forbesafrica.com/wp-content/uploads/2018/07/DSC8493-Edit-e1530521149348-845x1024.jpg" alt="" width="845" height="1024" srcset="https://cms.forbesafrica.com/wp-content/uploads/2018/07/DSC8493-Edit-e1530521149348-845x1024.jpg 845w, https://cms.forbesafrica.com/wp-content/uploads/2018/07/DSC8493-Edit-e1530521149348-300x364.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2018/07/DSC8493-Edit-e1530521149348-600x727.jpg 600w, https://cms.forbesafrica.com/wp-content/uploads/2018/07/DSC8493-Edit-e1530521149348-247x300.jpg 247w, https://cms.forbesafrica.com/wp-content/uploads/2018/07/DSC8493-Edit-e1530521149348-768x931.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2018/07/DSC8493-Edit-e1530521149348.jpg 1300w" sizes="(max-width: 845px) 100vw, 845px" />Gbenga Oyebode is Nigeria&#8217;s formidable legal mastermind. Photos by Kelechi Amadi-Obi.</div>
“The history of Nigerian law firms in the early 80s and some of them today was that they were set up by great minds essentially to be kept in the family. Their children went to law school and even if you were a great lawyer who worked with them, they make it very clear that you shouldn’t be thinking about your future at the law firm, because they were going to hand over the business to their children. So I understood that it was not going to work for me,” says Oyebode.
At well over six feet, Oyebode has a towering presence in any room, yet his calm and cordial disposition immediately sets you at ease and makes you feel as though you are having a conversation with an old friend.
Sitting in the conference room of his eponymous firm, Oyebode recalls a series of events that shaped the course of his career.
Like the time he was going to university and struggled to get guidance from mentors who would have advised him on the best path to take to become a successful legal entrepreneur.
The prominent Nigerian lawyers at the time were not strictly lawyers who worked at the firm but were mostly also involved in other professions.
According to Oyebode, the earliest nationalists of Nigerian politics were all lawyers, who used the law that they had learned abroad to change the system in Nigeria to gain independence and push the envelope against colonialism.
That would later become the real motivation for Oyebode to become a lawyer. For him, the ability to use law to change the political system with democracy or creating value was a calling he wanted to be a part of.
After graduating from the University of Ife in 1979, he immediately went to the Nigerian Law School and thereafter, completed his postgraduate degree at the University of Pennsylvania (UPenn) in the United States (US).
“What UPenn did for me was show me that there was a different way to do things and that the world was bigger than the opportunities I had in Nigeria. One of the most significant things about going to an Ivy League institution is how they draw from great minds around. So we went to conferences where great minds in the capital markets were and it was a game-changer. It exposed me to these great minds I read about in the The Wall Street Journal and The New York Times and I said very quickly to myself that I wanted to be like them,” recalls Oyebode.
His journey is a textbook case study on how to systematically build a business step by step. He eschews convention. From the minute he finished primary school, his father signed up to a subscription of Reader’s Digest that was to become his monthly diet.
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“He thought that it was important for us to read. He said it was important for us to understand what happened around the world. So one of the things that I do continually even today is I read the Reader’s Digest every month. It shaped my view of the world and created for me a situation where I learned more about the things that were happening around me and I was not limited to Nigeria,” says Oyebode.
His tenure as an associate at White &amp; Case, one of the world’s leading law firms, helped him visualize the type of law firm he wanted to build of his own.
“American law firms were the type of law firms I thought we could replicate in Nigeria. Their vision for building big partnerships and for those partnerships to survive named partners was impressive. So it was very clear where I wanted to go and what I wanted to do. I worked with White &amp; Case for a year and I said to myself it was time to come back home,” says Oyebode.
Home had changed a whole lot while he was away. Nigeria had returned to democracy after years of military rule. The business environment was growing and there was a need for competent people to push the envelope and help with the development of law and business.
Furthermore, there were less than 10,000 lawyers admitted to practice law and Oyebode decided he would rather be one of 10,000 in Nigeria than one of a million in the US.
Soon after making that decision, disaster struck. No sooner had he returned to Nigeria did the crude oil market collapse and the Nigerian economy took a dip for the worse. The democratic government that had motivated Oyebode to come back was very quickly removed in a coup d&#8217;état in 1983.
“Before we knew it, the [Muhammadu] Buhari government was in power. To make matters worse, the naira had collapsed and the country was looking at a structural adjustment program with the World Bank. So contrary to my plans, things changed very quickly. I couldn’t go back to the US and I had to make do with things in Nigeria,” says Oyebode.
But where there are clouds, there is also a silver lining. Oyebode chose to keep faith and stick it out. He applied to work for the Gulf Oil Company, which later merged with Chevron, and spent two years learning about the oil and gas industry.
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“That was very instructive because it gave me an opportunity to work in an industry, which was Nigeria’s biggest foreign exchange earner. I essentially cut my teeth working in Nigeria’s oil industry. I saw through the merger of Gulf and Chevron and then decided it was time to go out and do my own thing.”
In 1985, Oyebode went into partnership with friends and started his first law firm 
Ajumogobia, Okeke, Oyebode &amp; Aluko. After eight years of success, the firm was dissolved due to internal challenges. The string of such incidents, be it the country’s economic downturn or disagreements with partners, have all contributed to the success story Oyebode is today.
“What is impressive about Oyebode is his calmness and composure in times of crisis. He has the ability to look beyond that problem and says ‘how do we move on from this and get to the solution’,” says Tunde Folawiyo, Managing Director of Yinka Folawiyo Group in Nigeria.
That steadfastness has been an invaluable trait for Oyebode over the years.
He went on to establish Aluko &amp; Oyebode with his other partner. Perpetual wins translated into mammoth personal gains for the legal mastermind.
Oyebode’s is also the story of a smart entrepreneur who, spurred by the increase in the proliferation of Western companies in Nigeria, spotted an opportunity in corporate law and has methodically worked to cash in on it.
He is currently advising on the Brass LNG Project, a joint venture between NNPC, TOTAL, Conoco Philips and Agip for the construction of a $3.5 billion Liquefied Natural Gas plant. He has also advised on key transactions like the $1.275 billion financing of the Exxon Mobil Natural Gas Liquid II Project, the $1.06 billion financing of trains four and five of the Nigerian Liquefied Natural Gas Plant Expansion Project and the $3.5 billion financing of the NNPC and Mobil Producing Unlimited Satellite Oil Field Project. He sits on the boards of MTN Nigeria, Nestle Nigeria and CFAO, among many others.
“Corporate law was something I was good at. It’s something that is dependent on your network and it is something that comes naturally to me. At White &amp; Case and at Gulf Oil, that was my forte. I had invested a significant amount of my time around that so I was able to very quickly develop as a good oil and gas lawyer,” says Oyebode.
His wife, Aisha, attests to this. “What I admire most about Gbenga is he is very kind and warm and he is a people’s person. I do not know anybody that doesn’t like Gbenga.”
It was what Oyebode did next that distinguished him from his peers.
“One of the people that I studied a lot was Chief Chris Ogunbanjo. He ran the biggest law firms in town and was a lawyer who represented all the multinationals and was a lawyer who got involved in the businesses he represented. So when I came back [to Nigeria], I saw his model as one that I could emulate. I saw that he was able to achieve his objective, which was essentially run a significant law firm and become the advisor of the biggest corporates in the market as well as the repository of knowledge of what it means to work in Nigeria,” says Oyebode.
And that was to become Oyebode’s operating style over the next two decades. His modus operandi was simple.
Find opportunities, which he could maximize, and provide professional services and legal advice to top-tier corporate clients and where there was an opportunity, take a chunk of the business.
“One of the things as an entrepreneur that you tend to look at is opportunities around you, so long as those opportunities don’t divert your from your chosen path. If you ask me what I want to be known as, I would say a lawyer first, then an investor,” he says.
Oyebode sits on boards of companies that he has invested in as well as boards that he has been invited to join due to his significant expertise in corporate Nigeria.
<div id="attachment_36622" style="width: 1034px" class="wp-caption alignnone"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-36622" class="wp-image-36622 size-large" src="https://www.forbesafrica.com/wp-content/uploads/2018/07/DSC8532-Edit-1024x684.jpg" alt="" width="1024" height="684" srcset="https://cms.forbesafrica.com/wp-content/uploads/2018/07/DSC8532-Edit-1024x684.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2018/07/DSC8532-Edit-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2018/07/DSC8532-Edit-600x400.jpg 600w, https://cms.forbesafrica.com/wp-content/uploads/2018/07/DSC8532-Edit-768x513.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2018/07/DSC8532-Edit.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" />Photo by Kelechi Amadi-Obi</div>
The last two decades have seen a veritable boom in the business. For Oyebode, the key is passion for what you do.
“I am driven to build a big firm. We have 85 associates in three offices. There are 16 partners in the firm across the different practice areas that you expect a full service law firm to have, from legislation to corporate law to intellectual property, to risk and governance. So these are all key sectors that are sectors for growth of the Nigerian economy. The rationale is building a legacy that is driven by return,” says Oyebode.
Ever the opportunist, Oyebode is also looking to capitalize on the growth in demand of global companies looking for local partners in the real estate sector. He has a two-hotel deal with the Fairmont Group to establish hotels in Lagos and Abuja. Given the size in the number of tourists and business people in the country, Oyebode believes there is tremendous growth opportunities in this sector.
“The view is that there is still a gap around the hospitality business in Lagos. I go to Accra and I see the Kempinski and Movenpick hotels and I know that if Accra can do it then Lagos certainly has significant scope to develop hotels. Abuja only has the Hilton.”
But it has not all been smooth sailing. No sooner had he started his second stint at a law firm that tragedy struck.
“Life is about tripping and falling and learning from mistakes, pulling your strengths and moving on. My partner, Bankole Aluko, had a mild illness and called in sick for a couple of days. I decided to pay him a visit after work and on my way there, I was told he had passed away suddenly. It was a big shock because we had built everything together and most of the lawyers that joined us did so because of our strength as a firm. I had the corporate law expertise and he was a litigation expert. I thought it was all over at the point,” says Oyebode.
It was dark times for Oyebode.
“In those days it was very difficult to get clients. They came to you because they knew you and your reputation so it was very personality-driven. Today, clients look at your brand and your track record. So losing Bankole both as a dear friend and a professional was devastating.”
He vowed to continue the legacy they had started together and leave his name on the business as a named partner, which still stands today. These days, Oyebode is more interested in giving back. He mentors the next generation and is finding ways to give back. He has also turned his attention from corporate boards to philanthropy boards and actively seeks out opportunities to contribute to the community.
On the issue of Nigeria’s Economic and Financial Crimes Commission’s (EFCC) fight to retrieve Nigeria’s stolen loot, which is estimated to be billions of dollars from state coffers, Oyebode offers some practical advice.
“My concern about Nigeria is not the lack of law or policy but always about execution. I think we have a robust legal system, we have laws and policies in place and we have a strong civil service. Do people obey the law around the world? Yes, and that is because they are afraid of sanctions. So if you do not obey the law or sanctions, then you pay the price. So our problem is a lack of execution of good policy, inconsistent application of the laws and sometimes, we have allowed federal character and the process of rotating positions to trump skill and expertise so therefore mediocrity is able to rise to the very top.”
But that is an ongoing fight, which Oyebode believes will not be solved overnight. Presently, his focus is on leveraging his expertise as one of the most formidable and accomplished legal minds to add value and give back to Nigeria.
His legal firm is a victim of its own success. And this is a happy problem to have.
&nbsp;
Herbert Wigwe, the CEO Access Bank, one of Nigeria’s top banking institutions, calls Oyebode one of the strongest legal minds, not just in Nigeria but also across the world.
<img loading="lazy" decoding="async" class="wp-image-36617 size-thumbnail alignleft" src="https://www.forbesafrica.com/wp-content/uploads/2018/07/Herbert_big-e1530520980422-150x150.jpg" alt="" width="150" height="150" srcset="https://cms.forbesafrica.com/wp-content/uploads/2018/07/Herbert_big-e1530520980422-150x150.jpg 150w, https://cms.forbesafrica.com/wp-content/uploads/2018/07/Herbert_big-e1530520980422-100x100.jpg 100w" sizes="(max-width: 150px) 100vw, 150px" />
“And I say this because I have a strong personal relationship with him, apart from the fact that in Nigeria, he runs the strongest corporate law office. The existence of what is a modern Access Bank would never have happened but for people like Gbenga&#8230;.All of these attributes have led him to sit on most of the large corporate boards in the country…Saying Gbenga is the new face of business in Africa is not something that is far-fetched; it is something that he has proven over and over again in his career.”

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By the time the next World Cup rolls around, Nigeria captain John Mikel Obi will be 34.
Considering coach Gernot Rohr’s deliberate moves to lower the average age of the Super Eagles (Nigeria’s national football team), it’s doubtful if the silky midfielder will still be suiting up in green-white-green by then.
It would appear that Russia 2018 will mark one final top-level hurrah in Mikel’s illustrious career, one that has seen him win everything in European club football and represent his country at all levels and in every major competition.
Like many former Super Eagles’ captains before him ahead of a major championship, Mikel, who now plays in the Chinese Super League with Tianjin Teda, is coy about his post World Cup plans.
“I don’t know what I will do after the World Cup,” he tells FORBES AFRICA.
“I think we have to focus on doing well first and making the country proud.”
Despite all he has achieved, there is still some debate as to whether the former teenage prodigy has fulfilled his potential, but Russia presents him with an opportunity to forge a legacy and grow his legend further.
It’s a sign of how highly he was thought of when he first burst on the scene that this is even a debate after he has racked up an impressive collection of trophies, including multiple Premier League titles with Chelsea, the FA Cup, UEFA Champions League, Europa League, and the Africa Cup of Nations titles.
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At Mikel’s first international game, an African Under-17 World Cup qualifier against South Africa in Kaduna, visiting coach Serame Letsoaka said of the emerging starlet:
“Your number 10 is a special player, he has the potential to be a great player.”
Letsoaka was not alone. By the time the country returned from an ultimately unsuccessful 
FIFA Under-17 World Cup Finals in 2003, Mikel was already marked down for greatness in Nigeria.
Less than two years later, that attention went global when he became the subject of a three-way transfer controversy involving Chelsea, Manchester United and Norwegian club Lyn Oslo.
By the time the dust settled, Mikel ended up at Chelsea, where many Nigerians still believe his creative juices were squeezed and stifled by manager José Mourinho.
For Mikel himself, the argument is moot and he seems satisfied with his achievements, though leading Nigeria past the quarter-finals of the World Cup would perhaps even be the highlight.
“I think I have been lucky. I have had a good career, played for one of the best football clubs in the world, with some great players and won a lot of titles. I think that is a great honor for me.”
And he has gone from budding starlet to senior player in a captaincy role that always comes with great expectation and responsibility.
It is something that he has taken on and he knows that leadership on and off the pitch will be as important as anything else in Russia.
“I remember when I came into the national team as a young player, a lot of the older players helped me. Now, we have a young team, time has gone so fast and I have to help these guys too.”
Promoted from the Under-20 squad after helping Nigeria to a silver medal and winning the Silver Ball behind Lionel Messi at the FIFA World Youth Championship in 2005, Mikel was named in Nigeria’s squad for the 2006 Africa Cup of Nations and announced himself with a goal and assist after coming on as a substitute.
Already heightened expectations went into overdrive. With midfield legend Austin Okocha (Nigerian former professional footballer) on his last legs, Mikel was immediately installed as the next Jay-Jay.
Mikel, with a more direct, technical skill-set, is the direct opposite of Okocha’s more flair-oriented toolbox, which not only made that characterization unfair, but also spawned that unending debate about (un)fulfilled potential.
And it is. Since being named captain two years ago, Mikel has shown a level of leadership and drive that few believed he had.
Those qualities, both on and off the pitch, contributed in large parts to Nigeria’s uncharacteristically drama-free World Cup qualification campaign.
On the pitch, and unshackled with the freedom to roam handed to him by Rohr, Mikel drove the team forward almost by sheer force of will, with his goals against Algeria and then Cameroon major turning points in Nigeria’s qualification run.
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Off the pitch, Mikel’s quiet diplomatic approach with officialdom to resolve team issues contrasted with the confrontational methods of the past and helped forge harmony within the squad.
“He is our captain and he is very important for us,” Rohr never tires of saying at every opportunity, clearly delighted to be working with a personality he feels is similar to his own.
Such is the respect Mikel commands within the squad that he is almost like a centrifugal force whenever he is present. And even when he is not, his aura still hovers around the team.
In two recent friendlies against Poland and Serbia in March, there seemed to be a general consensus that the team lacked cohesion without the captain.
In his absence, the Super Eagles struggled to maintain any semblance of fluidity or create opportunities.
Which may be why he almost feels a heavy responsibility to guide this young side, who will have one of the lowest squad average ages, to a good tournament.
But it hasn’t just been words. He has done it already, dipping into his own pocket to pay the team costs as they prepared for the Olympic Games in 2016.
Not many expect Nigeria to go beyond their best previous World Cup outing of the Round of 16. But if there is one thing that Mikel’s career has shown, it is that collecting trophies have become second nature.
His first World Cup tournament ended in a first-round exit, albeit by a drawing of lots. What odds that his last, where Nigeria faced Argentina, Iceland and Croatia, would finish at the other end of the spectrum?
&#8211; By Colin Udoh

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