Ade Adeniyi

Software Developer | Entrepreneur |EdTech | Politics | Man Cityzen

[Ade Adeniyi @ade783]

@Iam_lordmayor @Igte8 That is how it is done in the US. You can major in any field and then apply to Law School. Law is not a first degree in the US.

[Ade Adeniyi @ade783]

@Officially_Kriz Lehman Brothers filed for bankruptcy in 2008. She probably started at Barclays.

[Ade Adeniyi @ade783]

@ST_E_A_DY Is it possible to relocate to one's state of origin?

[Ade Adeniyi @ade783]

@Oyo_Matters Oh dear.....Nigerian politicians cannot organize themselves into proper, viable entities. It's a total shame.

[Ade Adeniyi @ade783]

@mrlurvy Lol.

Stanley Odidiomo is the only GTG on this list.

[Ade Adeniyi @ade783]

@seyimakinde Do not pick individuals who CANNOT continue from where you will stop. Do not pick individuals who want to eat their cake and have it at the same time. Pick individuals who stood by you throughout your time as Governor. You know them . We know them.

[Ade Adeniyi @ade783]

@justinijeh Is it the Federal Government that fixes the hostel fees or the management of the University of Lagos?

[Ade Adeniyi @ade783]

@NerdNigeria Why is it that individuals have to make payment to your organization and also make payment to your authorized cybercafes to upload their project work? How is this fair to millions of struggling students?

[Ade Adeniyi @ade783]

@CAF_Media Mumuism in Africa.

CAF got this extremely wrong.

[Ade Adeniyi @ade783]

In-Demand Professionals for Migration

[Ade Adeniyi @ade783]

@TunjiDisu1 Congratulations on your appointment as the Acting Inspector General of the Nigerian Police Force.

This will definitely bring peace, succour and justice to millions of Nigerians.

[Osaretin Victor Asemota @asemota]

A Nigerian banking license in the 90s was 20 million Naira. Setting up a cheap branch then was about 340k Naira. I know this because I was actively involved in developing the business plan and obtaining the Oceanic Bank license.

How could a 34-year-old manager at one of the biggest banks in the country at the time (All States Trust Bank) raise 20 million Naira?

You need to be able to use your imagination to realize that things were not only much easier to do at the time, but that relationships built over your career also mattered.

There were two main gigs at heavily deregulated period of Nigerian financial services:

1. Building your own finance house with a lesser license or...

2. Building a bank with very little capital.

Many finance houses and banks were established, but many didn't survive, as they were only vehicles for FX round-tripping at a time when the gap between the official and parallel exchange rates was wide, due to the economic chaos created by the Structural Adjustment Program (SAP).

Some of my family members started KMC (Keneth Michael and Co), a finance house that failed, and later learned from that experience that it was better to acquire a bank. They boldly went for the biggest, as the government was also divesting from the banking sector, as mandated by the foreign lenders. They acquired UBA with around $12m Dollars raised in private placements.

Others followed other paths. Jim Ovia started one from scratch using the same fundraising mechanism others used in an era of market frothiness, when fortunes were being made from FX trading.

Tony Elumelu chose to acquire a smaller bank that was almost insolvent and undercapitalized. He turned it around, and it became the fastest-growing bank in Nigeria's history. They went after the segment most people ignored, the young and the poor. While account opening balances at other banks were high, they went lower. They practically owned the student market and were growing fast.

Fast forward to an era in which deregulation was halted due to high failure rates among banks and finance houses. There was a forced consolidation of banks, and it was a game of being bought or buying others. UBA faced significant internal turmoil, and the Central Bank removed the Chairman.

Standard Trust Bank moved in to merge with UBA in a strategic acquisition move that was unheard of in the industry. I still remember a 10-hour closed-door meeting with stakeholders before the deal was sealed.

One person most people have forgotten about, who was the architect of this deal, was the late Albert Egba Okumagba, the CEO of BGL Securities at the time. He was the architect of Tony's first and second acquisitions. The Capital market and the financial services sector were much more intertwined at the time.

Young men like the late Egba Okumagba and late Osaze Osifo shaped much of what we now know as today's behemoths through brilliant financial engineering and collaborative relationships. It is better for you to look for what you can build, like they did today, instead of peddling rumors on Twitter.

[Ade Adeniyi @ade783]

@Adesuwa_G Aso Rock is also about to go off the national grid. The Nigerian people are kept in darkness but Aso Rock funds a solar project with the people's money.

[Ade Adeniyi @ade783]

@MasterBolaji Why do you go on like this? The fact is that in an advanced country, the probability of these criminals getting caught is 100%.

[Ade Adeniyi @ade783]

@MasterBolaji The people should blame you?

[Ade Adeniyi @ade783]

@afrisagacity People have different health issues. Kindly respect that.

[Ade Adeniyi @ade783]

@SkyNews These politicians are now following in the footsteps of their Nigerian counterparts.She defects to another party and keeps her seat. Disgraceful!!! If a political party such as the Reform party were in power back in the days , her father would never have made it to the UK,

[Ade Adeniyi @ade783]

@MasterBolaji The DISCOS are not serious.

[Ade Adeniyi @ade783]

@Nas_tech_AI Gemini

[Ade Adeniyi @ade783]

@MasterBolaji Who is targeting you?