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Why Next Of Kin Can’t Access Funds After Account Owners’ Death – Lawyer

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Lagos-based legal practitioner and Principal/Founder, Muhammed Adam & Associates, Muhammed Adam, speaks to VICTORIA EDEME on issues associated with writing a will

Can you explain the importance of having a will?
There are so many advantages to having a will. It is important for everyone, particularly those with assets in different parts of the country or worldwide. It becomes important for the person to take inventory of all their assets. Experience has shown that many people acquire property without a will, their family members do not know what they own while they are alive. So, a will helps the testator, the maker of the will, take proper inventory of their assets.

Under native law and custom, you can’t give your property to people who are not related to you. However, when you desire to give your property to non-relatives, a will can help you do so. Due to the nature of conflicts that have arisen in the past over the distribution of assets, the making of the will can easily resolve such disputes because it (a will) states who is to get what and what should be given to whom. In Nigeria, there are some native laws and customs that apply to inheritance. With the making of the will, there is a limit to which these native laws can apply to the distribution of assets. In some parts of Nigeria, women do not inherit property, or the first child is limited to certain properties. However, the making of the will reduces the impact of customary law on some of these assets.

What are the key components that should be included in a will?
There are four key components in a will. Firstly, a will must identify the testator i.e. the maker of the will and owner of the assets. The will must contain the full name, address, and age of the testator. Secondly, a will must clearly show who the executors are. Executors are people who will administer the will when the testator is no longer alive. Their names and addresses must be stated. Another important component of the will is the details of the beneficiaries. The beneficiaries are people who will inherit the properties of the testator after death. Also, the details of the property belonging to the testator must be stated in the will.

The testator must also state properties that do not belong to them. For example, you may entrust your property to my care as a lawyer. So when I’m writing my will, I need to state who such property belongs to. There is a saying that ‘you cannot give what you don’t have’. If a property does not belong to the testator, he cannot will it out. Also, the signature of the testator is very important because it validates the making of the will. A will without the testator’s signature is as good as a worthless piece of paper. The law requires that the signature must be in the presence of witnesses. If the witnesses are not present when the testator is signing the will, that will is not valid. These are the important components of a proper will.

Are there any legal requirements or formalities that must be met when drafting a will?
One of the requirements of a will is that it must be in writing. A will cannot be in oral form. The age of the testator is also a legal requirement. Under the law, you cannot make a will when you’re less than 18 because you’d be considered a minor. Even though a minor can acquire a property, a minor cannot give out a property. Signatures of the testator and witnesses are legal requirements. The date is also a legal requirement because a will is ambulatory, as it takes effect after the death of the testator. It is valid when the date of the will precedes the date of death. But if the date of death precedes the date of the will, it is invalid.

What happens if someone dies without a will?
When someone dies without a will, the person is said to have died intestate. But when someone dies with a will, the person is said to have died testate. If someone dies without a will, their property is subject to the estate law of their state of residence. The will subdues the effect of customary law and Islamic law. For example, if the person who dies without a will is a Muslim, the Islamic personal law will be fully activated. If the person is subject to native laws and customs, the customary law of that person will be fully activated.

Does this mean that the will supersedes customary and religious laws?
It supersedes them to the extent that it allows the testator to decide on how to distribute their properties and to also give people who are not related to them. Under Islamic law and customary law, there is a list of people that you can only give your properties to. There is an order that you must follow. There is a percentage that you must give to your child, father, daughter, mother, or surviving spouse under native law and custom. For instance, when a man is subject to customary law, and the person dies, the first child is the only child entitled to live on the property that the man was living on when he was alive. If he dies intestate, the customary law will be fully activated.

If the person is neither a Muslim nor someone subject to customary law, what applies is the administration of the estate law of that state. If the person is married under the statute, i.e. when they did the marriage in a registry or a licensed place of worship, certain people would apply for a letter of administration. So, the person that is number one, for instance in Lagos State, under the administration of its estate law is the surviving spouse, followed by the children, mother of the deceased, father of the deceased, uncle of the deceased, brothers, and so on. But the point is that if someone dies without a will, you apply for letters of administration. The letter of administration is a document that allows a third party to administer the estate of a deceased person.

The letter of administration can only be given to at least two people. The people that can apply for it are the surviving spouse and the children. If the surviving spouse is not alive, then the children, at least two of them who are above 18 years, can apply. If there is nobody like that, then it goes down to the mother of the deceased and so on. To enable those survivors to transfer or acquire those properties, they must get a letter of administration. Otherwise, they will not be able to get it. And this includes having access to bank accounts, having access to the pension, cooperatives, shares in companies, and all of that. A letter of administration is an important document that must be obtained when someone dies without a will and they have properties in their name.

How do the next of kin of account holders and pensionable workers get access to the accounts once the holder dies?
By law, a next of kin is someone who is required for information purposes only, i.e. someone who can be reached immediately if the account holders are unreachable. Being a next of kin, however, does not confer a legal right to acquire property or to have access to property or assets, money in an account, pension, and all of that. The obligation of the next of kin is to be able to bring the death of the account holder to the attention of the bank or to the attention of someone who holds the money so that they can recognise whoever comes forward as the owner of the letter of administration. I’ll give you an example. Let’s say you are my next of kin, and I have N20m in a bank. If I die today, your obligation by law is to only inform the bank that this person is no more. The bank will not transfer the money to you because you are just for information purposes.

In a real-life case that I was involved in, a woman was named as next of kin to a successful businessman, who was her husband. She wrote the bank to give her the money in her husband’s account because she’s the next of kin. The bank refused and she went to court. We argued before the court that the fact that she’s the next of kin does not mean that she’s automatically entitled to the money. By law, she still requires a letter of administration to be able to have access to the money. The advantage is that the next of kin may be someone who is disqualified by law from applying for a letter of administration. I’ll give you an example.

If a man now names his friend as next of kin, the friend does not have power, access, or rights to his money and he cannot apply for the letter of administration. But when there is a will, that will should automatically tell you who the money in the account is going to. The bank will work with what the will says concerning who will now have access to the account. But when there’s no will, it will work with the letter of administration. So to ensure that the transfer of wealth is moved to the next of kin, that account holder must have a will that states such.

Can you clarify the role of executors and how they are appointed in the will?
The role of the executor is the role of the administrator. He is the person who will assist the beneficiaries in getting the properties to them. For instance, if you name me as the beneficiary of your will, after death, the administrators need to transfer the property to me. There’s a document that the administrators must give to me as the beneficiary. That document is called assent. It’s only the executors who can issue that document.  Before the administrators or the executors can issue assent to me, they must also apply to the probate registry of the High Court of the state to get probate. A document issued to executors or administrators to be able to administer a will is called probate. After the probate has been given by the probate registrar, it is their role again to now issue documents called assent so that the beneficiary can have access to the property. How executors are appointed is at the discretion of the testator. There is no special procedure to it.

Can an executor be a beneficiary too?
As a general rule, no. The reason behind that general rule is so that there is no conflict of interest between being a beneficiary and being an executor. If you are an executor and a beneficiary at the same time, you may want to favour yourself more than other beneficiaries, or you may want to administer the assent faster towards getting the property compared to when you are not an executor and a beneficiary. But the testator, maybe because of their relationship, may name an executor as a beneficiary. For instance, if you name your spouse an executor of your estate, ordinarily that person is supposed to benefit from your estate, even without being an executor. So such a person can be named beneficiary and executor at the same time.

In an instance where the executor is not a beneficiary, what are the benefits that the executor will get?
One of the provisions for executors is how they will be paid. The testator will make provision for how the executors will be paid. If I make a will, and I appoint you as my executor, I may say that the sum of N5m should be paid to you every month during the administration of the estate. That way, you are not benefiting as a beneficiary now. You are being paid for your professional engagement. A lawyer can be an executor. If you name me as an executor in your will, and I’m being paid my professional fee for being an executor, I can’t be said to be a beneficiary of the will.

What options are available for distributing assets if the beneficiary dies before the testator?
If the beneficiary dies before the testator, such assets can go back to the estate. There is something called residual estate, which constitutes undistributed property. In some instances, it can be re-willed to another person, or to the survivor of that beneficiary. If the testator is still alive, he can use his discretion to change whatever he or she wants to change. But normally what happens in this instance is that the property will be re-willed to another person or the survivor of the beneficiary.

How often should a will be updated or reviewed?
A will should be updated if there is any change in your financial situation. It can be when you have a new child, you get married, a beneficiary dies, an executor dies, or there is a change in personal relationship. For instance, I have a son and I’ve made my will. If tomorrow I have another child, I will update my will. A codicil is an amendment made to a will. So you can have an original will and as many wills as possible. But the wiser thing to do is that if there’s a change in financial situation or family relationship, you update your will.

 

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Business

From Kabiru to Khalifa: How Abdul Samad Rabiu is Quietly Positioning his Son in the Corridors of Business and Power

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Once, his younger brother Kabiru was one of the familiar family figures around the BUA empire. Now another generation is moving steadily into view as Abdul Samad Rabiu brings his son, Khalifa, closer to the business, relationships and rarefied circles surrounding one of Africa’s largest industrial fortunes.

On Friday, October 2, 2026, when Abdul Samad Rabiu went calling on President Bola Ahmed Tinubu at his Ikoyi residence in Lagos, he did not go alone. Beside the billionaire industrialist was his son, Isyaku Abdulsamad “Khalifa” Rabiu, the young BUA executive whose presence increasingly seems to accompany his father into rooms where business, government and influence converge. Rabiu said the visit afforded an opportunity to reflect on Nigeria’s journey and its future, while other reports confirmed that the BUA chairman was among several prominent business and political figures received by the President that day.

On the surface, there was nothing extraordinary about it. Wealthy fathers travel with their sons, introduce them to friends and take them to important engagements every day. Yet, when the father is Abdul Samad Rabiu, founder of an industrial empire painstakingly assembled over decades, and the son has recently moved into a strategic executive position within that empire, the optics acquire a different texture. A photograph becomes more than a photograph; a handshake begins to look like an introduction, and what appears to be a simple father-and-son outing starts to resemble that ancient ritual through which successful men gradually acquaint the next generation with the world they may one day have to navigate without them.

For those who have watched Abdul Samad through the years, the changing silhouette around him is difficult to miss. There was a time when his younger brother, Kabiru Rabiu, represented one of the most prominent family presences within the BUA establishment, rising through the group’s operations and eventually becoming Group Executive Director, while also serving as a non-executive director of BUA Foods and BUA Cement. He remains firmly embedded in the conglomerate, with more than two decades of experience across edible oils, cement and infrastructure.

Kabiru belongs to Abdul Samad’s generation, however, and that distinction matters because every family empire, no matter how vast or professionally managed, eventually encounters the question that money alone cannot answer: what happens when the generation that built it begins to make room for the generation that must preserve it?

It is within that quiet, complicated passage that Khalifa is increasingly becoming interesting.

His emergence has not arrived with trumpets, ceremonial titles or the public unveiling of a successor. Abdul Samad has not declared him heir to BUA, and nothing in the public record justifies such a conclusion. What has become visible instead is something subtler and perhaps more meaningful: a gradual accumulation of responsibility, exposure and proximity, the three ingredients through which the children of powerful business families are often introduced to the burden behind the privilege.

Khalifa is no longer merely the billionaire’s son appearing occasionally beside his father. On January 29, 2026, BUA Foods appointed him Chief Officer, Global Procurement and Strategic Operations, giving him responsibility for the company’s end-to-end global procurement function and strategic operational initiatives. Before that appointment, he served as Director for Special Operations at BUA Group, where his work included transformation projects, supplier relationships, wheat sourcing, animal-feed production, the commercial reintroduction of BUA rice and other operational initiatives.

There is something instructive about where he has been placed. For the son of one of Africa’s wealthiest industrialists, a grand office and ornamental designation would have been easy enough to manufacture, the sort of corporate embroidery with which family businesses sometimes decorate heirs who have yet to acquire the scars of enterprise. Khalifa, however, has been taken closer to procurement, supply chains and operations, into the less glamorous entrails of an industrial organisation where fortunes are not discussed in abstract terms but depend on the relentless movement of wheat, sugar, machinery, ships, suppliers, currencies, warehouses and markets.

Perhaps that is the more revealing education his father is giving him. Abdul Samad appears less interested in merely showing the young man the assets than in allowing him to understand how those assets breathe.

Factories photograph beautifully, particularly when they rise from acres of land in steel and concrete, but the real life of an industrial empire occurs away from the cameras, in the anxious arithmetic of raw-material costs, shipping schedules, exchange rates, energy, regulation, financing and distribution. The young man who may someday occupy a larger place within such a system must learn that wealth is not sustained by the serenity of the chairman’s office but by countless decisions made under pressure, many of them invisible to the public until one of them goes wrong.

Khalifa’s academic preparation seems almost tailored to the wider world awaiting him. He studied International Relations at Regent’s University London and later earned a Master’s in Management from Georgetown University’s McDonough School of Business, combining an education in states, diplomacy and institutions with the language of management and enterprise.

That marriage of disciplines becomes particularly interesting when considered against the circles into which he has been born and the ones into which he is now increasingly being introduced.

There is, of course, another dimension to his story. Khalifa is one of the children from Abdul Samad Rabiu’s former marriage to Hannatu Musawa, the lawyer, writer and public official who currently serves in President Tinubu’s cabinet as Minister of Art, Culture, Tourism and the Creative Economy. Musawa has herself spoken publicly about her former marriage to Rabiu and the enduring ties between their families.

There is nothing publicly established to suggest that he is preparing to contest an election or embark on a conventional political career. What he possesses instead is exposure: a father situated at the commanding heights of Nigerian private enterprise and a mother operating within the upper reaches of government, two worlds that remain distinct but inevitably encounter each other wherever industry, regulation, investment and public policy meet.

That is why Friday’s visit to President Tinubu is noteworthy without needing to be exaggerated. Its importance lies less in whatever may have been discussed behind closed doors than in the simple fact that Khalifa was there, standing beside his father and becoming familiar with another environment in which his surname, responsibilities and future may eventually carry their own weight.

Such encounters form a peculiar education unavailable in lecture halls. Universities can teach capital allocation and international relations, but they cannot completely teach the temperament of power: how an industrialist speaks to a president without becoming obsequious, how one carries disagreement without converting it into hostility, how old relationships are tended, how new ones are cultivated, or how to distinguish those who are merely attracted to wealth from those whose trust survives difficult seasons.

Those lessons are absorbed by watching.

They reside in airport lounges and factory inspections, private dinners and waiting rooms, board meetings and courtesy visits, in introductions that appear inconsequential until, perhaps ten years later, a name remembered from a handshake becomes the person sitting across a negotiating table.

This is how relationships are inherited, if relationships can ever truly be inherited at all. A father may leave his son factories, shares, houses and an enviable portfolio of assets, but he cannot simply insert forty years of trust into an estate document. The son must accumulate his own credit among bankers, investors, regulators, political leaders, employees and business partners, even when the father’s name opens the first door.

Abdul Samad should understand the intricacies of that inheritance better than most. He was himself born into the formidable commercial tradition of the late Khalifah Isyaku Rabiu, the Kano merchant, scholar and industrialist whose name carried considerable weight long before BUA became the corporate colossus it is today. Abdul Samad inherited a tradition of enterprise but did not merely preserve it; he recast it for another age, moving far beyond the familiar pathways of trading into manufacturing on a scale that turned cement, sugar, flour and other essential commodities into the pillars of a modern industrial fortune.

Now the wheel appears to be turning again.

There is an almost poetic symmetry in the fact that another Khalifa is moving towards the centre of the Rabiu story, although it would be simplistic to describe what is happening as a transfer of the crown. BUA is today too sprawling and professionally structured to be reduced to a princely succession tale, and Kabiru Rabiu remains an important figure in its leadership. The more compelling point is that Khalifa has moved beyond merely being part of the family photograph; he now occupies a position where he can be tested by responsibility, measured by results and introduced gradually to the ecosystem surrounding the family enterprise.

That is how serious succession often begins, not with coronation but with apprenticeship. A young man is first handed work that can expose his weaknesses, then brought into relationships that can test his temperament, before the people who have dealt with his father for decades begin, cautiously, to deal with him in his own right. The family name may secure the introduction, but eventually the young man must demonstrate whether there is substance behind it.

For Abdul Samad, therefore, legacy will one day amount to considerably more than deciding how factories, shares and investments are distributed among heirs. The harder inheritance will be culture, discipline, judgement and the instinct for survival that allowed a family trading heritage to become an industrial institution. Kabiru represents an important part of the generation that travelled that journey alongside him; Khalifa increasingly represents the question of what follows after it.

Seen from that perspective, the young man’s growing presence around his father acquires a meaning beyond privilege. He is watching a man who has spent decades learning the peculiar choreography of Nigerian capitalism, where enterprise lives constantly in conversation with government, regulation, foreign capital, infrastructure and politics without necessarily becoming politics itself. He is being allowed to observe not simply how a fortune is enjoyed but how influence is managed, relationships are preserved and institutions are kept alive through changing governments and economic seasons.

That may ultimately be the most valuable thing Abdul Samad can give him.

Factories can be inherited. Shares can change names on a register. Houses and aircraft can pass from father to son with the neat efficiency of lawyers and trustees. What cannot be transferred so easily is the confidence of people who matter, the discipline to remain composed when markets rebel, the instinct to recognise danger before it announces itself and the ability to enter a room full of powerful men without being diminished by them or intoxicated by their attention. Those things take time.

And perhaps that is the deeper meaning of Khalifa walking beside his father into President Tinubu’s Lagos residence on Friday: the young man is no longer being shown only the empire.

He is being introduced, carefully and gradually, to the world around it.

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From Monaco to London, Dubai: Inside Femi Otedola’s Private World of Billionaire Friendships

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● How Dangote, Rabiu, Elumelu and Adenuga Keep Company With the Billionaire Abroad

There are houses, and there are addresses, but there are also those rare addresses that somehow acquire a life beyond their architecture, places whose significance is measured not merely in marble, acreage or the provenance of their furniture, but in the calibre of men who walk through their doors and the friendships that are renewed within them.

Across London, Dubai and Monaco, billionaire extraordinaire, Femi Otedola appears to have created precisely that kind of world. His homes abroad are unquestionably retreats of privilege, places where the billionaire businessman can withdraw from the turbulence of boardrooms and the relentless theatre of Lagos, yet increasingly they have also become intimate theatres of friendship, drawing into their orbit some of the most powerful Nigerians alive.

Aliko Dangote has been there, Abdul Samad Rabiu has been there, Tony Elumelu has been there, and more recently the famously private Mike Adenuga emerged in Monaco in Otedola’s company, producing one of those exceedingly rare photographs that immediately became a talking point back home.

It is an extraordinary constellation when one considers the industries and fortunes involved. Between them are businesses built across cement, telecommunications, banking, energy, manufacturing, oil and infrastructure, corporations that employ thousands and enterprises that have played consequential roles in the making of modern Nigerian capitalism. Yet when these men meet Otedola abroad, the tableaux are often strikingly uncomplicated, stripped of the usual podiums, conference backdrops, retinues of aides and corporate ceremony. Sometimes, all that remains is a sofa, a dining table, a terrace and an evening at home.

Perhaps that is what makes the photographs so fascinating. They offer small windows into a Nigeria that the public rarely sees, a private world in which men ordinarily encountered through balance sheets, annual reports, corporate transactions and billionaire rankings are seen simply in the company of friends.

A Beautiful Day in Monaco

In June 2026, Otedola offered one such glimpse when he shared a photograph with Aliko Dangote from his home in Monaco. There was no elaborate ceremony around the encounter; the two men were seated casually together, relaxed and smiling, looking less like two of Africa’s most recognisable businessmen and more like old friends enjoying an easy afternoon.

Otedola described it as a “beautiful day at home in Monaco” with the man he affectionately called his “bestie,” adding that “friendship remains one of the greatest investments.” For men whose lives have been built around investments, acquisitions, expansion and enterprise, the choice of metaphor was telling because it suggested that, beyond the hard calculus of business, there are relationships that have acquired value of a different kind.

Dangote and Otedola have known each other through different seasons of corporate Nigeria. Their friendship has endured changes in fortune, the transformation of businesses and the shifting climate of the Nigerian economy, and Otedola has frequently spoken admiringly of Dangote’s industrial ambitions. Yet Monaco stripped the relationship of its corporate costume. There they were, simply two old friends at home, sharing the kind of ease that cannot be manufactured for the camera.

Monaco itself seems almost perfectly cast for such a scene. The tiny Mediterranean principality has for generations served as a sanctuary of extraordinary wealth, with yachts resting upon blue water, discreet residences rising against the hills and a social culture in which affluence is worn almost casually. Otedola has long been associated with a home there, and the sight of Dangote within that private world once again brought the residence into the Nigerian imagination.

There was wealth in the photograph, certainly, but there was something else too: ease, familiarity and the unforced comfort of friendship. Among extremely powerful men, that ease may well be the greater luxury.

The ‘Chairman of Chairmen’ in Monaco

A few months later, Monaco yielded another remarkable sight when Mike Adenuga appeared in Otedola’s company.

That alone was enough to make the encounter unusual because Adenuga has always cultivated a far more private public profile than many of his billionaire contemporaries. Unlike businessmen whose movements frequently populate social-media timelines and society pages, the Globacom founder is capable of disappearing almost entirely from public view for long stretches, which is why photographs of him invariably attract attention.

When Otedola shared images of them together in Monte-Carlo in September 2026, the photographs travelled rapidly, not simply because two billionaires had met, but because one of them was Adenuga, a man whose public appearances have become increasingly rare.

Otedola introduced him with characteristic warmth and flourish as the “Chairman of Chairmen,” before acknowledging his collection of national and international honours. For those accustomed to Adenuga’s reserve, it was an uncommon picture: the famously private telecoms magnate smiling easily beside another billionaire who seems able, perhaps by temperament as much as by circumstance, to draw some of Nigeria’s most powerful businessmen into his social orbit.

The public accounts of the meeting confirm that the two men were together in Monte-Carlo, even if they do not conclusively establish that every photograph from the encounter was taken inside Otedola’s residence. Yet the symbolism remains compelling. Dangote had appeared in Monaco earlier in the year, and now Adenuga had surfaced there too, making the principality look, at least through the occasional photographs Otedola shares, like a Mediterranean meeting point for Nigeria’s billionaire class.

Dubai and the Ritual of Friendship

If Monaco is Otedola’s Mediterranean retreat, Dubai has become an even more expansive stage for his hospitality.

His relationship with the emirate is longstanding, and his homes there have surfaced from time to time in society photographs, family celebrations and social-media posts. Beyond the obvious luxury of the city, Dubai appears to offer what men of Otedola’s standing often value most: privacy, comfort, convenience and the freedom to receive friends away from the noise of Lagos.

Abdul Samad Rabiu is among those who have enjoyed that hospitality. In January 2026, Rabiu was hosted at Otedola’s Dubai home for a private gathering, and the photographs that followed showed the BUA chairman and other guests in relaxed company, far removed from the industrial seriousness with which their names are usually associated.

The friendship is evidently reciprocal, because Otedola also joined Rabiu at his own Dubai residence during Ramadan for Iftar. Those encounters suggest something more substantial than occasional society appearances; they speak instead to a familiarity in which each man appears comfortable entering the other’s private space, sharing a table and spending time away from the ceremonial obligations of public life.

For all the obsession with billionaires as economic abstractions, with who owns what, whose fortune has risen and who has gained or lost billions, their friendships are often far more ordinary than the numbers surrounding them might suggest. Otedola and Rabiu inhabit overlapping worlds of huge capital and national consequence, but the Dubai photographs tell a simpler story of men eating together, laughing together and observing the rituals of friendship outside the public gaze.

Otedola and Elumelu: Friendship Across London and Dubai

Tony Elumelu also belongs to that distinguished circle of Nigerian business leaders who have enjoyed Otedola’s hospitality abroad.

Their friendship has been glimpsed across continents. In 2022, Otedola received Elumelu at his London home, an encounter that offered another window into the private camaraderie among Nigeria’s most accomplished businessmen. Elumelu would later speak warmly of the residence, describing it as an “amazing house.”

Then came Dubai, where Otedola again hosted Elumelu at his residence. The atmosphere was relaxed and unmistakably personal, and Otedola referred to him affectionately as his good friend, “African Pride,” while speaking of building bridges, sharing visions and celebrating excellence.

There was something revealing in those photographs because here were two men whose names occupy prominent places in contemporary African enterprise, sitting together not beneath corporate insignia or before conference microphones, but within the quiet intimacy of a home. Elumelu has built an enormous footprint across banking, investment, energy and entrepreneurship, while Otedola’s own journey has traversed oil, power and finance, yet away from those imposing corporate identities their encounters reveal the more human dimension of wealth: friendship, conversation and the uncomplicated pleasure of being received by someone who knows you beyond your public title.

London, meanwhile, has become an even more substantial part of Otedola’s property story. His residence in St John’s Wood places him in one of the capital’s most coveted enclaves, close to Regent’s Park and within a neighbourhood where wealth generally prefers understatement to advertisement. Yet the more intriguing story is not merely that Otedola owns magnificent homes, because plenty of wealthy men do; what makes his homes interesting is what happens inside them and the people who keep passing through.

The Soft Architecture of Power

Society often makes the mistake of imagining that power lives only in offices, boardrooms, state banquets and polished conference rooms where advisers carry leather folders and minutes are taken. In truth, power has always possessed another geography, one found in dining rooms, private terraces, long lunches, discreet evenings and homes where important people no longer need appointments to see one another.

That does not mean every gathering of billionaires should be burdened with theories about transactions or influence. Friendship should not automatically be converted into conspiracy simply because the friends involved happen to be extremely wealthy. Indeed, what is most striking about Otedola’s own public language is how frequently he chooses the vocabulary of friendship rather than commerce, referring to friends as “bestie,” “brother” or simply “my good friend,” and repeatedly framing relationships in emotional rather than transactional terms.

There is a softness to that vocabulary that contrasts with the hard industries these men dominate. Dangote builds factories on a scale that has transformed entire sectors, Rabiu commands a vast industrial empire, Elumelu’s interests extend across banking, energy and investment, Adenuga built one of Africa’s most formidable indigenous telecommunications businesses, while Otedola himself has moved through petroleum marketing, shipping, power generation and banking with an instinct for reinvention that has defined much of his career.

Yet when these men meet abroad, the armour occasionally comes off. They sit together, eat together, laugh together, trade stories and pose for photographs, and for a few moments they appear removed from the empires attached to their names.

The Billionaire Who Likes to Host

Perhaps this is the more compelling portrait of Otedola. For all his reputation as a businessman and investor, he appears also to enjoy the ancient privilege of the host.

There is a certain kind of wealthy man who regards a beautiful house primarily as an achievement, another who sees it as a sanctuary, and then there is the man who derives particular pleasure from filling it with people. Otedola increasingly seems to belong to the latter category, and his homes have welcomed not only businessmen but musicians, family friends and figures from different corners of Nigerian public life.

That habit suggests that behind the gleaming façades lies something warmer than mere acquisition: hospitality.

For Nigerians, and particularly within Yoruba social tradition, the home has never been understood solely as shelter. It is also social territory, a place where relationships are renewed, food is shared, visitors are received and friendship is demonstrated through presence. The successful man does not merely build a large house; he keeps a table around which people can gather.

In Otedola’s case, only the geography has changed. The old courtyard has become Monaco, the veranda has moved to Dubai, and the parlour now occasionally overlooks London, while the visitors arrive carrying famous names, billion-dollar businesses and reputations recognised across the continent.

Beyond the Photographs

Perhaps years from now, the houses themselves will matter less than the friendships they witnessed. Fortunes change, companies rise and stumble, markets punish even the most assured investor, and today’s celebrated acquisition eventually becomes tomorrow’s footnote, but certain photographs endure because they capture powerful people briefly outside the formal identities by which history usually remembers them.

That is what gives these pictures their charm: Dangote relaxing with his friend in Monaco, Rabiu sharing a table in Dubai, Elumelu received with warmth in London and Dubai, and the elusive Adenuga suddenly appearing in Monte-Carlo beside a man who calls him the “Chairman of Chairmen.”

Seen separately, they are society photographs; seen together, however, they form an intriguing portrait of Femi Otedola, not simply as the billionaire investor associated with Geregu Power, banking and some of the world’s most exclusive addresses, but as the host whose homes have become gathering points for men who ordinarily occupy separate kingdoms.

In that sense, perhaps the most revealing line Otedola has used remains one of the simplest: “Friendship remains one of the greatest investments.”

For a man who has spent a lifetime understanding where value lies, it may also be the investment he appears most comfortable displaying.

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EFCC Arrests Olori Tejuoso Over Alleged N600m Fraud

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EFCC Arrests Olori Tejuoso Over Alleged N600m Fraud

The Economic and Financial Crimes Commission (EFCC) has arrested Olori Halima Tejuoso in connection with an alleged N600 million fraud involving Mrs Mary Oluwaseye Sholoye and Mallam Ibrahim Gidado.

Tejuoso was arrested on Tuesday, September 15, 2026, after allegedly failing to honour an invitation by the Commission following her release on administrative bail.

Confirming the development, EFCC spokesman, Dele Oyewale, said Tejuoso was arrested after she allegedly jumped the administrative bail earlier granted to her by the Commission.

According to Oyewale, Gidado, who is also linked to the investigation, had been arrested earlier and arraigned before a court.

Tejuoso was reportedly accused of obtaining about N600 million from Sholoye by false pretence in connection with Gidado.

She had earlier appeared before the EFCC, where she reportedly told investigators that Gidado had allegedly defrauded her of the money she was accused of collecting from Sholoye.

However, following Gidado’s arrest and subsequent invitation by the Commission, Tejuoso reportedly failed to appear and could not be reached.

The EFCC subsequently declared her wanted on April 27, 2026, as part of its investigation into the alleged fraud.

Her arrest on September 15 brings to an end several months during which the Commission had been seeking her whereabouts.

The latest development is expected to allow the EFCC to proceed with further investigation into the circumstances surrounding the alleged N600 million transaction and Tejuoso’s relationship with the other parties involved.

The Commission’s position indicates that the matter involving Gidado has already progressed to court, while further legal steps concerning Tejuoso are expected to follow the completion of the ongoing investigation and necessary legal processes.

However, the allegations against Tejuoso remain unproven until determined by a court of competent jurisdiction.

All parties involved are presumed innocent unless and until found guilty by a court of law.

 

-Source: Daily Times Nigeria

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