I Am Not A Dollar Billionaire, Says Bolu Akin-Olugbade

CELEBRATED businessman, Dr Boluwasanmi Akin-Olugbade can hardly be described. If you call him a lawyer, you are right. An industrialist? You are not off the mark. Oh… you can call him oil and gas mogul and you won’t be wrong as everything about the Cambridge Ph.D.Graduate speaks class, opulence and splendour.

The Aare Onakakanfo of Owu Kingdom while speaking with High Society recently, exclusively revealed that he is not a dollar billionaire contrary to the notion many have. “People call themselves billionaires in Nigeria today, but that is chicken feed. If you have $5million today, you are a billionaire in naira. So the word billionaire is abused in Nigeria. People call me a billionaire but I am not worth a billion dollars. I am not even near it, because I am worth only ($250million, and half of that I hold in cash because I believe in cash.
“For example, if you have a big house in Ikoyi today, you are a billionaire in naira, even when you do not have cash. Cash is king”, he said.

Akin-Olugbade further opined that he does not owe any bank money anywhere in the world and that most Nigerian billionaires are debtor naira billionaires. “In fact, Forbes Magazine only publishes the share value and not the liabilities of Nigerian dollar billionaires. In Nigeria, a company should be worth only 10 times the dividend payment and a property should be worth only 10 times the rental value,” he added.