HomeBusinessAfe Babalola Sheds Light on $30M Fee for Recovering $300M Government Funds

Afe Babalola Sheds Light on $30M Fee for Recovering $300M Government Funds

Published on

In an eye-opening interview, Afe Babalola, a distinguished Senior Advocate of Nigeria (SAN), disclosed that he charged a staggering $30 million for aiding the government in recovering $300 million from banks. This disclosure came during an interview with the popular radio talk show host, Ifedayo Olarinde, known as Daddy Freeze.

Babalola, the founder of Afe Babalola University in Ado-Ekiti, Ekiti State, is renowned for his significant contributions to Nigerian law. He recounted another notable instance from the 1980s, where he charged Mobil $5 million for handling an appeal case, underscoring his status in high-profile legal circles.

He narrated, “I was in my office when I received a message from Lagos. Mobil executives from the Netherlands, Scotland, and America wished to meet. They had a substantial case, and I quoted $5 million. They opted to negotiate, but I stood firm on my fee.”

Despite initial reluctance, Mobil eventually returned to Babalola after losing their case with a Lagos-based SAN who charged less. “They acknowledged their mistake and agreed to my original fee. Not only did I secure the payment, but I also won the appeal for them,” Babalola added, highlighting his legal prowess and the trust reposed in him by major corporations.

When questioned about other significant fees he had charged, Babalola recalled a deal with the government where he earned a 10% commission for recovering $300 million from a group of banks. “They agreed to my terms, and I successfully recovered the amount, earning a 10% commission,” he stated, emphasizing the scale of his legal victories and his role in high-stakes litigation.

The legal maestro also recounted a notable arrangement with the Nigerian government. In a high-stakes case against a syndicate of banks, Babalola negotiated a 10% commission on any recovered funds. His successful recovery of $300 million meant a personal gain of $30 million, underscoring his prowess in handling complex legal battles.

Babalola’s career is marked by numerous high-profile cases and significant financial rewards, reflecting the value of legal expertise in critical national matters. His achievements not only exemplify his skill and confidence in the legal field but also shed light on the lucrative aspects of legal practice in high-stakes government-related cases.

Latest articles

Senate Increases Windfall Tax on Banks to 70%

Nigerian Senate raises windfall tax on banks' foreign exchange gains to 70%, targeting redistribution of government-driven profits.

Government Urges Patience Amid Protests, Pledges to Address Economic Issues

The Nigerian government appeals for patience and dialogue as nationwide protests loom, pledging to address the economic issues causing public discontent.

Dangote Refinery Set to Disrupt 90 European Refineries

The Dangote Refinery, with its capacity to produce 650,000 barrels per day, threatens to disrupt 90 European refineries and shift global oil market dynamics

FG Pleads for Patience Amid Nationwide Protest Plans

The Federal Government appeals for patience and postponement of the planned nationwide protest, citing ongoing efforts to address economic hardships.

More like this

Senate Increases Windfall Tax on Banks to 70%

Nigerian Senate raises windfall tax on banks' foreign exchange gains to 70%, targeting redistribution of government-driven profits.

Government Urges Patience Amid Protests, Pledges to Address Economic Issues

The Nigerian government appeals for patience and dialogue as nationwide protests loom, pledging to address the economic issues causing public discontent.

Dangote Refinery Set to Disrupt 90 European Refineries

The Dangote Refinery, with its capacity to produce 650,000 barrels per day, threatens to disrupt 90 European refineries and shift global oil market dynamics