The Silent Billionaire Called Adebayo Ogunlesi

Some refer to Adebayo Ogunlesi as a “silent billionaire”. This is not a wrong statement about the man who has stakes in a number of airports around the world. This include Gatwick Airport, the second-busiest airport by total passenger traffic in the UK and the ninth-busiest in Europe.

I got to know about Ogunlesi in Burna Boy‘s song “Wonderful” – released in 2020. That was part of his Grammy-winning album “Twice As Tall”. “As I dey hustle like Adebayo Ogunlesi (No go talk say me I too lazy)”. Burna Boy song, left me googling who this hustler was.

2024, he is trending for yet another good reason. Global Infrastructure Partners (GIP), the private equity firm he founded was acquired by BlackRock Inc. The world’s biggest money manager according to Bloomberg, for $12.5bn.

BlackRock, who currently manages $10trn across all markets, according to Reuters, will pay $3 billion in cash and 12 million BlackRock shares (about $9.5bn) to GIP who currently manages more than $100bn in assets. The deal will see Ogunlesi join BlackRock’s board and global executive committee, reports Bloomberg.

So, who is this man?

Adebayo Ogunlesi Biography

The investment banker was born in Makun, in Ogun State, on December 20, 1953. He was born to Theophilus Ogunlesi (father), the first Nigerian professor of medicine at the University of Ibadan, Nigeria.

Born into a comfortable family of Yoruba origin. Bayo had a wonderful childhood and was enrolled at elite schools for his basic education. He attended the prestigious Lagos-based college, King’s College, from where he proceeded to the United Kindom to further his education.

Ogunlesi eventually got admitted into Oxford University England to study Philosophy, Politics, and Economic. He was awarded a B.A with first class honors by the university at the end of his studies. He later applied at Harvard Business School and Harvard Law School at the time to further his education.

Bayo was admitted by both schools and later graduated with an M.B.A. from the Harvard Business School and a J.D. magna cum laude from Harvard Law School in 1979. While he was studying for his M.B.A., he served at the New York City law firm of Cravath, Swaine & Moore as its attorney and summer associate.

His career

He worked as a law clerk to Associate Justice Thurgood Marshall of the United States Supreme Court from 1980 to 1981. And as an attorney at Cravath, Swaine & Moore – a law firm in New York City till 1983.

Armed with his MBA, Adebayo made the switch to investment banking when he joined First Boston Investment Bank as an advisor on a Nigerian gas project in 1983. He also worked with the Project Finance Group, as a financial advisor to several clients on the transactions of North and South America, the Caribbean, Europe, the Middle East, Africa and Asia.

Other places Adebayo worked include the Credit Suisse First Boston (CSFB) (earlier known as Global Energy Group). Where he advised clients on strategic transactions and financing for some years, before becoming the Global Head of CSFB’s Investment Banking Division. He was appointed member of the Credit Suisse Executive Board and Management Committee in 2002. And became the Executive Vice Chairman and Chief Client Officer of CSFB between 2004 and 2006.

While at the CSFB, he was also lecturing at Harvard Law School and Yale School of Management.

He was appointed a member of the Board of Directors of Goldman Sachs in October 2012 and became Lead Director on the 24th of July, 2014.

Dr Amelia Quist Ogunlesli – Adebayo Ogunlesi’s wife

Adebayo Ogunlesi in 1985, married Dr. Amelia Quist-Ogunlesi, a native of England, Dr. Amelia Ogunlesi is a retired optometrist. She received her optometry degree at London’s City University and launched a practice in London before permanently relocating to the US. She earned certification to practice in the United States from the SUNY College of Optometry.

Currently, Amelia Quist-Ogunlesi lives in New York with her husband, Adebayo O. Ogunlesi, and their two sons Geoffrey Ogunlesi, a music executive, and Carl Ogunlesi who is a music producer. She serves on the boards of several nonprofit organizations, including:

• The Smithsonian’s National Museum of African Art
• The Central Park Conservancy
• The Couture Council of The Museum at FIT, The Studio Museum in Harlem, and the Partnership to End Addiction.

Adebayo Ogunlesi, the Investor

In July 2006, he founded a private equity firm Global Infrastructure Partners (GIP) in New York City, with CSFB and General Electric as the first investors; and assumed the role of Chairman and Managing Partner. In the same year, GIP bought London City Airport an international airport located in the Royal Docks in the London Borough of Newham in the City of London. GIP later sold off the airport after a decade.

Three years later in 2009, GIP invested £1.455 billion to acquire the majority share in London Gatwick Airport, a major international airport near Crawley, Sussex, England. Another three years after in 2012, GIP bought Edinburgh Airport, said to be the busiest airport in Scotland in 2019, handling over 14.7 million passengers.

GIP also bought Nuovo Trasporto Viaggiatori in February 2018.

Some other GIP Investments In the Transport Sector include Terminal Investment Limited, Port of Melbourne; Pacific National; Italo; Access Midstream Partners; Biffa Group Limited; Port of Brisbane; Great Yarmouth Port Company.

GIP also had stakes in infrastructure assets around the world, with selected equity and debt investments in several sectors. The company manages a portfolio of combined annual revenue greater than $46 billion, and investments of over $51 billion for its investors.

Also Read: The Man Called David Hundeyin

The company is an infrastructure investment fund that makes both equity and selected debt investments. It has investments in high-quality infrastructure assets in the energy, transport, water and waste sectors.

In the energy sector, Gip has investments in Guacolda Energia, Freeport LNG, CPV, Saeta Yield/Bow Power, Hess Infrastructure Partners, Vena Energy, Naturgy Energy Group and several others.

Adebayo Ogunlesi Net Worth

Adebayo Ogunlesi, the Chairman and CEO of Global Infrastructure Partners, has seen a significant boost in his net worth to $2.3 billion following the recent acquisition of his firm by American institutional investment company BlackRock Inc. for $12.5 billion.

Reports indicate that this deal is poised to elevate Ogunlesi to billionaire status. With a 17.5% stake in Global Infrastructure Partners, the Bloomberg Billionaires Index estimates his total fortune at approximately $2.3 billion.

By the time the deal is finalized, Ogunlesi will join the likes of Aliko Dangote, Abdul Samad Rabiu, and other Nigerian dollar-denominated billionaires.

The finalized deal, expected in Q3 2024, involves a payment of $3 billion in cash and approximately 12 million shares valued at around $9.5 billion based on January 11 closing prices.

In this video, Ogunlesi and Larry Fink, the Chairman and CEO of BlackRock, discuss how the deal came about.

BlackRock Inc. is the world’s largest asset manager, with about $10 trillion Assets Under Management (AUM) as of FY 2023, up by 16% from the $8.59 trillion as of FY 2022. The company recorded a revenue of $4.6 billion in 2023.

Adebayo Ogunlesi’s Other Interests

Adebayo is a member of:

• Member, Board of Dean’s Advisors at the Harvard Business School
• Leadership Council of New York at Harvard Law School
• Global Advisory Council at Harvard University
• Board of Directors of the Partnership for New York City Fund
• National Board of Directors NAACP Legal Defense and Educational Fund
• Board of Trustees NewYork-Presbyterian Hospital
• The King’s College Old Boys Association.
• District of Columbia Bar Association

He taught a course on transnational investment projects in emerging countries, as a lecturer at Harvard Law School and the Yale School of Management, while also working at Credit Suisse First Boston.

In October 2012, Ogunlesi was appointed to the Board of Directors at Goldman Sachs and became Lead Director in 2014.

In December 2016, Ogunlesi was named among business leaders that would be part of Donald Trump’s Strategic and Policy Forum. But the forum was disbanded 8 months later.

Ogunlesi was given The Award of Excellence by The International Center in New York. And in 2019 was cited as one of the Top 100 most influential Africans by New African magazine. He is still actively engaged in several volunteer works across Africa.

5 Things You Didn’t Know About Adebayo Ogunlesi

Emefiele sacked him

According to a knowledge source, Ogunlesi previously held the position of chairman at the African Finance Corporation, an entity focused on financing infrastructure projects in Africa, during Lamido Sanusi’s term as the governor of the Central Bank of Nigeria.

However, he was dismissed by Godwin Emefiele upon assuming office. The source noted that Ogunlesi, although hesitant, eventually accepted the decision, preferring not to get involved in political matters and avoiding the accommodation of personal interests.

“I did say to Sanusi that Bayo would not accept any political interference in the board nor accept any personal interests being accommodated. It must be said that Lamido Sanusi did honour the assurances that he gave on governance and non-interference. Lamido Sanusi was removed as governor of CBN, and Godwin Emefiele became Central Bank Governor. I can recall discussing AFC with Emefiele,” the source said.

He is a sports lover

Ogunlesi is a passionate cricket and Tottenham Hotspur fan. He makes time for them at critical moments, according to the Financial Times (FT).

According to FT, a director of Topgolf Callaway Brands said that he had become an “atrocious golfer” since knee surgery. But Kenneth Chenault, former CEO of American Express, who plays regularly with him, said this self-deprecation minimises his “competitive fire.”

He does not like publicity

Ogunlesi, who pioneered a $ 1 trillion sector, one of the fastest-growing segments of money management is a publicity-shy person.

Despite his prominent board positions, including the Goldman Sachs. In an interview, he was asked why he has remained so private. He said, “I don’t need to read about myself”. “I know enough about myself and who I am.”

Adebayo is a family man who holds his wife in high esteem

In an interview with Financial Times, Ogunlesi said he owes his career switch to his wife.

Torn between a banking career and a gnawing dissatisfaction, Ogunlesi found the answer at home. His wife’s “kick in the behind,” as described in a Financial Times interview, led him to quit at 52 and embrace a new path as an investor.

He will have his first boss after 18 years

Ogunlesi, the co-founder and CEO of GIP is set to join BlackRock’s board and global executive committee. However, in this new role, he will be working under Larry Fink, the founder and CEO of BlackRock. Marking his first experience with a boss in 18 years.

However in the interview, he said Fink, a friend since both worked at First Boston, has downplayed the potential for conflict. “Larry said to me: ‘You will be on the board of directors, you will be my boss’. I think we have mutually assured destruction.”