Lagos once again became a melting point of automotive excellence, creativity and lifestyle as Eko Drive Exhibition IV held on Sunday, December 14, 2025, at the Alliance Française de Lagos, Ikoyi.

The one-day exhibition, which ran from 2:00pm to 7:00pm, attracted car collectors, auto enthusiasts, creatives and cultural tastemakers, delivering yet another memorable chapter in Lagos’ fast-growing automobile culture.

Adding star power and cultural depth to the event was renowned entertainer and social activist, Charly Boy, whose presence further underscored the exhibition’s growing relevance beyond cars alone. His attendance drew attention to Eko Drive’s unique fusion of automobiles, art and alternative lifestyle expression.

The fourth edition of Eko Drive showcased a carefully curated selection of classic automobiles, custom builds and modern performance cars, all presented within a creative environment that encouraged interaction, storytelling and appreciation of design.

Guests explored not just the engineering behind the vehicles, but the culture, history and individuality they represent a core philosophy that has come to define the Eko Drive experience.

Eko Drive is driven by a visionary founding team led by Founder and Project Manager, Ademide Osunsina, alongside Co-Founder and Creative Director, Imran Claud-Ennin, and Co-Founder and Event Coordinator, Sanjo Morgan.

Under their leadership, the platform has grown into a respected automotive-culture movement, creating a safe, inclusive and inspiring space for enthusiasts, creatives and industry stakeholders to connect.

Since its inception, Eko Drive has continued to expand its influence, earning recognition for seamlessly blending automobile exhibitions with art, lifestyle and community engagement. The consistent turnout and high-profile presence at Exhibition IV further signal its rising status within Lagos’ creative ecosystem.

As the curtains closed on Eko Drive Exhibition IV, expectations are already mounting for future editions, with many anticipating even bigger collaborations, broader participation and deeper cultural impact.

A Life of Discipline, Public Trust, and Institutional Leadership

By Prince Adeyemi Shonibare

Alhaji Munirudeen Bola Oyebamiji AMBO stands as one of the most prepared public figures in Osun State’s contemporary history. His journey is neither accidental nor theatrical. It is the product of deliberate growth across education, finance, agriculture, governance, and national service. In a time when Osun seeks stability, productivity, and long-term direction, AMBO represents the making of the next Osun Governor through preparation rather than proclamation.

Born on 17 November 1965 in Osun State, Alhaji Munirudeen Bola Oyebamiji’s life reflects the values of diligence, discipline, and service that define the Yoruba ethos. His early years were shaped by community, faith, and a strong respect for education.

He began his formal education at ADC Primary School, Oke-Ada, from 1971 to 1977, where foundational discipline and leadership instincts were nurtured. He proceeded to Ayedaade Grammar School, Ikire, between 1978 and 1982, developing a strong interest in economics, governance, and social organization. These formative years anchored him firmly in the lived realities of Osun people.

His academic pursuit of finance and administration led him to The Polytechnic, Ibadan, where he earned a Higher National Diploma in Banking and Finance between 1985 and 1988. Recognizing the importance of advanced knowledge for public leadership, he obtained a Master’s degree in Public Administration from Lagos State University, Ojo, and a Master’s degree in Business Administration from the University of Ado-Ekiti. This combination of public policy and executive management training remains a defining strength of his leadership profile.

Professionally, AMBO holds respected credentials across finance, economics, and risk governance. He became a member of the Chartered Institute of Bankers of Nigeria in 2009. In 2011, he was admitted as a Fellow of the Institute of Chartered Economists of Nigeria, and in 2016, he became a Fellow of the Association of Enterprise Risk Management Professionals. These qualifications reinforce his expertise in financial systems, economic planning, and institutional stability.

His career in the corporate world began in 1989 at Wema Bank Plc, where he served as Assistant Manager. In 1998, he joined Trans International Bank as Senior Manager and rose to Principal Manager, also serving as Head of the Lagos Region before leaving in 2003. He later worked at Spring Bank Plc from 2005 to 2009 as Head of Business Development and subsequently joined Enterprise Bank in 2009 as Head of the Retail Business Unit. Across these institutions, he built a reputation for strategic growth, disciplined management, and performance accountability.

AMBO’s transition into Osun State public service marked a critical turning point. In 2012, he was appointed Managing Director of Osun State Investment Company Limited. At the time, the company faced operational inefficiencies and limited returns. Applying private-sector discipline to public enterprise, he restructured operations, improved asset utilization, and enforced financial controls. Under his leadership, the company reportedly achieved over 700 percent growth in turnover within a short period, earning him recognition as a results-driven technocrat.

This performance led to higher responsibilities within Osun State Government. He was appointed Commissioner for Finance, Budget, and Economic Planning, where he became the chief custodian of Osun’s fiscal system. His tenure coincided with periods of economic pressure and declining federal revenues. Through prudent budgeting, expenditure discipline, revenue optimization, and careful debt management, he helped stabilize the state’s finances and ensure continuity in salaries, pensions, and core public services.

A senior Osun political leader once observed,
“He understands money the way a doctor understands the human body. He knows where it hurts, what to treat, and what not to touch.”

Beyond executive roles, AMBO served on the boards of key financial institutions linked to Osun’s development, including Omoluabi Mortgage Bank and Brent Mortgage Bank. These positions expanded his influence in housing finance, SME support, and long-term capital formation.

Alongside public service, AMBO has remained deeply connected to agriculture. Since 1997, he has served as Chairman of White Green Farm in Onireke Village, Ikire. The farm produces plantain, plantain flour, yam flour, palm oil, palm kernel oil, maize, and other grains in commercial quantities. It supports local employment and supplies raw materials to manufacturers. For AMBO, agriculture is not nostalgia but economics.

As a market woman in Ikire once said,
“He is not someone who talks farming. He farms. That is why we trust him.”

His leadership journey expanded to the national stage with his appointment as Managing Director and Chief Executive Officer of the National Inland Waterways Authority. At NIWA, he oversees a strategic national asset critical to transport efficiency, trade expansion, and regional development. His mandate includes improving safety, navigation, infrastructure, and economic utilization of Nigeria’s inland waterways.

President Bola Ahmed Tinubu, in a congratulatory message following his appointment, described him as
“A disciplined administrator with proven capacity for institutional reform and national service.”

What distinguishes Alhaji Munirudeen Bola Oyebamiji AMBO is not ambition but readiness. He is a technocrat who understands politics, not a politician learning governance. He believes Osun must unlock its dormant wealth through structured development of its mineral resources, including gold, limestone, kaolin, granite, quartz, marble, clay, phosphate, and gemstones, converting natural endowments into shared prosperity.

Equally central to his vision is youth inclusion through education, skills, sports, creative industries, and enterprise development. To him, governance is measured not by announcements, but by outcomes.

A trader at Oja-Oba, Osogbo, summarized public sentiment simply,
“He is calm, but he works. That is the kind of governor we need now.”

Osun stands at a defining moment. It requires a leader who understands systems, respectss not slogans. A steward of resources, not a seeker of applause. In Alhaji Munirudeen Bola Oyebamiji AMBO, Osun sees not just a contender, but the making of its next governor.

In a recent announcement that sent ripples across Africa’s fintech landscape, Moniepoint Inc. confirmed it had secured an additional $90 million to close its Series C funding round at a staggering $200 million (Source: Techpoint Africa; Serrari Group; Ecofin Agency, Oct 2025).

While the company, formerly TeamApt – touts the deal as a major vote of confidence, the influx of capital, led by heavyweight institutional investors like Development Partners International (DPI) and LeapFrog Investments, and including global players like Visa, Google’s Africa Investment Fund, and the International Finance Corporation (IFC) (Source: Multiple, Oct 2025), raises fundamental questions about who truly controls Africa’s “leading profitable fintech.”

The Founder’s Dilution: CEO or Steward?

The unprecedented scale of external capital implies a massive, unspoken cost: a significant transfer of power from the original founders and local interests to foreign boardrooms.

The narrative is shifting from a local entrepreneur building a pan-African dream to a highly competent CEO appointed by a global consortium.

Industry speculation, fueled by the sheer volume of institutional money now dominating the cap table, alleges that Co-founder and Group CEO Tosin Eniolorunda’s personal equity stake may have been diluted to a non-controlling percentage, a common outcome where founders become figureheads for their international backers, holding minimal control despite remaining the public face (Controversy derived from: African Law & Business, Nov 2025; DPI Partner Adefolarin Ogunsanya, Oct 2025).

When institutional giants anchor a round of this size, the company’s ultimate financial destiny is often decided far from its Nigerian headquarters. The founder, in essence, becomes an incentivized steward for foreign capital, undermining the narrative of a fully Nigerian-owned tech success story.

The Irony of ‘Commitment’: A Campaign Built on Borrowed Loyalty

Moniepoint frequently uses its “Made for Your Progress” campaign to declare its commitment to financial inclusion and “powering the dreams” of millions of Nigerians. However, this rhetoric is being used as a shield against the truth of its ownership:

The audacity of Moniepoint’s “Made for Your Progress” campaign rings hollow: how can a company whose ultimate ownership and controlling decisions reside in the boardrooms of US and European private equity firms genuinely claim to be “powering the dreams” of Nigeria’s people? Their commitment is not to the progress of the Nigerian economy, but to the return on investment (ROI) demanded by foreign shareholders who now hold the majority stake in the parent entity, Moniepoint Inc.

By positioning Nigerian success stories as mere fuel for their foreign-controlled growth machine, Moniepoint risks betraying the very local entrepreneurs they claim to champion, transforming their powerful campaign slogan into a thinly veiled sales pitch designed to keep Nigerian users generating profits for their non-Nigerian masters.

The Veil of Profitability: Lawsuits and International Losses

The controversial funding news is further complicated by signs of internal instability and financial vulnerability outside its core market:

Struggling UK Expansion: Despite claims of “sustained profitability” in Nigeria, recent reports indicate Moniepoint posted a $1.2 million operating loss tied to its ambitious and rapid expansion into the United Kingdom (Source: Fintech Magazine Africa; Techpoint Africa, Oct 2025). This international stumble reveals a delicate balancing act where the core profitable business is being leveraged to subsidize risky global ventures demanded by demanding international investors.

Internal Equity Battle: The company’s internal equity practices have been drawn into sharp public controversy. A former top executive is currently locked in a high-profile lawsuit against Moniepoint, alleging the wrongful denial of nearly $1 million in vested stock options (Source: Startup Researcher, Jun 2025). This legal battle casts a long shadow over the company’s integrity and its commitment to those who helped build the business, the very individuals it credits with its success.

The question for Moniepoint, its customers, and the Nigerian tech ecosystem is unavoidable: If the local founder holds minimal control due to massive dilution, if the company struggles with international expansion, and if its own executives are fighting for their promised equity, what exactly is being celebrated? Is this a victory for African fintech, or a carefully orchestrated asset acquisition by global private equity and institutional funds who now own the overwhelming majority of Nigeria’s most critical payment infrastructure?