In a post shared on X, Otedola described Chagoury as a nation-shaping figure whose vision, discipline, and long-term thinking have left lasting marks on the country’s infrastructure, real estate, and business culture.

“Happy 80th birthday to my mentor, my role model, Sir Gilbert Chagoury. At 80, your life stands as proof that vision, discipline, and an unwavering belief in Nigeria can truly shape history. You did not just build businesses; you built landmarks, institutions, and enduring ideas that will outlive generations,” Femi Otedola wrote in his words to Gilbert Chagoury.

Otedola noted the transformative nature of Chagoury’s projects, including Banana Island, the high-end residential enclave that bolstered urban planning standards in Lagos, and Eko Atlantic, the massive land reclamation project designed to protect Victoria Island and Ikoyi from coastal erosion while creating commercial and residential opportunities.

“Without your vision, there would be no Banana Island a bold idea that redefined what urban development could look like in Nigeria,” he wrote.

“Without the courage and persistence behind Eko Atlantic, much of Victoria Island and Ikoyi might today be at the mercy of the Atlantic Ocean. What many see as infrastructure, I see as foresight protecting the present while securing the future.”

He described Eko Atlantic as “the 9th wonder of the modern world,” an affirmation of long-term planning and the potential of patient, locally committed capital.

Otedola also stressed Chagoury’s solid commitment to Nigeria, portraying his projects not as individual achievements, but as sustained investments in economic stability and urban resilience.

“Your passion for Nigeria is rare, genuine, and deeply inspiring. Even after decades of achievement, your commitment to a better country has never wavered. That consistency of purpose is your greatest legacy,” he wrote.

“As you turn 80, I celebrate a life of impact, vision, and service. I wish you many more years in good health, strength, and fulfilment with the joy of seeing Nigeria continue to rise on foundations you helped lay. The story of modern Nigeria is richer because you chose to believe, build, and stay committed.”

Gilbert Chagoury, a Nigerian-Lebanese businessman and philanthropist, co-founded the Chagoury Group in 1971 with his brother Ronald.

Over five decades, the conglomerate has grown to include construction, real estate, manufacturing, hospitality, insurance, information technology, and finance. Its assets include the Oriental Hotel in Lagos, as well as construction firms Hitech and ITB.

Beyond real estate, Chagoury has been at the centre of major infrastructure initiatives. In 2024, Hitech was awarded the $11 billion Lagos–Calabar Coastal Highway project, a 700-kilometre road that drew attention for bypassing competitive bidding and highlighted his long-standing political and business influence.

Otedola’s tribute revealed how Chagoury’s vision went beyond individual projects, linking infrastructure, urban development, and investment to economic resilience. 

In describing his mentor’s work as a combination of foresight, disciplined execution, and sustained belief in local markets, Otedola  disclosed a model of patient capital, long-term investment that protects value, drives growth, and anchors Nigeria’s economic potential.

Chagoury is a major philanthropist, supporting hospitals, universities, and Catholic charities across Africa, the Middle East, and the United States.

His contributions have been recognised internationally, including the Order of St Gregory the Great from the Vatican, and he has also been linked to political donations abroad.

This is the conclusion of a complex legal overhaul that attracted investigations from regulators and strong opposition from co-founder Elon Musk.

Under the new arrangement, the OpenAI Foundation assumes legal authority over OpenAI Group, a public benefit corporation with full freedom to raise funds, form partnerships, and acquire companies. 

The Foundation now holds a 26% ownership stake, alongside a warrant for additional shares as the company grows. Microsoft retains approximately 27%, valued around $135 billion, while employees and other investors share the remaining equity.

In a statement announcing the change, OpenAI Chairman Brett Taylor said:

“We believe that the world’s most powerful technology must be developed in a way that reflects the world’s collective interests. The close of our recapitalisation gives us the ability to keep pushing the frontier of AI, and an updated corporate structure to ensure progress serves everyone.”

The Foundation’s first initiative is a $25 billion commitment to two focus areas: advancing global health innovation and strengthening AI resilience. The health programme aims to fund research and open-source datasets to accelerate medical breakthroughs. 

Meanwhile, the AI resilience plan seeks to develop systems that protect critical sectors, such as energy, healthcare, and finance, from emerging risks tied to artificial intelligence.

The recapitalisation, completed after nearly a year of negotiations with regulators in California and Delaware, was influenced by legal reviews and recommendations from both states’ attorneys general. “We made several changes as a result of those discussions and we believe OpenAI, and as a result, the public we serve, are better for them,” Taylor added.

For Microsoft, this restructuring enhances its long-term collaboration with OpenAI. A company blog confirmed that the deal extends Microsoft’s intellectual property rights to OpenAI models until 2032. Should OpenAI declare that it has achieved artificial general intelligence (AGI), an independent expert panel will be tasked with verifying that achievement.

Before the overhaul, OpenAI operated as a capped-profit company within a non-profit framework, a model that became increasingly unsustainable as its goal expanded. 

Reports reveal that SoftBank’s $30 billion investment hinged on OpenAI’s conversion into a for-profit entity, a move that paved the way for the company’s current valuation surge.

OpenAI CEO Sam Altman has announced a public livestream alongside Chief Scientist Jakub Pachocki to discuss the implications of the restructure and answer questions. The event is scheduled to begin at 10:30 a.m. Pacific Time.

Through the OpenAI Foundation, the company has become one of the best-resourced philanthropic organisations globally, with its mission to ensure that AGI benefits all of humanity firmly at the centre of its operations. 

The for-profit and non-profit arms are expected to work in tandem, advancing commercial growth while driving ethical and societal impact on a global scale.