First Bank

Wednesday, July 20, 2016

Billionaires On Whose Shoulders Success Of President Muhammadu Buhari’s Economic Initiatives Rest

Nigeria, like a lovelorn bitch, lives for the adoration of deities. That is why she fetes and fortifies supermen or manmade gods with outrageous waivers and policies, as the circumstances demand. Nigeria therefore, may be illustrated by a simple dynastic arrangement into three divides: the ruling class, gods controlling the ruling class and the commoners.

The commoners may have voted for President Buhari, but despite their expectations of ‘change’ as promised by the ruling All Progressives Congress (APC), Nigeria is still at the mercy of certain businessmen and political tin gods whose whims determine the trajectory of the incumbent leadership.

These men are institutions on their own. Besides their intimidating wealth and fluorishing business concerns, they jointly constitute a formidable force in any political clime. Having attained great wealth and eminence by dint of hard work, initiative and perseverance, they have become so entrenched in the socioeconomic and political systems that they have become systems on their own, with the capacity to exert considerable influence or pressure on the virtually every sector in the country with interesting results.

These men enjoy the best of a charmed life. While their business interests extends beyond the country’s shores, they also own impressive capital projects, residences and property in the most exclusive neighbourhoods at home and abroad.

It took President Buhari however, a great deal of maturity to accept the bitter truth of their significance as partners to the success of his administration and thus review his approach to governance and relationship with these powerful individuals. Until he acknowledged their influence, supporters of President Buhari swore that he would deal with them and cut everyone of them to size.

There Dr. Mike Ishola Adenoma Jnr, Alhaji Aliko Dangote, Femi Otedola, Alhaji AbduSamad Rabiu, Prince Dapo Abiodun. Outside the oil sector, in the banking sector to be precise, the likes of Tony Elumelu, Chairman of United Bank of Africa (UBA), Jim Ovia, Chairman, Zenith Bank among others, still hold sway as major forces to reckon with in the interplay of high-wired finance and politics.

From all indications, the change promised by President Buhari was never meant to antagonize the nation’s superrich businessmen and captains of industry. If it was intended to, the president seems to have attained a better understanding about the workings of Nigeria’s high-wired business and politics. Pundits believe that President Buhari now appreciates the need to accommodate the captains of industry and billionaire moguls on whose success the nation’s economic survival depends.


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