How to become an overnight billionaire in Nigeria
By Femi Aribisala WITH only some 50 years of independent national existence, Nigeria is a country reeking with “new money.” The overwhelming proportion of the millionaires and billionaires in the country are “nouveau-riche;” they became rich literally “overnight.” We are talking of people whose wealth does not go beyond a generation. Indeed, the fantastic wealth of Nigerian billionaires like Femi Otedola scarcely goes beyond ten/fifteen years. Not only does Nigeria’s wealthy few have a short history, they often have a short future as well. The money comes “miraculously” and goes just as “miraculously.” In my youth, S.B. Bakare was the celebrated Nigerian tycoon. Highlife stars and juju musicians eulogised him in their records. But ask a young Nigerian today who S.B. Bakare is, and I can bet my bottom dollar he has never heard of him. S.B. has fallen off the radar and so has his wealth. It is not identifiable by any major industry or enterprise. His descendants may still be in l...