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How To Become An Overnight Billionaire In Nigeria

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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.

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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 litigation over the dregs of his estate, but undoubtedly it is nothing to write home about again.  Certainly, nobody is singing about S.B. Bakare today.  There are now new pretenders to his throne.

New dawn

Time was when wealthy Nigerians built something, developed something, or made something.  At that time, the rich were truly captains of industry.  Alhaji Sanusi Dantata made his fortune in the era of the groundnut pyramids in the North; buying and shipping them for export.

Sir Odumegwu Ojukwu had Nigeria’s largest fleet of inter-city “mammy-wagons.”  He also imported “panla” (dried fish) on a large scale.  Sir Mobolaji Bank-Anthony had a tanker fleet and a pioneering charter airline.  Emmanuel Akwiwu, hauled oil-rigs and supplies for British Petroleum.  Chief Timothy Adeola Odutola produced bicycle tires for the growing army of Nigerian bike-riders.

But thanks to oil, much of Nigerian wealth is no longer the product of such ventures.  Yes, we have billionaires like Ibrahim Dasuki and Mike Adenuga who can still be rightfully described as highly enterprising.  But even more significantly, we have tycoons who came into wealth through “wuru-wuru” and “mago-mago.”  These men are hardly Nigeria’s Bill Gates.

On the contrary, they don’t have a clue what to do with their dubious wealth, and they are ignorant about wealth-creation.  As such, they add little of value to the Nigerian project.  Their praises may be sung today by their horde of parasitical hangers-on, but they will not be remembered for good when they are gone.  As mysteriously as their wealth materialised, so will it vanish.

These men became rich through some of the following tried and tested methods, which can be relied upon to lead to one’s inclusion in the Nigerian Book of Irrelevant Rich Men.  If you want to get rich quick, here is the Nigerian blueprint.  But please, don’t tell anyone I “wiki-leaked” this highly-classified national secret to you.

Rob a bank

This strategy has gone through some transition.  Bank-robbers used to be men of the underworld who held banks hostage at gunpoint and then made off with the cash.  However, it was soon recognised that this approach has distinct disadvantages.  You might get arrested and jailed.  Even worse, you might get shot.  It also became apparent that banks carry limited amounts of cash.

Therefore, a successful bank robbery of this violent kind might only land you perhaps 50 million naira tops, which is not even enough to buy or build a house in Banana Island.  There is a better way to rob a bank with far limited risk.  Simply establish a bank.

When you establish a bank, you can rob the bank every day without a gun.  When people deposit money in your bank, they don’t know that they are handing over their life-savings to a thief.  You then rob the bank you establish in a number of imaginative ways.

For example, you can lend money to your bank and then charge it a very high interest-rate.  Better still, you can borrow billions from your bank and simply forget to pay it back.  Or, you can use the money deposited in your bank to buy houses and then rent them out as branches to your bank at exorbitant prices.

By Femi Aribisala

 

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2 Comments

2 Comments

  1. Kenneth michael onu

    September 3, 2013 at 1:44 pm

    Thanks i enjoy what you are doing,

  2. Femi

    September 3, 2013 at 5:08 pm

    This article is very elaborate and shows the pure truth about Nigeria and creation of real wealth. The writer did well

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Lekki tollgate should be dismantled permanently: Bode George

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Lekki tollgates should be dismantled permanently: Bode George

Former vice-chairman of PDP SouthWest, Bode George has called for the dismantlement of tollgate at Lekki area of Lagos.

The PDP chieftain made this call at a press conference after soldiers were alleged to have shot and killed peaceful EndSARS protesters on October 20.

 

 

According to George, the dismantling of the tollgates would help in pacifying aggrieved Nigerian youths.

In his words;

“Let me reiterate the irreducible minimum acceptable to placate the angry and restless youths in order to restore peace, fairness and equity in our state.

The two tollgates should be dismantled immediately and permanently. AlphaBeta and Lekki Concession Company should be scrapped. The advert signage monopoly given to Seyi Tinubu should be withdrawn forthwith.

The Iya Oloja title should be withdrawn from Shade Tinubu and be given to the individual who deserves it according to tradition.

The NURTW which has become the militia wing of the APC should be re-organized and removed from the ambit and control of political actors.”

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Nigeria Air Force arrest officers for flogging curfew violators in Osun

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The Nigerian Airforce has arrested its erring officers for flogging violators of the state-government imposed curfew in Osun State.

A video that went viral on social media shows Airforce personnel dehumanizing and assaulting residents that violated the curfew.

The video which made rounds on social media on Tuesday, October 27, showed the curfew defaulters inside muddy water while being flogged by the security agents.

But, in a statement released on Wednesday, the Nigeria Air Force said the officers have been arrested and an investigation has commenced.

 

The statement reads:

”The attention of Nigeria Air Force has been drawn to a video showing some personnel flogging/meting out corporal punishment on suspected hoodlums involved in criminal activities during the imposed curfew in Ilesha.

We wish to inform the general public that Nigeria Air Force has identified all the personnel involved in the incident & placed them on close arrest, while investigation to determine their level culpability has commenced, after which appropriate disciplinary action will be taken.

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Kunle Afolayan flaunts interior of his exquisite mansion (Photos)

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Kunle Afolayan flaunts interior of his exquisite mansion (Photos)

Kunle Afolayan, a Nigerian filmmaker, has taken to social media to flaunt the interior of his expensive mansion.

Afolayan disclosed that calls for a full view of the interior of his house by young architect and art lovers made him share the photos on social media

The father of four added that “the structural designs was done by a professional architect but all interiors and esthetic done by me.”

Below are more photos.

Kunle Afolayan shows off the interior of his home (photos)

Kunle Afolayan shows off the interior of his home (photos)

Kunle Afolayan shows off the interior of his home (photos)

Kunle Afolayan shows off the interior of his home (photos)

Kunle Afolayan shows off the interior of his home (photos)

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