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The good news of Alhaji Aliko Dangote’s wealth appreciating to $15.3 billion after it fell to $13.5 billion about three months ago is reverberating across Nigeria. Well, it’s not as if Dangote had recently added a dollar to his investment for it to add close to $2bn to his net worth, neither had he removed a cent from his assets to record the earlier slide of his net worth to $13.5 billion upon which he lost his status, for a while, as Africa’s richest man.
This whole wealth appreciating and depreciating phenomenon boils down to the dynamics of the strength of our national currency, the Naira. This directly validates the expressed concerns of the argument raised in my article: “The Case of Naira Depreciation and Tony Elumelu’s Transcorp Power Plc” of 7th March 2024, in which I sought to remind the circle of Nigeria’s very wealthy about the need to pay attention to enhancing the value of the Naira as a sure-fire way to enhancing the substance of their wealth.
Join our WhatsApp ChannelThe appreciation of Dangote’s wealth to $15.3bn should be a reference indicator to others in that category, especially the bankers or those related to the banking industry like Femi Otedola of First Bank, Aig Imokhuede of Access Bank, Tony Elumelu of UBA and Jim Ovia of Zenith Bank.
Aside from the political authorities, these four gentlemen and the banks they chair control more than 60 per cent of Nigeria’s banking assets between them, and they control a significant and substantial sector of the Nigerian economy. This thus talks to the places they want to stand in this critical time in the challenging trajectory of the country’s national economy.
If Dangote has made more money as a result of the recovery of the Naira to N1,500/$, and these gentlemen control the financial behemoths that can determine the value of the Naira, is it not natural common sense to appeal to their conscience to side with not just Nigeria and Nigerians but with themselves even if it is to advance their enlightened self interests, to drive up the value of the Naira to N500 so that they can directly benefit through higher valuation of their respective shares and other holdings in the nation’s capital market.
Of course, there is a general belief that many of Nigeria’s very wealthy from the banking sector made their money, mostly, from under-the-table deals such that their wealth statuses are laced with perennial suspicion. However, times like these avail such people the opportunity to play in the open with transparent, for everybody to see, tabletop deals that will lead to national economic revival that will not only be appreciated by Nigerians of all shades and economic standing but be applauded by foreign investors waiting for Nigeria to take its rightful place in the global economy.
It is now time for them to step up to be counted.
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Nze Chidi Duru, OON, is a serial entrepreneur and the Founder/Chairman, Grand Towers Limited
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
