Are-nigerian-billionaires-worthless
September 7, 2020 | News
ARE NIGERIAN BILLIONAIRES WORTHLESS?
It is really sad that we have become a Nigerian society that only wants to associate and celebrate people on the basis of what they have in terms of money, wealth and affluence; regardless of how such persons may have made that money in the first place. And as a result of this, many Nigerians are ready to do anything, including the unthinkable, just to ‘hammer’ and make it big no matter what it will cost. But where has that left us? It has left us so-called very rich men and women whose hands and source of wealth are questionably not clean.
So, with regard to the subject question, in my own opinion, Majority of the Nigerian billionaires are best described as worthless because majority of them are nothing but crooks, who have become billionaires without evidence of legitimate means of income. But the society worships them nonetheless. In fact, the issue of theft/stealing/thievery – be it in any form, practice, degree, dimension, and at any level; have been the bane of Nigeria’s expected growth and development across all boards since we became an independent nation and Federation. The question of theft or corruption of any kind, if I may call it that, has eaten deep into the fabric and annals of the Nigerian public and Private sector lives that it has reduced the nation to its present deplorable status. Hence, we are greatly despised, and have become a laughing stock across the globe. Sadly, it is as if it is only going to get worse, especially with recent news of global events that has kept on denting the already battered image of Nigeria amongst the international community. From the public sector to the private sector, everywhere you look, it is a Nigerian being involved in one form of theft/thievery or the other.
We have all heard of the recent news of the suspicious business transaction of Air Peace airline, which was first published in September 2018 by Enrique Perrella - the publisher of Airways Magazine based in Miami Florida. Then on November 22, 2019, the US Department of Justice confirmed our worst fears – that Mr. Allen Onyema, the founder of Air Peace airline, alongside the company’s head of finance and administration, Ejiroghene Eghagha, were indicted for bank fraud and money laundering. Mr. Onyema was alleged in a 36-page indictment document – spanning several years of investigations - of “defrauding financial institutions the deposits of which were insured by the Federal Deposit Insurance Corporation. Onyema was also accused of using his Foundation: Foundation for Harmony, for money laundering. Mr. Onyema has now been declared wanted for fraud in the value of $45million.
Then there was the infamous list of 80 persons, 77 of which are said to be Nigerians, that were arrested by the United States’ Federal Bureau of Investigation (FBI) for cyber fraud (yahoo-yahoo/internet fraudsters), and whose names have been made public for the whole world to see. They were accused of conspiring with federal and state agents to perpetrate the crime. Asides being involved in schemes that resulted in the transfer of at least $6 million, which was obtained fraudulently, the suspects were also allegedly involved in the attempted theft of at least an additional $40 million. And so far, the suspects have been handed a total of 252 count charges bordering on “conspiracy to defraud, conspiracy to commit money laundering, aggravated identity theft,” etc.
For Onyema’s case, the irony with his was that, a few weeks ago, Onyema was the beautiful bride in Nigeria. He was a signature of patriotism for the role he played in rescuing Nigerians under xenophobia attacks in South Africa. He was hosted by the House of Representatives at a special plenary, and was recommended for the national honour, his patriotism was echoed in the corridors of social media and pages of newspaper. He became a national hero. Not that Onyema did not deserve the accolades showered on him, he stood up for Nigeria when no one else did.
Let us also be reminded of the report involving Obinwanne Okeke (Invictus Obi), who was arrested by the FBI for committing internet fraud. This is the same Okeke who, in 2016, appeared on the covers of Forbes Magazine which names him as one of the 30 out of 30 Africans who may be future billionaires. Aside Forbes, he has featured on the BBC, delivered a TED Talk, and even an audience at the prestigious London School of Economics, African Summit. His business portfolio spans many African countries, which range from Oil and Gas, Agriculture, Infrastructure (Real Estate). Including Solar Energy. And showered with countless international Awards. So, when news broke out that this phenomenally bright and young Nigerian was actually an alleged internet fraudster who, according to the FBI, has stolen an estimated $20 to $22 million from US companies between 2011 and to date, the Nigerian social media went agog.
The crux of the matter is that in the Nigerian society, we have become too comfortable with the rich amongst us without taking into consideration of how they made their money. No one cares how these Nigerian billionaires make their wealth, as long as they have some money to throw around to benefit some persons around them. And the Nigerian banks are very willing tools that encourage these billionaires since they help them keep their loots, use same to lend to others and make huge interests’ profits from. That is why we believe that Nigerian banks and their leaders, are crooks themselves in this whole mess. They use the ill-gotten wealth from these Nigerian billionaires to TRADE with their customers with legitimate businesses who may want small loans to run their businesses. While in European/American banks, they are strictly regulated and used as watchdogs to get people whose incomes are unexplained. But here in Nigeria, the story is different. Our Nigerian banks encourage fraud, even with all the regulations there. Often times, when they notice huge amounts of money in someone’s account, with no clear evidence of their source of income, the bank officials will look the other way since they aim to trade with such funds. And this has made Nigerian bank managers, general managers, executive directors, managing directors and other top officials to become billionaires, just like the worthless billionaires who are their customers.
Even some foreign media organization like Forbes, have joined the group of those who are paid to advertise these Nigerian worthless billionaires. We are not saying that there are no legitimate Nigerian billionaires out there, but these numbers are quite few because, for someone to become a billionaire, that person must have clearly defined legitimate source/means of gaining their wealth and status. But for majority of these Nigerian billionaires, especially those at the political front, I call them “Nigerian emergency billionaires.”
The sad part is that The Church and its different leaders, which are supposed to remain as the ‘moral conscience of the society’, have joined the band wagon by daily encouraging these Nigerian billionaires. And this is simply because the billionaires finance church projects, and donate huge money to these churches. So, they have kept on praying for these crooks. They do not care whether the money the billionaires bring in as offerings, tithes, donations, etc., are stolen money. As such, we have become a Nigeria society where people shamelessly steal to become billionaires, with no defined evidence of the legitimate source of their wealth, and the people are excited about it. That society is clearly doomed you would agree.
The traditional rulers also give these worthless Nigerian billionaires Chieftaincy titles, as far they can finance projects in their Palaces and buy them luxury cars. Without a doubt, Nigeria must change this attitude of worshiping material wealth over and above all else that makes a society succeed. A man who is a billionaire, but one who is without a clear means of income, should be ignored and treated as an armed robber/criminal because that is exactly what they are. We should, as a society, learn to always condemn those who steal our collective wealth, as well as those whose income/source of wealth are not defined. And not to praise them because of their money and status. It is alleged that majority of the Nigerian billionaires we have in our society today, are actually fronts for politicians in and outside of power. As such, not everything is actually as we see it.
Zik Gbemre.
December 7, 2019
We Mobilize Others To Fight For Individual Causes As If Those Were Our Causes
It is really sad that we have become a Nigerian society that only wants to associate and celebrate people on the basis of what they have in terms of money, wealth and affluence; regardless of how such persons may have made that money in the first place. And as a result of this, many Nigerians are ready to do anything, including the unthinkable, just to ‘hammer’ and make it big no matter what it will cost. But where has that left us? It has left us so-called very rich men and women whose hands and source of wealth are questionably not clean.
So, with regard to the subject question, in my own opinion, Majority of the Nigerian billionaires are best described as worthless because majority of them are nothing but crooks, who have become billionaires without evidence of legitimate means of income. But the society worships them nonetheless. In fact, the issue of theft/stealing/thievery – be it in any form, practice, degree, dimension, and at any level; have been the bane of Nigeria’s expected growth and development across all boards since we became an independent nation and Federation. The question of theft or corruption of any kind, if I may call it that, has eaten deep into the fabric and annals of the Nigerian public and Private sector lives that it has reduced the nation to its present deplorable status. Hence, we are greatly despised, and have become a laughing stock across the globe. Sadly, it is as if it is only going to get worse, especially with recent news of global events that has kept on denting the already battered image of Nigeria amongst the international community. From the public sector to the private sector, everywhere you look, it is a Nigerian being involved in one form of theft/thievery or the other.
We have all heard of the recent news of the suspicious business transaction of Air Peace airline, which was first published in September 2018 by Enrique Perrella - the publisher of Airways Magazine based in Miami Florida. Then on November 22, 2019, the US Department of Justice confirmed our worst fears – that Mr. Allen Onyema, the founder of Air Peace airline, alongside the company’s head of finance and administration, Ejiroghene Eghagha, were indicted for bank fraud and money laundering. Mr. Onyema was alleged in a 36-page indictment document – spanning several years of investigations - of “defrauding financial institutions the deposits of which were insured by the Federal Deposit Insurance Corporation. Onyema was also accused of using his Foundation: Foundation for Harmony, for money laundering. Mr. Onyema has now been declared wanted for fraud in the value of $45million.
Then there was the infamous list of 80 persons, 77 of which are said to be Nigerians, that were arrested by the United States’ Federal Bureau of Investigation (FBI) for cyber fraud (yahoo-yahoo/internet fraudsters), and whose names have been made public for the whole world to see. They were accused of conspiring with federal and state agents to perpetrate the crime. Asides being involved in schemes that resulted in the transfer of at least $6 million, which was obtained fraudulently, the suspects were also allegedly involved in the attempted theft of at least an additional $40 million. And so far, the suspects have been handed a total of 252 count charges bordering on “conspiracy to defraud, conspiracy to commit money laundering, aggravated identity theft,” etc.
For Onyema’s case, the irony with his was that, a few weeks ago, Onyema was the beautiful bride in Nigeria. He was a signature of patriotism for the role he played in rescuing Nigerians under xenophobia attacks in South Africa. He was hosted by the House of Representatives at a special plenary, and was recommended for the national honour, his patriotism was echoed in the corridors of social media and pages of newspaper. He became a national hero. Not that Onyema did not deserve the accolades showered on him, he stood up for Nigeria when no one else did.
Let us also be reminded of the report involving Obinwanne Okeke (Invictus Obi), who was arrested by the FBI for committing internet fraud. This is the same Okeke who, in 2016, appeared on the covers of Forbes Magazine which names him as one of the 30 out of 30 Africans who may be future billionaires. Aside Forbes, he has featured on the BBC, delivered a TED Talk, and even an audience at the prestigious London School of Economics, African Summit. His business portfolio spans many African countries, which range from Oil and Gas, Agriculture, Infrastructure (Real Estate). Including Solar Energy. And showered with countless international Awards. So, when news broke out that this phenomenally bright and young Nigerian was actually an alleged internet fraudster who, according to the FBI, has stolen an estimated $20 to $22 million from US companies between 2011 and to date, the Nigerian social media went agog.
The crux of the matter is that in the Nigerian society, we have become too comfortable with the rich amongst us without taking into consideration of how they made their money. No one cares how these Nigerian billionaires make their wealth, as long as they have some money to throw around to benefit some persons around them. And the Nigerian banks are very willing tools that encourage these billionaires since they help them keep their loots, use same to lend to others and make huge interests’ profits from. That is why we believe that Nigerian banks and their leaders, are crooks themselves in this whole mess. They use the ill-gotten wealth from these Nigerian billionaires to TRADE with their customers with legitimate businesses who may want small loans to run their businesses. While in European/American banks, they are strictly regulated and used as watchdogs to get people whose incomes are unexplained. But here in Nigeria, the story is different. Our Nigerian banks encourage fraud, even with all the regulations there. Often times, when they notice huge amounts of money in someone’s account, with no clear evidence of their source of income, the bank officials will look the other way since they aim to trade with such funds. And this has made Nigerian bank managers, general managers, executive directors, managing directors and other top officials to become billionaires, just like the worthless billionaires who are their customers.
Even some foreign media organization like Forbes, have joined the group of those who are paid to advertise these Nigerian worthless billionaires. We are not saying that there are no legitimate Nigerian billionaires out there, but these numbers are quite few because, for someone to become a billionaire, that person must have clearly defined legitimate source/means of gaining their wealth and status. But for majority of these Nigerian billionaires, especially those at the political front, I call them “Nigerian emergency billionaires.”
The sad part is that The Church and its different leaders, which are supposed to remain as the ‘moral conscience of the society’, have joined the band wagon by daily encouraging these Nigerian billionaires. And this is simply because the billionaires finance church projects, and donate huge money to these churches. So, they have kept on praying for these crooks. They do not care whether the money the billionaires bring in as offerings, tithes, donations, etc., are stolen money. As such, we have become a Nigeria society where people shamelessly steal to become billionaires, with no defined evidence of the legitimate source of their wealth, and the people are excited about it. That society is clearly doomed you would agree.
The traditional rulers also give these worthless Nigerian billionaires Chieftaincy titles, as far they can finance projects in their Palaces and buy them luxury cars. Without a doubt, Nigeria must change this attitude of worshiping material wealth over and above all else that makes a society succeed. A man who is a billionaire, but one who is without a clear means of income, should be ignored and treated as an armed robber/criminal because that is exactly what they are. We should, as a society, learn to always condemn those who steal our collective wealth, as well as those whose income/source of wealth are not defined. And not to praise them because of their money and status. It is alleged that majority of the Nigerian billionaires we have in our society today, are actually fronts for politicians in and outside of power. As such, not everything is actually as we see it.
Zik Gbemre.
December 7, 2019
We Mobilize Others To Fight For Individual Causes As If Those Were Our Causes