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Check out the list below;
Aliko Dangote 1957
Mike Adenuga 1953
Tony Elumelu 1963
Tayo Adenirokun 1955
Fola Adeola 1954
Jimoh Ibrahim 1967
Erastus Akingbola 1951
Cosmas Maduka 1961
Wale Babalakin 1960
Femi Otedola 1967
What do they all have in common apart from being rich? Now look up again…yes you guessed right they were all born between 1950 and 1970. These are arguably some of Nigeria’s billionaires. Some were born in the 50’s whilst the others in the 60’s. Between the oldest and the youngest is about14 years. Still within the same generation.
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These guys all belong to a Golden Generation. A generation that it’s maturity coincides with the formative stages of the modernization of the Nigerian Economy. The generation that was the obvious choice to have bought banking licenses just as the Babangida government deregulated the banking sector. The generation that obtained oil licenses by just being acquaintances with the government. The generation that were ready when the government decided to privatize its companies. The generations that will oversee the start of the economic revolution in Nigeria. The Generation that had a head start on those that will be born 10 to 20 years after it.
It’s no curse to the 70’s and mid 80’s generation that they weren’t born then. It’s just that the world has a way of presenting opportunities at certain periods in a complete generation cycle (every century). It’s not only peculiar to Nigeria alone. Even in the US the Bill Gates, Steve Jobs, Eric Schmitds, Jerry Chang, Bill Joy of this world were born in the 50’s and 60’s as well. Just in time for the PC revolution. Also in Russia, Roman Abrahamovic, Alisher Usmanov, Alexander Lebedev, were all born in the 50’s. Just in time to be ready for the deregulation of the Russian economy after the fall of communism in Eastern Europe. A lot of psychologist have written on the impact of age, period, demographics and race on determining those who end up to be pioneers, captains of industry and financial heavy weights. It’s purely debatable but can’t be waived aside.
In Nigeria, if you were born the in the mid 70’s, then by 2000 just at the advent of democracy you would have been out of school and probably an intern in bank , insurance company, a one man business or just a sole trader at best. The government of Obasanjo wasn’t hiring that much and even if they did you stood little chance of getting as the generation just 10 years before you was more qualified, had better experience and probably even better education. And even if you wanted to own your own bank (the quickest way to being a billionaire in Nigeria) you couldnt as wave of opulence had blown passed. With just N50m in the you could own a bank in Nigeria in the 90’s. It’s N25b since 2006 or thereabouts. The barrier to entry between 90’s and the 2000’s for new commercial banks had never been so difficult. In fact, commercial banks grew from about 3 in 1980 to 33 in 1994, 11 times more. It was just 7 in 1985, so within 10 years it had more than quadrupled. It’s less than or just over 20 now if we exclude the Nationalized Banks.
The Tony Elemelu’s and Fola Adeola’s of this world are no better than most of the guys born in the 70’s. Them being successful entrepreneurs and probably billionaires didn’t make them any smarter( not saying they aren’t) or never before seen geniuses like those who came after them, they were simply lucky as the world around them at the time of their maturity was ready and prepared for them. These guys went to secondary schools when it was free to. Even if they had to pay, they had scholarship which protected them. They were encouraged to go abroad for post graduate education and guaranteed jobs on their return. They even ended up leading the political class far longer than their predecessors and have yet to give their generation after them a chance. The gap in privileges is endless. For them, they had no reason not to be billionaires.
The generation of the 70’s and 80’s need not worry too much about being billionaires. In fact there won’t be many of them who will be billionaires before the age of 40 unless it is inherited or aided massively with corruption or 419. The world prepared for them to be employees of the generation before them and not entrepreneurs. They have worked harder than those before them, read more and have suffered more. They have even sacrificed more for Nigeria. But thats life, the just have to “chin up” as the say. They should focus on placing their offspring on the path to the next big economic revolution which must come to Nigeria in 10 to 15 years. I am no sooth sayer but life can be predictable if you can learn from history. It’s already happening. Those born in the 90’s are changing the way we listen to music and entertain ourselves , the way we communicate and the way we transact. They are not hindered by the conservatism and timidness of the 70’s and 80’s generation, impacted upon by their parents. They were not born in the 50’s or 60’s and certainly not born in 70’s. They were born in the 90’s and 2000’s and they will be the next set of billionaires in Nigeria.
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Hmmm! Brilliant observation. A careful look at the journey to wealth of the individuals mentioned in this article showed that they were well-positioned when the powers-that-be in Nigeria were (and still) distributing the wealth of the nation.Taking nothing away from these men, they were "armed" and ready for the challenge. However, I wouldn't rule out a couple of guys born between 1970-80 making the billionaires club, especially in the 3rd world countries where state assets are arbitrarily allocated.Political instability, victimisation and inconsistency in government policy are other major concerns. Most of the billionaires in Nigeria are local champions. What stops a new government from "pulling the rug off their feet" and bring up new kids on the block. All things being equal, your article is on point.
Its a scary observation. Its just ironic how some generation work so hard yet the opportunities are very limited, whilst some work as hard and just simply excel.Thanks for your comments Jide
Your article is on point and many assertions factual. It is true, and will remain so forever, that the prevailing political situation in any polity throws up wealth for the grabs and also pauperises some in its wake. As you said, and I agree, this is not limited to Nigeria. China, India and the former USSR all have new billionaires now and all as a result of being there when a major change was taking place.In Nigeria however, and very much because the economies of other places are begining to open up, it is very likely that new billionares will soon spring up, sooner than you predicted. The reason is simple; lets go back to your list again- only one or two men of Igbo extraction made it. The most are Yorubas. At the dawn of our nationhood and when we needed to 'own' our coporations, we were coming out of a war and only one group had wealth and education combined. They simply enjoyed govt. support and patronage. Time has changed some things now. The economies of the world are now driven by individual skill and strength of entreprenuership. Govt has shown itself to be a big debtor and the individual is once more king.Whether it be in entertainment arts or science and engineering or just plain innovation, the world is awaiting the next big thing and soon. The most likely to produce this next big thing would not be from what I have come to term 'relaxed economies' or fast track economies. They will have to come from hungry but literate economies. We are indeed in that time. And the good thing is, the big pocket economies would nt be considering colour, they are themselves coloured!Another reason why you should read the time as now is that we are indeed in another change, the pressure from social media and unleashed voices caused by a growing middle class and the world interconnectivity, will force the hand or this govt and the ones around Africa. It will either be a make or a break scenerio going to play out soon and yes, there will be profiteers waiting in the wings to reap profit from the changes.And you know, it should be so, chronologically speaking. The great depression of the 30s produced very rich men, then it was the 50s, then the 70s, then the 90s….it is more of a 20year cycle, both politically and economically, in my opinion.
Hi Tony,You made some excellent points. However, I do believe that generation are the ones born in the 90's. They are primed to achieve it. It's just set up for them really Dre
Nice blog Dre. You made some nice points but I still find it difficult to understand the rationale for your conclusions. You failed to mention your parameters for 'billionaires'. Well if it only involves fiscal cash to you; I have to infirm you that there are so many of them in Nigeria. For instance: I know you had not thought about Mr Innocent Chukwuma, the CEO of Innoson Group, who is only but a few to mention. He happens to be a client of mine who started from rags to riches. He is a billionaire no doubt. He has the largest plastic manufacturing factory in Nigeria in Enugu. He has more than 20,000 workers in his employment on the Enugu factory & churns out about 180 range of Plastic products. He also has the only indegienous car/motorcycle manufacturing Plant in Nigeria & has created the avenue for at least 50,000 Nigerians to have food on their tables & their hands busy with activities.Think carefully next time before you gravely delve into misconceived conclusions. Nice blog, though & enjoy your vacation!
Kindly go back on the Dre article and read “In fact there won’t be many of them who will be billionaires before the age of 40 unless it is inherited or aided massively with corruption or 419”
Always take your time to digest information before response.
Thanks
Ugo,The 90s and 2000s borns are not as hardworking as the generation before them, its looks like its going to be harder for a billionaire to spring up in the current situation of things..with the continued economic meltdown. The only area which i feel will spring up billionaires are in innovative technology and maybe IT.. which really our schools and educational system are not built around. It will be painful to see if in a decades time, these names u put up are still the only billionaires of our time…Great post
Beautiful and careful observation and study indeed. And carefully crafted story too. Seeming very prophetic in nature. Hmmm, can be hard to dispute, but I do. Of course, your article is pretty much on point, it takes only age and a turn in political or some consequential factor in an economy into consideration for wealth making, and ignores a couple others. I don't have to be a 50s or 60s to develop the next DOS, iPod, BlackBerry, etc, it can happen anytime.
@Ricdizzle, Shareandi,Thanks for your comments. I do not rule out the possibility of billionaires coming from the 70's and 80's generation, its just that time is running out fast. Like I implied, several factors determine generational success, those factors seem scarce at the moment. We just hope that revolution, be it IT starts sooner rather than later.
Food for thought! I really believe that the facts you quoted to back this up is undoubtebly prevailing, considering the reality that the age bracket in question are totally the majority of the population who are building up the revolution which the next generation will eventually reap. Great article!
Every generation, out of relative obscurity, discovers its mission, it either betrays it, of fulfills it. Theres has never been an industrial revolution in Nigeria, one will start as soon as power is resolved. Its the kids of the 70s and 80s that will lead that revolution. The giants of today have been replicated in every generation in almost equal measures, Sir Ojukwu, Chief francis Arthur Nzeribe, Alhaji Dantata, Mko Abiola, Alhaji Rabiu Ibrahim,etc are the equivalents of the Trojans of today. The Trojans of tomorrow are in waiting, and once power comes alive, the mantle will change hands. There's a time for everything under the sun. I am not part of a servant generation.
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