THE NEW OLIGARCHS: Mega-Rich Deploy Wealth Closer To Home...

Thanks to Emeka over at African Unchained for linking to this article in the FT.

The temptation for taking short cuts on the road to riches has often been as great for entrepreneurs as it has for state officials. .
Now, according to a former senior government official, with the state starting to relinquish control of the commanding heights of the economy, there is a greater rapprochement between the two, with money from both public and private sources blending together. Big business and some of the banks are heavily invested in the political system, just as politicians and government appointees are invested in the Nigerian banks and businesses making money, he says. There are significant changes, however, in the way Nigeria’s newly mega-rich are deploying their wealth. In the past, the wealth was hoarded in banks abroad. Today, it is mostly being poured into business enterprises within Nigeria.

This article draws mixed feelings from me, on one hand, I am glad that 'new money' gets it. This way they have done better than 'old money'. However the thieving still continues, leaving my people in stark poverty. It is true that Nigeria is a country in the middle of an enormous process of wealth creation, but the possibility of wealth being redistributed isn't in the horizon. Something has got to give pretty soon. I can feel it. Enjoy the article and hat-tip to Emeka.