Tuesday, 24 January 2017

Dangote is Buhari's bestie: Why big business is a government's best friend.

Like all corporations and governments around the world, it is a relationship built on money, power and very little else.

On one fine busy Monday in June 2016, the richest black man in the world, Aliko Dangote lashed out at Nigeria's federal government while teaching students at the Nigerian Institute for Policy and Strategic Studies.

He took the time to blame them for a number of things, including making bad decisions and ensuring that the majority of Nigeria's businesses continue to treat electricity like gold dust.

According to him, they had sucked the life out of the power sector by selling the power companies; in his words, "what government did was to privatise, but they privatised wrongly. People who wanted to buy all these plants thought that this was another opportunity like mobile phones...".

This government in question was the Goodluck Jonathan-led government that left power in 2015, not the Buhari Presidency that was in office when he made the comments. But Dangote made no distinctions.

This is typical, but it is very funny for a big reason.

In January 2016, one very important picture was taken. It had Aliko Dangote on one part and the governor of the Central Bank, Godwin Emefiele on the other.

Governor Godwin looked very pleased with himself as he stood in his trademark dark suit and glasses, beaming like a Christmas Tree on the 25th of December, but it was not him who should have been smiling with such enthusiasm.

The smiles belonged to Dangote, who had just convinced the government to give his company foreign exchange aka dollars for his company's 17 billion dollar refinery in Lagos.

That agreement is the biggest concession made by the Nigerian government since Independence, and it happened during a recession that started because of a shortage of foreign exchange.

Over the next weeks and months, Dangote Group got a dollar at the rate of 199 naira while we, regular people had to find between 300 and 500 naira for the same amount.

Naturally, not everyone was happy with the arrangement. Especially, twitter people. Because God forbid that one entrepreneur is getting bonuses from the government while the rest of us have to fight and line up to get dollars at disturbing prices.

SegĂșn Akande.

Full story at Pulse NG.

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