Because of the recent capture of our media space by Dangote and allied matters, I decided to retrieve this article published in July 2019. This will form a background to my intervention in the present Dangotemania! Read on:
I always take delight in the words of our elders, which convey pure wisdom and address issues that were yet to occur when they were coined. I even wrote a book on the words of our elders (Ik Muo, 2017, ‘Proverbs: Words of our elders; nuggets from the past, guiding the present and shaping the future’). Enugu, Potter Creations. Our people say that the only rich man in any community is in trouble and indeed, VERY POOR. I was not there when our people manufactured this adage, but having become an elder myself, I have imagined what would have led to this weighty proverb. The lone rich man is in trouble because he is so busy attending to numerous villagers that he is distracted from his business. The goodies he doles out to his kinsmen also eat deep into his surpluses, and because of these two consequences, his business suffers. He also attracts enmity, jealousy, and conspiracy because he is unable to satisfy everybody or satisfy them as they would want, while some would wonder, ‘Why not me?’ On the other hand, the community also suffers because everybody stops making efforts, while the community fails to develop its collective capabilities and resources because it can always rely on the big man. Moreover, because the people believe that his resources are limitless, their expectations keep on leapfrogging, and at a certain stage, they even wonder why the big man would not adopt a Red Cross model and just help everybody without waiting to be begged. The community’s problems become worse if the big man throws his weight about, develops an above-the-law mentality, or suffers from Arik syndrome (Arik started acting with impunity because it held the aviation industry by the throat, though not anymore!).
I don’t know how to say it, but most often, my business involves minding other people’s businesses. I have scanned the media in the recent past, and I have come to the unequivocal conclusion that the above scenario reflects the fate of Alhaji Aliko Dangote-AAD (the man, his foundation, and his awesome, diverse business interests), who is currently Africa’s biggest big man and the second most influential Black man in the world. If not because of my self-effacement tendencies, I would have challenged both rankings because the rankers never assessed my net worth nor my power, which I believe will compete favourably with AAD. But since he is my friend, I will let him be because I don’t want to lose friends over such minor issues.
“The solution of every socioeconomic issue of the day in Nigeria (community) depends on or awaits the attention of AAD (the only rich man).”
Back to the issue at stake, this is the current reality in Nigeria. The solution of every socioeconomic issue of the day in Nigeria (community) depends on or awaits the attention of AAD (the only rich man). These include perennial petroleum scarcity and power insufficiency, food insecurity, frightening levels of unemployment, conservation of foreign exchange and the weight of the Naira, a low industrialisation index, a horrible road network, poor quality of education, and the oil-dependent nature of the economy. So pervasive is his involvement in these issues that I wonder if Nigeria needs an economic management team.
AADs, the $4.5bn agricultural project spread over 5 states, the $800m dairy farm of 50000 cows and 500m litres of milk by 2019, the $20m tomato factory in Kano aimed at checkmating the Chinese and the agreement with OCP Group of Morocco on fertiliser production would create more than 250000 jobs, diversify the economy, alleviate poverty and reduce the nation’s import bill, make Nigeria the largest rice exporter in the world by 2021, enhance food security, address rural-urban drift and crash the price of fertiliser.
AAD’s refinery and petrochemical complex (the largest in Africa), with 650,000 BPD capacity, will end fuel scarcity, create 235,000 jobs, and yield $500m in taxes within 3 years. The Peugeot factory acquired in conjunction with some states and the truck assembly plant in association with Sino Truck, both for domestic use and export, will also diversify the economy, create jobs, and conserve forex. Nigeria has already attained self-sufficiency in cement production courtesy of Dangote, who is also involved in the construction of Apapa Ports access roads and the 45 km Obajana-Kaba road, using his concrete model, which Fashola described as the way we should continue to build, going forward, in exchange for some tax remissions, which he also said are like a credit advance to the government. AAD Sugar Refinery will generate 100000 jobs and ensure sugar self-sufficiency, while it has just taken over the Katsina Songhai project abandoned 6 years ago. He has committed N200bn for a unique university in Abuja, has donated a business school to the university in Kano, and is funding an Education for Employment centre in Abia state, demonstrating commitment to human capital development. He has commenced a $150m solar power project in Kano and built a N2bn integrated Dangote village for IDPs in Maiduguri. AAD also contributed 56 percent (N16bn) of FGN tax from solid minerals in 2013 and paid a N5bn premium to insurers in 2016. In addition to operationally solving all the problems of Nigeria, he is also generating ideas as a member of the Nigerian Industrial Policy and Competitiveness Advisory Council (to be continued).
Ik Muo, PhD, Department of Business Admin, OOU, Ago Iwoye. 08033026625
