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.
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.
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.
You MAY never be a billionaire If you were born between 1974 and 1984 is a conditional statement.well said, whether 40's, 50's 60's 70's, 80's, 90's or the 2k generation, change will come regardless of your age bracket, if you really need it bad. As for being a billionaire, i think its choice, if your job description meets the need you can achieve it. As for me i think the revolution is here already. –moyela
Nice piece. Reminds me of Malcolm Gladwell's postulations in his book- Outliers. The story of success. Going by what you wrote, Bill Gates or Steve Jobs should own Facebook, Groupon or Zynga but its not the case. Being a billionaire is a mindset. Opportunities never cease. They disguise in clothes called work. There is an incubation period for every business. Most businesses set up by people born in the 70's and 80's haven't reached maturity yet. In America, it takes 7 years or 10,000 hours to be a great business person. In Nigeria, its about 21 years. Check your statistics well my friend. Persistence, faith and other intangibles are the ingredients for building sustainable wealth.
No offence but almost half of these men are thieves. This could be like using the actual worth of Obasanjo, Babaginda, Tinubu and the likes to draw up a conclusion
Dear Ugo,Let me join others to acknowledge that fundamentally your observations are factual but your conclusions are risky on the following counts;1. Nigeria is not a matured economy and every blackspots and pole holes you see around you represent an opportunity for new riches to be created from a massive market call Niger! The opportunities in this Land are endless and I beg to say resources manipulation and rent seeking opportunities still abounds.2. Most of the licensed opportunities that make this men would continue to open up and the last license on the most lucrative terms are not awarded yet. Yes they may be a lot more expensive, but we are also getting a lot more creative and manipulative to win keener competition.3. Their generation suffer a major deficiency and its appaulling the low ratio of "haves" compare to "haves not". Its sad that most of our over bloated middle and senior level civil service is occupied by them. Sadly also is the fact that a growing no of them are competing for menial jobs to keep up.4. Part of the reason why our growth as a nation is disjointed is that we do not have entreprenuers and a true middle class, investing real money in the real economy. Most of the Billions are from racketing and rent seeking opportunities. The generation after need to understand what make for true riches and how that can transform not only their own lifes but that of millions who are so impacted in various ways.5. The 2k generation do not only have the digital economy as a unique platform to build there dream bellions they have a more vibrant cash economy which is progressively becoming urbanised. The Telco investment opportunites is an eye opener and I can assure that both electricity and other infrastructures would provide more fertile opportunities for the emergence of more credible Billionaires.In conclusion, there is hope for me and am sure one day we would celebrate some emerging Billionaires who have not profitted from corrupt licencing and rent seeking opportunities.
GF,The opportunities in the Industrial Revolution will be seized by the babies of the 90's. Thats not to say the 70 babies will be totally excluded but theirs role will be limited. That revolution is in 10years time and by then those born in the 70's will be in their late 40's. The Ojukwu's you mentioned were politicians not industrialist
@Ola, Malcom Gladwell's book is very instructive and thus helps buttress my point. I hope you are right and I am [email protected] they may have benefited from the Govt. but its hard to accuse them as thievesf. None of them have ever run for office let alone be a public servant.
@Biodun I hope you are right as well. Time is running out for the 70's generation and fast too.
impressive!
Useless observation…My destiny is not tied to your fictitious calculations…Say it to yourself and let it rest on you alone.
Dre, your understanding of the persons I mentioned is not correct. Sir Louis Odumegwu Ojuwkwu was not a Politician, he was business man and southern Sahara's first millionaire, Nzeribe and MKO Abiola, ended with politics,but started of as billionaire business men of note, Isiaku Rabiu and Alhaji Dantata were core business persons. The revolution will not tarry for another ten years, and even if it does, remember that both political alliances and corporate relevance will favor the kids of the 70's and 80's ahead of the kids on the 90's. They will then work for us like we are working for those before us to pay their dues and take positions as we fade out. there is a time for everything under the sun.
I dont believe such statement and i dont think my destiny is attached to the year i was born.whether they are billionaire or not one thing is sure.they are not the first billionaire in the world.every thing come and go.i believe in God and my fate.
I read the article the first time and I was about to get all emotional and then I read it again….ah see the title…it starts with "You may never…" i missed that out the first time ….Dre no dey mess with my hopes and prayer abeg…Eze
@Ajani [email protected] [email protected] The kids of the 90's have started making money with or without the 70'[email protected]….you don be billionaire already na abi? lol
It's a kind of simplistic view. Do you know, for example, how many billionaires have been created in the energy sector via the National Content Bill? Or even in telecoms? If the power sector is reformed, that's another opportunity for Nigerians to make money, depending on how they're positioned. The guys running Interswitch were all born in the 70s.
Hi Ajanlekoko,Thanks for your comments. In issues like this you base your assumptions on available info. If there have been billionaires created in the Energy Sector or via the National Content Bill kindly name them and their age? The guys running Interswitch, are they billionaires? As far as I know Interswitch is mostly owned by the Banks.
Your next project Gould be creating a generational list of multi millionaires and billionaires in Nigeria. Sort of the forbes list of Nigeria. But I mystery warn you it may take 5 years to getitright as the real multi millionar and billionares are incognito. I see billionaires. They are amongst you, you just don't know them.
Nice Post, incisive..confident the next cycle will produce Billionaires from 70s
The subjective of your post is stupendous.I wonder what the folks congratulating you have for brains, cotton wool?How is it was it for you not to actually compare apples with apples?How many of these people were billionaires before they were 35?Practically everybody on your list operated in an industry strife with corruption and sharp practices. Did you intentionally ignore how they all leveraged their relationships with various governments to enjoy the juiciest concessions and government deals?At the minimum, you should have put in some empirical data in your post otherwise, it comes across as just another opinion of somebody with a blogger account and some free time to write crap.
@Ejiro,Thanks for your somewhat passionate comment. I dont think its nice to address other posters who dont share your view in such terms. Freedom of speech is permited isnt it?On your comments, take a deep breadth and clear your mind of any stereotype for a minute. The guys I mentioned above, how long have you known them? Fola Adeola, Mike Adenuga, Tony Elumelu are names you have certainly been eharing for over 20 years now. Meaning these guys have been in economic power since their 30's. How many in the 70's generation are Bank MD's in their 30's or even MD's of major corporations?The point really is not to downplay the hopes of those born in the 70's and 80's. See it as a call to action or else they MAY never be billionaires. Thanks
It's a good read. nothing more because it has a ridiculously poor conclusion. every generation was different and has access to different resources. and one example that flaws your conclusion and accentuates mine… Mark Zuckerbeg!
countpitcrewda.blogspot.com/2011/01/21st-century-excuse-300111.html to buttress my point above, read this.
Thanks for your comment. I really don't know why you choose to view this post emotionally rather than in an objective way. Mark was even born in the mid 80's. But thats not the issue, how many Nigerians under 40 are billionaires today? Or Have been in the top echelon of economic power in the last 10 years. Point is, the guys are listed above have been there for over 20 years and most are just under 50.
Good acertions, Good points, opportunities abound for every generation to become Billionaires.Hapu ifi na ko
You know, when I think about it again, your observation does make sense. It's a function of available opportunities. Those of us born in that window unfortunately seems to have grown up just when the world had gone to shyt. However, I think there is a new wave of opportunity, with the economic reforms and new lease of liberalization. The only problem is, the Otedolas and Dangotes will crowd us out, as they're the only ones with cash and influence.
Nice piece. I read something like that from Malcolm Gladwell”s book called The Outliers. There are always windows of opportunities in history. If u arrive just in time, u can always scale through them.
Nice piece. I read something like that from Malcolm Gladwell”s book called The Outliers. There are always windows of opportunities in history. If u arrive just in time, u can always scale through them.
Nice piece. I read something like that from Malcolm Gladwell”s book called The Outliers. There are always windows of opportunities in history. If u arrive just in time, u can always scale through them.
Mark Zuckerberg, Sergey Brin and many more were born in the 70s and 80s. There’re Nigerian millionaires being minted daily…exercise some patience, you will see them emerge in a year or two.
bekayoswritersbureau.com
I disagreed with your article to a large extent. First and foremost, there are many other Nigerians who were born at the same period as these guys mentioned above, but yet are poor and others rich, but not as rich as the ones mentioned above. There are two things involved in this type of scenario, first the opportunity available to the individual at a given time, either directly or indirectly (i.e. through their connection to those who matter in our society) and what the individual makes of the opportunity. If billionaires are made by the amount of generational opportunities alone then everyone bone in their generation would have been billionaires. Even if their generation was fair enough to have evenly distributed opportunities to all born in the 1950s and 60s, you can be rest assured some would have squandered the opportunities so provided and remain poor. That is also where lies my argument on “what people make of the opportunities available to them.” Finally, every generation has a unique opportunity available to it. Our generation may not have exact same opportunity as had by the so-called billionaires, but for sure we have our own unique opportunity. If we take it, with hardwork, focus and diligence, our own generation would even produce more billionaires than the 50s and 60s. Above all, God gives the power to make wealth. I am of the 70s and have already commenced my billionaire’s journey.
Dear writer, your article is on point only in Nigeria and for Nigerians living in Nigeria. However the exploits of people in other countries or Nigerians residing outside Nigeria flaws your conclusion completely. Nigeria is a land of missed opportunities due to the long standing corruption, poor infrastructure and political instability.
However in other countries is not the case. Countries like China shun out thousands of millionaires and hundreds of billionaire’s every year. The US and most of the developed and developing economies shun out most of the their new billionaire’s from that age bracket…. companies like Google, Facebook, Air Bnb, Alibaba,…..the list is endless. Please do a research on new billionaire’s in other countries and Nigerians residing outside Nigeria. The revelation will shock you
It’s for Nigerians living in Nigeria
Let’s I forget, which age bracket were ripe during the internet and IT revolution? It was people born between 70s and 80s. Do you know the number of billionaire’s that sprang up from internet related business? Also that age benefited and is still benefiting from biotech revolution in most countries, please go and find out who are mostly the owners of these biotech companies.
Sorry the founder of Alibaba is not in that age bracket, however for a quick reference of those in that bracket as billionaires in dollars check out: https://www.google.com.ng/amp/www.forbes.com/sites/briansolomon/2013/09/16/the-youngest-billionaires-on-the-forbes-400-20-under-45/amp/
Comment:And the bible said,thou shall remember the lord thy God who gave u the power to make wealth..it is God that makes someone to acquire wealth and the set time..there is time for everything in life..whatever will be will be..your time to become a billionaire will never you bye.