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Trillionaires are coming
BY VICTORIA NGOZI IKEANO
victoriangozii@gmail.com 08033077519
As far back as we can remember, way back before the oldest person was born, the richest, wealthiest persons on earth used to be called ‘millionaires’. A million naira is one thousand naira in one thousand places. That is, one thousand naira….200,000 naira……..N400,000, N500,000…..N700,000….N900,000 and then N1000,000 (one thousand, thousand naira). This was a huge amount. Very few Nigerians belonged to this elite group of millionaires at the time. Amongst Nigeria’s earliest Millionaires was Sir Louis Odumegwu-Ojukwu a transport magnate.
Nigeria’s indigenisation policy of 1975 brought more northerners into the Millionaires’ club. At the time Nigeria’s annual budget used to be in tens and later hundreds of millions of naira. The oil windfall that greatly increased Nigeria’s revenues together with the ‘Udoji awards’ (upward review of civil servants’ salaries and wages accompanied with bumper arrears) multiplied workers’ purchasing power. Recall that Nigeria changed to indigenous currency in 1973, known as naira and kobo. Until then we were using the British pound and shilling. Then, counting changed from multiples of 12 to multiples of ten which made/make arithmetic easier. Head of state at the time, General Olusegun Obasanjo in 1976 (half a century ago) introduced the N20 note as Nigeria’s highest currency denomination. Other higher naira notes have since been introduced, namely, N100, N200, N500 and N1,000. Attempt to introduce a N5,000 note few years ago was unsuccessful due to general concerns. It was seen as an action that would majorly benefit the elites in view of their expensive lifestyles.
However, I believe that it is only a matter of time, in less than ten years hence, before the N5,000 note comes on board. I also believe that in our lifetime we may see way higher currency notes like N10,000. These projections are based on market trends. Ultimately, I foresee a ‘recalibration’ of our currency as former CBN governor, Charles Soludo once attempted years ago and as Ghana did years ago too. With the ‘recalibration’, N1,000 may be equal to N100, N5000 N500 and so on and so forth. With each introduction of a higher denomination note, the lowest cadre ones become almost worthless in terms of what they can buy in our markets.
For example, does anyone still remember that we used to have kobo coins, the highest and latest at the time being 20 and 25 kobo coins? These have been practically effaced from our memory, the kobo coins have long become antiquated. As at today, the ten naira and 20 naira notes though still being printed by the authorities, cannot buy you anything in any market. The least commodity you can buy with the N50 note is sachet water. This was something that used to be sold for just N5 a few years ago, then N10 and later N20 not long ago. In a supermarket the smallest product that N100 can fetch you is sweet and biscuits — for kids really. To be able to cook a good pot of soup in today’s Nigeria, you would need about N10,000. A bottle of mineral drink that cost just N50 previously now goes for N500. And whereas you could once fill your car tank with only N5,000, you need N40,000 to N50,000 to do so now.
The small time businessman/businesswoman now trades in hundreds of thousands of naira while the average businessman does so in millions of naira. For this group and their ilk, being a millionaire is no longer an exclusive club. In fact it is now an all-comers affair, more or less. A new, tightly knit club has emerged, that of Billionaires. We have quite a number of them in our midst (Nigeria). That is now the yardstick for gauging a rich person, being a billionaire. Times are changing. Nevertheless, as we say in Nigerian parlance, ‘there are billionaires and there are billionaires’.
Thus, a distinction is now being made between naira billionaires and dollar billionaires; that is, billionaires in naira and billionaires in dollars. The latter is in a highly exclusive group. When someone in Nigeria says he is a billionaire in dollars or someone tells you that Mr. A is a billionaire in dollars, it means the Nigerian is among a rare breed of rich people. Therewith, we have local billionaires (naira billionaires) and international (dollar) billionaires. A Nigerian who is a billionaire in dollars is heading towards being classed a trillionaire in naira terms. And in some two decades or so we may well be talking of trillionaires in Nigeria. That would be the future ‘bragging right’ so to speak.
We are already seeing the beginnings of that now for, we already speaking of trillions of naira in certain sectors. For instance, some of our banks have reached the trillion naira mark in their recapitalisation. Some state governments’ annual budgets are now in a trillion naira. Only Lagos state was hitting that figure sometime ago. But now in their current budgets, 11 states budgeted over a trillion naira for their services this year (recurrent and capital expenditures). The breakdown is as follows: Lagos N4.24 trillion; Rivers N1.85 trillion; Delta N1.73; Ogun N1.67 trillion; Enugu N1.62 trillion; Akwa Ibom N1.58 trillion; Kano N1.48 trillion; Imo N1.44 trillion; Niger N1.07 trillion; Abia N1.02 trillion; Bayelsa N1.02 trillion. Altogether the 36 states’ total budget for this 2026 stands at a whooping N36.98 trillion, a record, as the highest ever. And then the federal government itself say it is targeting a record one trillion dollars economy by 2030. This is close to quadrillion naira. Quadrillion naira is an amount that is not yet in our Nigerian dictionary. But we are very familiar with billion naira and shall sooner or later get used to trillion naira. The Trillionaires are coming.
However, our millionaires and coming trillionaires should be aware that money is only a means to an end. It should not be accumulated for accumulation sake. Nor should they become so attached to their money to believe that the sole purpose of life here is to acquire as much money as we can. They should endeavour to add value to their wealth, use it to enable those that cross their path get some lasting, eternal values for themselves.
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SANKARA NIGERIA LIMITED PARTNERS LOVOL TO EMPOWER AFRICAN YOUTHS THROUGH MECHANIZATION TRAINING IN KADUNA
In a bold step toward tackling youth unemployment and advancing agricultural mechanization in Nigeria and across Africa, Sankara Nigeria Limited, in partnership with LOVOL, has successfully launched an intensive training programme aimed at equipping young people with modern mechanical and technical skills.
The initiative, which focuses on contemporary mechanized systems and agricultural equipment maintenance, is designed to build a new generation of skilled technicians capable of driving Africa’s agricultural transformation. The programme provides hands-on training in modern mechanical practices, particularly in the operation, servicing, and maintenance of advanced farming machinery.
Speaking on the development, Dr. Nafiu Danladi Sankara described the opportunity as both impactful and timely, noting that the programme represents a strategic investment in human capital development. According to him, the collaboration between Sankara Nigeria Limited and LOVOL underscores a shared commitment to empowering African youths with practical knowledge that fosters self-reliance and reduces dependence on white-collar employment.
He emphasized that the training is not limited to Nigeria alone but extends across Africa, reflecting a broader vision to create a continent-wide network of competent technicians who can support the growing demand for mechanized farming solutions.
“This initiative is about more than training; it is about creating opportunities, restoring dignity to labour, and building a future where young people can stand on their own through acquired skills,” he stated.
The technical workshop, which drew participants from different parts of the region, was held in Kaduna State, specifically in Zaria, at Unguwa Kaya Junction, New Jos Road, KM 2.
Participants in the programme expressed appreciation for the quality of training and the exposure to modern equipment, noting that such initiatives are critical in bridging the skills gap in the agricultural and mechanical sectors.
The programme also received warm support from the host community in Zaria, located in the historic Zazzau Emirate, where participants were welcomed with remarkable hospitality. Organizers and trainees alike commended the people of Zaria for their generosity and encouraging reception, which contributed to the overall success of the exercise.
As Nigeria continues to seek sustainable solutions to unemployment and food security challenges, initiatives like this stand as a testament to the role of private sector collaboration in national development. By equipping young people with relevant, market-driven skills, Sankara Nigeria Limited and LOVOL are not only transforming lives but also laying a solid foundation for economic growth and agricultural modernization across the continent.
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NNPCL Must Account for N210trn by April 29 – Senate
…Orders Ojulari-led management to produce Kyari, others before committee
From Taiye Hassan
The Senate, on Wednesday, through its Committee on Public Accounts, fixed April 29, 2026, as the deadline for the management of the Nigerian National Petroleum Company Limited (NNPCL) to appear before it and account for the alleged N210 trillion flagged in audit reports covering 2017 to 2023.
The committee directed the Group Chief Executive Officer (GCEO) of NNPCL, Engineer Bayo Ojulari, to appear alongside the immediate past GCEO, Mele Kyari; former Chief Financial Officer, Umar Ajia; Dr. Bala Wunti; and the company’s external auditors on the scheduled date without fail.
The resolution followed a motion moved by Senator Osita Izunaso (Imo West) and seconded by Senator Adams Oshiomhole (Edo North).
Chairman of the committee, Senator Aliyu Wadada (Nasarawa West), stressed that the N210 trillion in question, as contained in the audit reports, must be fully accounted for by the company’s management, particularly the immediate past leadership led by Kyari.
According to him, the responses so far provided by NNPCL to the 19 audit queries were unsatisfactory, noting that Nigerians deserve clear, detailed, and transparent explanations.
“This committee, and by extension the Senate, is not satisfied with the blanket explanation given by NNPCL on the N103 trillion it claimed represents liabilities. Liabilities comprise components such as retention fees, legal fees, and audit fees, and the specific amounts spent on each must be clearly stated and justified,” he said.
Wadada also demanded a detailed breakdown of the N107 trillion which the company claimed was expended on Joint Venture (JV) cash calls, as well as funds allegedly owed by some defunct banks whose identities were not disclosed.
“Consequently, it is hereby resolved that NNPCL is given an additional two weeks to appear before this committee unfailingly. The deadline for compliance is Wednesday, April 29, 2026,” he added.
Earlier, a member of the committee, Senator Abdul Ningi (Bauchi Central), called for the invocation of the National Assembly’s powers to compel the appearance of NNPCL management, citing repeated failures to honour invitations.
“We must treat this matter with the utmost seriousness. The essence of democracy rests significantly on the strength and authority of the legislature. Unfortunately, in recent times, there appears to be a growing reluctance by individuals to honour invitations from the National Assembly, leaving members feeling helpless in compelling appearances before committees,” he said.
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APC Group To Kwara Political Actors: Shun Violence, Hate Speech
Stephen Olufemi Oni, Ilorin
A frontline political group in the All Progressives Congress (APC) in Kwara State have charged political actors across the 16 local government areas of the State to shun violence, rancour and hate speech before, during and after the 2027 general elections.
The APC group, under the aegis of the Asa Progressive Movement (APM), has, therefore, sued for peaceful, issue-based campaigns, devoid of acrimony and name-calling, ahead of the elections.
The Movement made this call in Afon, headquarters of the Asa local government at the endorsement programme of President Bola Ahmed Tinubu for second term, as well as the governorship ambition of former Kwara State APC Chairman, Hon. Bashir Omolaja Bolarinwa.
In a communique signed by the APM Coordinator and the Secretary, Engineer Daud Oladipupo Babatunde and Comrade Yusuf Mutiu Akorede respectively, the Movement said: “We are committed to a peaceful, issue-based campaign and we, therefore, urge all political actors to shun violence, hate speech, and any conduct capable of heating up the polity.
“We call on all well-meaning sons and daughters of Kwara State, regardless of party affiliation, to join this movement for the restoration and advancement of our dear State.
“The 2027 election is about the future of our children and we must rise above petty sentiments.
“We pass a vote of confidence in Hon. Bashir Omolaja Bolarinwa and in the leadership of our great party, the APC, for presenting to the people a competent, credible, and compassionate candidate.
“All structures of the Movement, from the State to the polling unit levels, are hereby directed to commence immediate and intensive mobilisation for the reelection of President Bola Ahmed Tinubu and the candidature of Hon. Bashir Omolaja Bolarinwa. Every member is now an ambassador of these two projects.”
The communique reads further: “Our decision is predicated on Hon. Bolarinwa’s proven track record of service as former Councillor, former Council Chairman, former member of the Federal House of Representatives, former State Chairman of the party, who led the party to 100 percent victory in the 2019 elections, and former Board Chairman of the NBC; his desire to tackle the lingering problems of insecurity, youth unemployment, and agricultural revival; and his integrity, accessibility, and capacity to unite the diverse peoples of the State.
“The APM unanimously endorses Tinubu for second term and Bolarinwa as our preferred candidate for the office of Governor in the 2027 general elections under the platform of the All Progressives Congress (APC).”
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