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 Trillionaires are coming

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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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Kwara celebrates Fela’s legacy with retrospective exhibition

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Stephen Olufemi Oni, Ilorin

The Kwara State Government has celebrated the life and enduring influence of Afrobeat legend, Fela Anikulapo-Kuti, with a retrospective exhibition aimed at preserving African cultural heritage and inspiring younger generations.

The exhibition, titled Fela Anikulapo-Kuti: A Retrospective, was opened by Governor AbdulRahman AbdulRazaq at the Institute of Contemporary African Art and Film in Ilorin on Monday.

The Governor said the establishment of the institute reflected his administration’s belief that development should extend beyond physical infrastructure to include spaces that promote creativity, knowledge and economic opportunities.

“When we established the Institute of Contemporary African Art & Film, our vision was clear: development must go beyond roads, bridges and buildings to create spaces for creativity, knowledge and opportunity,” AbdulRazaq said.

According to him, cultural infrastructure plays an important role in connecting people to their history, broadening their imagination and encouraging critical thinking.

“Physical infrastructure connects places; cultural infrastructure connects people to their history, expands their imagination and challenges their thinking,” the Governor said.

AbdulRazaq said the institute was established to preserve African stories, nurture talents and showcase the continent’s artists and thinkers to the world,
describing the decision to open the institution with an exhibition dedicated to Fela as significant, given the musician’s contribution to African music, social commentary and cultural expression.

“Fela was more than a musician. Through his music and artistic expression, he challenged conventions and confronted society with questions about power, freedom, identity and justice,” he added.

The Governor added that the late musician’s life demonstrated the capacity of artistic expression to influence public discourse and inspire social change.

The exhibition, curated by June Creative Art Advisory, led by its founder, Mrs Seun Alli, featured photography, archival materials, film, graphic works and other artistic expressions exploring Fela’s life, times and enduring influence.

AbdulRazaq commended the firm for bringing its curatorial expertise and creative vision to the project, while describing the exhibition as an opportunity for different categories of visitors to engage with the musician’s legacy.

He said the exhibition would provide students with learning opportunities beyond the classroom, inspire artists, support researchers and encourage young people to explore the creative industry.

“For students, this is a classroom beyond the classroom; for artists, inspiration; for researchers, an opportunity for deeper inquiry; and for young people, a reminder that creativity offers both self-expression and economic opportunity,” he said.

The Governor clarified that the state government was not claiming ownership of Fela’s story but was providing a platform for younger generations to encounter and learn from his legacy, adding that the state government is optimistic that the institute would promote cultural education, encourage creative enterprise, attract visitors and strengthen Kwara State’s position in Nigeria’s cultural and creative landscape.

According to him, the institution’s success would be measured by the talents it nurtured, the ideas it inspired and the opportunities it created.

“Governments change, but institutions should endure,” the Governor said, expressing the hope that the exhibition would mark the beginning of sustained cultural engagement at the institute.

“May this exhibition begin sustained cultural engagement at ICAAF and inspire our young people to create, question, discover and contribute to society,” he said.

AbdulRazaq added that the initiative reflected his administration’s commitment to building a state where cultural heritage, innovation and economic opportunities complemented one another.

In her address, the Commissioner for Communications, Hon. Bolanle Olukoju, said: “Today’s exhibition offers us an opportunity to revisit the life and works of Fela
Anikulapo-Kuti and appreciate how his music, ideas and artistic expression continue to influence generations.

“For the Ministry of Communications, this occasion speaks to an important part of our
mandate: promoting the stories, talents and creative expressions that shape our identity as a people.”

The Commissioner particularly noted that under Governor AbdulRazaq’s leadership, the State is creating opportunities for young people through investments in sectors such as film, fashion and technology.

She added: “Projects including
the Sugar Film Factory, the Garment Factory and the Ilorin Innovation Hub reflect the administration’s commitment to developing talent and supporting enterprise.

“The Institute of Contemporary African Art & Film, formerly the Ilorin Visual Arts Centre, adds an important dimension to this effort. It provides a platform for artistic expression, cultural learning and creative collaboration.

“We want young Kwarans who are passionate about painting, photography, filmmaking, fashion and design to see ICAAF as a place where they can explore their interests, learn from others and showcase their talents.

“We also encourage students to engage with art and history beyond the classroom. Fela’s story is a fitting subject for this exhibition. It demonstrates how creativity
can go beyond entertainment to shape cultural identity and influence public conversations. There is much for our young people to learn from his artistic journey and enduring impact.

“It might also interest you that kwara state was also part of Fela’s creative showcase during his lifetime.”

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2027: Ilorin West LG Boss Leads APC Mega Rally In Ubandawaki

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•••Says Ward stands with APC

Stephen Olufemi Oni, Ilorin

The Executive Chairman of the Ilorin West Local Government, Mallam Shehu AbdulRahman Babatunde Ladan, has led an All Progressives Congress (APC) mega rally in Ubandawaki Ward, reaffirming the commitment of party members and supporters to the APC ahead of the 2027 general elections.

The rally attracted party leaders, grassroots mobilisers, youths, women, and other stakeholders who gathered to demonstrate their support for the party.

Addressing the gathering, Chairman Ladan declared that Ubandawaki Ward remains committed to the APC and its political leadership, expressing support for President Bola Ahmed Tinubu’s Renewed Hope Agenda, Kwara State Governor AbdulRahman AbdulRazaq, and the APC governorship candidate, Rt. Hon. Engr. Yakubu Danladi-Salihu (SYD), alongside other party candidates for the 2027 general elections.

The Chairman emphasised the importance of unity, peaceful political engagement, and sustained grassroots mobilisation in strengthening the party’s structure ahead of the forthcoming elections, urging party faithful to remain united, engage constructively with residents, and work collectively towards the party’s political objectives.

Ladan also acknowledged the importance of Ubandawaki Ward in the political landscape of Ilorin West, encouraging party leaders and supporters to maintain cordial relationships, promote inclusive participation, and sustain engagement with the electorate. He stressed that a united party structure would help strengthen internal cooperation and effective grassroots coordination.

The mega rally renewed calls for unity, loyalty, and peaceful political participation among APC members and supporters, underscoring commitment by participants to mobilising support for the party’s candidates ahead of the 2027 general elections, while promoting peace, development, and responsible democratic engagement across Ilorin West Local Government Area.

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KW-IRS Staff Threaten Strike Over Alleged Poor Remuneration

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  • Mgt Accuses Union Of Dishing Out False Staff Remuneration Scale

Stephen Olufemi Oni, Ilorin

The staff of the Kwara State Internal Revenue Service (KWIRS) have lamented poor welfare conditions, rising living costs and stagnant salaries they have been subjected to, despite their contributions to the state’s revenue generation.

In a statement issued by the KWIRS chapter of the Association of Senior Civil Servants of Nigeria (ASCSN), the workers lamented that their sacrifice and professionalism, which have helped to place Kwara State among the more self-reliant states in the country, have not been matched with corresponding improvement in their welfare.

The workers questioned the disparity between their contributions to the state’s revenue and their welfare, saying many of them are battling financial hardship.

“We block leakages. We are posted to hospitals and other MDAs to secure government revenue. We work under pressure day and night but we continue to struggle to meet basic needs due to poor salaries.”

The association further expressed concern that personnel costs had remained unchanged for years while other expenditure heads had continued to increase.

It also cited a salary negotiation agreement dated October 11, 2022, which reportedly stated that the adjustment would be implemented “as soon as it can be accommodated in the budget.”

According to the workers, nearly four years after the agreement, there had been no implementation or clear indication of when the adjustment would take effect, despite the rising cost of living.

The staff said expenses on school fees, house rent, transportation and food had increased significantly while their salaries remained unchanged. “We smile outside but the majority of us are bleeding inside. We cannot continue to generate wealth for the state while we wallow in abject poverty,” they declared.

Urging their colleagues to remain united and resolute in pursuing improved welfare, the association said the workers should not expect better conditions without collectively standing up for their interests.

It called on members to remain calm, vigilant and prayerful as a 14-day period beginning October 15, 2026, counts down, without specifying further details in the statement about the expected action at its conclusion.

Reacting to the KW-IRS staff allegations, the Management, while
reaffirm its commitment to professionalism, political neutrality and its statutory mandate, expressed dismay over public speculation on staff remuneration and attempts to politicise unverified internal administrative communications.

“Management is concerned by attempts to exploit unverified internal administrative communications for political purposes, create unnecessary tension and distract the Service from its responsibilities. KWIRS will not be distracted from its mandate by such narratives,” said the Management.

It added: “The isolated salary figures being circulated on social media do not represent the full remuneration structure or total emoluments of KWIRS staff. Staff compensation extends beyond regular monthly salaries and includes the following benefits, in accordance with applicable policies and approved arrangements:

“Annual and Performance-Related Bonuses: Annual, festive, and situational bonuses linked to revenue performance milestones and staff performance and situational economic palliatives are paid periodically to staff members

“Annual Leave Allowance: A separate annual payment in addition to regular monthly remuneration.
Staff Welfare and Operational Support: Structured measures designed to support staff welfare and professional development throughout their careers.

“Accordingly, assessing staff remuneration solely on selectively circulated salary figures presents an incomplete picture of the Service’s compensation and welfare structure.

“Management remains committed to staff welfare, motivation and professional development. The Service will continue to strengthen policies and operational processes that support staff well-being and performance, within government-approved resource allocations and applicable administrative frameworks. The Service remains one of the Government Institutions with the most recruitment requests and this is a testament of Management’s commitment to staff welfare.

“KWIRS urges members of the public, taxpayers and other stakeholders to disregard unverified and misleading narratives, verify information before sharing it, and rely on official Service communications for accurate information about its operations and staff policies.

“All stakeholders are encouraged to refrain from politicising internal administrative matters or spreading claims capable of undermining institutional harmony and public confidence.

“KWIRS remains focused on its statutory responsibilities and committed to mobilising revenue for the economic growth and sustainable development of Kwara State.”

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