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When in 1999 President Olusegun Obasanjo assumed office as President of Nigeria, one of his intentions was to create a state-backed Nigeria enterprise that could compete with multinationals anywhere in the globe. So, Mr Obasanjo encouraged what came to be known as Corporate Nigeria. Many enterprising Nigerian businessmen were brought close to the seat of government. Many used the opportunity to carve for themselves business empires.

Buhari
Instead of seeking sectoral benefits for the organised private sector, they sought concessions and waivers for their businesses and cronies. Down the line, members of Corporate Nigeria floated Transnational Corporation of Nigeria.
Nigerians thought that these men will seek the overall benefit of the nation and make the company work. Rivalries and board squabbles crippled Transcorp and it had to be sold out.

When Yar’adua became president, many of these big boys who are today’s cabal, almost went bankrupt and could not pay their bills. Unfortunately, President Yar’adua took ill and eventually died.

At the death of Yar’adua, these men resurfaced and rallied round President Jonathan. They were not only close to the President, they became members of his economic team. Instead of seeking the welfare and general progress of the nation and the economy, they once again went in for the kill.

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Who are the cabals?

No cabal here in Nigeria is bigger than Nigeria