₦airaland Forum

HARD TIMES! ECONOMIC DOWNTURN HUMBLE NIGERIA’S OIL MOGULS AND SUPER-RICH

As oil price crashes worldwide, the fund wells are drying up and eminent deep-pockets bemoan their plight as plenitude
and splendor evade them and their erstwhile lavish world; this makes them less charming to their bevy of concubines
and beneficiaries.

The times are hard right now and even the country’s superrich, the billionaire oil moguls to be precise, are feeling the pinch. As the economy slips further into decline, the young oil Turks and maverick magnates comprising Nigeria’s nouveau riche, have begun to tame their predilection to squander their earnings on guilty pleasures.

Within their luxurious circuits, there is no more vulgar display of wealth; no more extravagant expenses.
Consequently, many of their concubines and glorified urchins have begun to lament; the oil moguls are no longer
throwing money around like drunken sailors. Things have gotten so bad that people now look back wistfully into the
era when Goodluck Jonathan was President.

As you read, many of the country’s superrich have asked their children
and mistresses to pick up odd jobs to survive abroad. Many of the rich oil Turks that turned Dubai and Miami, USA into
their homes have been humbled. They have beaten a sensible retreat into their shells - these days, they spend their time hiding out in colourful mansions they built in their villages when the going was good. Major shopping points including Harrods and Selfridges in London, Emirates and
Dubai malls in Dubai, Saks Fifth Avenue in New York are really feeling the heat too as Nigeria’s extravagant oil magnates no longer patronise their expensive halls.

The private jet hanger is like a ghost island and the erstwhile busy boutique hotels spread across the country are
currently empty and deserted by their profligate clients.
These are certainly the worst of times for Nigeria’s oil magnates and the filthy rich.

www.thisdaylive.com/articles/hard-times-economic-downturn-humble-nigeria-s-oil-moguls-and-super-rich/231899/

Economic downturn hmmm

The kleptomaniacs emptied the cookie jars and finally took a retreat. They will remain in their cocoons for a very long time. Economy ain't getting better soon.

The rich also cry
The present economic reality has more impact on the high class and maybe the medium class
The average civil servant doesn't know the exchange rate.

So.....finally they have a little idea of what the average citizen feel

Let the Oil wells even dry up!

Useless moguls.
Can anyone tell me one advantage of any of these guys owning oil blocks , importing crude oil , getting government dollar denominated contracts( like defense when you can negotiate directly with say , Lockheed Martins).
Would it not be better for every oil block to be owned by the government?
Corrupt Indonesia under Suharto had plastic , chemical , cement , agriculture,retail ,textile , steel , construction housing and whatever magnates .
Nigeria has a bunch of pea-brained iidiiootic nobodies .
You can imagine. These people patronise thugs to keep the gravy train going.
A thug like tompolo even had 2 private jets .
Go to the school all these so called moguls attended.
Go to their hometowns.
Even the streets they reside . Open drainage , untarred or if tarred , unswept and uneven roads with sand all over the place.
Go inside their homes, you will see tasteless ,tacky ,expensive interior decoration .
While they think they are well regarded worldwide , behind their back , they are seen as no better than monkeys.
Nigeria has the wrong set of elites
Nigeria needs more people like Seun who create something out of nothing and add tangible value.

Someone pls do us a favour and list out the names of these oil moguls....

SonOfEl:
Someone pls do us a favour and list out the names of these oil moguls....

You want a list ? it is a pan- Nigerian list of useless, vain-glorious and unpatriotic lunatics.
I have read interviews conducted with that billionaire woman , I was not impressed at all .
In fact all of them quack the same way . From dangote all the way down to Fidelity.
They are all wealthy but not that bright.

oduastates:
You want a list ? it is a pan- Nigerian list of the useless.

They need to be exposed and e-bashed....even if for pleasure sake.

SonOfEl:
They need to be exposed and e-bashed....even if for pleasure sake.

of what benefit is that?

Mind u when the rich starve the poor die! Change must not be for spreading hardship but, improvement in our welfare.

A king rules and the people had abundance another rules, and the people suffer. God help my country.

You wonder why they never diversify their portfolio.

vedaxcool:
You wonder why they never diversify their portfolio.

because oil money is intoxicating coupled with lazy thinking

Hmmm the rich also wail!

Squandering oil money when NDeltans hardly have drinkable water. Lolz, its time to be humble.

What happened to investing of oil money?

Mynd44 and. Lalasticlala make una come see my market ooooo

Somehow I wish that all the oil wells will dry up. It will be for our own good and for the good of future generations.

We have wasted our potential as a country because of oil.

Let it dry up.
Without oil, we will begin to see real development because we will start using our heads to think and make use of the numerous resources that have been lying waste all these years.

Those that are already humbled nko? ?
A situation that makes a rich man cry will make a poor man wail. Those saying good for them, before a situation has an effect on the rich one, it would have had adverse effect on the poor one or middle class. It affects everyone not just them.

If the rich are presently feeling the pinch what of poor people?

Impeach Buhari before he does irreparable damage to Nigeria.

oduastates:
Useless moguls.
Corrupt Indonesia under Suharto had plastic , chemical , cement , agriculture,retail ,textile , steel , construction housing and whatever magnates .
Nigeria has a bunch of pea-brained iidiiootic nobodies .
You can imagine. These people patronise thugs to keep the gravy train going.
A thug like tompolo even had 2 private jets .

Yeah bro.

That's what happens in a country where money is worshiped. But the bible only calls it a defence.

A country where a hooligans can import arms

mccoy47:
Seriously? Ignorance is truly a disease!
Look that condition that would make d rich cry would make d poor WAIL!

Really?
See below

LoremIpsum:
Let the Oil wells even dry up!

Seriously? Ignorance is truly a disease!
Look that condition that would make d rich cry would make d poor WAIL!

Dats true.
I dnt travel to mars like b4

tuniski:
of what benefit is that?

Mind u when the rich starve the poor die! Change must not be for spreading hardship but, improvement in our welfare.

A king rules and the people had abundance another rules, and the people suffer. God help my country.

abundance? In d pocket of few..be realistic.

espn:
abundance? In d pocket of few..be realistic.

The poor would get even poorer, use your loaf.

The economic situation is gradually becoming terrible. The interesting aspect is that everyone is not left out(both the rich and poor). My advice to the youth is to think deep of a way out to alleviate the suffering because our government won't be of any help to us. God help us ooooooooooo

Negative effect of Buharicomis. You dont expect me to buy an item at the rate of 325naira & expect me to sell the same item at the rate of 198naira. before you shout ban importation, we can never produce all our daily needs even America do import but we can place ban on irrelevant goods e.g cloth, shoes, drinks, frozen foods etc. we cant ban importation of tv, radio, raw materials that we cant get here etc. The 'Buhari led CBN policy' will do us more harm than good. a nairalander once said & i quote 'when the rich starve, the poor dies'. The current policy will never affect the people in government but common man.

Hmmmmm

awon omo kinihun a maa k'igbe ebi kikan, sugbon awon ti o gbeke le oluwa ki o se alaini!

while us who earn in dollars have reasons to smile in the midst of hopelessness

I dey come.

Good, very very good.

Their fall from wealth to grass is the rise of many from grass to wealth and i am included as the era of the elites is over & this is the era of the elects.

Where them they...Bilya gidan sule I see yhw