Ayomide
It was Lenin who once described politics as a concentrated expression of economics. I retunred to Nigerian last weekend and ran into a very strong but bitter political economy headwind. Nigerian newspapers of Thursday May 28th, 2009 had been awash with the story of the appearance at the National Assembly, of the two feuding Oligarchs, who have a stranglehold on the Nigerina economy: Aliko Dangote and his erstwhile inseparable, friend, turned bitter foe, Femi Otedola. So bitter has the relationship become between these cronies of the old despot, Olusegun Obasanjo, that their fight over turf and monopolized control of hug sections of the Nigerian economy, is threatening the already sick economy of our country. It was the danger that the bitter rivalry between the two Obasanjo oligarchs represent to the deformed capitalism of the ruling elite, which forced the National Assembly into action. But we willmake a slight digress here.
When the Soviet Union collapsed in 1991, the new rulers of Russia made a choice of what became known as shock therapy capitalism, stripped of subterfuge, it meant the wholesale transfer of the high assets of the Russian state to a handful of capitalist oligarchs. Just about eleven in all; these individuals became billionaires overnight and once socialist property that served as basis for one of the most thorough going welfare packages in the world, became assets controlled by a handful of individuals. This peculiar from of capitalism becme triumphant; never mind the loss to the mass of working people and the poor in Russia. Furthermore, this shock therapy capitalism became a model for other countries, including a neo-colony like Nigeria. So when Obasanjo’s pro-imperialis “economic team” of Soludo, Okonjo-Iweala and co, ruled the roost, they also provided the ambience for Nigeria’s own version of shock therapy capitalism. Within that, Aliko Dangote flowered and Femi Otedola, who was a nondescript Lagos socialite until about ten years ago, also emerged to corner a very strategic section of our country’s economy.
So vital was their stranglehold on our national economic life under Obasanjo that the old dictator was often willing to break the rules of economic engagement to facilitate their prosperity; and in return they appeared together like Siamese twins in fund-raising projects of the despot. They raisedmoney for his rigged re-election in 2003; supported his dubious presidential library and were rumoured to be significant contributors to the fundingo f the failed third term project. The relationship between the two oligarchs was premised on an understanding that each one will control a slice of the Nigeria cake without straying into the turf of the other; and for a while, that agreement was adhered to , until one of the two smelt the aroma of money from the other person’s turf. Then all hell broke loose!they chose to fight dirty and for weeks, we were entertained with salacious exposures in the media about the dirty deals which formed the basis of the wealth of these billionaires as well as the connivance of the regime of Obasanjo.
For instance, at the height of the bitter fight, the Otedola camp accused Dangote of having been given the monopoly of supply of black oil, the basic energy source for the textile industry in Nigeria. Instead of supplying local industries, and in the process perhaps helping to save Nigerian jobs. Aliko Dangote chose to export the product abroad to make a very handsome profit in dollars. In the manetime, one of the main reasons adduced for the collapse of the textile industry in Nigeria, has been the absence of black oil. Thanks to the dirty fight between the two oligarchs, that and several other issues came to the fore; we saw in its unclothed ugliness, the truth about the fleecing our country, under the Obasanjo regime. Nigeria’s crony capitalism of the oligarchs of the last ten years has certainly benefitted Dangote, Otedola and few other individuals, but it has not been in the interest of the Nigerian people!.
The fight between the two oligarchs has exposed the structural weakness of this peculiar form of capitalism; it is inherently unstable and unproductive, thriving only on the basis of corrupt influence peddling within a parasitic ruling elite and a well-oiled system of patronage. The fight threatens too many interest, the ruling party which provided the ambience and individuals in the political system who profit from the continuing hegemonyof the oligarchs; that was why they want the two to bury the hatchets of exposure of the dirty linens in the public space. They cannot allow their ROFOROFO fight to expose the elaborate lie aobut the ‘gains’ of privatization and a ‘free market’ economy. So while each one held a blood-stained dagger behind his back, members of the National Assembly cajoled them to step forward and shake hands.
It reminded me of our primary school days; tow pupils will fight and be called upon to make up either by embracing each other or shakinghands. That is how hollow Nigeria’s capitalism has become-hostage to a turf fight between Aliko Dangote and Femi Otedola. So the oligarchs sneeze and Nigeria’s ruling elite and our economy catch cold! So let them kiss and make up, in the interest of Nigeria’s deformed capitalism. They cannot afford to disgreace all the careers tied to the make believe that Nigeria is running a ‘free market’ economy; the Nigerian’ economy of Aliko Dangote and Femi Otedola. The appropriate tune to play on the occasion of the makeup between the oligarchs should be a song that my children used to sing a lot: “You may kiss the brid”! “O-o-h you may kiss the bride, mwen! Kiss the bride!! Aliko Dangote and Femi Otedola please step out to the dance floor! You can be that a lot of admirers from the National Assembly, the Presidency and the “organized” private sector will join the dance! That is the sorry pass that Nigeria has been taken in the last ten years of crony capitalism. Unless the Nigerina people dismantle the entire fraud, we will suffer even more absurdities. This is the truth!.
