By Dan Amor
I think it was John Paul Getty, the American-born British
billionaire, philanthropist and heir to oil industry fortune, who quipped, when
asked how rich he was: “No one is really rich if he can count his money.” In
Getty's days, anyone with one million British pounds (or even one million
dollars) was rated as “rich” and anyone with more than five million pounds was “very
rich”.
*Adenuga and Dangote |
Above that and you were in the “super rich”
category, and when you got above the fifty million pounds level, you rated as a
“can't count”. Nelson Bunker Hunt, who with his brother inherited a fortune even
greater than Getty's, was a “can't count” man before he tried to corner the
silver market. Asked by a Senate Committee how much he was worth, he snapped, “Hell,
if I knew that, I wouldn't be worth very much”.
In the United States , for many years Forbes
Magazine and Fortune, among others, have
published lists of the very wealthy which have been eagerly awaited events in a
society where wealth is a macho symbol, to be boasted about rather than hidden.
In Great Britain ,
however, wealth is something best not talked about, and it has never been easy
to establish authoritatively just who owns what, and what they are worth. Most
of the stupendous wealth in Britain
as in Nigeria ,
had been shrouded in secrecy.
Yet, in 1989, the Sunday Times of London broke with
tradition by publishing the first real guide to Britain's wealthy, causing a
considerable amount of unease among those who hated being on it. In 1990, the Sunday
Times repeated the exercise, adding a further 70 names to the list and
raising the stake to £70 million. Both the 1989 and 1990 lists which occupied
most of one entire colour magazine, have since been widely discussed and copied
by the rest of Fleet Street.
They have also been used as ammunition by both
sides of the Old Britain versus New Britain ,
quoted on the one hand to show how even in the Thatcher years old money had
reinforced its power, and on the other hand, to record the rise and rise of the
new rich at the expense of the old in Britain . When the Sunday
Times published the first list in 1989, the paper commented editorially
on its own study, mourning the fact that, after a decade of Thatcherism, old
money still dominated and paternalism appeared to be making a comeback. Others,
of course, took an entirely different view of the list, expressing astonishment
at the amount of new money, at the relative decline of old wealth, and the
degree of egalitarianism which had crept in. It generated a debate which still
goes on more than two decades after the publication.
It is against this backdrop that President Muhammadu Buhari and Vice
President Yemi Osinbajo must go back and effect a proper public declaration of
their assets and urge his appointees and even state governors to do the same in
other to prick the conscience of the rich in the country. By so doing, the
President would ineluctably have raised the bar against dubious entrepreneurs,
treasury looters and seedy politicians who have had the illusion that
government property is no one's property. This would also help to engender
transparency in the on-going war on corruption. But there is a consensus among
Nigerians that accurate and detailed information on Nigeria 's very wealthy is long
overdue. There is, indeed, a positive correlation between great wealth and
influence, and therefore, a need to know who actually "owns" Nigeria , on the
ground that it may well tell something about who really "runs" it.
Also, there are obviously a handful of honest and hardworking Nigerians whose
wealth and their sources would help trigger the spirit of enterprise among the
younger generation of Nigerians. For instance, when the British musician,
Reginald Dwight popularly known as Elton John who started work as a tea boy in Denmark Street and
suddenly became a work superstar with stupendous wealth of over one hundred
million pounds was listed among the super-rich in Britain , this sharpened the vision
of younger Britons to develop their talents.
Again, Leonard Geert the multi-millionaire management consultant did
not succeed until he left the top accountancy firm where he worked for several
years to manage his father's company that specializes in the sale of
foodstuffs. There and then, he hit the mark as one of the richest fruit sellers
in the world with a total asset of $72 million and in the "very rich"
bracket. Nigerians hardly believe that publishers can be very rich people. Yet,
no one in the English-speaking world would forget Paul Hamlyn the publisher of
Peter Wright's book, Spycatcher. Hamlyn, the son of a
Jewish pediatrician who fled to London
to escape Hitler's tyranny in 1933, opted out of school at the age of 16 to
become an office boy at Country Life Magazine and began the
career as bookseller that was to broaden his interest in publishing. Today, he
is among the British super rich worth over £165 million.
There is a high moral obligation for leaders and the wealthy in
society to declare their assets. Wealth is a constantly moving feast. As stock
markets and the price of gold, diamonds and other art treasures and land
fluctuate quite sharply at times, so would the list of rich people vary
accordingly. Fortunes have been won or lost when millionaires sell their firms
or, in their quest for growth, over-extend themselves. But there will always be
new blood coming along, whether rising business stars, sportsmen and women at
the peak of their careers, or pop and film stars.
For example, how many Nigerians know the net
worth of our Nollywood stars amidst the huge revenue they are raking in? How
many know the exact worth of our multi-billionaires scattered all over the
place? We constantly talk about the Dangotes, the Rabius, the Alakijas, the
Adenugas, the Otedolas, the Abiolas, the Ilodibes, the Odogwus, the Ojukwus,
the Odegbes, the Akandes, etcetera, as those who constitute less than one per
cent of our population but ironically controlling ninety-eight per cent of our
national wealth, and yet we hardly know how much they are worth or how much tax
they pay to contribute to the growth of the economy.
What is more! Another intriguing task is to ascertain the net worth
of the custodians of our traditional institutions. For example, putting a value
on the wealth of the British Royal Family is not only difficult, but to some
extent, pointless. There are art treasures and jewels in the Queen's collection
which are priceless and will certainly never be sold. Queen Elizabeth II is the
63rd monarch in a line going back 1,000 years, each one of whom has added to
the collection. In 1971, the Royal Chamberlain told a parliamentary committee
set up to look into the Queen's finances that Her Majesty was concerned by the
astronomical figures bandied about in some quarters suggesting that the Queen
may not have been stupendously rich as speculated in the media. But in the end,
it was established that Queen Elizabeth II the richest woman in the world is
worth £6,700million. Yet, the question that may be asked is: how rich are Nigeria 's
traditional rulers most of whom are even richer than politicians?
Do we also need to know how
wealthy are Nigeria 's
super-rich pastors who own more private jets than our business moguls? How rich
are the Nigerian rich? The people are entitled to know.
*Dan Amor, a public
affairs analyst, writes from Abuja
(danamor641@gmail.com)
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