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The theory behind all of it, gas, telecoms, water, rail, was called popular capitalism, and it rested on a wager: that if enough ordinary Britons held shares directly, they would develop a stake, literal and psychological, in the fiscal health of the nation. Capitalism would stop being something done to people and start being something done by them.
Dangote Petroleum Refinery and Petrochemicals FZE is offering 4.1 billion new ordinary shares at ₦525 each. The minimum subscription is 10 shares, costing ₦5,250.
There is an old British habit that refuses to die. When the public finances look awkward, someone reaches for the national costume box, pulls out the Union Jack, and declares that the only patriotic course is to ask the people with the least to tighten their belts a little more. The word of the hour is always “austerity.” The justification is always necessity. The result is almost always the same.
Back in 2017, human rights lawyer Inibehe Effiong caused a stir when he accused former Akwa Ibom governor Godswill Akpabio of looting the state treasury on a scale that could fund neighbouring Ebonyi State for decades.
In 1999, Olusegun Obasanjo and Atiku Abubakar rode into Aso Rock together, a presidential double act that Nigerians assumed would age like most political marriages: quietly, then not at all. They survived one term. They won a second in 2003. Then, somewhere in that second term, Obasanjo discovered a constitutional itch that the 1999 Constitution's two term, eight year ceiling on the presidency simply would not scratch. He wanted a third term. Atiku, nursing a presidential ambition of his own and possessed of the inconvenient habit of reading the Constitution literally, said so publicly. The friendship ended there.
