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.