Emir of Kano exposes secret of Nigeria’s billionaires

Emir of Kano exposes secret of Nigeria’s billionaires

The Emir of Kano, Alhaji Muhammad Sanusi, on Wednesday, said most Nigeria’s billionaires are cheats and made their money through shady Forex deals.

Sanusi made this known at the 15th Joint Planning Board, JPB, and National Council on Development Planning organised by the Ministry of Budget and National Planning in collaboration with Kano State government where he delivered a lecture, titled: “Nigeria in search of new growth model.”

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He said most businessmen became billionaire overnight after obtaining dollars at official rate and resell at a higher rate at the parallel market.

“We created billionaires from oil subsidies in the past. We are making the same mistake with forex subsidies.

“As an emir, I can sit in my garden and make phone calls to access $10million @ N197 per $ then sell it off at nothing less than N300. With just a phone call, I’m making a profit of over a billion naira. That is what people are doing now.

“Any system that allows you sit in your garden and make a billion naira without investing a kobo is a wrong system,” the CBN governor said.


Sanusi claimed to be a friend of the Buhari led-government, however, he berated it for its economic policies.

“What kind of economy are we running? Who is advising the government? I want know who is advising the government so that I can talk to the adviser.

“We didn’t have money, oil price has collapsed, avengers were blowing oil wells and the scarce dollars we had we are selling cheaply to some few individuals,” Sanusi lashed out.

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