Many Seemingly Rich Nigerians Are Bankrupt – Emir Sanusi

sanusilamidosanusi: I am Chairman of a company called Black Rhino. By the way, I don’t have a kobo in that company, but I am a Chairman. This short man who owns black stone said to us: “Gentlemen, here is $5 billion to invest in power projects in Africa, a joint venture with Dangote on a condition that for every $1billion you put in, Dangote puts in $1 billion, so we have $10 billion to invest. We have projects in Ethiopia, Eritrea, and Kenya. I accepted to be Chairman on one condition only, that he will allow me to fix a power project in Kano. And he said: “If you can find a good power project in Kano, I am okay.”

Now, power companies are here trying to invest, negotiating. & what did we hear? One day some judge in a court sits down and says reverse the tariffs. I am here talking to someone in New York who cannot understand that a government can issue a power privatization plan; that investors can come in; that there is a regulator for power;that they looked at the numbers, looked at the cost of power, looked at what is cost recovery, agree on a tariff, announce that tariff, they bring in their money to invest on the basis of that and a court in the same country says this is illegal. –

Muhammadu Sanusi II