Olusegun Obasanjo ruined my billionaire’s life, but I thank God he did. Twenty-five years ago, the idea occurred to my friends and I, who were trading fertilizers out of the former Soviet Union that a dormant fertilizer factory, built by KBR (created in 1998 when M.W. Kellogg merged with Halliburton’s construction subsidiary, Brown & Root, to form Kellogg Brown & Root) in Rivers State, Nigeria for $1 billion could be minting cash for everyone.
The idea was simple: We wouldn’t steal (privatise) it, but would pay the FGN to lease it for at least $75m every year, in perpetuity. I took the proposals and financial guarantees to President Obasanjo and he loved it immediately. He convened the Federal Executive Council and they approved. He spoke to Funsho Kupolokun and he took us the the NNPC Board and they loved it. Then the President called the third shareholder, the Governor of Rivers State (on behalf of the amazing people of Rivers State), and Dr Peter Odili not only loved the plans, but held a reception for us in Government House and then sent us off the next day with palm wine from his driver’s village. More on that later.
This episode was typical of Obasanjo’s leadership. Decisive, visionary and absolutely devoid of tribal onanism, which not a few people on Nigerian banknotes were completely and utterly guilty of over indulging in. Few figures command the level of respect and recognition that Olusegun Obasanjo has earned from me through his extraordinary stewardship of Nigeria, especially from 1999 to 2003. This golden period marked a pivotal era that fundamentally transformed Nigeria’s trajectory and solidified his position as one of the most consequential leaders in modern African history.
Obasanjo’s greatest achievement lies in his unwavering commitment to democratic governance and institutional reform. After decades of military rule that had left Nigeria’s democratic institutions weakened, he successfully shepherded the country through a critical transition period. He built institutions and hired the best he could find. He had no qualms about a person’s ethnic background, possibly informed by the fact that he had had sexual conquests in every state of Nigeria if not country of Africa. I have come to describe his achievements, not to praise or castigate him.
The economic transformation under Obasanjo’s leadership was nothing short of remarkable. He inherited a nation burdened by crushing foreign debt, with over $30 billion owed to international creditors, but through masterful diplomacy and fiscal discipline, he successfully negotiated debt forgiveness deals that eliminated nearly 60% of Nigeria’s external debt. His administration’s prudent economic management, coupled with rising oil prices, generated unprecedented revenues that were channeled into infrastructure development and poverty reduction programs, lifting millions of Nigerians out of extreme poverty.
Perhaps most significantly, Obasanjo revolutionized our international standing and transformed Nigeria into a respected voice on the global stage. His diplomatic acumen was instrumental in resolving conflicts across West Africa, mediating disputes in Liberia, Sierra Leone, and Côte d’Ivoire, while his leadership within the African Union helped establish the New Partnership for Africa’s Development (NEPAD), a continent-wide initiative for economic regeneration. Under his guidance, Nigeria emerged as the undisputed leader of black Africa, wielding influence that extended far beyond its borders.
His anti-corruption crusade which defined OBJ’s presidency demonstrated his commitment to transparency and accountability in governance, although critics say he also chopped in Indonesian fashion – performing while helping yourself and friends just enough not to completely scatter the economy and system. He established the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC), institutions that have become models for anti-corruption efforts across Africa. These bodies successfully prosecuted numerous high-profile cases, especially opponents, recovering billions of dollars in stolen public funds and sending a clear message that opposing the Government and trying to chop would not be tolerated. Speaking while eating has always been bad manners.
Obasanjo’s vision for Nigeria extended beyond immediate governance challenges to encompass long-term strategic thinking about the country’s role in the 21st century. His administration launched ambitious infrastructure projects, including the expansion of telecommunications networks that connected rural communities to the global economy, and educational reforms that increased literacy rates and university enrollment. The National Economic Empowerment and Development Strategy (NEEDS) implemented during his tenure created a comprehensive framework for sustainable development that prioritized human capital development and economic diversification.
The legacy of Olusegun Obasanjo as the greatest president of the most populous black nation on earth, rests not merely on his policy achievements but on his fundamental transformation of what it means to be Nigerian in the modern world. He restored dignity to Nigerian citizenship, elevated the country’s profile on the international stage, and demonstrated that African leadership could be both visionary and pragmatic. His presidency proved that with the right leadership, Nigeria could fulfill its promise as the giant of Africa, setting standards for governance, economic management, and regional leadership that continue to influence African politics today.
In the pantheon of great African leaders, Obasanjo stands apart not just for what he accomplished during his presidency, but for how he fundamentally altered the trajectory of the most important nation in black Africa. His legacy endures as a testament to transformative leadership and continues to inspire a new generation of African leaders committed to democratic governance, economic progress, and continental unity.
Aha, returning to my billionaire plan. Everything was going very well until two of my supporters on this project decided that they wanted to enter the same trouser. My Oga Audu Ogbeh, who was both the leader of the ruling party and my Oga at the top, General Chief Olusegun Matthew Okikiola Ogunboye Aremu Obasanjo GCFR, the Balogun of Owo, started seeing 6 and 9 as the same and different numbers at the same time. The President’s private secretary was the first to reach out to share the troubling news. Then, she called again two weeks later to say that the “two fighting” had resulted in “one victorious” and all projects supported by the vanquished were to be “denied further life”.
These decisive and vindictive actions stopped me from becoming a rich person, flying private jets, growing a big tummy, wearing Gucci loafers and sleeping in silk pyjamas. I think I would have hated my life as a billionaire. Instead, I ended up having a normal life of struggling to pay bills and being moved to jump for joy, when friends gifted me a bottle of whiskey. But they also demonstrated why Olusegun Obasanjo was a success. He not only knew how to build, but also how to pull down.
He has been a great leader for our country, warts and all, and I will continue to say he was the greatest.
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