Enemies Within: How Nigeria’s Billion-Dollar Assets Were Destroyed by Greedy Insiders
Nigeria has not been a victim of foreign sabotage — the real enemies have always been within. From the early 2000s till date, several multi-billion-dollar government assets, capable of transforming the nation's economy, have either been sold for peanuts, mismanaged, or drowned in endless legal battles. Sadly, these economic crimes are traceable to one of Nigeria’s most controversial privatization eras — under former President Olusegun Obasanjo and his then Vice President, Atiku Abubakar.
1. ALSCON: From $3.4 Billion to Ruins
The Aluminum Smelter Company of Nigeria (ALSCON) in Ikot Abasi, built with over $3.4 billion, was supposed to make Nigeria an aluminum export powerhouse. But in 2004, 70% of it was sold to Russian firm RUSAL for just $250 million under a controversial deal supervised by Atiku's Bureau of Public Enterprises (BPE). A Nigerian-American businessman, Reuben Jaja of BFIG Group, claimed he had already won the bid. The ensuing legal battle dragged through courts for over a decade, leading to the total shutdown of ALSCON — a national investment gone to waste.
2. NITEL: The $2.4 Billion Telecom Blunder
In 2001, Nigeria’s national telecoms company, NITEL, was valued at $2.4 billion. Instead of revamping it, the government sold it for a mere $252 million. A fierce legal contest between Tunde Ayeni’s NATCOM and Tony Elumelu’s Transcorp ensued. In the end, NITEL was liquidated — effectively burying what could have been Nigeria’s MTN.
3. Ajaokuta Steel: The $8 Billion Disgrace
Ajaokuta Steel, Nigeria’s industrial heart, was 98% complete by 1994. But instead of completion, the Obasanjo/Atiku administration began a failed privatization process. The undervalued sale sparked bitter disputes between Indian, Russian, and Nigerian entities. By 2022, the Buhari administration had to pay $496 million in settlement to regain ownership. Yet, the plant still lies idle.
4. Aladja Steel: $700 Million Sold for $30 Million
Located in Delta State, Aladja Steel was worth $700 million, but it was sold for just $30 million. The aftermath? A familiar legal battle. Till date, the ownership is still being contested in court, and the plant remains inactive.
5. Mambilla Power Project: From Promise to Problems
Envisioned to deliver over 3,500 megawatts of electricity, the Mambilla Power Project could have ended Nigeria’s power woes. But conflicting contracts and multiple claims from contractors — many linked to deals made during the Atiku-OBJ era — turned it into a prolonged court case. The project has remained on hold for more than 15 years.
6. Malabu Oil and P&ID: Nigeria's Legal Nightmares
The Malabu Oil Block (OPL 245) scandal involved the illegal sale of Nigeria’s oil assets in a deal approved during the Obasanjo/Atiku government. The aftermath is an ongoing legal war that could cost Nigeria over $10 billion in damages. Similarly, the P&ID contract — another shady deal — almost drained Nigeria of another $10 billion until the UK court sided with Nigeria in 2023, thanks to the Buhari administration’s legal team.
7. Calabar Coastal Highway: The Latest Target
President Tinubu’s flagship infrastructure project, the Calabar Coastal Highway, is currently under threat. Despite its potential to connect states and boost trade, some vested interests have already filed lawsuits to halt its progress. Why? Because history has shown that many elites profit more from stalling development than from supporting it.
The Pattern is Clear: Enemies Within
From ALSCON to NITEL, Ajaokuta to Malabu — the pattern is the same. Undervaluation. Legal fights. Abandonment. Behind these schemes are Nigerian elites — the real enemies within — who benefit from the chaos they create. Many of them are now political mentors and media sweethearts, preaching good governance while they destroyed Nigeria’s industrial dreams.
Final Thoughts: History Will Judge
Nigeria is bleeding, not from outside attacks, but from betrayal by its own. These internal saboteurs have done more damage than any external force ever could. As the country seeks economic revival, we must never forget those who sold our future for pennies. Accountability must come — not just for history's sake, but for the survival of our nation.
What Do You Think?
Have we learned anything from these scandals? Should privatization continue in Nigeria? Share your thoughts in the comment section below and don’t forget to subscribe for more truth-driven content.
Labels/Keywords: Nigeria privatization scandal, Atiku Abubakar, Obasanjo, NITEL sale, ALSCON, Ajaokuta Steel, Mambilla power, Malabu oil deal, P&ID scam, Nigerian corruption, enemies within Nigeria
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