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My fellow compatriots, one of the most troubling realities confronting contemporary Nigerian society is the growing glorification of wealth without scrutiny of its source. We have gradually evolved into a society where affluence is celebrated irrespective of how it is acquired, where luxury is mistaken for legitimacy, and where ostentation has become a substitute for character. In the process, society has unwittingly elevated many individuals whose fortunes are built not on enterprise, innovation, industry, or legitimate investment, but on fraud, corruption, manipulation, and other dubious schemes. Today, it is increasingly difficult to distinguish between genuine wealth creators and professional deceivers.
The tragedy is not merely that fraudulent individuals exist; every society has its criminals. The real tragedy is that many of them have become role models. They are celebrated at social events, honoured in religious gatherings, courted by politicians, and admired by young people who desperately seek shortcuts to success. Strict scrutiny of wealth source is a treasured creed of the Yoruba people as a proverb preserved in nursery rhyme says eni ba ja’le leekan, t’o ba d’aran bo’ri, aso ole lo da bo’ra which literally means “he who steals once, if he covers himself with velvet cloth, it is derived from stealing”. Another proverb says a kii ba eran lobe k’a yo eran je, iku t’o pa eran laa koko beere which means it is forbidden to find meat in a plate of soup and consume it without enquiring how it gets there. By this latter saying, it is being erected into society’s moral code that one is not supposed to just take advantage of any offer or opportunity without asking for its source as many gluttons would do. So we have many other proverbs which teach moral rectitude.
Unfortunately that glorious heritage is now lost. The young men and women of today do not care how money is gotten and there is a modern Yoruba sayingdisregarding source of wealth which says, “Bi a ba efonni abata, ti ayo obe ti, a ro bi omi ni o mu ku ni ? meaning that you stumbled on a dead buffalo by the river bank and you bring a knife to be feasting on it without identifying the circumstances of its death, do you think it died from drowning?, this proverb appears to have become the unofficial creed of our society. The consequence is that many young people have come to believe that the destination matters more than the journey, that possession of wealth is more important than the process through which it is acquired. Fraudulent accumulation of wealth in Nigeria takes many forms. The most visible manifestation is cybercrime. What began years ago as crude internet scams has evolved into sophisticated transnational fraud networks involving identity theft, business email compromise schemes, cryptocurrency scams, romance fraud, investment fraud, and digital financial manipulation. Many of the young men who parade expensive vehicles, luxury watches, and extravagant lifestyles on social media are often unable to point to any legitimate business activity capable of generating such wealth. The danger lies not merely in the criminality itself but in the cultural acceptance of it. In many communities, questions are rarely asked when a young person suddenly acquires enormous wealth. Instead of demanding accountability, society often rewards the individual with respect and admiration.
The message being conveyed to other young people is clear: results matter more than integrity. Another major source of fraudulent wealth is public sector corruption. For decades, Nigeria has battled the scourge of public officials who convert public resources into private fortunes. Funds meant for infrastructure, healthcare, education, security, and social welfare have frequently found their ways into private bank accounts and lavish estates. The mechanics of such corruption are often sophisticated. Inflated contracts, ghost projects, procurement fraud, kickbacks, fictitious consultancy arrangements, and manipulation of public procurement processes have become familiar features of governance. In some cases, projects are awarded at ten times their actual values. In others, funds are fully released for projects that are never executed. In this category are the bureaucrats and the political class largely. The truth remains that no such atrocity can be perpetrated without the active connivance of the civil servants. Again, one notices the extensive migration into politics by those who ordinarily ought to run the economy. Tis is simply due to the truth of shortcuts to wealth. This is validated by the cut-throat primaries of the political parties which are murderous in nature as some politicians were at the verge of committing suicide upon conclusion of such primaries having incurred debts beyond redemption to fund their primary election campaigns. The irony is that some of those who have benefited from these practices later reinvent themselves as philanthropists.
Having accumulated wealth through questionable means, they return a fraction of it to society through donations and charitable gestures. While philanthropy is commendable, charity cannot become a substitute for accountability. A society must never allow stolen wealth to be laundered through public generosity. Fraudulent wealth also thrives in the private sector through various schemes. Financial scams disguised as investment opportunities continue to trap thousands of unsuspecting Nigerians. The promoters often promise unrealistic returns, exploiting the economic desperation of citizens. They present themselves as successful entrepreneurs, display luxury lifestyles, and create an illusion of credibility. By the time the schemes collapse, countless victims have lost their savings while the promoters disappear with enormous fortunes. In this class are also the state capture players who hijacked the fortunes of the country through their influence.
With presentation of credibility front, they manipulated and swindled the system. How one wishes that the origin of their massive wealth would be probed to validate the point that most sources of wealth are questionable. A Yoruba proverb says isale oro legbin which means sources of wealth are filthy. While this is a general statement that might not apply to all cases of wealth, it is a restraint against celebrating any case of affluence one comes across. I had the opportunity of experiencing the abovewhen I was chairing one of the corporations charged with recovery of bad loans. Even the subsidy claim probe at all levels that Nigerians thought, and still believe, had being addressed is illusory and fictitious as most beneficiaries are still over the town today presenting the front of genuine entrepreneurs whereas they were active participants in the most horrendous public theft in modern times. I am optimistic that at the relevant time, and at a point, such discoveries will be unveiled. Sufficed for now to cap it at that. Equally troubling is the culture of influence peddling and rent-seeking. Some individuals accumulate extraordinary wealth not by creating value but by manipulating access to government resources, contracts, licenses, or regulatory approvals. Their fortunes are built on connections rather than competence.
They become wealthy not because they solve societal problems but because they position themselves strategically within systems that reward proximity to power. It is comical and amusing at times to see some of them arrogating expertise to themselves as fortune makers while the reality is that they are mere opportunists. Such wealth is particularly dangerous because it distorts economic development. Genuine entrepreneurs who invest capital, create jobs, and take risks find themselves competing against individuals whose fortunes derive from privileged access rather than productivity. Over time, innovation is discouraged while patronage is rewarded. This explains why a sizable number of Nigerians has suddenly turned to overnight contractors.The real victims of this culture are the nation’s youth. Every society transmits values through the people it celebrates. When hard work, integrity, and perseverance cease to be pathways to recognition, young people naturally begin searching for alternatives. The result is a growing obsession with instant success. Many young Nigerians today are under tremendous pressure to display affluence. Social media has amplified this pressure. Expensive cars, luxury vacations, designer clothing, and lavish parties dominate digital platforms. Rarely do viewers see the debt, fraud, manipulation or criminality that may lie behind the displays. What they see is the apparent reward, not the hidden cost.
Consequently, many begin to measure success by possessions rather than purpose. The distinction between wealth creation and wealth acquisition becomes blurred. The focus shifts from building sustainable enterprises to finding the fastest route to visible affluence. This cultural distortion has serious implications for national development. No nation can prosper when its most celebrated figures are not its innovators, inventors, scholars, industrialists, and professionals but those whose fortunes cannot withstand scrutiny. Sustainable economic growth is built on productivity, not deception. It is built on value creation, not manipulation. Another disturbing dimension is the complicity of social institutions. Religious organisations, community associations, professional groups, and even families sometimes contribute to the problem by according honour and recognition to individuals without questioning the origins of their wealth. There are occasions where individuals whose lifestyles clearly exceed any legitimate source of income are invited to occupy front seats at public functions. They receive chieftaincy titles, awards, and public recognition. Their presence is sought because of their ability to donate money, not because of their character or contributions to society. The situation got so bad that even tertiary institutions that ought to know better fell into the same calamity by indiscriminately awarding honorary doctoral degrees to these criminals. It is only hoped that the recent attempt by the Federal Ministry of Education to sanitize that area will yield results.
The message such actions send is devastating. It suggests that integrity is negotiable and that wealth alone is sufficient qualification for honour. Many of these criminals have flooded the political arena by buying their ways into the Legislature, particularly the National Assembly, through elections that are dominated by vote buying and primary elections of political parties influenced by purchase of the hapless members of such political parties. Yet history consistently teaches a different lesson. Wealth built on fraud is inherently unstable. It may endure for a season, but it carries within itself the seeds of destruction. Fraudulent fortunes are sustained by secrecy, deception, and fear. They lack the enduring foundations of legitimate enterprise. They create anxiety rather than peace, suspicion rather than trust, and temporary excitement rather than lasting fulfilment. True wealth is different. It is created through innovation, entrepreneurship, professional excellence, investment, discipline, and perseverance.
It generates employment. It contributes to economic growth. It solves problems. It improves communities. Most importantly, it can be explained and defended.Nigeria must therefore embark on a cultural reorientation. We must return to a society where character matters. Parents must teach their children that not every wealthy person deserves admiration. Religious leaders must preach integrity with the same passion with which they preach prosperity. Educational institutions must celebrate excellence and hard work. Public institutions must strengthen transparency and accountability. We must as a matter of urgency aggressively recover the societal values, morals and virtues which have virtually become extinct. Law enforcement agencies must equally remain vigilant. Financial crimes must be investigated thoroughly, and offenders must be prosecuted without fear or favour. Selective enforcement only deepens cynicism and weakens public confidence. The fight against fraudulent wealth must not target only the powerless while protecting the influential. Beyond enforcement, however, the deeper battle is moral. Nations are ultimately sustained not merely by laws but by values. A society that admires fraudulent wealth will inevitably produce more fraudsters. A society that honours integrity will gradually cultivate more honest citizens.As we reflect on the direction of our country, perhaps it is time to ask ourselves a simple but profound question: What kind of people are we celebrating? The answer may reveal much about the future we are creating. Nigeria does not suffer from a shortage of talented people. It does not lack entrepreneurs, professionals, innovators, and genuine wealth creators. What it needs is the courage to distinguish between wealth that builds society and wealth that destroys it.
Until we make that distinction, we risk raising generations who believe that success is measured only by what one possesses rather than by how one acquiresit. The challenge before us is therefore not merely economic; it is ethical. It is a struggle for the soul of the country. For when fraud becomes fashionable, integrity becomes lonely. But when integrity is restored to its rightful place, society itself begins to heal. The future of Nigeria depends not on how many wealthy people we produce, but on how many honourable oneswe parade.
