Engr. Lai Omotola, the Group Managing Director and CEO of Confederated Facilitators Limited (CFL) Group of Companies, has highlighted the role of business cabals in stalling Nigeria’s economic progress, accusing them of engaging in currency speculation instead of genuine business activities. Speaking during a news conference marking CFL Group’s 25th anniversary, Omotola emphasized that these so-called business elites operate with a “reversed mentality,” driven by personal gains rather than the advancement of the nation’s economy.
Omotola lamented the worsening state of the naira, which he attributes to business elites who speculate on the currency and exploit the system. According to him, these elites inflate their foreign exchange needs, often demanding more dollars than required, only to hoard and sell them at black market rates, thereby reaping massive profits without contributing to the economy. He explained how this malpractice has led to the alarming depreciation of the naira, which is fast approaching a rate of N1,200 to the dollar.
Omotola further condemned the inefficiencies in the agriculture sector, noting that despite former President Muhammadu Buhari’s administration injecting N1.7 trillion into the sector, the price of essential commodities like rice remains excessively high. He pointed to dishonest businessmen as the main culprits behind the failed interventions, arguing that they diverted funds and created crises to avoid fulfilling their obligations.
In a broader critique of Nigeria’s economic structure, Omotola argued that the nation’s economy is controlled not by market forces but by cabals who manipulate currency availability to artificially inflate the value of the dollar. He called for a more robust regulatory system to investigate and prevent such speculative practices, warning that the current trend could lead to further economic decline.
On the government’s approach to addressing economic challenges, Omotola urged the Federal Government to invest borrowed funds in long-term, productive projects rather than short-term palliatives. He cited Ajaokuta Steel as an example of a project that could create jobs and generate significant tax revenue if properly rehabilitated.
Reflecting on past mismanagement of national assets, he used the example of Nitel, the now-defunct national telecommunications company, to demonstrate how Nigeria’s failure to manage its resources led to the loss of lucrative opportunities. He explained that the same license Nitel held was later issued to successful telecom companies like MTN, Airtel, and Glo, which now contribute significantly to Nigeria’s economy.
Omotola concluded by stressing the need for Nigerian businessmen to focus on genuine business ventures rather than exploiting loopholes for short-term gains. He emphasized that fostering a productive business environment and supporting pro-business policies are essential for generating sustainable tax revenues and ensuring long-term economic growth.
