Odimegwu and the president
SIR: During the last gathering of President Obasanjo's praise singers tagged: Democracy Day State Banquet, the Managing Director of the Nigerian Breweries Plc took time to praise the President for his assumed achievements on all fronts since May 1999. He likened his own feat in Nigerian Breweries to that of the President's leadership quality and ability to make things happen. In praise-singing himself and the President, he continued by saying that Nigerian Breweries is one of the most profitable capitalised and viable companies in Nigeria. In fact, there is no doubt about that.
But what Chief Festus Odimegwu failed to realise is that, the ever-increasing turnover of the NBC Plc is not due to his leadership quality or ability rather than the high level of beer consumption by Nigerians due to hopelessness and frustration. When he said that the market capitalisation of Nigerian Breweries Plc in 1999 was N29 billion and above N400 billion as at May 2004, he failed to equally tell us the operating cost of the company in 1999 compared to May 2004. For example, a litre of petrol cost less than N20.00 as at May 29, 1999 but as the time Chief Festus Odimegwu was dinning and winning with the President on May 29, 2004 in Abuja, a litre of petrol had been increased to N51.00 and above.
It is a known fact that, today, alcoholism and other social vices have completely replaced academic values in our institution of higher learning.
If economic indices like inflation, exchange and interest rate, per capita income, standard of living etc are yardsticks for measuring economic growth and development, then Chief Odimegwu got it wrong when he concluded that the Nigerian economy is growing fast.
It is very unfortunate that President Obasanjo will only invite and talk to people that will tell him what he wants to hear and that is why his utterances, policies and actions have always been anti-people.
In conclusion, thousands of Festus Odimegwu cannot deceive us. An average Nigerian is poorer today than he was on May 29, 1999.
Ojo Akinyogbon,
Lagos
