With almost all the names of bigwigs in Nigeria’s corporate and political circles published in the list of Bad debtors in the country, the re-election of President Umaru Musa Yar’Adua in 2011 is in jeopardy due to massive mobilisation and underground gang up to ensure that he does not return to power after the first tenure. The list of biggest debtors in Nigeria includes top politicians, powerful retired military general, influential industrialists and public functionaries. While the central bank has bailed out nine of the country’s 24 banks to the sum of $4bn, nearly N600 billion the worth of the non-performing loans of the affected bank was N1.6 trillion. So far only about N150bn has been recovered while the banking stocks lost almost 50% of their monetary values. In the forefront of mobilisation against the re-election, Economic Confidential an online economic magazine gathered, are some powerful members of the Corporate Nigeria, a mafia-kind of an organisation that had funded the re-election of former President Olusegun Obasanjo in 2003 with billions of Naira and made generous donation to Yar’adua’s election in 2007. There are also former elected and appointed public officers who have not been in the good book of the administration and ambitious politicians even within the ruling Peoples Democratic Party (PDP) strategising for relevant in 2011’s election. The gang-up will see to a boycott of any campaign funding rally for Yar’Adua’s election. The aggrieved individuals have marshalled plans to teem up with opposition groups, especially the anti-government forces by funding their programmes and also working on some media to discredit the reform agenda on the economic front. They are also planning to host websites to play ethno- regional cards through different fronts.
