[From time to time on this blog we have given coverage to political risk issues in other petroleum and emerging market economies aside from Russia, with a special focus on Nigeria, where the law firm has worked over the past number of years.  Today we’re pleased to present the first of three in-depth analysis articles on the upcoming Nigerian elections by the highly regarded columnist Salisu Suleiman, who writes a regular feature for NEXT Newspaper, among other publications. – Editor]

With a net worth of $13.8 billion as reported by the Forbes’ 2011 list of the world’s billionaires, Nigerian Aliko Dangote ranks as the 51st richest person in the world, and the second richest man in the Middle East and Africa behind Saudi Prince Alwaleed bin Talal Alsaud, who is worth $19.6 billion.

Ordinarily, that should be good news for Nigeria and Africa. Except that Dangote may not be the richest Nigerian after all. And that is the problem. Nigeria is Africa’s largest producer of oil and earns tens of billions of dollars in foreign exchange annually. But in what is one of the least transparent processes in the world, government patronage and outright corruption has led to an exponential growth in the number of billionaires, some of whom are reportedly richer than Dangote without making it to the Forbes’ list. And that too, is a problem.