"Millionaire at 29? That's five years too late," barks a brash mobile phone advertisement in Lagos.
The billboard, depicting a young man in a sharp suit in one of the Nigerian city's more upmarket neighbourhoods, neatly encapsulates the get-rich-quick attitude that prevails in the country's urban areas.
Luxury cars and large, gated villas are a common sight in Lagos. Step inside the plush hotels and men in expensive-looking silk shirts chatter on mobile phones and women clutch designer handbags.
Nigeria has nearly 100 million people living on less than US$1 (Dh3.67) a day. But in a country where the gap between the rich and poor is glaring, it also has a growing band of wealthy elite including more than 2 million dollar millionaires.
Many have earned their money either through the country's oil wealth or by capitalising on the burgeoning consumer market.
The challenge for Nigeria now, however, is how to get this growing wealthy elite to invest their cash at home.
"There's only 1 per cent of Nigerians that have serious amounts of money but those that do want somewhere to invest and there are not many areas for them to invest in Nigeria, so they look outside," says Harry Smith, a sales manager at The First Group, a property company based in Dubai.
In many ways the country's infrastructure has not kept pace with the aspirations of the wealthy.
Roads are choked with traffic, shopping malls are undeveloped and business people grumble about a shortage of decent hotels and restaurants and the poor standard of domestic air travel. Partly for these reasons, many flock to London, New York, Paris and, increasingly, Dubai for large parts of the year.
For Princess Fifi Ejindu and her husband Chief Onyemaechi Ejindu, Dubai offers an opportunity to combine business and leisure.
Princess Fifi, who heads an investment company based in Abuja, the Nigerian capital, held a glittering 50th birthday party at the Burj Al Arab hotel in Dubai last month.
"The shopping in Dubai is incredible, the restaurants are beautiful and the nightlife is wonderful," she says. From the mid 2000s, the couple have bought and sold a number of apartments in Jumeirah Beach Residence, Jumeirah Lake Towers and Palm Jumeirah as well as retail units in International City.
Even losing money in the Waterfront, a Nakheel development planned but never built on the edge of Dubai, has not dimmed their love for the city.
"I still believe in the Dubai dream," says Princess Fifi. Nigeria's own property scene is in an earlier stage of progress. Billboards on Lagos' Bar Beach advertise Atlantic City, an ambitious mixed-use development with echoes of projects dreamed up in Dubai's boom years. Described by the 1986 Nobel Prize winner Wole Soyinka as "rising like Aphrodite from the foam of the Atlantic", the project is designed to provide homes for 250,000 people and offices and other workplaces for another 150,000 across several kilometres of reclaimed land.
Business people say similar investment is needed in the retail sector.
Big international shopping chains are largely absent from the malls in the main cities. Limits on the import of materials, designed to nurture local industries, make it difficult for foreign retailers to bring in clothing and furnishings.
"The government has to create an enabling environment, like a shopping free zone, to enable these retail chains to come in," says Princess Fifi.
Until that happens most wealthy Nigerians are likely to continue to do the bulk of their shopping and property buying abroad.
tarnold@thenational.ae
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
The%20Crown%20season%205
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Sleep Well Beast
The National
4AD
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
Company%20Profile
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Your rights as an employee
The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.
The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.
If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.
Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.
The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.
COMPANY%20PROFILE
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COMPANY%20PROFILE
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ADCC AFC Women’s Champions League Group A fixtures
October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA
ACL Elite (West) - fixtures
Monday, Sept 30
Al Sadd v Esteghlal (8pm)
Persepolis v Pakhtakor (8pm)
Al Wasl v Al Ahli (8pm)
Al Nassr v Al Rayyan (10pm)
Tuesday, Oct 1
Al Hilal v Al Shorta (10pm)
Al Gharafa v Al Ain (10pm)
SUCCESSION%20SEASON%204%20EPISODE%201
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
The%20specs
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COMPANY%20PROFILE
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COMPANY%20PROFILE
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RESULTS
6pm: Al Maktoum Challenge Round-2 – Group 1 (PA) $55,000 (Dirt) 1,900m
Winner: Rajeh, Antonio Fresu (jockey), Musabah Al Muhairi (trainer)
6.35pm: Oud Metha Stakes – Rated Conditions (TB) $60,000 (D) 1,200m
Winner: Get Back Goldie, William Buick, Doug O’Neill
7.10pm: Jumeirah Classic – Listed (TB) $150,000 (Turf) 1,600m
Winner: Sovereign Prince, James Doyle, Charlie Appleby
7.45pm: Firebreak Stakes – Group 3 (TB) $150,000 (D) 1,600m
Winner: Hypothetical, Mickael Barzalona, Salem bin Ghadayer
8.20pm: Al Maktoum Challenge Round-2 – Group 2 (TB) $350,000 (D) 1,900m
Winner: Hot Rod Charlie, William Buick, Doug O’Neill
8.55pm: Al Bastakiya Trial – Conditions (TB) $60,000 (D) 1,900m
Winner: Withering, Adrie de Vries, Fawzi Nass
9.30pm: Balanchine – Group 2 (TB) $180,000 (T) 1,800m
Winner: Creative Flair, William Buick, Charlie Appleby
Opening Rugby Championship fixtures: Games can be watched on OSN Sports
Saturday: Australia v New Zealand, Sydney, 1pm (UAE)
Sunday: South Africa v Argentina, Port Elizabeth, 11pm (UAE)
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Company%20profile
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Avatar%20(2009)
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BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
THE%20SWIMMERS
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Checks continue
A High Court judge issued an interim order on Friday suspending a decision by Agriculture Minister Edwin Poots to direct a stop to Brexit agri-food checks at Northern Ireland ports.
Mr Justice Colton said he was making the temporary direction until a judicial review of the minister's unilateral action this week to order a halt to port checks that are required under the Northern Ireland Protocol.
Civil servants have yet to implement the instruction, pending legal clarity on their obligations, and checks are continuing.
Company%20profile
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Juventus v Napoli, Sunday, 10.45pm (UAE)
Match on Bein Sports
Full Party in the Park line-up
2pm – Andreah
3pm – Supernovas
4.30pm – The Boxtones
5.30pm – Lighthouse Family
7pm – Step On DJs
8pm – Richard Ashcroft
9.30pm – Chris Wright
10pm – Fatboy Slim
11pm – Hollaphonic
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Directed: Smeep Kang
Produced: Soham Rockstar Entertainment; SKE Production
Cast: Rishi Kapoor, Jimmy Sheirgill, Sunny Singh, Omkar Kapoor, Rajesh Sharma
Rating: Two out of five stars
Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
Dubai World Cup Carnival Card:
6.30pm: Handicap US$135,000 (Turf) 1,200m
7.05pm: Handicap $135,000 (Dirt) 1,200m
7.40pm: Zabeel Turf Listed $175,000 (T) 2,000m
8.15pm: Cape Verdi Group Two $250,000 (T) 1,600m
8.50pm: Handicap $135,000 (D) 1,600m
9.25pm: Handicap $175,000 (T) 1,600m
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
MO
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