When the military ruled Nigeria, it was the generals who boasted most of the fattest bank accounts. They were careful to keep these far offshore. By contrast, eight years of civilian rule has seen the emergence of a cabal of business tycoons whose net worth amounts to hundreds of millions of dollars and in some cases far more.

The temptation for taking short cuts on the road to riches has often been as great for entrepreneurs as it has for state officials. Now, according to a former senior government official, with the state starting to relinquish control of the commanding heights of the economy, there is a greater rapprochement between the two, with money from both public and private sources blending together.