Lavish celebrations, savings and development

In the last few months, there have been several eye-popping and lavish celebrations in Akwa Ibom state to mark a wedding or a death. These festivities lend credence to the notion that the state is fast becoming the nation’s ‘enjoyment capital’, following closely behind Lagos which has a long-standing reputation for expensive festivities. On Saturday, January 18, the well-known advertising specialist, Udeme Ufot, buried his mother-in-law in Ibeno LGA and, together with the rest of the family, he rolled out one of the most lavish celebrations we have seen in the state. I asked a former minister who was at the two-day events to estimate the cost of the parties. He put it at between N300 million and N400 million. Now, Udeme is a party freak from youth, and his parties always leave a trail. His 50th birthday party in Lagos many years ago was like an act in a movie. I still cannot forget.

On Saturday, December 6, former commissioner for sports in Akwa Ibom, Monday Uko, threw another talk-of-the-town bash in Uyo to celebrate his son’s wedding. It was simply stupendous. This is what a guest wrote on Facebook soon after the party: ‘’Sir Monty gave guests the party of a lifetime in celebration of his son’s wedding. Flavour was here live. The senate president, Akwa Ibom governor and dignitaries from far and near were also here. Food was surplus. Appetiser, main course and desserts. I mean, we were running away from food. Good God! What a wedding. What a day!’’ Monty owns a hotel chain.

I asked a well-known politician who also owns a hotel in Uyo to estimate the cost of Monty’s party, and he put it at ‘’nothing less than N300 million’’.

One major fallout of the Monty feast was the meeting of Emmanuel Enoidem, SAN, Senator Godswill Akpabio and Gov. Umo Eno at the event. Will the chance encounter bring an enduring rapprochement between the senate president and the erudite lawyer? Enoidem was a commissioner during the Akpabio administration as governor. He served for all of the eight years, one of the very few in the cabinet so favoured. But in the last election, he challenged Akpabio, running on the platform of the PDP, for the senate seat. It was one of the bitterest elections in Akwa Ibom’s history. Insults, name-calling and contempt flew endlessly from both camps. The video of the two men shaking hands and talking heartily as Eno watches after the party has warmed many a heart. If Gov. Eno succeeds in brokering peace between the two, we shall recommend him for the Nobel Peace Prize this year.

Between Udeme’s event in January and Monty’s bash yesterday came two others that continue to be discussed. Aniekan Etuk, the owner of the Oliver Twist chain of restaurants, and his siblings gave a big shindig in November to receive guests who attended their mother’s funeral. Estimated cost = N150 million. The biggest of them all came between October 23 and 26 when CBN Deputy Governor (Corporate Services), Ms Emem Usoro and her siblings bade their mother farewell. I wrote an article on these breathtaking events soon after, and I have nothing more to add, but suffice it to say that this was the mother-of-all celebrations in 2025. Estimated cost = N1.2 billion.

But what is fueling these extravagant merriments in Akwa Ibom? Wealth? Class competition? Both? Of course, if you can’t afford the bills, you will never attempt to host such events. So, money is a factor. There is also the inherent competition within the elite class to outdo one another. They build big houses, ride big cars and compete to send their kids to the best schools, and now, they’re competing to throw the biggest parties, just to establish and cement their presence in the exclusive club. I would imagine that more and more of these extravagant parties are coming in the years ahead as Akwa Ibom transitions from a middle-income economy to an industrialised one.

The challenge, however, is to ensure that the younger generation is not misdirected to assume that life is all about parties and free food. We have to teach them to acquire skills, choose a career and grow on their chosen path.

Just this week, Aliko Dangote made a salient point about lavishness and the nation’s development.

Speaking with journalists at an event on Friday, the industrialist said that Nigeria cannot develop by depending on importation. He asked the people to create a culture of savings and investments. ‘’If you have money for Rolls-Royce, you should go and build an industry in your locality, or any part of Nigeria where you feel there’s a need’’. Dangote is essentially telling the rich to invest more in productive enterprises that would create jobs and help the economy grow, rather than spending on ostentatious lifestyles. As economists would tell us, savings are the foundation for capital formation; saved income is invested to build physical capital (factories, roads) that boost future production. It applies to government, companies, households and individuals.

Merry Christmas!