Stella Dimoko Oxfam Reports Lists Nigerians Whose Combined Wealth Can End Extreme Poverty In Nigeria


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Thursday, May 18, 2017

Oxfam Reports Lists Nigerians Whose Combined Wealth Can End Extreme Poverty In Nigeria

The combined wealth of Nigeria’s five richest persons, estimated to be about $29.9 billion, can end extreme poverty in the country, a report by Oxfam International has stated.

The Oxfam report was titled ‘Inequality in Nigeria, Exploring the Drivers.’

Forbes magazine lists the five richest Nigerians as Aliko Dangote, Mike Adenuga, Femi Otedola, Folorunsho Alakija and Theophilus Danjuma.

The Oxfam report exposed the large and growing gap between the rich and poor in Nigeria.

It also revealed that the benefits of the nation’s economic growth had been captured by a few wealthy elite at the expense of the ordinary Nigerians.

According to the report, the economic inequality is a key factor in the conflict in the north-eastern part of Nigeria.

Oxfam International also disclosed that Nigeria’s richest man, Mr. Dangote, earned 8,000 times more in one day than a poor Nigerian would spend on basic needs in a year.

Mr. Dangote is also the richest African with a net worth of $12.5 billion, according to Forbes magazine. Born into a wealthy business family, Mr. Dangote’s business focus includes industries (cement, sugar, flour and so on) as well as oil and gas.

The second richest man, Mike Adenuga, has major business interests in oil and gas as well as telecoms. He is the owner of Globacom, Nigeria’s largest indigenous telecom operator and has a net worth of $10.5 billion.

The third richest person is Femi Otedola, the CEO of Zenon Oil and Gas and Forte Oil whose net worth is $2.3 billion. He is closely followed by the richest woman, Folorunsho Alakija, a business tycoon who is into fashion, oil and printing industries. With an estimated net worth of $2.1 billion, she is believed to have made her billions though oil block deals.

The fifth richest person is Theophilus Danjuma, a former Nigerian Chief of Army Staff. He is the founder/chairman of Atlantic Petroleum and has an estimated net worth of $1.7 billion.

According to the latest poverty report by the National Bureau of Statistics, NBS, about 112 million Nigerians (representing 67.1 per cent of the country’s total population of 167 million) live below poverty level; although lower than that are in extreme poverty.

The bureau also predicted this rising trend was likely to continue.

Absolute poverty is measured by the number of people who can afford only the bare essentials of shelter, food and clothing.

Nigeria is Africa’s biggest oil producer but the sector has been tainted by accusations of corruption.

The Oxfam report also said public office holders stole estimated $20 trillion from the treasury between 1960 and 2005, while multinational companies receive tax incentives estimated at $2.9 billion a year.

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  1. Hmmmm. SMH

    Your comment will be visible after approval.

    1. Who else believes Nigeria has at least 20 Men Richer than the Richest Man (Dangote) on this Forbes 5 richest Nigerians?

  2. Anonymous gangster18 May 2017 at 10:19

    So the question is, would using their wealth to end poverty in Nigeria make them become poor?

  3. I respect @Danjuma.. ..The man is a philanthropist to the core.. ...

    Unfortunately his brother @Musa knows nothing other than to Fuck yellow women upadan

    One day... I shall be listed in Forbes magazine


  4. Mtchew with all I've seen I'm sure the combined wealth of just two ex first lady will end the extreme poverty

    1. You are right oh jare! The above listen men aren't the richest in Nigeria. They are the ones who declared their wealth. It will amaze you that there are richer thieves than these in this country.

  5. Na wa o, that means this man really milk this nation. T.Y

  6. When will we have a new breed of billionaire who have no interest in the oil sector? I see opportunities in service service sector in this country. A large percentage of our income is lost through capital flight. We need to wake up.

  7. They would rather bury it in a grave than end poverty in their own country.

  8. Even if they use all their wealth, the poor will still be poor and will remain. After all it is in the Bible that the poor will always be in the world.

    See ego

    1. But the level & number of poverty and the poor can reduce, if not eradicated.

  9. They won't list contract looters like Arthur Eze?

  10. My name will be on that list soon... In Jesus Name... Amen!


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