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Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty - Business - Nairaland

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Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty by psquaret: 12:57pm On May 19
Nigeria is, in some ways, a rich country. The West African nation is a huge oil producer; the continent’s second-largest economy; and, in Lagos, has a bustling port city of over 20 million people with an economy bigger than many African countries.

But with almost 100 million people living on less than $1 per day, extreme poverty remains a major problem in Nigeria. Additionally, the Boko Haram insurgency has left around 5 million people in need of urgent food assistance; the U.N. considers the situation in northeast Nigeria to be at risk of escalating into famine.

But according to a report by Oxfam International published Wednesday, much of these problems could be solved if the country’s richest billionaires clubbed together and shared out their wealth. It would cost $24 billion to eradicate extreme poverty in Nigeria (defined by Oxfam as living on less than $1.90 per day), $5.9 billion less than the total wealth of Nigeria’s five richest people in 2016, according to the report. This extreme inequality, Oxfam has said, must motivate Nigerian leaders to tackle the problem.


But how did Nigeria’s mega-rich quintet make their fortunes?

1. Aliko Dangote: $14.4 billion
Dangote, a cement magnate, is not only Nigeria’s richest person, but the wealthiest man in Africa. The 60-year-old from the northern state of Kano is the chief executive of the Dangote Group, one of Africa’s largest manufacturing conglomerates, with an annual turnover of $3 billion. Dangote is also a football fanatic and has declared his intention to buy English Premier League club Arsenal. He has also actively supported Nigeria’s recovery from the Boko Haram crisis, pledging $10 million in aid in 2016.

Aliko Dangote
Aliko Dangote gestures during an interview with Reuters in his office in Lagos, Nigeria, on June 13, 2012. Dangote, a cement magnate, is the richest person in Africa.


2. Mike Adenuga: $9.9 billion
A telecoms and oil billionaire, Adenuga studied at university in the U.S. and worked as a taxi driver to fund his education. Globacom, his mobile phone network, is the second largest in Nigeria, and the 64-year-old also owns six oil blocks in the Niger Delta, a massive oil-producing region in the south of the country that has recently been hit by militant attacks. He founded the Mike Adenuga Foundation, a philanthropic organization which operates across Africa.

3. Femi Otedola: $1.85 billion
The 54-year-old from Lagos made his fortune distributing Nigeria’s black gold: Otedola’s company, Forte Oil, controls more than 500 gas stations across Nigeria. The son of a former governor of Lagos State, Otedola also has interests in power generation and finance. One of his daughters is a popular DJ who played at the inauguration of Nigerian President Muhammadu Buhari. He supports various charitable causes and donated 300 million naira (now worth $95,000) to the construction of a Christian worship center in 2005.

Femi Otedola
Femi Otedola is pictured in Lagos, Nigeria, on May 18, 2006. Otedola's company, Forte Oil, controls more than 500 gas stations across Nigeria.


4. Folorunsho Alakija: $1.55 billion
Nigeria’s first female billionaire, Alakija, 66, has earned her wealth in the fashion and oil industries. Her first company was an elite fashion label which produced clothes for the wives of Nigerian leaders, while the oil company she founded, Famfa oil, has a large stake in one of Nigeria’s most lucrative oil blocks. She also heads a foundation that supports widows and orphans in Nigeria.

5. Abdulsamad Rabiu: $1.1 billion
Rabiu, 56, is the founder of BUA Group; the conglomerate has interests including sugar, rice, edible oil, cement and real estate. His father, Isyaku Rabiu, was arrested in the 1980s under Buhari—then a military ruler in Nigeria—on charges including rice hoarding, and Rabiu took charge of his father’s business during the latter’s detention. His business also has a charitable foundation.

All estimates of wealth are taken from Forbes’ “The Black Billionaires 2016” report, published in March 2016, as per Oxfam’s report. The wealth of the individuals in question may have fluctuated since.

http://www.newsweek.com/nigeria-billionaires-inequality-611376

6 Likes 2 Shares

Re: Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty by FUNNYBONE1: 1:05pm On May 19
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15 Likes 1 Share

Re: Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty by gbegemaster(m): 1:13pm On May 19
if the country’s richest billionaires clubbed together and shared out their wealth. It would cost $24 billion to eradicate extreme poverty in Nigeria

Lol. The rich hardly think of that. They think more in line of increasing their riches.

If only they understand that when they die, the riches are left behind. Not a single penny will be taken with them.

52 Likes 6 Shares

Re: Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty by gab264(m): 2:10pm On May 19
The rich in the east.

We don't make noise,we only manipulate the gullibles,buy up their lands and invest more in other to frustrate the gullibles.

38 Likes 3 Shares

Re: Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty by KINGwax007(m): 2:13pm On May 19
gbegemaster:
if the country’s richest billionaires clubbed together and shared out their wealth. It would cost $24 billion to eradicate extreme poverty in Nigeria

Lol. The rich hardly think of that. They think more in line of increasing their riches.

If only they understand that when they die, the riches are left behind. Not a single penny will be taken with them.
na u help them work?

176 Likes 8 Shares

Re: Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty by gbegemaster(m): 2:33pm On May 19
KINGwax007:
na u help them work?
I didn't ask them to share the riches. I only said they won't take it with them when they leave.

Dont get your panties in a wad. It's just a statement of fact

44 Likes 1 Share

Re: Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty by RichYoungNigga: 2:41pm On May 19

That's a lie

USA is the richest country in the world but you need to see how Americans live and dwell in poverty

The money USA government spends to feed prisoners in a month can feed Germany for 1 year yet their citizens live paycheck ​to paycheck

Those men you mentioned don't have enough money to wipe out poverty, i know a few hitters that would ball with their inheritance

18 Likes 1 Share

Re: Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty by TooNoisy(f): 2:41pm On May 19
Then some Igbos will say they are the most entrepreneurial.

See Yorubas dominating the list. Even Dangote's biggest investments are in Yorubaland.

118 Likes 2 Shares

Re: Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty by Hades2016(m): 2:41pm On May 19
God bless my hustle

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Re: Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty by Nobody: 2:42pm On May 19
grin
Re: Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty by fratermathy(m): 2:42pm On May 19
James Onanefe Ibori
Emmanuel Ewetan Uduaghan





Both singlehandedly looted Delta State dry, especially that cone headed clown called Uduaghan.

17 Likes 2 Shares

Re: Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty by lonelydora(m): 2:42pm On May 19
Rabiu is badass rich man. He is even from the same place with Dangote. He has the best mansion in abuja. He is the owner of that castle mansion opposite Transcorp hotel. People argue daily as to who owns that house, not knowing it is Rabiu. He bought the land alone 1 billion naira.

The people mentioned above have not had access to government money before. Reason they make the list on Forbes. Dangote is not richer than IBB or T.Y Danjuma.

44 Likes 2 Shares

Re: Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty by Aburi001: 2:42pm On May 19
Where is IBB name biko? shocked

Not to talk about AbdulSalam Abubakar, Obj and TY Danjuma. These guys are more richer than Otedola grin

17 Likes 1 Share

Re: Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty by pyyxxaro: 2:42pm On May 19
OP

I can't see my name on this list

There's obviously a mistake somewhere embarassed sad

17 Likes 1 Share

Re: Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty by TheLogicalMind: 2:43pm On May 19
Money good o! Meanwhile, David Luiz has spent 1.1 million pounds to buy golden bracelets for his Chelsea teammates....












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Re: Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty by iluvpomo(m): 2:43pm On May 19
Why do we have that type of mentality that billionaires should give out handouts to the poor?

Nigerians are not lazy or stüpid either. We should instead fight corruption and push for good leadership and then with a strong economy there will be opportunities available (jobs/business etc). Nigerians will be independent and not have to worry about poverty because we are blessed as a nation with resources.

12 Likes 1 Share

Re: Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty by durentchigozie(m): 2:43pm On May 19
TooNoisy:
Then some Igbos will say they are the most entrepreneurial.

See Yorubas dominating the list. Even Dangote's biggest investments are in Yorubaland.
shut up ur mouth! Your moniker reflects on what you are.

38 Likes 3 Shares

Re: Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty by Dimejidude(m): 2:43pm On May 19
.
Re: Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty by mytime24(f): 2:43pm On May 19
Op



my name is'nt there undecided


Maka y

2 Likes

Re: Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty by larrymoore(m): 2:43pm On May 19
who do they help?
Re: Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty by ettybaba(m): 2:43pm On May 19
Good to know.
Re: Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty by Realdeals(m): 2:43pm On May 19
Ok
Re: Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty by Wolfbrother(m): 2:43pm On May 19
gab264:
The rich in the east.

We don't make noise,we only manipulate the gullibles,buy up their lands and invest more in other to frustrate the gullibles.

Na only mouth una get, keep chest beating ... i know say this thread pain you well well ... also who is we? you are clearly not among

54 Likes 2 Shares

Re: Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty by sunkieisland: 2:43pm On May 19


I'm convincingly sure that even if the 24 billion someone quoted were to be shared, more than half the population will still end up poor.



Sharing money will not solve economic problems..... hard work will.

4 Likes

Re: Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty by ephi123(f): 2:44pm On May 19
It's their wealth. They are not obliged to share it round. Afterall they worked for it, at least a few on the list did.

5 Likes

Re: Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty by PearlStreet(m): 2:44pm On May 19
gab264:
The rich in the east.

We don't make noise,we only manipulate the gullibles,buy up their lands and invest more in other to frustrate the gullibles.

You people are the largest population of externally displaced persons in the world.

Your 30 pieces of silver should be channeled to bailing your brothers in Chinese prisons and your uncles facing execution in Indonesia.

60 Likes 4 Shares

Re: Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty by free2ryhme: 2:44pm On May 19
It is a lie their wealth can never wipe out world poverty


Solomon rich pass dem yet poverty full the world

Make una no dey lie oooo grin
Re: Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty by ekensi01(m): 2:44pm On May 19
When you have self-will people in Nigeria you're talking. I will soon blow up and show the world the real change.
Re: Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty by KingEbukasBlog(m): 2:44pm On May 19
... and how many Igbos made the list ?

5 Likes

Re: Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty by Kizyte(m): 2:45pm On May 19
Never envy any Billionaire/Millionaire, you never can tell the source of his wealth.
Re: Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty by thestevens: 2:45pm On May 19
So while some people are busy stealing from the government, they should use their hard earn money to wipe out poverty... Next pls.

2 Likes

Re: Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty by Lanre4uonly(m): 2:45pm On May 19
Alright.

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