₦airaland Forum

Biodun556:
People like Tony Elumelu, Adeleke etc that you didn't see their names on the forbes billionaire list in dollars even if their companies are worth billions of dollars like Adeleke whose company is worth 2.5bn dollars is because he is just the MAJORITY SHARE HOLDERS OF THE COMPANY AND THAT DOESN'T MEAN THE 2.5BN BILLION BELONG TO HIM .

Xannadu:
Plus the fact that stolen wealth is usually not recognised by forbes. Otherwise there'd be over 5000 Nigerians on Forbes billionaires list

michlins:
I don't even understand how you folks think about Nigeria fortunes. This is a very poor country by all standards. A state that doesn't generate a billion yet you hear citizens claiming that the governor stole billions of dollars. Even if he stole everything the state made in a year,it wouldn't be up to $2bn. How many states have a budget of $2bn except Lagos, Abuja and maybe Kano. So let's say the government steals 100% of everything all to himself,he won't accumulate billions of dollars.

If you want to understand what corruption looks like, check the grant America gave Ukraine for war. Over $300bn is not accounted for

michlins:
I don't even understand how you folks think about Nigeria fortunes. This is a very poor country by all standards. A state that doesn't generate a billion yet you hear citizens claiming that the governor stole billions of dollars. Even if he stole everything the state made in a year,it wouldn't be up to $2bn. How many states have a budget of $2bn except Lagos, Abuja and maybe Kano. So let's say the government steals 100% of everything all to himself,he won't accumulate billions of dollars.

If you want to understand what corruption looks like, check the grant America gave Ukraine for war. Over $300bn is not accounted for

michlins:
I don't even understand how you folks think about Nigeria fortunes. This is a very poor country by all standards. A state that doesn't generate a billion yet you hear citizens claiming that the governor stole billions of dollars. Even if he stole everything the state made in a year,it wouldn't be up to $2bn. How many states have a budget of $2bn except Lagos, Abuja and maybe Kano. So let's say the government steals 100% of everything all to himself,he won't accumulate billions of dollars.

If you want to understand what corruption looks like, check the grant America gave Ukraine for war. Over $300bn is not accounted for

Xannadu:
So what's your reasoning here, the state resources are too small for politicians to embezzle so it doesn't matter? The fact that you even think Nigeria is a poor country shows just how little you know about the economy. Not to even consider the fact that all that goes into a politician's pocket comes only from the IGR, completely ignoring the billions of dollars they borrow yearly for "infrastructural developments" we never get to see after their tenure ends.

Xannadu:
So what's your reasoning here, the state resources are too small for politicians to embezzle so it doesn't matter? The fact that you even think Nigeria is a poor country shows just how little you know about the economy. Not to even consider the fact that all that goes into a politician's pocket comes only from the IGR, completely ignoring the billions of dollars they borrow yearly for "infrastructural developments" we never get to see after their tenure ends.

michlins:
I'm saying that the amount embezzled is exaggerated by the masses. If a state governor decides to steal #2bn monthly, that's less than $2ml monthly and in eight years, it's less than $200ml

But ask an average person,he will tell you that the governors are richer than Dangote.

This country is extremely poor and the masses have a whole different idea and expectations

michlins:
how much is the Nigeria budget annually both borrowing and revenue, add another 100% as revenue not captured by politicians, how much is it that you think politicians embezzle billions of dollars

Xannadu:
Whether you steal 1 million naira or 1 million dollars, stealing is wrong and should not be magnified or commonized in any way.

lionshare:
Nigerian media often mirrors the public’s tendency to prioritize sensationalized narratives over factual analysis. When comparing Nigeria’s budgetary allocations and population size to peers like Kenya, South Africa, and Egypt, it becomes clear that the country’s resources are insufficient even for a single major city like Lagos, let alone the entire nation.

michlins:
then remove your statement about the number being up to 5000 if corrupt politicians are captured because it's entirely wrong and it fuels the wrong narrative that Nigeria is rich and that the politicians are all billionaires in dollars.

They steal and it's entirely wrong because we don't even have enough to sustain our over population but not like we imagine

Biodun556:
WHY THESE TWO AND OTHERS AREN'T ON FORBES BILLIONAIRE LIST.

OK, let me help some people who don't understand how the billionaire list is compiled.

People like Tony Elumelu, Adeleke etc that you didn't see their names on the forbes billionaire list in dollars even if their companies are worth billions of dollars like Adeleke whose company is worth 2.5bn dollars is because he is just the MAJORITY SHARE HOLDERS OF THE COMPANY AND THAT DOESN'T MEAN THE 2.5BN BILLION BELONG TO HIM . Other investors are among the owners, so his share is not up to a billion in that 2.5bn. But they will mention him as the owner because he has the largest share even if it isn't up to a billion dollars. Same with Tony, whose shares in Transcorp and UBA aren't up to a billion dollars, even if he is the largest share holder.

SO THE COMPANIES WORTH IS NOT THEIR PERSONAL WORTH . IT IS CALLED PLC ( PUBLIC LIMITED COMPANIES) OWN BY MANY.

Tino ✍️
#Tinosbullet


https://www.facebook.com/100013621805584/posts/pfbid0sbo1F95vkDgdjaqoYsT4NqdVRaehVQXDDsD9RcWvBUKTFfviJdQnC9xrgskYootYl/?app=fbl

Dangote Cement Plc is Sub-Saharan Africa's leading cement company, with a production capacity of 52.0 million tonnes per year across ten countries.

Dangote Sugar Refinery Plc (“Dangote Sugar” or “DSR”) is a household name in the sugar refining sector of the Nigerian Food and Beverage Industry

In 2012, the Bank changed its name again to First Bank of Nigeria Limited as part of a restructuring resulting in FBN Holdings Plc, having detached its commercial business from other businesses in the First Bank Group, in line with the requirements of the Central Bank of Nigeria.

First HoldCo Plc is a well-diversified and one of the largest financial services organisations in Africa

As FirstHoldCo, we are better positioned to meet evolving market demands, support our partners, and deliver on our promises in an increasingly interconnected financial ecosystem.”

Page 2 BOARD OF DIRECTORS: Chairman: Mr. Olufemi Otedola, CON,

Olufemi Peter Otedola CON (born 4 November 1962) is a Nigerian businessman and philanthropist. He is the former chairman of Forte Oil PLC, and is the current executive chairman of Geregu Power PLC.

BUA Cement PLC is a publicly listed firm headquartered in Nigeria, it produces and markets cement products in the country.

BUA Foods Plc.

BUA Foods is a leading Food and Fast-moving consumer goods (“FMCG”) business which processes, manufactures, and distributes food produce as well as packaged food.

Xannadu:
Plus the fact that stolen wealth is usually not recognised by forbes. Otherwise there'd be over 5000 Nigerians on Forbes billionaires list

michlins:
how much is the Nigeria budget annually both borrowing and revenue, add another 100% as revenue not captured by politicians, how much is it that you think politicians embezzle billions of dollars

Rexymania:
Tinubu nd atiku

Rexymania:
Tinubu nd atiku

michlins:
none of them are billionaires in dollars. You have have zero idea of what a billion dollars is like. Imagine all the years Dangote has been working hard coupled with the help of monopoly and see how many billions he has managed to get

SalamRushdie:
The entire UBA is worth just 787 million dollars and Tony owns 7.83 % ..Tony is far from being a billionaire, his wealth status in Nigeria comes from his ability to be able to finance any venture more easily than most people because of his acccess to bank liquidity

motymop:
they are if they make their record public

Atiku is also weathy and should be worth millions of dollars , he is a part owner of Intels Intels Nigeria, one of the largest oil servicing business in Nigeria, revenue for last year was $295.5 million and they founded this business in 1982

I have no clue about tinubu but he should be worth millions of dollars

motymop:
He also own shares in transcorp, he has assets in real assets and many more

Do not use his UBA holding to judge him

Also this guy wont like to declare some of his assets publicly because backclash and tax.

michlins:
exactly what is happening. Egypt is currently building a new capital from ground up and they are spending almost twice the Nigeria's annual budget ($58bn versus $28bn)

michlins:
I don't even understand how you folks think about Nigeria fortunes. This is a very poor country by all standards. A state that doesn't generate a billion yet you hear citizens claiming that the governor stole billions of dollars. Even if he stole everything the state made in a year,it wouldn't be up to $2bn. How many states have a budget of $2bn except Lagos, Abuja and maybe Kano. So let's say the government steals 100% of everything all to himself,he won't accumulate billions of dollars.



If you want to understand what corruption looks like, check the grant America gave Ukraine for war. Over $300bn is not accounted for

michlins:
his worth is public knowledge. Everyone knows his investments and their worth in every company.

Something about the rich is that at certain levels, your personal worth becomes public knowledge. There are people who are constantly watching all his moves and copying his investment strategies so he can't hide

motymop:
you are not correct

Forbes does not have access to bank accounts or assets of HNI. Many of their assets are not in public, they are hidden

Forbes only have acccess to public information like stocks info in a PLC, they dont have access to bank accounts, debt , hidden bank accounts, gold holdings and other assets

Xannadu:
So what's your reasoning here, the state resources are too small for politicians to embezzle so it doesn't matter? The fact that you even think Nigeria is a poor country shows just how little you know about the economy. Not to even consider the fact that you think all that goes into a politician's pocket comes only from the IGR, completely ignoring the billions of dollars they borrow yearly for "infrastructural developments" we never get to see after their tenure ends.