223 Views

REVEALED: Combined Wealth of Dangote, Adenuga, Otedola, Alakija, Danjuma 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.

ALSO READ  Dangote $17bn Dollars Refinery Will Create 300,000 Jobs

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.

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

APC Will Expose PDP Looters During 2019 Election Campaign, Says Oshiomole
Buzz & Trends
36 views
Buzz & Trends
36 views

APC Will Expose PDP Looters During 2019 Election Campaign, Says Oshiomole

MT - May 25, 2018

Former governor of Edo State, Comrade Adams Oshiomhole has disclosed that campaign for the forthcoming general elections would be an interesting one as his party, the ruling All Progressive…

Fani-Kayode’s Wife Delivered A Set Of Triplets
Entertainment
47 views
Entertainment
47 views

Fani-Kayode’s Wife Delivered A Set Of Triplets

MT - May 25, 2018

The wife of former Aviation Minister, Femi Fani-Kayode, has delivered a set of triplets. Precious gave birth to three boys. She made the announcement on her Instagram…

APC Tells Security Agencies To Hold Okorocha Responsible For Breakdown Of Law And Order In Imo State
Buzz & Trends
37 views
Buzz & Trends
37 views

APC Tells Security Agencies To Hold Okorocha Responsible For Breakdown Of Law And Order In Imo State

MT - May 25, 2018

The All Progressives Congress, APC, in Imo State, has urged security agencies to hold the State Governor, Rochas Okorocha responsible for any breakdown of law and order…

Two Taraba APC Factions Lay Claim To Party Leadership
Politics
50 views
Politics
50 views

Two Taraba APC Factions Lay Claim To Party Leadership

MT - May 25, 2018

Barely a week after the Taraba State chapter of the All Progressive Congress elected two separate executives at different locations in Jalingo, both factions claim that their…

Adekunle Gold Drops New Album “About 30”, Says I Am Overwhelmed
Entertainment
48 views
Entertainment
48 views

Adekunle Gold Drops New Album “About 30”, Says I Am Overwhelmed

MT - May 25, 2018

Nigeria’s alternative sound singer, Adekunle Gold on Friday expressed how overwhelmed he was at the way his fans loved his new album, About 30. The singer took…

We’ll Expose How PDP Looted Treasury, Plunged Nigerians Into Poverty – Oshiomhole Threatens
Politics
38 views
Politics
38 views

We’ll Expose How PDP Looted Treasury, Plunged Nigerians Into Poverty – Oshiomhole Threatens

PH - May 25, 2018

Comrade Adams Oshiomhole has said that campaigns for 2019 general elections will be interesting because his party, the All Progressives Congress (APC), will reveal to Nigerians how…

Martin Luther King’s Daughter Rejects Claim That Her Father Would Be Proud Of Trump
Featured
41 views
Featured
41 views

Martin Luther King’s Daughter Rejects Claim That Her Father Would Be Proud Of Trump

MT - May 25, 2018

The daughter of Martin Luther King has turned down a claim that the major icon of the US civil rights movements would have been “proud of” Donald…

15 Injured As Blast Rock Indian Restaurant
Shocking
43 views
Shocking
43 views

15 Injured As Blast Rock Indian Restaurant

PH - May 25, 2018

Canadian police on Friday launched a hunt for two men who they believe is behind an explosion in an Indian restaurant near Toronto that injured 15 people.…

APC Restructuring Panel Recieve Praises For A Job Well Done
Best of Nigeria
39 views
Best of Nigeria
39 views

APC Restructuring Panel Recieve Praises For A Job Well Done

PH - May 25, 2018

Governor Seriake Dickson of Bayelsa State has praised Governor Nasir El-Rufai of All Peoples Congress panel on restructuring for doing a good job stressing that Nigeria was…

Insecurity: Zamfara Assembly Writes To Minister Over Incessant Killings
Buzz & Trends
47 views
Buzz & Trends
47 views

Insecurity: Zamfara Assembly Writes To Minister Over Incessant Killings

MT - May 25, 2018

Zamfara House of Assembly has directed its secretariat to write a letter to Minister of defence, Mansur Dan’ali, over incessant killings and security challenges in the state.…

Actor Jigan of ‘Sho-Mo-Age-Mi’ Fame, Writes About His ‘Yahoo’ Days and It’s Touching
Best of Nigeria
46 views
Best of Nigeria
46 views

Actor Jigan of ‘Sho-Mo-Age-Mi’ Fame, Writes About His ‘Yahoo’ Days and It’s Touching

MT - May 25, 2018

  According to Jigan, he has lived a flamboyant life but helping people has been his major thing as he can give someone his ‘last kobo’. The…

Victor Moses to Miss Super Eagles Match Against DR Congo as Mikel, Others Arrive in Camp
Sports
49 views
Sports
49 views

Victor Moses to Miss Super Eagles Match Against DR Congo as Mikel, Others Arrive in Camp

MT - May 25, 2018

The Super Eagles official twitter handle on Thursday, revealed that star player, Victor Moses will not be present when the Super Eagles take on DR Congo in…

Nigerian Author, Chimamanda Ngozi Adichie, Adresses Harvard’s Class of 2018
Best of Nigeria
50 views
Best of Nigeria
50 views

Nigerian Author, Chimamanda Ngozi Adichie, Adresses Harvard’s Class of 2018

PH - May 25, 2018

Writer and speaker Chimamanda Ngozi Adichie gave the class day address to the Harvard Class of 2018 on Wednesday. Chimamanda, characteristically, had a lot of jokes, but…

My Neighbour Beats Pregnant Wife Everyday, Man Raises Alarm On Twitter
Buzz & Trends
45 views
Buzz & Trends
45 views

My Neighbour Beats Pregnant Wife Everyday, Man Raises Alarm On Twitter

MT - May 25, 2018

An Abuja resident has raised the alarm about his neighbour, who beats his pregnant wife day and night. The man, who identified himself simply as Biba, raised…

How Former Employee Allegedly Dupe Folorunsho Alakija Foundation Of N3million
General
38 views
General
38 views

How Former Employee Allegedly Dupe Folorunsho Alakija Foundation Of N3million

MT - May 25, 2018

Mrs. Folorunso Alakija, one of the richest women in Africa, on Thursday revealed to an Ikeja High Court how she was duped by Vincent Ayewah, one of…

China Offers Scholarship To 47 UNIZIK Students
Geeky & Smart
62 views
Geeky & Smart
62 views

China Offers Scholarship To 47 UNIZIK Students

PH - May 25, 2018

The Chinese Embassy in Nigeria on Thursday offered scholarship to 47 students of Nnamdi Azikiwe University, a.k.a. UNIZIK, Awka, Anambra State. Professor Joseph Ahaneku, vice chancellor of…

READ: Singer Timaya Gives Advise to People Living Fake Lifestyles; “Wear the Clothes You Can Afford”
Best of Nigeria
50 views
Best of Nigeria
50 views

READ: Singer Timaya Gives Advise to People Living Fake Lifestyles; “Wear the Clothes You Can Afford”

MT - May 25, 2018

Popular Nigerian singer, Timaya has some words of advise for folks who hell bent on living a fake life just to ‘keep up with the Jones’s’ While people are…

Photos: Beautiful Family: Rapper, Olamide Steps Out With His Fiancee And Son
Best of Nigeria
54 views
Best of Nigeria
54 views

Photos: Beautiful Family: Rapper, Olamide Steps Out With His Fiancee And Son

MT - May 25, 2018

Indigenous Nigerian rapper, Olamide stepped out recently with his fiancee, Bukunmi and their son for what he called ‘School runs’. It should be recalled that the rapper proposed to…

Loading...