Report Shows Dangote, Adenuga Together Can Lift 63m Nigerians Out of Poverty with their N8.33tn Wealth

Report Shows Dangote, Adenuga Together Can Lift 63m Nigerians Out of Poverty with their N8.33tn Wealth

  • Dangote and Adenuga are worth over N8.3 trillion and it has been revealed that their wealth can lift 63 million Nigerians out of poverty
  • World Poverty Clock puts the total number of Nigerians living in poverty at 88.3 million, which is 41% of the total Nigeria's population
  • In the last few years, there has been rising number of poor Nigerians amid rising cost of food and stagnant salary

President of Dangote Group, Alhaji Aliko Dangote, and Chairman of Globacom Mr Mike Adenuga have been discovered to be richer than 63 million Nigerians put together.

This is according to a report released by Oxfam in Nigeria, which states that the wealth of three Nigerian billionaires increased by $6.9bn during the outbreak of the COVID-19 pandemic, which began in March 2020.

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The report titled: Inequality Kills was presented to the public by Oxfam in Nigeria Project Manager, Henry Ushie, ahead of the World Economic Forum’s Davos Agenda in Switzerland.

Report shows together Dangote, Adenuga Can Lift 63m Nigerians Out Of Poverty with their N8.33tn Wealth
Dangote is astute businessman and Africa's richest man Credit: haber
Source: Facebook

Nigerian billionaires made more money since 2020

Collectively, the total wealth of the three billionaires in Nigeria was put at $24.9bn, the report stated.

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The top three Nigerian billionaires are Dangote with a net worth of $13.6bn, Adenuga $6.5bn and Chairman of BUA Group Rabiu Abdulsamad who has a net worth of $4.8bn.

The report analysed by TheWhistler stated that while the wealth of billionaires in Nigeria rose by 38.3 per cent during the coronavirus pandemic, about 7.4 million people were estimated to have fallen into extreme poverty in 2020.

Every second billionaires make money

The report further argued globally, 10 richest men more than doubled their fortunes from $700bn to $1.5trn at a rate of $15,000 per second or $1.3bn a day during the first two years of a pandemic that has seen the incomes of 99 per cent of humanity fall and over 160 million more people forced into poverty.

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It noted that billionaires’ wealth has risen more since COVID-19 began than it has in the last 14 years with a new billionaire minted every 26 hours, as inequality contributes to the death of one person every four seconds.

Oxfam directors speaks

The Country Director of Oxfam in Nigeria, Dr. Vincent Ahonsi, while commenting on the Report expressed disappointment about the widening rate of income inequality.

He said:

“It is disappointing that the two richest billionaires in Nigeria have more wealth than the bottom 63 million Nigerians. It is about time we begin to correct these extreme inequalities.
“Collectively, the total wealth of the three billionaires in Nigeria equals $24.9bn and throughout the pandemic (beginning in mid-March 2020), their wealth increased $6.9bn while the majority of Nigerians are poorer.
“It is a remarkable surge in wealth at the very top of the society, which has not impacted positively on the majority.”

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He added that as the COVID-19 pandemic and the associated social-economic distress impact more on the families, women and girls now face unprecedented risk of physical, sexual and psychological abuse and violence.

Ahonsi continues:

“It is now a moral burden on billionaires to invest more on social goods including water and sanitation, education, food security, health and social infrastructure as part of their corporate social responsibilities for a just post-pandemic recovery.
“We can end inequality and it is a moral duty for the billionaires and corporations to play their part to end hunger, disease and poverty."

Rabiu is now the second-richest man in Nigeria

Meanwhile, the ranking of Nigeria richest billionaire has changed, as industrialist Abdul Samad Rabiu unseat telecommunication magnate Mike Adenuga to the second position.

While Dangote is still Nigeria richest man, Rabiu aim now is to close the gap and also push higher in African billionaires ranking.

Just days after listing one of his companies, BUA food on Nigerian Stock Exchange, the shares value has increased by 9.92%


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