Oxfam: Wealth of 4 Nigerian Billionaires Can Cover the Whole of Lagos City in N500 Notes
- Oxfam said that Nigerian billionaires continue to amass wealth despite the economic challenges in the country
- In a new report, the non-government organisation stated if 4 Nigerian billionaires converted their wealth into N500 notes it could fill the entire Lagos State
- The removal of petrol subsidies, the devaluation of the naira, and rising inflation have plunged many Nigerians into poverty
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
According to a new report by Oxfam titled Takers Not Makers, the combined net worth of four Nigerian billionaires has reached $23.7 billion.
The report noted that if the four billionaires were to convert their wealth into N500 notes, it would easily cover the entire city of Lagos.
Source: UGC
Wealth Gap
Oxfam also stated that the wealth gap in Nigeria has reached crisis levels, with the richest individuals accumulating unprecedented wealth while the poor struggle to survive.
Part of the report reads:
“In 2024, billionaire wealth surged, and this trend is expected to continue, with at least five trillionaires emerging in the next decade, according to our findings.
“A staggering 60% of billionaire wealth in Nigeria is derived from inheritance, monopoly power, or crony connections, perpetuating a system of economic inequality. This unmerited wealth concentration is exacerbated by a regressive tax system and high cost of governance, which disproportionately benefits the wealthy elite.
“In Nigeria, the wealth of four billionaires (US $23.7 billion) could easily cover the whole of Lagos city in 500 naira notes.
"Meanwhile, over 133 million people, about 70% of the population, face hunger, with women and girls disproportionately affected, making up nearly 63% of the hungry population."
Forbes reports that the four richest men in Nigeria are Aliko Dangote, Mike Adenuga, Abdul Samad Rabiu and Femi Otedola.
As of Thursday, December 23, their net worth is as follows:
- Aliko Dangote: $10.8 billion
- Mike Adenuga: $6.8 billion
- Abdulsamad Rabiu: $4.9 billion
- Femi Otedola: $1.6 billion
World wealth trends
Oxfam further highlighted how the world's richest men are accumulating wealth from two primary sources.
According to John Makina, Country Director of Oxfam in Nigeria, billionaires' wealth is largely unearned.
He said:
"The report highlights that, contrary to popular belief, a significant portion of billionaire wealth is unearned. It reveals that 60 per cent of billionaire wealth now stems from inheritance, monopoly power or crony connections. Furthermore, unmerited wealth and colonialism, not just as a historical period of brutal wealth extraction but as an ongoing force driving today’s extreme inequality, are identified as two key factors behind the accumulation of billionaire wealth.
"Additionally, low- and middle-income countries allocate nearly half of their national budgets to debt repayments, often to wealthy creditors in cities such as New York and London. In Nigeria, the debt service-to-revenue ratio rose to 162 per cent in 2024, up from 128 per cent in 2023."
Oxfam called on governments to act rapidly to reduce inequality and end extreme wealth:
“To reduce inequality, governments need to commit to ensuring that, both globally and at a national level, the incomes of the top 10 percent are no higher than the bottom 40 percent.
“Tax the richest to end extreme wealth. Global tax policy should fall under a new UN tax convention, ensuring the richest people and corporations pay their fair share. Tax havens must be abolished."
Dangote's wealth hits highest level in history
Legit.ng reported that Bloomberg revealed that Aliko Dangote's net worth rose to $28 billion, the highest level ever.
Dangote's net worth is due to his 650,000 barrel-per-day refinery now operational.
It is expected that Dangote will break more wealth records.
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Source: Legit.ng
