Dangote can lift 2 million people from poverty


Nairametrics| A recently released report by Oxfam, an NGO based in the United Kingdom states that the top 5 wealthiest men in the country are worth $29.9 billion. Here are key points from the report:

  • Top 5 wealthiest men in the country are worth $29.9 billion.
  • The richest man in the country would exhaust his wealth in 42 years if he spent $1 million dollars a day.
  • The annual earnings of the richest man in Nigeria can lift 2 million people from poverty in a year.
  • 112 million people live in extreme poverty in Nigeria
  • Over 15% of Nigeria’s youth are unemployed.
  • Nigeria is one of few countries in the world with increasing poverty despite positive economic growth.

While the report does not name the individuals, the 2016 Forbes list of billionaires mentions the Nigerians concerned. First on the list is Alhaji Aliko Dangote with an estimated net worth of $19.9 billion. Dangote made his fortune largely from cement and is currently building the biggest oil refinery in the country. Next on the list is Mike Adenuga with a net worth of $10 billion. Adenuga is popularly known for his ownership of Globacom, one of Nigeria’s top 3 telecommunications companies. Adenuga also has several investments in real estate and oil and gas.

Femi Otedola, Folorunsho Alakija and Isyaku Rabiu round up the Forbes list of richest Nigerians. Both Otedola and Alakija made their wealth from the oil industry. Otedola is worth $1.8 billion through his majority stake in Forte oil, and Mrs Alakija is worth $1.5 billion through her stake in an oil bloc. Isyaku rabiu is the founder of BUA group which has investments in sugar and flour refining and cement production. He has a net worth of $1.1 billion.
Oxfam international was formed in 1995 by a group of independent non governmental organizations. The name “Oxfam” comes from the Oxford Committee for Famine Relief, founded in Britain in 1942. The group campaigned for food supplies to be sent through an allied naval blockade to starving women and children in enemy-occupied Greece during the Second World War.

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