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What Nigerian billionaires can learn from Andrew  Carnegie 

Michael Ndu-Okeke by Michael Ndu-Okeke
April 26, 2021
in Billionaire Watch
What Nigerian billionaires can learn from Andrew  Carnegie 

Scottish industrialist and philanthropist Andrew Carnegie (1835 - 1919). The son of a Dunfermline linen weaver, Carnegie emigrated to Pittsburgh in 1848. After the American Civil War (1861 - 1865) he moved into the production of iron and steel. Carnegie became one of the richest men of his day. A multi-millionaire, he retired to Skibo Castle in Sutherland and donated $350 million to many charities and over 1700 libraries in America and Britain. His name lives on in the Carnegie Institutes in Pittsburgh and Washington and in the famous Carnegie Hall in New York. (Photo by Ernest H. Mills/Getty Images)

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What can billionaires in Nigerian learn from one of the wealthiest Americans in history?

According to a World Poverty Clock report, Nigeria has overtaken India to become the country with the highest number of poor people in the world.

An Oxfam report beautifully captured the disturbing inequality between the ‘haves’ and ‘have nots’ in Nigeria. A June 2018 statistic by the World Poverty Clock places Nigeria’s extremely poor population at 86.9 million Nigerians. The country’s middle class keeps shrinking and the gap between the rich and the poor widens daily.

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So, what can Nigerian billionaires learn from Andrew Carnegie, one of the wealthiest men in American history?

READ: There are only 15 black billionaires in the world, here are the top 10

Andrew Carnegie, the father of philanthropy 

Andrew Carnegie became one of the wealthiest men in American history after he sold his company to J. P. Morgan for $480 million. He devoted the rest of his life to his philanthropic activities and writing. During his lifetime, Carnegie gave away over $350 million.

Carnegie argues that every wealthy individual has a moral obligation to give away a sizeable chunk of his/her wealth to the poor. He is credited as the father of philanthropy.

His most famous quote goes thus:

“The man who dies thus rich dies disgraced.”

READ: Billionaire investors in Nigeria you may not know

For context:

A viral video shot in the highbrow Ikoyi area of Lagos circulated on social media last week. The video which showed an infiltration of low-income people into the upper-class community sparked a big discussion about the behaviour of the rich towards the poor in Nigeria.

Nigerian billionaires can borrow a leaf from the life of Andrew Carnegie and embrace philanthropy, given that a vast number of our people are living below poverty line.


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Tags: Andrew CarnegieNigerian billionaires
Michael Ndu-Okeke

Michael Ndu-Okeke

I am Michael Ndu-Okeke, a crypto reporter and analyst covering the intriguing world of Cryptocurrencies and its market. My work focuses on informative news, industry trends and research explaining the crypto industry to a wide range of readers.

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Comments 1

  1. Stanley says:
    April 26, 2021 at 8:57 pm

    Yes, I agree. The rich down here should do more than just the usual occasional cash handouts to the poor; rather they should enable the hardworking poor to actualise their dreams by sponsoring their projects, business plan and educational scholarships to mention but a few. Even the Holy Bible implied that it’s foolish to stockpile wealth for relatives to waste after ones death.

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