Connect with us

News

3,000 Nigerian millionaires fall on hard times — Report

Published

on

Spread the love
Nigeria, Africa’s largest economy, experienced negative millionaire growth of 30 per cent from 2012 to 2022, resulting in 2,949 individuals losing their millionaire status in one decade.
This is according to the 2023 Africa Wealth Report compiled by Henley and Partners.
According to the report, Africa’s ‘Big 5’ wealth markets include South Africa, Egypt, Nigeria, Kenya and Morocco.
“Together, they account for 56 per cent of Africa’s high-net-worth individuals and over 90 per cent of the continent’s billionaires,” it partly read.
The wealth categories are split into millionaires—individuals with a net worth above $1m; centimillionaires—individuals with a net worth above $100m and billionaires—individuals with a net worth above $1bn.
South Africa has 37,800 millionaires, 98 centimillionaires and 5 billionaires.
Egypt came second with 16,100 millionaires, 54 centimillionaires and 8 billionaires, while Nigeria ranked third with 9,800 millionaires, 27 centimillionaires and four billionaires. Kenya has 7,700 millionaires, 15 centimillionaire and no billionaires. Morocco has 5,800 millionaires, 28 centimillionaire and four billionaires.
Others include Mauritius (4,900 millionaires, 10 centimillionaire and no billionaire), Algeria (2,800 millionaires, eight centimillionaire and one billionaire), Ethiopia (2,700 millionaires, four centimillionaire and no billionaire), Ghana (2,600 millionaires, five centimillionaire and no billionaire) and Tanzania (2,400 millionaires, six centimillionaire and one billionaire).
However, total high-net-worth individual numbers in Africa fell by 12 per cent between 2012 and 2022. The continent currently has 138,000 millionaires, 328 centimillionaires and 23 billionaires.
Performance was constrained by poor growth in the three largest African markets, South Africa, Egypt, and Nigeria, which saw 21 per cent, 25 per cent and 30 per cent of negative growth.
Within that period, the report revealed that “Rwanda was the top performing market in Africa, with millionaire growth of 72 per cent, followed by Mauritius, the Seychelles, Uganda and the Democratic Republic of the Congo. Morocco and Kenya’s high-net-worth individual populations also grew solidly.”
Meanwhile, “Ethiopia and Ghana, whose millionaire populations had been growing rapidly until 2019, have struggled over the past few years, which pulled back their 10-year growth rates.”
Although five out of Africa’s top 20 saw a decline in their wealth in the past decade, none was more significant than Nigeria’s where 30 per cent of the wealthiest individuals fell below the million-dollar mark.
Aliyu Ilias is a development economist. He said that the decline is a natural result of several factors, including poorly-implemented government policies, the Covid-19 pandemic and soaring inflation experienced in the past eight years of the Buhari regime.
“First and foremost, it is a result of government policies. Most businesses in Nigeria suffered in the last five to 10 years due to unfavourable government policies.
“Apart from that, our inflation rate is quite high. Once you have high inflation, people don’t go to banks to borrow again.
“Our Monetary Policy Rate is also high. When you have a high MPR, people would not want to go to banks. They would stay aloof to allow things to normalise,” Ilias said.
He blamed the Covid-19 crisis, which spanned from 2020 to 2021, saying making the world stand still had terrible impacts on businesses operated by many of the unlucky 3000 millionaires.
Spotlighting the current regime, he said, “It is majorly government policy. President Buhari’s policies were not friendly to many businesses.
“If you remember when he became president, many people had to leave the country, some had to close their businesses, others hid their money because of the hurtful experience we had in 1984,” he said.
He added that the naira redesign policy also impoverished more Nigerians who could not do business for lack of cash.
In an earlier presentation he delivered at the Lagos Business School, the CEO of the Financial Derivatives Company Limited, Dr. Bismarck Rewane, warned that Nigeria was on track to lose $18m of its Gross Domestic Product monthly.
He blamed this on the negative effects of the naira redesign policy of the Central Bank of Nigeria for the probable downturn saying, “Trade is settled mainly in cash and POS, although 70 per cent of trading transactions are settled by cash.
“Therefore, the velocity of circulation in the trading sector (16 times) is approximately four times more than the formal sector.
“A decline in the velocity of circulation could reduce output in the trading sector. Hence its contribution to the GDP will fall,” he explained.
The 2023 Africa Wealth Report highlights the need for policymakers to promote more inclusive economic growth policies and address the structural challenges that limit growth.
Experts argue that the incoming administration must take urgent steps to address the challenges that limit growth and promote wealth creation. These measures, they argue, can help to create a more equitable and prosperous economy.
(The PUNCH)

News

Flood Alert: 8,000 communities, 4,500 schools at risk – FG

Published

on

FG warns of imminent flooding along Rivers Benue, Niger
File: Flood Victims
Spread the love

More than 8,000 communities and 4,500 schools across 15 states are at risk of flooding between September 19 and 25, according to the latest National Flood Advisory issued by the Nigeria Hydrological Services Agency.

The agency warned that rising river levels could trigger flooding in vulnerable communities, exposing schools, healthcare facilities, markets, religious buildings and farmlands to possible inundation.

The warning was contained in the agency’s National Flood Advisory issued on Saturday by its Director-General and Chief Executive Officer, Arch Umar Mohammed.

The affected states include Imo, Cross River, Delta, Ebonyi, Benue, Anambra, Akwa Ibom, Edo, Enugu, Bayelsa, Kogi, Abia, Taraba, Rivers and Lagos.

Mohammed said rising river levels were expected to trigger flooding in several communities, putting schools, healthcare facilities, markets, farms and religious buildings at risk.

Maduka College Advert

He urged affected state governments to urgently relocate residents living in vulnerable communities to safer locations ahead of the forecast.

He said, “High riverine flood risk is forecast for the next seven days across Imo, Cross River and 13 other states.

Rising river stages are expected to cause flooding.

“Communities on the floodplain should prepare to move to higher ground. Stations include Obubra, Itigidi and Epento on the Cross River.”

In Imo State, NiHSA listed Aboh-Mbaise, Ahiazu-Mbaise, Ehime Mbano, Ezinihitte, Ideato North, Ihitte/Uboma and Ikeduru local government areas as being at risk.

The agency said 958 communities, 1,022 schools, 553 healthcare facilities, 161 markets and 198 religious buildings were exposed in the state.

In Cross River State, the affected LGAs are Abi, Akamkpa, Akpabuyo, Biase, Calabar, Calabar South, Ikom and Obubra.

NiHSA identified 2,471 communities, 703 schools, 344 healthcare facilities, 145 markets, 453 religious buildings and 854 hectares of farmland as exposed to the flood risk.

In Ebonyi State, Abakaliki, Afikpo, Afikpo South, Ebonyi, Ezza North and Ezza South LGAs were identified as vulnerable.

The agency said 2,574 communities, 1,064 schools, 422 healthcare facilities, 480 markets, 629 religious buildings and 1,882 hectares of farmland were exposed.

In Benue State, the affected LGAs are Buruku, Gboko, Guma, Katsina-Ala, Logo and Ukum, with 303 communities, 100 schools, 48 healthcare facilities, 32 markets, 151 religious buildings and 55 hectares of farmland exposed.

NiHSA also identified Aguata, Anambra East, Anambra West, Anaocha, Awka North, Awka South and Ayamelum local government areas in Anambra State as vulnerable.

It listed 1,314 communities, 1,308 schools, 1,089 healthcare facilities, 280 markets, 610 religious buildings and 1,529 hectares of farmland as exposed.

In Akwa Ibom State, Abak, Eket, Etinan, Ibeno, Ibesikpo Asutan, Ibiono Ibom, Ika and Ikono LGAs were listed among the affected areas.

The agency identified 249 communities, 323 schools, 211 healthcare facilities, 74 markets and 289 religious buildings as exposed in the state.

The agency advised residents in flood-prone areas, particularly communities located on floodplains, to take precautionary measures and move to higher ground where necessary.

Continue Reading

News

2027: Obi, Kwankwaso Movement unveils 59-member campaign council

Published

on

Peter Obi and Rabiu Kwankwaso
Spread the love

The Obi-Kwankwaso Movement on Thursday unveiled a 59-member presidential campaign council comprising zonal and state coordinators as well as directors for mobilisation, women’s affairs, strategy, security, legal affairs and other key areas ahead of the 2027 general elections.

The council, as announced in a statement on Thursday, has the Director-General of the movement, John Ughulu, as Director-General of the campaign, while National Secretary, Saadatu Sani, is also listed among the campaign leadership.

The structure has representatives from the six geopolitical zones and the Federal Capital Territory, with state coordinators appointed for the 36 states.

The council also includes directors responsible for grassroots mobilisation, women affairs, contact and engagement, special duties, procurement, information technology, legal affairs, strategy and planning, security and intelligence, and administration.

The development comes as the movement intensifies preparations to mobilise support for the joint presidential ticket of Nigeria Democratic Congress candidate, Peter Obi, and his running mate, Rabiu Kwankwaso, ahead of the 2027 election.

Maduka College Advert

In a congratulatory message to the newly appointed council members, Sani explained that their selection was a call to duty and tasked them with taking the message of its principals to communities across the country.

She said, “Your selection is not merely an appointment; it is a call to duty, sacrifice, leadership and service to Nigeria. At this critical moment in our nation’s history, the responsibility before the presidential campaign council is enormous.

“You have been entrusted with the task of taking the vision, message and aspirations of our principals directly to the Nigerian people from the cities to the grassroots, from the states to the local governments, and from the wards to every community across the federation.
“Your appointment is an honour, but more importantly, it is a responsibility. The journey has begun. The assignment is clear. The mission is Nigeria.”

Continuing, she highlighted that the Obi and Kwankwaso campaign would not be built around individuals seeking personal recognition, but around what it described as a broader national vision.

“The OK Movement is not built around individuals seeking personal recognition. It is a movement driven by a larger national vision: to mobilise Nigerians around the possibility of a better, more prosperous, united and functional Nigeria.

“We therefore expect every member of the Presidential Campaign Council to approach this assignment with discipline, loyalty, humility, courage and an unwavering commitment to the collective vision of the movement.

“The road ahead will require hard work. It will require strategic thinking, grassroots mobilisation, effective communication and, above all, the ability to work together as one formidable political family,” she stated.

The national secretary added that their immediate responsibility was to ensure that the message of its principals reached voters nationwide.
She said, “Our responsibility is to ensure that the message of our principals reaches every Nigerian and that the voice of the people is heard across the length and breadth of our nation.”

Among those appointed are Suleiman Abubakar as North-Central coordinator; Hashimu Dungurawa (North-West); Amadu Gwambe (North-East); Dr Adebayo Adefolaseye (South-West); Christopher Ighodaro (South-South) and El-Shaddai Ikeh (South-East).
The council also appointed state coordinators for each of the 36 states and the FCT.

Others appointed include Rev Mike Agbon as Director, Inter-Ethnic Group in Northern Nigeria; Sabo Gashua (Grassroots Mobilisation); Glory Adayi (Women Affairs); Kabir Yahaya (Contact and Engagement); Abdumumini Tijjani (Mobilisation); Yusuf Mani (Special Duties); Peace Daful (Procurement); Prof Charles Nwekeaku (South Eastern Town Hall) and Sunmisola Adebayo (Information Technology).

Kingdom Okere was appointed Director of Legal Affairs; Abiodun Dabiri (Strategy and Planning); Richard Enemona CSP (retd.) (Security and Intelligence), while Aisha Abdulrahaman was named Director of Administration.

Last month, the group reaffirmed that it would retain its independent structure rather than merge with another political organisation ahead of the 2027 elections, while backing Ughulu as its founder and Director-General.

The unveiling comes days after the movement condemned the reported disruption of Obi’s convoy during his visit to Benue State and called for an impartial investigation into the incident.

The OK Movement said its security personnel deliberately exercised restraint to prevent the situation from escalating into violence.

 

Continue Reading

News

Ex-Kogi gov candidate mourns Ibrahim Idris

Published

on

KOGI: Tribunal upholds Ododo’s victory, says 'election conducted in compliance with Electoral Act'
The 2023 governorship candidate of the Social Democratic Party in Kogi State, Alhaji Murtala Ajaka.
Spread the love

Former governorship candidate in the 2023 election, Alhaji Murtala Ajaka, has expressed deep sorrow over the passing of former Governor of Kogi State, Alhaji Ibrahim Idris, describing his death as a significant loss to his family and the people of Kogi State.

This was contained in a statement issued on Monday by ‎his Head of Media & Public Communications, Prince Tijani Daud.

‎In a condolence message, Ajaka noted that the former governor occupied an important place in the political history of Kogi State, having served the state for nearly nine years between 2003 and 2012.

‎He said Alhaji Ibrahim Idris would be remembered for his years of public service and his role as an elder statesman who contributed to the political and developmental journey of the state.

‎“This is a painful loss, not only to his immediate family but to the people of Kogi State and everyone whose life he touched during his years of public service.

‎“His Excellency, Alhaji Ibrahim Idris, served our state at the highest level and remained an important figure in the political history of Kogi State. His passing marks the end of a significant chapter in our state,” Ajaka said.

‎He extended his condolences to the immediate family of the deceased, the people of Omala Local Government Area, the Igala Kingdom and the entire people of Kogi State.

‎Ajaka prayed to Almighty Allah to forgive the former governor’s shortcomings, accept his good deeds and grant him Al-Jannah Firdaus, while giving his family and loved ones the strength to bear the loss.

Continue Reading

Trending

Maduka College Advert