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

FCT police arrest suspected k!dnappers in viral video wearing military camourflage and brandishing AK-47 rifles

Published

on

Arrested suspects
Spread the love

The FCT police command have arrested suspected k!dnappers seen in a viral video openly brandishing AK-47 rifles, ammunition, and walkie-talkies, while dressed in military camouflage.

Confirming their arrest to newsmen, the FCT Commissioner of Police, CP Ahmed Sanusi, said immediately he received the viral video and pictures, he directed a detailed forensic analysis into the origin of the content and ordered the immediate arrest of the suspects.

Sanusi mentioned that following digital forensic analysis and actionable intelligence, he directed operatives of the FCT Police VCRU Sector 5 and personnel from Zuba Division, led by the DPO, CSP Ogu Caleb Ikechukwu, on a coordinated operation at Runji Village, Zuba, on May 25 at about 3:22am, where three suspects featured in the videos were arrested at their hideout.

He gave the names of the suspects as Umar Babangida, 25 years old; Adamu Yeti, 22 years old; and Yahaya Idris, 24 years old, all residents of Rijana, Kaduna State.

The police boss said investigations revealed that the suspects had previously been in possession of the AK-47 rifles, which were obtained from their gang leader identified only as “Esco” from Rijana, Kaduna State who is currently at large.

Maduka College Advert

He mentioned that further investigations also led to the recovery of additional videos and photographs from the suspects’ mobile phones showing them dressed in military camouflage while brandishing AK-47 rifles and carrying walkie-talkies.

The suspects are currently in custody undergoing further investigation, while efforts are ongoing to apprehend Esco the gang leader and other members of the gang who are at large and recover the firearms.

Continue Reading

News

Political Rallies: No market closure – Enugu Govt warns

Published

on

Spread the love

The Enugu State Government has warned against an alleged plan by some market leaders to shut down major markets within the state capital on Saturday to show support during a rally backing reelection of Governor Peter Mbah and President Bola Tinubu.

The government stated that such a move contradicts the Mbah Administration’s determined effort to boost investment, business and productivity in the state, and therefore does not have the government’s blessing.

The government made its position known in a statement issued by the Commissioner for Information and Communication, Dr. Malachy Agbo, on Friday.

It said that people should feel free to go about their businesses, a predisposition it said prompted the decision of Mbah Administration to end illegal Monday sit-at-home effective June 5, 2023.

The statement equally maintained that political association remains an individual right and choice, saying participation in the Saturday rally and subsequent rallies by any group should never truncate businesses or involve any form of compulsion.

“The attention of the Enugu State Government has been drawn to an alleged plan to shut markets in the state capital as a demonstration of solidarity with the Enugu East zonal rally to drum up support for His Excellency, President Bola Ahmed Tinubu, GCFR, and His Excellency, Governor Peter Mbah, ahead of the 2027 general election.

Maduka College Advert

“While the government appreciates the enormous demonstration of goodwill by traders across the state, it frowns, however, at any attempt by any market leader to shut down major markets in the Enugu East Senatorial District on account of the planned rally.

“This is not only contrary to the administration’s vision and drive to grow Enugu State’s economy from $4.4 billion to $30 billion, and also to position the state as the preferred destination for investment, business, tourism and living, but also the decision of the administration to ban illegal sit-at-home effective June 5, 2023.

“Furthermore, the 1999 Constitution (as amended) guarantees freedom of association and assembly. Thus, nothing should be seen to detract from these rights in this or future rallies by any group whatsoever.

“For emphasis, political participation should be voluntary and without any attempt to deny the people access to markets or other public spaces where they earn their daily living.

“Therefore, members of the public, particularly leaderships of various markets in the state should take note, please, as government will not hesitate to impose sanctions on any action to the contrary,” the statement read.

DR. MALACHY AGBO
Commissioner for Information and Communication
Enugu State
05/06/2026

Continue Reading

News

Security guard kidnaps employer’s two children, demands ransom

Published

on

The abducted children
Spread the love

A private security guard has escaped with two kids from his employer in Minna, with the police suspecting abduction.

The security guard, named Sani Abdulrahaman, a Fulani by tribe, on Sunday, reportedly took Umaru and Anas, both six years old, on Sallah picnic without the knowledge of their father, Alhaji Danjuma, a businessman, and failed to bring them back home.

The father of the children raised the alarm asking the public and security agencies to help him locate the fleeing security guard and his children.

Danjuma said someone called him on Sunday evening and said he was in Erena forest in Shiroro Local Government Area with the children.

According to him, the caller asked for undisclosed ransom before his children who were in their custody would be released.

When contacted, Niger State Command Police Public Relations Officer, SP Wasiu Abiodun, confirmed the incident, which he said occurred about one o’clock on Sunday, May 31.

Maduka College Advert

Abiodun explained that the security man pretended that he was taking the children for Sallah celebration in the town, but did not return.

He said the police suspected abduction but disclosed that “investigation has commenced and efforts to locate the children are ongoing.”

Continue Reading

Trending

Maduka College Advert