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3,000 Nigerian millionaires fall on hard times — Report

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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)

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Oji River women mobilise support for Governor Mbah, APC ahead of 2027 polls

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…Dame Madueke: Mbah’s investments in Education, Healthcare, Infrastructure transforming Oji River

Women of Oji River Local Government Area of Enugu State have pledged their support for Governor Peter Mbah and the All Progressives Congress (APC) ahead of the 2027 general elections.

The women made their position known on Sunday at a gathering organised by the Enugu State Commissioner for Culture and Tourism, Dame Ugochi Madueke, at her country home in Inyi, Oji River LGA, as part of activities to celebrate womanhood and highlight the achievements of the Governor Peter Mbah administration in the council area.

Madueke said the event was organised to bring together women from Oji River irrespective of their political, religious or community affiliations, while also providing an opportunity to showcase projects and programmes executed by the state government in the area.

She said the Mbah administration had established 20 Smart Green Schools and 20 Type 2 Primary Healthcare Centres in Oji River, while work was progressing on the Umabi-Ehuhe Achi and Enugu-Aku-Inyi roads.

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The commissioner also commended Governor Mbah for appointing indigenes of Oji River to various positions in his administration, as well as supporting women through different empowerment initiatives, including monthly financial assistance facilitated by the wife of the governor, Mrs Nkechinyere Mbah.

“Today, we are giving out a lot of wrappers, rice, food and empowerment for the women. We also have a medical team that will check their vitals and everything,” she said.

Madueke disclosed that the gathering was also used to assess Permanent Voter Card (PVC) ownership among participants, noting that only women with PVCs were welcomed into the venue.

While noting that more than 3,000 women attended the gathering, she attributed the large turnout to sustained sensitisation efforts by the Executive Chairman of Oji River Local Government Area, Mr Greg Anyaegbudike.

The commissioner said the women had resolved to support Governor Mbah and APC candidates in the 2027 elections.

“We promise him that come 2027, Oji River will deliver votes for APC from top to bottom,” she declared.

Dame Madueke said the gathering was also a demonstration of the important role women play in community development and political participation, adding that the initiative was aimed at strengthening unity among women in Oji River and creating a platform for them to engage with government programmes and development initiatives.

She said the administration’s investments in education, healthcare, infrastructure and human capital development had created tangible benefits for communities across the state, including Oji River.

Speaking, the wife of the council chairman, Mrs Uche Anyaegbudike, said women across Oji River had benefited from various empowerment and welfare programmes.

She said the initiatives had provided uniforms and wrappers to women, while petty traders, church groups and other beneficiaries had received financial assistance.

According to her, about 150 women received N100,000 each during the previous August meeting, while 20 women currently receive N100,000 monthly under an empowerment scheme.

She said the interventions had enabled beneficiaries to expand their businesses and improve their livelihoods.

Also speaking, the council chairman, Mr Greg Anyaegbudike, described the large turnout as evidence of the women’s support for Governor Mbah and the APC.

He said the women were not compelled to make any political declaration, stressing that their support was based on the impact of the administration in the council area.

“What you see here is that the crowd is organic. You can see old women coming out in their various uniforms and various groups coming here to say it is Peter Mbah.

“This is about the Smart Green Schools, the hospitals, human capital development and scholarships,” he said.

Anyaegbudike further disclosed that more than 123 indigenes of Oji River were currently benefiting from the state government’s scholarship programme for students in higher institutions.

The Commissioner for Children, Gender Affairs and Social Development, Mrs Ngozi Enih, urged the women to sustain their support for Governor Mbah and the APC.

Enih said the governor had demonstrated commitment to improving infrastructure, human capital development and the welfare of residents across Enugu State.

She also commended Madueke for bringing the women together and creating a platform for them to celebrate womanhood, highlight government interventions and discuss further development in Oji River.

The Chief of Staff to the Governor, Barr. Victor Udeh, was among other dignitaries who attended the event.

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GOCOP mourns former President Dotun Oladipo

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Dotun Oladipo died at age 56
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The Guild of Corporate Online Publishers (GOCOP) has expressed sadness over the death of its former President, Dotun Oladipo, publisher of The Eagle Online.

Oladipo died on Tuesday, August 25, 2026, at the age of 56.

He was President of GOCOP from 2017 to 2021 and was one of the publishers who helped shape the Guild in its early years.

His death is a loss to GOCOP and the wider Nigerian media community.

Oladipo came into online publishing with years of experience in the traditional media. He had worked as a journalist and editor before moving into digital publishing and bringing that experience to The Eagle Online.

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At a time when online news publishing was still developing in Nigeria, he was among those who saw the need for publishers to come together, share ideas and build a stronger professional community.

That was also the period when GOCOP was growing from an association of online publishers into an organisation with a clear identity and a growing presence in the Nigerian media industry.

As President between 2017 and 2021, Oladipo devoted considerable time to the affairs of the Guild. He represented GOCOP at different engagements and worked with members as the organisation dealt with the opportunities and challenges that came with the rapid growth of online publishing.

GOCOP President, Danlami Nmodu, said Oladipo’s death was painful for the Guild.

“Dotun played an important role in the development of GOCOP. He led the Guild for four years at a time when there was still a lot of work to be done to establish online publishers as an important part of the media. His contribution will always be remembered,” Nmodu said.

He said Oladipo brought his experience as a journalist and publisher to the leadership of the Guild.

“Dotun understood journalism and he understood the business of publishing. He was passionate about the place of online media in Nigeria and he gave his time to the growth of the Guild. We are saddened by his passing,” Nmodu said.

Oladipo’s involvement in journalism began long before the emergence of online publishing as a major source of news in Nigeria. His career in the mainstream media gave him a grounding in reporting, editing and newsroom management.

He later became publisher of The Eagle Online, joining a group of journalists and publishers who moved into the digital space as the internet changed the way Nigerians received and shared news.

His years in GOCOP coincided with a period of rapid growth in online publishing. More news platforms were emerging, social media was changing the way stories reached readers, and online publishers were becoming increasingly important to the Nigerian media industry.

GOCOP said Oladipo’s contribution should be seen against this background.

The Guild also remembered him as a colleague who maintained relationships with publishers across the country and took an active interest in the affairs of the organisation even after leaving office.

GOCOP extended its condolences to Oladipo’s family, the management and staff of The Eagle Online, and his friends and colleagues in the media industry.

The Guild said it would work with his family and associates on plans to honour his memory.

Signed

Kemi Yesufu
Publicity Secretary
Guild of Corporate Online Publishers (GOCOP)

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Unknown gunmen abduct Dangote Cement driver in Ogun

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Unidentified gunmen have abducted a Senior driver with Dangote Cement Company, Ibese, Usman Umar, popularly called ‘Baba Olowo’, at Ajibawo Village near Ijako-Orile, Yewa North Local Council of Ogun State.

The Guardian learnt that Umar was abducted at midnight on Wednesday while he was returning home from work and was allegedly attacked in front of his residence.

Sources said that on getting to his residence, three men attacked him as soon as he alighted from his motorcycle.

It was said that the kidnappers forcefully dragged him into a nearby bush, shooting sporadically into the air to frighten residents and deter them from attempting to intervene.

The abductors, it was gathered, did not come with a vehicle but whisked away the victim on foot along the bush path.

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Security operatives have reportedly launched a rescue operation to locate the victim and bring the perpetrators to Justice.

As of the time of filing this report, the whereabouts of Umar remained unknown, while details of possible ransom demands or communication from the abductors were not immediately available.

Efforts to reach the Spokesperson of the Police in Ogun State, DSP Oluseyi Babaseyi, proved abortive as he was not picking up his WhatsApp calls or messages. (The Guardian)

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