Tag: billionaires

  • Six countries with highest number of billionaires in 2025

    Six countries with highest number of billionaires in 2025

    In 2025, the global billionaire landscape continues to reflect shifting tides of innovation, industry dominance, and economic resilience. Despite market volatility and geopolitical challenges, a select group of nations still lead the world in wealth creation — with the United States, China, and India maintaining their stronghold at the top.

    Here’s a detailed look at the six countries with the highest number of billionaires in 2025, based on the latest wealth reports:

    1. United States 

    The United States remains the undisputed global leader in billionaire wealth, home to 902 billionaires with a combined fortune of $6.8 trillion.
    This dominance is powered by the country’s thriving technology, finance, and entertainment industries, which continue to produce record numbers of ultra-wealthy individuals.

    Top names include Elon Musk ($342 billion), Mark Zuckerberg ($216 billion), Jeff Bezos ($215 billion), and Larry Ellison ($192 billion). America’s deep-rooted entrepreneurial culture and robust capital market make it the ultimate billionaire hub.

    2. China 

    China ranks second with 450 billionaires, collectively worth $1.7 trillion.
    Although slightly below its 2023 peak, China’s billionaire count rebounded from last year’s dip, showcasing the country’s continued economic vitality.

    Major players include Zhang Yiming ($65.5 billion), founder of ByteDance, and Zhong Shanshan ($57.7 billion), whose bottled water and pharmaceutical ventures have made him one of Asia’s richest men. Despite regulatory challenges and slowing growth, China’s innovative spirit remains strong.

    3. India 

    India holds the third position with 205 billionaires valued at $941 billion in total.
    Leading figures such as Mukesh Ambani ($92.5 billion) and Gautam Adani ($56.3 billion) continue to shape the country’s industrial and economic trajectory.

    India’s wealth surge is fueled by its expanding technology, renewable energy, and consumer markets, positioning it as one of the fastest-growing wealth centers in the world.

    4. Germany 

    Germany sits in fourth place with 171 billionaires, whose combined fortunes reach $793 billion, up by about $150 billion from last year.

    The backbone of Europe’s industrial power, Germany’s wealth stems from manufacturing, retail, and logistics.
    Among its richest citizens are Dieter Schwarz ($41 billion) of Lidl and Klaus-Michael Kühne ($39.6 billion) in global transport. The country’s commitment to industrial innovation and economic stability keeps it firmly among the world’s elite economies.

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    5. Russia 

    Russia follows with 146 billionaires, up from 125 the previous year, collectively worth $625.5 billion.

    Despite ongoing sanctions and economic hurdles, Russia’s oil, gas, and metals industries continue to produce immense wealth.

    Prominent billionaires include Vagit Alekperov ($28.7 billion), Alexei Mordashov ($28.6 billion), and Leonid Mikhelson ($28.4 billion) — all key players in the nation’s energy sector. Russia’s economic adaptability has helped sustain its ultra-rich population amid global pressure.

    6. France 

    France rounds out the list with 68 billionaires, who together control around $550 billion in assets.
    The country’s billionaire base thrives on its luxury, fashion, and cosmetics industries, led by Bernard Arnault ($233 billion), the chairman of LVMH and one of the richest individuals on Earth.
    With iconic brands like Louis Vuitton, Dior, and Hermès, France remains the undisputed capital of global luxury, consistently turning creativity into immense wealth.

  • Our billionaires should write books

    Our billionaires should write books

    • By Samuel Akinnuga

    Every now and then, an idea sticks so stubbornly that the moment you commit it to paper, it takes a life of its own. Perhaps that’s the whole essence of the written word. Words that convey great ideas have great power. They can change people’s lives in ways that cannot be easily imagined. When it is written, the intergenerational value is preserved. I write this with a context in mind. For societies that do not progress much, you would observe an enduring dilemma: those who have something to share hardly write and those who are written for don’t read.

    Some weeks ago, I read A Good African Story: How a Small Company Built a Global Coffee Brand (2014) by Andrew Rugasira. At the time of purchase, what caught my attention was the part of the title – “A Good African Story.” I do not intend to review the book; however, I was pleased that the author devoted some space to identifying the unique challenges of African entrepreneurs (with global outlooks and aspirations) within the context of the prevailing impacts of pre-colonial and post-colonial histories. For example, in Chapter 1, he asks the question: What’s wrong with Africa? He attempts a response guided by the contributions of scholars and his own lived experiences as a young man growing up in Uganda during the heat of military dictatorship and the scourge of ‘African bigmanism.’ While the book is an insightful read, I am always impressed by people’s efforts in sharing their stories. My view is that those who have achieved great things should give back. They should write. This way, those who intend to achieve a similar feat may find some guide or better still, some inspiration. The contributions of African entrepreneurs can make some significant difference in this respect. Those who have done this should be commended and celebrated. There is no doubt that we need a more robust indigenous African capitalist class as well as a more indigenous intellectual equity on the African experience.

     In Nigeria, many of our successful people often do not consider writing their memoirs as a form of “giving back.” They may grant a few interviews, deliver a few speeches or do other things, but not write a book.  Here’s a point Rugasira makes: “The Forbes list of ‘African Billionaires’ in 2012 celebrates sixteen of the continent’s business titans – not one of them has published a memoir about their incredible success. The result is that future generations of African entrepreneurs are denied the pride and inspiration that would come from these highly motivating stories. We must change this.”

    I agree.

    Since that was over a decade ago, I decided to crosscheck what obtains today. On the Forbes’ 2024 list, there are 19 billionaires in Africa. Four of them are Nigerians, viz Aliko Dangote (1st), Mike Adenuga (5th), Abdulsamad Rabiu (6th) and Femi Otedola (19th). For obvious reasons, I am interested in the Nigerians on the list. As of today, none of our billionaires has written his memoirs or biography. That is not good enough. 

    On the surface, ‘billions’ speaking, a few things may count as progress when comparing then and now. In 2012, there were 16 African billionaires; today, there are 19 of them. It is some progress but we have the potential for much more. We need to race faster on the journey to creating a robust indigenous capitalist class (in Nigeria and Africa) driven by genuine value creation, innovation and a sense of mission beyond profits. 

    A few things about our billionaires.

    One, Aliko Dangote GCON, is number-one in Africa and has been so for the last 13 years. Dangote is a household name in Nigeria and elsewhere on the continent. When musicians here sing of their grand aspirations, it is the Dangote model they hold up. They want to be like him or Adenuga or Otedola. Two, they are some of the biggest philanthropists around. Some of them own foundations and have made significant contributions to support initiatives in education, health and so on. These efforts are commendable. Three, all four of them are over 60 years old: Dangote (67), Adenuga (71), Rabiu (63), Otedola (61). They have literally nothing to prove to anyone.

    In the Nigerian social lingo, we can say that they have ‘arrived.’ These people have done well for themselves. Nonetheless, I hold the view that their wealth, individually and collectively, is only a fraction of what is possible.

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     Why do I think these Nigerians need to write their memoirs? The answer is simple: so that their successes may be replicated. The best way to share success is to share the seeds, not the fruit. The seeds are the How-I-did-it insights: the vision; planning; failures; disappointments; persistence; bounce-backs; support systems and so on. These are all important ingredients in the making of a successful person. Success in life, depending on how that is framed, is not exactly predestined. It comes as part of a package for those who dare to do the impossible. Life comes with its own twists and turns; a journey that is hardly ever traversed in a linear direction. To that extent, no one formula works for all situations. The dynamics at play in people’s lives are different. There are some factors within our control – for example, the choice of discipline over indolence. In the same vein, there are also factors that are not necessarily within our control. For example, the luck of meeting someone in the right place (and time) or a painful experience (personal or otherwise) that helped one to focus on what is truly important.

    My point is: there are some lessons we learn on our own and there are others that life teaches us. A blend of the two makes life more meaningful. Through the stories of great achievers, we see the interplay. We see the values that made the difference. Those who appreciate this truth of life and have achieved great things in their own lives should share. They should write. Simple.

     Writing books also helps these people address issues honestly, including details of poor judgements made or actions taken in bad faith or due to insufficient information at the time. Some effort may be devoted to clear the air on certain controversial events that were mismanaged or to provide clarity on their position on other non-business related issues. The idea should be to tell it as it is. Honesty counts. In this respect, writing these books is another effort in mentoring at scale. No ‘billionaire’ is ever going to be able to meet everybody in person. But his book can reach them, and his story can touch them. That’s priceless if you ask me.

    Of course, not only billionaires (on the Forbes list) should write. There are other Nigerians who have done very well in their areas of endeavour. Many of them give back to society through their foundations and in other ways. Within the context of the point I have tried to make, I cannot discount the efforts of some of these people who have written tell-it-all memoirs of their life’s journey. I recently read Babs Omotowa’s account in From Storeroom to Boardroom: How integrity and courage shape global business (2021). He previously served as the Chief Executive Officer of the Nigeria Liquefied Natural Gas Limited (NLNG). There are many others I have read through the years.

     Generally speaking, the writing culture should be encouraged across the board. Those who have made history or have made themselves and their country proud should write their memoirs. Nigeria, as a society in transition, needs more of its actors in business, education, public service and other spheres, to write. When General Colin Powell became the National Security Advisor in 1987, Chairman of Joint Chiefs of Staff in 1989 and Secretary of State in 2001, his being the first African-American to serve in those capacities was history in itself! Reflecting on his privileged public service career, he co-wrote his memoirs titled It Worked for Me: In Life and Leadership (2012). I remember Alex Otti’s (now governor of Abia State) moving tribute to him, upon his passing, in a piece titled General Colin Powell’s Last Command (published November 8, 2021). He had obviously read Powell’s memoirs and learnt his own lessons. That is how it should be.

    We can never have a surfeit of these literatures. The next transformational idea can be sparked by a life story. Let those who have gone ahead write for those coming behind. We need more ordinary people doing extraordinary things in different areas of endeavour in Nigeria and around the continent. It is those that seek that find. The rules have not changed. When the young ones come seeking, let them find something. Dangote, Adenuga, Rabiu and Otedola, get to work!

    •Akinnuga is Executive Director, The Adeyinka Adesope Foundation, Lagos.

  • Battle of the billionaires: Arthur Eze, Ngozi Olejeme in tussle over $2.8m, N240m

    Battle of the billionaires: Arthur Eze, Ngozi Olejeme in tussle over $2.8m, N240m

    •Oil magnate claims ex-governorship aspirant fails to repay after botched governorship aspiration

    A staggering loan of N1.2billion allegedly borrowed by a Peoples Democratic Party (PDP) stalwart  Dr. Ngozi Olejeme to enable  her prosecute her aspiration of  contesting the  2015 governorship election in Delta State has now landed her in court.

    The lender and Olojeme’s long standing associate, Prince Arthur Eze is frustrated that repayment of the alleged loan is not forthcoming, and prays an Abuja High Court to compel her to pay.

    The loan, according to the suit filed by Eze, is in two parts:$2.8million and  N240 million.

    He said the agreed repayment dates for the funds have long expired without any attempt by the defendant to settle the debt.

    Attached to the suit are 39 pages of Eze’s Oranto Petroleum Limited’s domiciliary and Naira-denominated bank statements detailing dates and amounts transferred into Olejeme’s accounts.

    Eze, in an affidavit in support of his claims, said that even though the interest -free loans which he began to disburse after discussions with Dr. Olejeme on April 2, 2014 were meant to be refunded before the end of 2016, the only response he received after issuing a demand letter was that he may have to wait indefinitely till she is through with her challenges from the Economic and Financial Crimes Commission (EFCC).

    The EFCC is currently investigating an alleged  N69bn fraud in the Nigeria Social Insurance Trust Fund (NSITF) during Olojeme’s tenure as chairman.

    She was appointed to the position by former President Goodluck Jonathan.

    Eze, in the affidavit added: “Unless ordered by this court, defendant will continue to remain indifferent to the demand to repay the loan.

    “Between  April 2, 2014 and March 25, 2015, Plaintiff (Eze) availed the Defendant (Olejeme) the total sums of two million, eight hundred thousand United States Dollars (US$ 2, 800, 000) and two hundred and forty, million naira (N240 , 000, 000) through her domiciliary account and current account respectively with Fidelity Bank Plc , Abuja.

    “A breakdown of the dollar denominated loans shows that the Defendant received the said sums in five instalments, namely: US$1,000,000; US $700,000; US $1,000,000; US $50,000 and US $50,000 on 2/4/2014, 31/10/2014, 5/2/2015, 16/2/2015 and 25/3/2015 respectively; the bank statements evidencing the payments is herein attached and marked exhibit ‘B”. For ease of identification and reference, the entries against the Defendant are encircled and ticked.

    “That also a breakdown of the Naira-denominated loans shows that the Defendant received the said sums in six instalments namely N10,000,000; N40,000,000; N50 ,000,000; N50,000,000, N50,000, 000 and N40,000, 000 on 25/7/2014, 14/8/2014, 27/8/2014, 21/10/2014, 27/10/2014 and 6/11/2014 respectively ; the bank statement evidencing the payments is herein attached and marked exhibit C.

    “That the date line agreed upon by the parties has long effluxed without the Defendant coming to terms with her indebtedness prompting the Plaintiff to instruct her solicitor, Chief G.Tagbo to cause a demand letter to be written to the Defendant dated 29/1/2018 wherein a fourteen days ultimatum was given to the Defendant to make good her indebtedness to no avail.

    “Plaintiff’s solicitor letter of demand was dispatched to the Defendant through Red Star Courier Service; Copies of the said demand letter and courier consignment note are herein attached and marked exhibits ‘D & E” respectively.

    “The Defendant, upon the receipt of the said letter, merely deployed her personal aides to plead to me for time as she was having corruption issues with Economic & Financial Crimes Commission.”

    Efforts to seek clarifications from Dr. Olejeme yielded no fruits as she declined to respond to calls and text message sent on Friday evening.

     

  • 2019: Age of billionaires in politics

    SIR: Money is a big player in the age of big business.  It undoubtedly “answers all things” therein as declared – the very reason for business; the essence of it and assuredly, the major ingredient without which there is no transaction.

    Believe it or not, the business of 2019 will surely be a game gulping billions of naira to political parties as well as the individuals vying for presidential positions, using our dominant and major political platforms of either the PDP or APC.

    Merely expressing ones interest at the party level for any elective office in Nigeria and anywhere in Africa, millions of naira will take flight and vanish into the tin air.  That is the system anyway.

    And then again,  purchasing the political party’s expression of interest-form and lobbying of  the party echelon and it’s possible delegates during primaries for acceptance alone – here, another raw cash,  running into millions of naira develops wings vanishes once again.

    Political parties know this to be true.  Even the individuals involved know it too as a verity. So it is an open truth as well as an open secret billions of naira would be leaving fat pockets of these players and their platforms in an attempt to realize their dreams and goals.

    It is for this understanding, the political parties are already oiling their machineries and fastening their belts towards ensuring a successful prosecution of this deal in their favour as no business man invests to lose but make profits. That is the understanding anyway.  A total expenditure they would still overtly or covertly recoup at the tail end of the game. That is after elections would have been won and probably lost by the parties.

    Welcome to the age of big business once again.  And most certainly, welcome to the age of billionaire-politicians and their baggage.

    In 2008, one Barack Obama,  then senator,  took his world by the  storm and won his elections as the 44th President of the United States in grand style ridding on the back of his power of oratory.  Exactly eight years later, Donald Trump, rode on the crèche of his billions made over the years through his wealthy father to clinch American Presidency.

    So, the question then in the minds of people is: while the Americans clearly voted in the direction of billions a few months ago, what would Nigerians go for in the next few months when the country will file out to elect a new leader?

    As an evolving democracy, Nigeria follows in the footsteps of America in virtually everything governance. They do so because of our notion that America runs an open democracy. So if the above grounds are already established to be true, one will no longer contest the follow up notion that 2019 will be a game for billionaires and not the chicken hearted financially.

     

    • Gwiyi Solomon,

     Enugu.

  • When billionaires broke fast with Buhari

    WHEN men of means gather, you can always expect an overpowering display of affluence, sophistication and panache. President Muhammadu Buhari hosted a select group of the movers and shakers of the Nigerian economy to dine with him on Monday as he broke his Ramadan fast. In the spirit of the holy month, the great men and women of commerce were honoured with a privileged invitation to the president’s banquet.

    In attendance were Zenith Bank’s chairman, Jim Ovia; the chairman of Forte Oil, Mr. Femi Otedola; Mrs Folorunsho Alakija; Mr. Tony Elemelu and the President of Dangote Group of Companies, Alhaji Aliko Dangote. Their interaction with the president gave them the opportunity to discuss about Nigeria’s dwindling economy.

  • Meet the silent Nigerian billionaires

    True success is not always in the limelight. Sometimes, it is inconspicuous and subtle. Some billionaires find comfort in staying off the limelight for modesty or other personal reasons. They live their lives far from the roving eyes of the public to make themselves relatively unknown.

    Some ultra-wealthy Nigerian business tycoons and entrepreneurs who fall into this category are Kola Aluko, Eddy Martins Egwuenu, ABC Orjiakor, Sam Iwuajoku, Gbenga Oyebode, Aderemi Makanjuola, Dele Fajemirokun and Michael Ade-Ojo.

    Kola Aluko is the Nigerian energy and aviation tycoon who founded oil trading firm Fossil Resources in 2001 and went on to become the CEO of Exoro Energy- an indigenous oil exploration and production firm. In 2007, the company merged with Seven Energy, a leading independent oil exploration company. Aluko is now the Deputy CEO and leading shareholder of Seven Energy, which has operations and key interests in four onshore fields in the Niger Delta.

    Eddy Martins Egwuenu is a former bank chief and the second largest individual shareholder of the Zenith Bank Group. His 1.5% stake in Zenith Bank alone is said to worth about $60 million.

    ABC Orjiakor no doubt makes the list of Nigeria’s silent billionaires. He is the Chairman and CEO of Shebah E&P Company Limited, an oil exploration firm which has 40% stake in the offshore block OML 108 which produces over 8,000 barrels per day. Orjiakor is also chairman of Zebbra Energy Limited which owns the deepwater concession OPL 248 offshore Nigeria.

    Also on the list is Sam Iwuajoku who made his fortune importing rice and steel rods while leveraging his extensive political connections to obtain a series of generous import duty waivers from the Nigerian government. Among other ventures, he reinvested in private aviation services. His company, Quits Aviation Services, is one of the few fixed-base operators in the country.

    Gbenga Oyebode is one of Nigeria’s most renowned commercial lawyers. He is a founder and Managing Partner of Aluko & Oyebode- a successful corporate and commercial law firm in Nigeria. He owns minority shareholding in MTN Nigeria, and sits on the company’s board. Oyebode also serves as chairman of Access Bank PLC, Okomu Oil and Crusade Insurance. The value of his shareholding in these companies is worth tens of millions of dollars.

    Also gracing the list of Nigeria’s inconspicuous business tycoons is Aderemi Makanjuola. The reclusive business tycoon is the founder and Executive chairman of the Caverton Offshore Support Group, Africa’s first integrated offshore support service provider. The company provides marine, aviation and logistics support services to oil exploration and production firms based in West Africa.

    Dele Fajemirokun is also a Nigerian entrepreneur worth noticing. His father, Henry Fajemirokun, was a renowned shipping magnate and one of Africa’s most successful businessmen after Nigeria’s independence.

    Dele Fajemirokun, his 62-year-old son, is now in charge. A prominent boardroom guru, Fajemirokun also owns key stakes and sits on the board of several Nigerian blue-chips, including American International Insurance Company and oil explorer First Hydrocarbon Nigeria Limited.

  • When billionaires converged to celebrate Ogun @ 40

    There is a world of difference between the wealthy and the comfortable. Wealth involves the ability to fully enjoy life, while being comfortable entails the grace to go through life without experiencing excruciating lack. Last Monday, Ogun State witnessed a convergence of the wealthy; it was a perfect blend of fame, power, prominence and opulence. Lawmakers, celebrities and nobles gathered to celebrate the 40th anniversary of the state.

    Leading the pack of the men of opulence was Dr. Mike Adenuga, the Globacom boss and Apesin of Ijebuland, who made a rare appearance at the event; Chief Kessington Adebutu; Otunba Subomi Balogun; Aare Rasak Akanni Okoya and many leading lights. They really added colour to the memorable event, especially Dr. Mike Adenuga who doesn’t grace just any event. The highly revered king, Awujale of Ijebuland, Oba Sikiru Kayode Adetona, and Governor Ibikunle Amosun were the perfect hosts.

    This elite class was the cynosure of all eyes as everybody was trying to catch the glimpse of these rich and famous individuals. The event reached its peak when President Muhammadu Buhari made an appearance and even delivered a speech. In his speech, he expressed satisfaction with the programmes of the state, which Governor Ibikunle Amosun said would bring change to the health, housing, education and agriculture sectors, among others.

  • Billionaires take over DJ Cuppy’s Lagos gig

    Billionaires take over DJ Cuppy’s Lagos gig

    DJ Cuppy, daughter of billionaire oil magnate, Femi Otedola, is no ordinary DJ. Although she operates a terrain dominated by men, her background, social status, hard work and thirst for success have combined to set her apart from other DJs.

    That Cuppy is a boss at what she does became apparent when her Lagos event, Cuppy Takes Africa, turned into more or less a get-together for Nigeria’s billionaires and powerful figures.

    Cuppy is going on a tour of Africa to promote her art, and she started with Lagos. Expectedly, her ever supportive father pulled all the stops to ensure that her Lagos event sent other Nigerian DJs green with envy.

    DJ Cuppy’s first ever Pan-Africa eight-country tour began inside the plush Marquee of Federal Palace Hotel, Victoria Island, Lagos, and witnessed the presence of oil barons, top politicians, investment giants, banking magnates, media moguls and famous celebrities, including Africa’s richest man, Aliko Dangote. Also present at the event were Dangote’s younger brother, Sanni; Edo State governor, Adams Oshiomhole and his pretty wife, Lara; former Cross River and Ekiti states’ governors, Donald Duke and Otunba Niyi Adebayo respectively; the CEO of Nigerian Stock Exchange, Oscar Onyeama; Tony Elumelu; Wale Tinubu; Aigboje Aig-Imoukhuede; Herbert Wigwe; Segun Agbaje; Dapo Abiodun; Tayo Ayeni; Dele Momodu; Kunle Bakare and Mo Abudu, among others.

    Within a short period of time, the billionaires seized the attention of the people who could not get their eyes off the rare convergence of Nigeria’s powerful men. The elegantly dressed host, alongside other top DJs, dropped some hit songs from local and international music stars.

    The sophisticated event was hosted by MTV Base dada boy, VJ Ehiz and top DJs and producers, including seasoned DJ Jimmy Jatt, DJ Caise, DJ Obi, DJ Xclusive, DJ Olu, DJ Hazan, DJ Nana, Legendary Beatz, Spellz, Studio Magic, Leriq and Young John.

    In between the acts, top comedian, Ali Baba, made a cameo appearance to entertain the top notch guests. The next stop of the very ambitious #CuppyTakesAfrica tour, supported by GT Bank plc and Dangote Foundation, will be Dakar, Senegal, on August 5. The train will move to Accra, Ghana on August 7; Nairobi, Kenya on August 10; Dar Es Salaam, Tanzania on August 15; Kigali, Rwanda on August 21; Kampala, Uganda on August 22 and the final stop in Johannesburg, South Africa on August 29.

  • Banks, billionaires…as Nigeria’s Black Death

    The Nigerian bank is diseased; a contemptible ogre in the mould of the bubonic plague, or Black Death of 1348 if you like. Like the bubonic plague – which killed up to 40 per cent of Europe’s population – banking operation in the country presage our gruesome death as a republic and careworn economy. It foreshadows the traumatic realities that ruined Europe by devastating every aspect of civilisation and vestige of humanity. Boccacio describes the breakdown of law and government, the desertion of child by parent and husband by wife in the wake of the Black Death. A noble woman who fell ill was nursed by a male servant: “Nor did she have any scruples about showing him every part of her body as freely as she would have displayed it to a woman…; and this explains why those women who recovered were possibly less chaste in the period that followed,” notes Boccacio. The Black Death apparently wore human will and weakened social controls. It had a glacial effect, pushing some toward debauchery and others, like the flagellants, towards religiosity.

    Like the Black Death, Nigerian banks are out for the kill. However, unlike the bubonic plague that afflicted both rich and poor, nobleman and commoner, Nigerian banks by their operations, choose to discriminate. Banks in the country are smitten by a mad lust to obliterate or destroy those segments of their customers and the citizenry that are classifiable as ‘commoners.’ Ask Tejumade Adeyemi. The latter cried helplessly, as her account with Union Bank got pilfered and drained of all her savings, on the bank’s watch. Adeyemi accuses Union Bank of complicity in the alleged illegal withdrawal of the sum of N251, 447 from her account with the Oba Akran, Ikeja branch of the bank. Still smarting from the vileness of the attack carried out on her account, Adeyemi threatened to take legal action against the bank if it refuses to refund her money but the bank has called her bluff.

    Union Bank persists in misdemeanour riding on a wave of presumed invincibility and disdain for customers that probably fall outside its classification of deep-pockets. Union Bank has denied liability, blaming the victim for the fraud. According to the bank, Adeyemi’s savings got stolen because her account was used to make purchases online. Union Bank attributes the victim’s plight to possible compromise of her confidential card details.

    Union Bank’s reluctance to admit culpability no doubt flies in the face of reason, in the estimation of the lawyer and his client. Why did the bank refuse to suspend further transactions on the account as instructed by Adeyemi? Was it such a hard order to carry out?

    Consider too, the on-going fraud perpetrated by Nigerian banks in response to the Central Bank of Nigeria (CBN)’s directive that they publish the names of chronic debtors in a “name-them-and-shame-them” exercise; several bank chiefs, afflicted by terror of what misery may come in the wake of their shady liaisons with chronic billionaire debtors by whose bidding they plunged the financial sector in its current mess, have resorted to desperate measures.

    To protect themselves and their billionaire cohorts from shame and prosecution, bank chiefs in the country have severally scorned the CBN’s directive, publishing instead, fictitious lists of presumed chronic debtors in the media. There is no gainsaying the country’s bank chiefs are in cahoots with their billionaire friends and chronic debtors. And the reason is hardly far-fetched; many of the country’s bank chiefs are on the leash of the country’s so-called superrich or ‘billionaires.’ In exchange for various goodies and freebies ranging from exotic automobiles to posh apartments in exclusive gated communities; membership of exclusive clubs for the rich and admittance into periodic orgies and other guilty pleasure fests, Nigerian bank chiefs facilitated the acquisition of several multibillion naira non-performing loans (NPLs) to the detriment of the financial sector and the country’s economy.

    Consequently, banks in the country have been plunged in a financial crisis that has them contending with the scariest surge in bad loans since 2011. Economic pundits warn that the trend suggests banks in the country will eclipse the CBN’s minimum non-performing loan (NPL) ratio target of five percent at the backdrop of random fears that the NPL ratio could increase to seven per cent by the end of 2015. Another desperate tactic adopted by the banks is to arbitrarily increase the interest rate on lending by its struggling, less privileged customers. For instance, a customer whose loan attracted an interest rate of 22 per cent at the time it was taken, is currently paying 25 per cent interest on the loan in the wake of his banker’s  arbitrary hike in interest rate. Many banks afflict their helpless, loyal customers with such ridiculous charges in desperate bid to raise money and make up for losses suffered by bad and non-performing loans they had granted their billionaire friends.

    The decision to publish the names of serial bank debtors was taken at the 322nd meeting of the Bankers’ Committee in July. The conference set a deadline of August 1, for every bank to publish the names of its chronic debtors but the bank chiefs rather than comply with the directive, are collaborating with the culprits to avoiding repayment of the loans.

    Tokunbo Martins, CBN’s Director of Banking Supervision, claimed the measure is in response to mounting non-performing loans, which he said had risen to N490 billion sector-wide. The deteriorating macro – environment indicate that some loans may go sour for lenders. The uncertain macro – economic environment may lead to a rise in credit losses for banks in 2015, according to Standard and Poor’s analysis. Banks’ reduced profitability will consequently, lead to rapid loan growth in sectors where risks are not fully understood, including small and midsize enterprises.

    Banking operations in the country, like the plague of 1348, certainly works in reverse; giving birth to a renaissance of poverty and ill bliss, by destroying the middle and lower classes to perpetuate the epoch of the Nigerian billionaire. This epoch of the contemporary billionaire is forged in the crucible of Nigeria’s equivalent of the Black Death.

    The poor and the working class in the country know what it is to be afflicted by an equivalent of the Black Death. They what it is to be financially handicapped. They understand what it means to be so endangered. They know underemployment and unemployment. They know what it is to live through each day without dependable livelihood. They know life without pension. They know existence on a few naira a day. They know getting their kids kicked out of school because of unpaid tuition. They know the crippling weight of debt. They know being sick and unable to afford medical care. They know the profound despair and abandonment that come when schools, libraries, neighborhood health clinics, day care services, roads, bridges, public buildings and assistance programs are neglected or closed. They know the financial elites’ hijacking democratic institutions to impose widespread misery in the name of austerity. They, like the unfortunate Europeans of 1348, know what it is to be afflicted.

    And they, not the rogue billionaires and banks, should inform the bedrock of humane and progressive palliatives proffered by the CBN and President Muhammadu Buhari to the country’s financial crisis.

  • Ebola: AU seeks fund from African billionaires

    Ebola: AU seeks fund from African billionaires

    The African Union (AU) has said it is seeking funding from some of the continent’s richest people, including Nigeria’s Aliko Dangote, to pay volunteer doctors and nurses fighting the Ebola Virus Disease (EVD) in West Africa.

    The continental bloc is seeking to raise $35 million in the first round and, eventually, as much as $100 million for the Business-to-Rescue Fund, said George Sibotshiwe, Executive Director, African Democratic Institution, which is coordinating a November 8 meeting in the Ethiopian capital, Addis Ababa, to encourage business people to donate.

    “A campaign to ask for contributions from “citizens” will follow,” he said.

    Dangote, the chairman of Dangote Group in Nigeria, and Patrice Motsepe, chairman of Johannesburg-based African Rainbow Minerals Ltd. (ARI) are expected to attend the meeting, the  AU said in an e-mail statement.

    According to AU, Strive  Masiyiwa, chairman of Econet Wireless International, Safaricom Ltd. of Kenya Chief Executive Officer (CEO) Bob Collymore, South Africa’s MTN Group CEO Sifiso Dabengwa and CEO of Standard Bank Group Ltd. Sim Tshabalala also plan to join.

    Among wealthy businessmen already committing money to curb Ebola are Microsoft co-founders Paul Allen and Bill Gates and Facebook Inc. CEO Mark Zuckerberg.

    The world’s largest Ebola outbreak has killed almost 5,000 people in Liberia, Guinea and Sierra Leone since December. AU member states have pledged to send at least 2,000 health workers to the three West African nations.

    The World Bank estimated that about 5,000 international medical, training and support personnel are needed in the coming months to respond to the outbreak, including as many as 1,000 foreign-health workers to treat patients. More than 200 local doctors and nurses have died since December from the virus, leaving the already-crippled health systems even weaker.