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Rich In Naira, Poor In Hope: The Burden On Nigeria’s Super-Rich
Published
2 months agoon
By
Editor
By Israel Adebiyi
If there was ever a time Nigeria needed her rich and powerful to rise beyond boardrooms, political godfatherism, gated estates, and opulent lifestyles, it is now. We are not merely at the edge of a cliff — we are slipping over it. The Nigerian state is grappling with a crisis so deep that even government interventions seem like feeble whispers in a roaring storm. And yet, those with the power, wealth, and influence to ignite transformative change — the elite class — watch from afar, perhaps insulated by privilege but not immune to the consequences that are fast approaching.
Nigeria’s economy is shrinking under the weight of inflation, insecurity, and structural decay. With over 130 million Nigerians living in multidimensional poverty and millions of young people unemployed or unemployable, it is no exaggeration to say the nation teeters on the brink. But unlike in other moments in history when a determined elite class chose to intervene and redirect the tide, our own seems largely absent — powerful in assets, yet passive in action.
Let’s be honest: many of Nigeria’s billionaires and high-net-worth individuals are not short of capacity. From Aliko Dangote, Africa’s richest man whose industrial might influences economies across West Africa, to Femi Otedola, Abdulsamad Rabiu, Mike Adenuga, and Tony Elumelu, these men sit atop enormous financial and institutional power. To their credit, several of them have initiated impactful interventions — through foundations, industry expansions, scholarships, and grants. They are doing their part, no doubt. But when a nation sinks this deep into despair, we can’t help but ask for more.
MORE FROM THE AUTHOR: [Opinion] From Classroom to Crisis: The Slow Death of Nigeria’s Education System
More investments in the core areas of the economy — especially in sectors like education, healthcare, agriculture, housing, and technological infrastructure — are desperately needed. Not just to tick the boxes of corporate social responsibility, but to initiate a lasting and scalable impact that can lift millions out of abject poverty. The call is not to do everything, but to do the hard things — the things that matter most when a nation is on the brink.
There’s also the class of “uncaptured wealth” — powerful politicians, contractors, ex-military officers, and civil servants turned millionaires who acquired affluence through state access and systemic loopholes. These individuals may not feature on Forbes’ list, but their impact on local economies — and their potential to lead recovery initiatives — is undeniable.
And yet, where are their efforts when the education system crumbles? Where is their outrage when children in public schools sit on bare floors or when pregnant women die for lack of 5,000 naira at understaffed primary health centres?
History has shown that when the state falters, salvation often emerges from the elite — but only when that class embraces a sense of nationhood over narrow self-interest. In post-apartheid South Africa, wealthy industrialists worked with political leaders to forestall economic collapse. In the U.S., during the Great Depression and post-WWII recovery, elite families and businesses pumped resources into national revival. In Meiji-era Japan, aristocrats and merchants helped build a modern state to avert colonization.
READ ALSO: [OPINION] Delta: When The Vultures Gather
The difference between those countries and Nigeria today is not just leadership — it is responsibility. The Nigerian elite must ask themselves a hard question: when the history of this nation is written, will their role be described as that of watchmen who slumbered or as visionaries who arose zwhen it mattered most?
Nigeria’s rich must now do more than philanthropy. This is not a call for donations or token CSR projects that offer temporary relief. This is a call to reimagine the national enterprise — investing in public infrastructure, rebuilding education, fostering innovation hubs, supporting local agriculture, championing heathcare delivery, building more infrastructure, refineries and independent power grids, standing up for policies that benefit the majority.
It is a call for those who benefit from Nigeria’s markets, resources, and people to see nation-building not as charity but as enlightened self-interest. Because when the poor have nothing more to eat, they will eat the rich — if not in violence, then in the slow erosion of the systems that protect all of us.
We cannot afford an elite class that simply outflies Nigeria’s problems in private jets or outsources their children’s future to foreign universities. The time to act is now. Not with silence, not with excuses, but with courage.
Let the rich rise. For if they don’t, Nigeria may fall beyond redemption — and their fortresses, no matter how tall, will not be enough to hold back the tide.
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Online Reports On Protest False, Intent To Tarnish Our Image – AAU Ekpoma
Published
4 hours agoon
July 7, 2025By
Editor
The management of Ambrose Alli University (AAU), Ekpoma, Edo State, has debunked recent online reports alleging a protest by students of the institution over exam delays, unpaid lecturers, and inaction by the university administration.
The institution described the claims as a “false narrative” allegedlybbeing peddled by “mischief makers” intent on undermining the university’s reputation for personal gains.
Speaking at a press briefing in Benin on Monday, Otunba Mike Aladenika,
Principal Assistant Registrar/Head of Information & Public Relations, AAU, Ekpoma, said what occurred at the main gate was not a protest, but rather a gathering of part-time students from the Directorate of Sciences and Humanities (DSH), who sought clarification on their academic programs.
“What happened that day was not a protest, but a gathering of part-time students who wanted to know their academic positions, but the management promptly responded to their concerns, providing further information and assurances that satisfied the students.
READ ALSO: AAU Ekpoma Students Flee Campus, Classes Over Fear Of EFCC’s Arrest
“There was no protest that warranted tension in the university, contrary to the erroneous report,” he added.
Aladenika further noted that those behind the online publication were previously instrumental in bringing about the now-defunct Special Intervention Team (SIT) regime, stressing that they may be attempting to reignite tensions to destabilize the current administration.
“Clearly, the intention is to tarnish our institution’s reputation,” he said.
“The current administration, led by Acting Vice-Chancellor, Professor Sunday Olowo Samuel, inherited a deeply troubled part-time programme beset with challenges, including un-cleared staff claims and delayed examinations.
“These issues were largely as a result of poor funding over the past eight years and restrictive policies imposed by the SIT.
READ ALSO: Okpebholo Reinstates AAU Staff Sacked By Ex-Governor Obaseki’s Govt
“Despite these obstacles, the administration has recorded substantial achievements in revitalizing the Directorate of Sciences and Humanities,” he added.
He disclosed that the 2022/2023 first semester lectures, delayed by 11 months, commenced in March 2024 and were concluded with examinations in January 2025, adding that the second semester followed from February 26 to May 2, 2025, paving the way for the commencement of a new academic session.
Aladenika maintained that the institution has implemented a new result release policy, highlighting interventions by the Edo State Government.
“By implementing these changes, Ambrose Alli University Ekpoma demonstrates its commitment to improving academic processes and student experience.
“Beyond the faculties and departments sourcing alternative power supplies, the state government has announced plans to provide a 1.5-megawatt alternative power supply to support all sectors of our main campus.
“Additionally, the Tertiary Education Trust Fund (TETFund) will be installing a solar plant, a testament to our university’s prominence in the South-South region.
“Notably, Ambrose Alli University Ekpoma is the sole beneficiary of this initiative in the region,” he said.
“The Computer-Based Examinations (CBEs) for 100 Level students of the Directorate of Science and Humanities were processed and released within one week. All results for the 2023/2024 academic session are now available online,”
Aladenika, also said AAU, Ekpoma has entered into Memorandum Of Understanding (MOU) with a Chinese University for knowledge transfer and partnership.
“Furthermore, we’ve signed a Memorandum of Understanding (MOU) with a Chinese university, paving the way for technology transfer and exchange programs.
“This partnership will undoubtedly enhance our academic and research capabilities,” He concluded.
News
Obi In Benin, Donates N15m To St Philomena School of Nursing Sciences
Published
5 hours agoon
July 7, 2025By
Editor
…says life without help to humanity, is not worth living
Former presidential candidate of the Labour Party (LP), Peter Obi, on Monday, July 7, 2025, donated a sum of N15 million to St. Philomena School of Nursing Sciences, Benin, as support to the school’s ongoing project, saying “life without support or help to humanity, is not worth living.”
The former governor of Anambra State said For the future of the country, “we need to invest in you (students of nursing),” predicting that “by year 2030, the world will be short of nurses to work in the hospital,” due to the high demand.
Obi, who described health, education, and pulling people out of poverty as the most important investment in any nation, disclosed that due to the premium he placed on health particularly nursing, out of the 52 weeks in a year, he visits at least one health facility every week, stressing that this act of visit and donation is not politically motivated but what he had been doing even before he came into politics.
READ ALSO: 2027: Peter Obi Speaks On Running For President, Deal With Atiku
Obi said: “I’m here to support what you are doing. I’m here because, for the future of this country, we need to invest in you. Across Nigeria, I support over 50 school of nursing sciences. 52 two weeks of the year, every week I must visit a school of nursing sciences.
“My weekly visit to the schools is not because of politics, because people think it’s because of politics that I’m doing this, but no. I was doing this even before I came into politics.
“Life without support or help to humanity, is not worth living.
“Father didn’t ask me to come back; none of you called me to come back. I was the one who called Father last night that.
READ ALSO: Only A Formidable Coalition Can Salvage Nigeria, Says Peter Obi
“You might not know what you’re studying now. By the year 2030, the world will be short of nurses to work in the hospital. Because healthcare is the most important thing today.”
He continued: “Like I always say, school is the most important investment you can give to humanity: number one, education; number two, health. It is said that a healthy nation is a wealthy nation. So, we must invest in health.
“The most important measurable developments are health, education, and pulling people out of poverty — and I am focused on all the three.
“You can’t talk about health without talking about the human capital infrastructure within it. The most important infrastructure in health are the nurses because they are the closest to the patients,” Obi added.
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When asked his presidential ambition and his alleged alignment with the newly formed coalition, Obi declined comment while he noted: “When I arrived the airport this morning, the journalist asked me why I’m Benin, and I said to them please I’m not in Benin for politics. I’m in Benin to talk about the future of Nigeria.
“We the politicians spend too much time talking about politics while leaving the Nigerian children and people to suffer. This is not what I’m here for.”
On his part, Rev. Fr. Jerome Idebe, while appreciating Obi for the kind gesture, noted that the donation will go a “long way in completing the project we started years ago.”
He assured the former Anambra State governor that the funds will be rightly channelled towards the betterment of the school and the students.
News
What To Know About Rashidi Ladoja, The Next In To Become Olubadan
Published
7 hours agoon
July 7, 2025By
Editor
The Olubadan of Ibadanland, Oba Owolabi Olakulehin, on Monday joined his ancestors, paving the way for the emergence of former Oyo State Governor, Rashidi Adewolu Ladoja, as the next in line to the throne.
Contents
Background and Education
Early Political Involvement
Banking Career
Governorship of Oyo State
Political Crisis and Impeachment
Court Victory and Return to Office
EFCC Arrest
Subsequent Governorship Contests
Retreat from Politics
Acceptance of Ceremonial Beaded Crown
Tribune Online reports that the monarch, who ascended the throne in July 2024, died in the early hours of Monday, July 7, 2025, after spending only a year as Olubadan. His death came just two days after celebrating his 90th birthday.
To become Olubadan, a candidate must belong to one of the two high-ranking traditional chieftaincy lines — the Balogun (military) and Otun (civil) lines.
The late Oba Olakulehin belonged to the Balogun line and had waited 38 years after becoming Jagun Balogun before ascending the throne.
With his passing, the line of succession now shifts to the Otun line, where High Chief Rashidi Ladoja currently holds the highest position as Otun Olubadan. However, Ladoja’s ascension to the throne of Olubadan is subject to the approval of the Oyo State Governor, Seyi Makinde.
READ ALSO: JUST IN: Olubadan, Oba Olakulehin, Is Dead
In this article, Nigerian Tribune compiled important things to know about the man expected to become the next Olubadan.
Background and Education
Rashidi Adewolu Ladoja was born on September 24, 1944, in the Gambari area of Ibadan. He attended Ibadan Boys High School from 1958 to 1963 and Olivet Baptist High School between 1964 and 1965. He later studied chemical engineering at the University of Liège, Belgium, between 1966 and 1972.
Early Political Involvement
Ladoja was elected to the Nigerian Senate in 1993 during the short-lived Nigerian Third Republic, representing the United Nigeria Congress Party under the Abacha political transition.
Banking Career
In 2000, he rose to the position of director at Standard Trust Bank Limited before fully returning to politics.
Governorship of Oyo State
He was elected governor of Oyo State in April 2003 on the platform of the Peoples Democratic Party (PDP) and assumed office on May 29, 2003. His emergence was backed by the late Alhaji Lamidi Adedibu, a major PDP power broker in the state.
READ ALSO: JUST IN: Ladoja Withdraws Suit Against Olubadan-in-Council
Political Crisis and Impeachment
By August 2004, a power struggle between Ladoja and Adedibu over government appointments plunged the administration into crisis. This eventually led to Ladoja’s impeachment by Oyo State legislators on January 12, 2006. His deputy, Adebayo Alao-Akala, was sworn in as governor.
Court Victory and Return to Office
On November 1, 2006, the Court of Appeal declared the impeachment null and void, pending Supreme Court confirmation. The apex court upheld the verdict on November 11, 2006, and Ladoja officially resumed office on December 12, 2006.
EFCC Arrest
On August 28, 2008, the Economic and Financial Crimes Commission (EFCC) arrested Ladoja over allegations of non-remittance of N1.9 billion from the sale of government shares during his administration. He was briefly remanded in prison by the Federal High Court in Lagos on August 30, 2008, and granted bail of N100 million on September 5.
Subsequent Governorship Contests
He ran as the Accord Party candidate in the 2011 and 2015 Oyo State governorship elections but lost both times to Senator Abiola Ajimobi.
Retreat from Politics
Ladoja later joined the African Democratic Congress (ADC) and then the Zenith Labour Party (ZLP) in 2018 before stepping away from partisan politics to focus on traditional duties.
Acceptance of Ceremonial Beaded Crown
On August 12, 2024, the late Olubadan, Oba Olakulehin, presented the ceremonial beaded crown to High Chief Ladoja — a crown he had previously rejected during the administration of former Governor Abiola Ajimobi.
(TRIBUNE)
- Online Reports On Protest False, Intent To Tarnish Our Image – AAU Ekpoma
- Obi In Benin, Donates N15m To St Philomena School of Nursing Sciences
- What To Know About Rashidi Ladoja, The Next In To Become Olubadan
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