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Rich In Naira, Poor In Hope: The Burden On Nigeria’s Super-Rich

Published

1 year ago

May 21, 2025

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 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.

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.

News

Children’s Day: Chaos At Ogbe Stadium As Dozens Faint

Published

15 hours ago

May 27, 2026

Editor

Chaos erupted on Wednesday during the Children’s Day celebration as dozens of students reportedly collapsed following a stampede triggered by the use of pepper spray.

The event,
organised by the Edo State Ministry of Education at the Samuel Ogbemudia Stadium was disrupted after some male students of Ihogbe College allegedly made uncompromising advances towards female students at the venue.
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‎ A parent who identified himself as Oboh Emmanuel said, “the behaviour of those uncultured students attracted the attention of bouncers stationed at the stadium as they rebuked the male students.”
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‎Oboh said the affected students later regrouped and attacked the bouncers, leading to a confrontation within the crowded arena.

READ ALSO:Children’s Day: Edo Commits To Child Protection
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It was gathered that in the ensuing confusion, the bouncers were reported to have deployed pepper spray in an area occupied by a large number of students.
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‎Several students, particularly female students, reportedly fainted after inhaling the substance, while others sustained injuries after being stepped on during the ensuing melee.
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‎The panic was said to have spread across the stadium as students, teachers and parents scampered for safety.
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‎Many of the affected students were reportedly rushed to the Edo Specialist Hospital for medical attention.

Reacting to the incident, Chief Press Secretary to Governor Monday Okpebholo, Dr Patrick Ebojele, said the security personnel that fired the tear gas had been detained.

He said all the students, except two, that were rushed to the hospital have been discharged.

Ebojele stated that doctors wanted to observe the students till tomorrow before allowing them to go home.

“The two students are not seriously injured. Doctors want to observe them overnight. Permanent Secretary, Ministry of Education is still at the hospital. The man who used pepper spray has been detained.

“The incident did not happen the way it is being exaggerated. All modalities were put in place to ensure the children enjoyed their day.”
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News

Okpebholo Salutes Edo Muslims, Seeks Continued Support, Prayers

Published

16 hours ago

May 27, 2026

Editor

Governor Monday Okpebholo of Edo State has urged Muslims and all Nigerians to continue to pray for peace, unity and progress in the country even as they celebrate the annual Eid-al-Adha

The governor, who was represented by his deputy, Dennis Idahosa, stated this during the annual Eid-al-Adha celebration with Muslim faithfuls held at Government House in Benin City.

He reiterated his administration’s commitment to fairness, inclusivity and equal opportunities for all citizens irrespective of religion and tribe.

According to him, the present administration remains determined to building a government that reflects the diversity of Edo State, noting that competent and qualified Muslims have continued to play vital roles in his government because of their capacity, integrity and commitment to service.

“As a government, we remain committed to fairness, inclusivity and equal opportunity for every Edo citizen, irrespective of religion, ethnicity or political affiliation. This is why quality and competent Muslims are serving in key positions in our administration.”

Okpebholo appreciated the Muslim community in Edo State for their unwavering support and continuous prayers for his administration, noting that such prayers and support have contributed immensely to the peace and steady development being witnessed across the state.

He then called on all Nigerians to use the occasion of Eid-al-Adha to pray for the administration of President Bola Ahmed Tinubu, stressing that the country needs collective prayers, unity and cooperation to overcome its present economic and security challenges.

“I urge all Muslims and indeed all Nigerians to use this occasion to pray for our dear nation and for the administration of President Bola Ahmed Tinubu. Nigeria needs our collective prayers, unity and support as we strive to overcome our challenges and build a more prosperous future for all.”

In his remarks, the Chief Imam of Edo State, Abdulfatai Enabulele, applauded the governor for what he described as remarkable developmental strides recorded in less than two years in office.

The cleric commended the administration for ongoing infrastructural development and efforts geared towards improving governance in the state, but appealed to the government to revisit and complete some abandoned projects inherited from the previous administration for the benefit of the people.

News

Children’s Day: Edo Commits To Child Protection

Published

16 hours ago

May 27, 2026

Editor

The Edo State Government has reaffirmed its commitment to protecting the rights of children, promoting quality education, and strengthening sports development across the state.

This assurance was given by the governor of Edo State, Monday Okpebholo, during the 2026 Children’s Day Celebration and Governor’s Cup Finale held on Wednesday at the Samuel Ogbemudia Stadium, Benin City.

Addressing pupils, students and teachers,
the governor described children as the pride of Edo State and the future of the nation.

The governor, represented by his deputy, Dennis Idahosa,
noted that the annual celebration provides an opportunity to honour their dreams, talents, and limitless potential.

Speaking on this year’s Children’s Day theme, “Choose Kindness, Reject Bullying,” the governor said the message was timely and significant, as it emphasizes the need to create safe, supportive, and inclusive environments for children both in schools and communities.

He stated that bullying in all forms — physical, verbal, emotional, or online — has no place in society, adding that the Edo State Government remains fully committed to protecting the rights and dignity of every child.

According to him, the administration will continue to strengthen policies and programmes that promote child protection, discipline, mutual respect, and positive learning environments across schools in the State.

The governor urged children to embrace kindness, compassion, teamwork, and respect for one another, stressing that true strength lies not in intimidation but in empathy, good character, and mutual understanding.