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

Published

6 months ago

May 21, 2025

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 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

N200b Agric Credit Dispute: Appeal Court Slams NAIC, Upholds First Bank Victory

Published

11 hours ago

November 29, 2025

Editor

The Court of Appeal, Abuja, has dismissed the appeal filed by the Nigerian Agricultural Insurance Corporation (NAIC) against First Bank of Nigeria in the long-running dispute over the disbursement of the Federal Government’s N200 billion Commercial Agriculture Credit Scheme.

The decision was one of seven precedent-setting judgments delivered in six hours on Friday by Justice Okon Abang, underscoring his reputation as a hardworking, firm, and uncompromisingly principled jurist whose rulings continue to shape Nigeria’s legal landscape across criminal, human rights, banking, and civil litigation.

In 2013, the NAIC dragged First Bank before the Federal High Court via originating summons, alleging that the bank failed to deduct the mandatory 2.5 per cent premium under the agriculture credit scheme. First Bank promptly filed a counter-affidavit and written address, with both sides joining issues and exchanging further processes over the years.

But when the case was ripe for hearing, NAIC sought to suddenly withdraw its suit—claiming an unnamed Bankers’ Committee representative had approached it for an out-of-court settlement.

First Bank objected, insisting that once pleadings had been exchanged, withdrawal without consent should lead to dismissal, not a mere striking out. To strike out, the bank argued, would allow NAIC a second bite at the cherry—an abuse of process.

The Federal High Court agreed and dismissed the suit, prompting NAIC to head to the Court of Appeal.

Delivering the unanimous judgment of the Court of Appeal, Justice Abang held that NAIC’s appeal was “grossly misconceived” and that, having seen the bank’s defence, NAIC attempted to retreat and re-strategise, “only being smart, believing that it could cunningly manipulate judicial proceedings to save a suit that appears weak and manifestly unsupported.”

He stressed that, once a defendant’s counter-affidavit has been served, any withdrawal by the claimant must naturally lead to dismissal, not striking out, to avoid overreaching the respondent.

Justice Abang agreed with the trial court that, “Since issues have been joined and the matter has previously been adjourned on several occasions, the proper order to make on the application of the plaintiff is to dismiss the suit.”

The Court of Appeal also questioned NAIC’s reliance on an alleged intervention by the Bankers’ Committee—a non-party that had earlier resisted being joined in the matter.

The appellate court concluded that NAIC, having sighted the bank’s counter-affidavit, simply lost confidence in its case and sought a “soft landing” to refile later.

News

Nigeria Records One Of Africa’s Widest Gaps In Policy Reputation Index

Published

11 hours ago

November 29, 2025

Editor

Nigeria has been identified as one of the African nations suffering the largest disconnect between policy delivery and citizen trust, a finding described as the “defining governance crisis” across the continent, according to the inaugural RPI African Policy Index 2025 released by Reputation Poll International (RPI).

The comprehensive Index, which evaluates governance and policy performance across all 54 African countries, places Nigeria in the middle tier of “Strugglers” with an overall score of 52.3. This category reflects nations that achieve partial policy results but fail to earn public confidence.

Drawing from hard data on policy implementation and perception surveys involving over 25,000 Africans, the report shows that Nigeria records one of the continent’s widest Trust Gaps, sometimes exceeding 25 points between objective performance and citizen confidence.

The report flags Nigeria alongside South Africa, Angola, Egypt, and Zimbabwe as countries with the most severe mismatches.

In Nigeria, anti-corruption laws and other initiatives score reasonably well on paper but fail to inspire public trust due to perceived elite impunity and inconsistent enforcement.

Similar patterns exist across these nations, where oil wealth, infrastructure spending, and progressive legislation do not convince ordinary citizens that governments genuinely serve their interests. This trust deficit is highlighted as Africa’s core governance challenge.

The Index emphasises that without deliberate measures to close the gap—through transparent data, citizen audits, and visible accountability—policy ambitions alone cannot produce stable or legitimate outcomes.

By contrast, a small group of nations scoring above 70 demonstrate that world-class governance is achievable when delivery is matched by citizen belief.

Mauritius leads with 78.9, followed by Seychelles at 76.4, Cabo Verde at 74.8, and Botswana at 73.2. These countries excel because strong economic management, high vaccination rates, transparent institutions, and consistent progress in education and digital reforms are reinforced by equally high public trust.

Botswana and Mauritius succeed not because they are wealthy, but because they systematically include citizens in monitoring and feedback, narrowing the trust deficit to near zero.

Over half of Africa, however, remains far from this standard. The Strugglers tier (50–69.9) encompasses 30 countries, while 18 “Systemic Challengers” score below 50, from Sierra Leone at 49.2 to South Sudan at 28.4.

In these countries, structural breakdowns, chronic insecurity, and collapsed legitimacy produce average Trust Gaps of 35 points, undermining even modest policy efforts amid daily experiences of violence and exclusion.

Central Africa records the lowest regional average at 41.2, while Southern Africa dominates the top tier. West, East, and North Africa deliver mixed results.

For Nigerian leadership, the Index sends a clear message: policy formulation alone is no longer sufficient. As the country grapples with debt, youth unemployment, and climate pressures, bridging the Trust Gap through better communication, transparency, and inclusive monitoring has become essential to achieve sustained development and restore public confidence.

The RPI African Policy Index 2025 stands as both a warning and a roadmap: unless the trust deficit is addressed, Africa’s governance crisis will only deepen.
(GUARDIAN)