Who are these wealthy individuals?

President Muhammadu Buhari, during the Nigeria 25 economic summit stated that few individuals in 4 to 5 states including FCT hold the country’s wealth leaving over 150 Nigerians in the remaining states languishing in abject poverty. President Buhari’s statement coincides with the Oxfam shocking revelation of increased poverty in the land from 89 million to […]

President Muhammadu Buhari, during the Nigeria 25 economic summit stated that few individuals in 4 to 5 states including FCT hold the country’s wealth leaving over 150 Nigerians in the remaining states languishing in abject poverty.

President Buhari’s statement coincides with the Oxfam shocking revelation of increased poverty in the land from 89 million to 94million as captured by the world poverty clock. Although, President Buhari neither mentioned the names of those individuals and the states they live nor the sources of their wealth, his statement puzzled many Nigerians. The million naira questions begging for answers are: Who are these individuals? What are the sources of their stupendous wealth?

Even before the return of democratic rule in 1999, Nigeria was a country with the high rate of income inequality with country’s wealth concentrated in the hands of few elites. These few elites normally made their fortunes from government. They were once public servants who worked in government or are highly connected to the ruling elites. They own oil wells and investments in petroleum industry, power, telecommunication and any lucrative business they can lay their hands on. Yes, they have enriched themselves through the abuse of office or dispersed favour to their friends, families and cronies. Is Buhari referring to these category of people? Or is Mr President referring to our entrepreneurs, business moguls and captains of industries, the likes of Dangotes, Otedolas, BUAs etc.?

If Mr President’s statement is true, it means something is wrong somewhere. What are the causes of this high level of income in-equality in the country? The answers to this question are not far-fetched. Firstly, the way and manner with which corruption is entrenched in our national lives has contributed tremendously towards widening the income inequality and promoting wide spread of poverty in the country. Secondly, there is the cases of elitism where few individuals hijacked and cornered the resources meant for the development of the country.

I think, if the few individuals’ wealth is tied to, or attached to the proceeds of corruption, Buhari’s administration which came to power under the mantra of fighting corruption should quickly bring them before the law.

 

Ibrahim Mustapha Pambegua, Kaduna  [email protected]