Nigeria is, in some ways, a rich country. The West African nation is a huge oil producer; the continent’s second-largest economy; and, in Lagos, has a bustling port city of over 20 million people with an economy bigger than many African countries.
But with almost 100 million people living on less than $1 per day, extreme poverty remains a major problem in Nigeria. Additionally, the Boko Haram insurgency has left around 5 million people in need of urgent food @ssistance; the U.N. considers the situation in northeast Nigeria to be at risk of escalating into famine.
But according to a report by Oxfam International published Wednesday, much of these problems could be solved if the country’s richest billionaires clubbed together and shared out their wealth.
It would cost $24 billion to eradicate extreme poverty in Nigeria (defined by Oxfam as living on less than $1.90 per day), $5.9 billion less than the total wealth of Nigeria’s five richest people in 2016, according to the report. This extreme inequality, Oxfam has said, must motivate Nigerian leaders to tackle the problem.
But how did Nigeria’s mega-rich quintet make their fortunes?
1. Aliko Dangote: $14.4 billion
Dangote, a cement magnate, is not only Nigeria’s richest person, but the wealthiest man in Africa. The 60-year-old from the northern state of Kano is the chief executive of the Dangote Group, one of Africa’s largest manufacturing conglomerates, with an annual turnover of $3 billion.
Dangote is also a football fanatic and has declared his intention to buy English Premier League club Arsenal. He has also actively supported Nigeria’s recovery from the Boko Haram crisis, pledging $10 million in aid in 2016.