General

Global Financial Wealth Hits $250trn Despite COVID-19

Published

5 years ago

15/06/2021

By Modupe Gbadeyanka

A new report has shown that despite the disruptions caused by the COVID-19 pandemic in 2020, global financial wealth reached an all-time high of $250 trillion.

In the new report released by Boston Consulting Group (BCG), it was revealed that last year, household savings rose and markets showed unexpected resilience in the face of the health crisis.

It was observed that in the period under consideration, many wealth management clients embraced alternative investments in their quest for higher returns, shifting away from low-yield debt securities.

As part of this trend, real assets led primarily by real estate ownership reached an all-time high of $235 trillion.

Nevertheless, Asia, which has the largest concentration of wealth in real assets ($84 trillion, 64% of the regional total) will see financial asset growth exceed real asset growth (7.9% versus 6.7%) in coming years. In particular, investment funds in the region will become the fastest-growing financial asset class, with a projected compound annual growth rate (CAGR) of 11.6% through 2025.

In the report, BCG identified two attractive markets for wealth managers. One consists of individuals with simple investment needs and financial wealth between $100,000 and $3 million. This “simple-needs segment” comprises 331 million individuals worldwide, holds $59 trillion in investable wealth and has the potential to contribute $118 billion to the global wealth revenue pool.

The report, titled Global Wealth 2021: When Clients Take the Lead, also revealed that despite the pandemic’s enduring financial impact, global prosperity and wealth grew significantly throughout the crisis and are likely to continue to expand significantly over the next five years, in line with the emerging economic recovery.

It was disclosed that North America, Asia (excluding Japan), and Western Europe will be the leading generators of financial wealth globally, accounting for 87 per cent of new financial wealth growth worldwide between now and 2025.

Anna Zakrzewski, a BCG managing director and partner, global leader of the firm’s wealth management segment, and a co-author of the report said, “Wealth managers often underserve those in the simple-needs segment with a standardized set of products, and the result is a poor client experience with no wow factor.

“This is essentially a missed opportunity. To better serve this key segment, wealth managers must embrace a new approach that lets them reach a larger audience in a cost-effective and scalable way, but with a highly personalized offering.”

Retirees, one of the world’s fastest-growing demographics, are another appealing market. Many are underserved and adversely impacted by the “advisory gap” that prevails during the retirement phase of life.

Today, individuals over 65 own $29.3 trillion in financial assets accessible to wealth managers. That figure will grow at a CAGR of close to 7% over the next five years, enabling wealth managers globally to target nearly $41.1 trillion in financial wealth by 2025. By 2050, 1.5 billion people globally will fall into the 65+ category, representing an enormous source of wealth.

In addition to the simple-needs and retirees segments, the “ultra” wealth category—individuals whose personal wealth exceeds $100 million—expanded in 2020, with 6000 people joining the 60,000-strong cohort, which has seen year-on-year growth of 9% since 2015. The category currently holds a combined $22 trillion in investable wealth, 15% of the world’s total.

According to the report, China is on track to overtake the US as the country with the largest concentration of ultras by the end of the decade. If investable wealth continues to rise there at its current annual rate of 13%, China will host $10.4 trillion in ultra assets by 2029, more than any other market in the world. The US will be close behind, with a forecasted total of $9.9 trillion in such wealth by 2029.

The faces of the ultras are changing too, with the rise of the next-generation segment. These individuals, between 20 and 50 years of age, have longer investment horizons, a greater appetite for risk, and often a desire to use their wealth to create positive social impact as well as earn solid returns. Many wealth managers are not yet ready to serve these new ultras.

“High-growth markets represent a massive opportunity, but wealth managers must build a genuine understanding of local differences and also key demographic changes,” said BCG’s Zakrzewski. “For example, women now account for 12% of ultras, most of whom are based in the US, Germany, and China. The next-gen segment is also going to be an influential driver of future growth in the next decade or so. Whether it’s a simple-needs or ultra-high-net-worth client, managers need to offer a personalized service in order to effectively capture the next wave of growth.”

General

Excitement as Nigeria Exits EU’s High-Risk Financial List

Published

2 days ago

16/01/2026

Adedapo Adesanya

By Adedapo Adesanya

The European Union (EU) has officially removed Nigeria from its list of High-Risk Third Country Jurisdictions.

This decision follows Nigeria’s successful exit from the Financial Action Task Force (FATF) “grey list” in late 2025, signaling international recognition of the country’s improved anti-money laundering and counter-terrorism financing (AML/CFT) frameworks.

The development is expected to ease trade, payments and investment flows between the country and Europe

The European Commission confirmed that Nigeria, alongside South Africa, Burkina Faso, Mali, Mozambique and Tanzania, had strengthened its AML/CFT regimes and no longer posed “strategic deficiencies” under EU assessment standards.

The commission noted that the affected countries had implemented reforms that brought their financial systems in line with international standards set by the FATF.

Reacting to the development, the Minister of State for Finance, Mrs Doris Uzoka-Anite, described Nigeria’s removal from the list as a major boost to investor confidence.

On a post on X on Thursday, she wrote, “Big win for Nigeria! Removed from EU’s financial ‘high-risk’ list!Congrats to President @officialABAT on this achievement. As Minister of State for Finance, I’m proud of this boost to trade and investor confidence.”

Being on the EU’s high-risk list previously meant that transactions with European partners required enhanced due diligence, stricter documentation, and additional oversight.

Nigerian businesses and banks faced increased scrutiny, which slowed cross-border trade and complicated investment flows.

The lifting of enhanced due diligence requirements is scheduled to take effect on January 29, 2026, following confirmation by the Commission confirmed that Nigeria has addressed strategic deficiencies and strengthened its financial governance through critical legislative reforms, such as the Money Laundering (Prevention and Prohibition) Act.

The development could have a series of positive impact including the provision of several immediate and long-term benefits as well as reduction of compliance costs.

As a result, EU financial institutions will no longer be legally required to apply “enhanced due diligence” to transactions involving Nigeria, which previously involved more intrusive checks and rigorous documentation.

It will also enhance smoother cross-border trade by simplifying trade and payment flows between Nigeria and European partners, reducing the complexity and time required for transactions.

Nigerian officials, including the Minister of State for Finance, have highlighted this as a “major boost” to investor confidence, positioning Nigeria as a more credible destination for international capital.

General

Dangote Cement Distributors, Customers Share N15bn Gifts, Cash at Awards Nite

Published

2 days ago

16/01/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

Cash and gifts worth about N15 billion were given out to distributors and customers of Dangote Cement Plc at a ceremony organised to reward their continued loyalty, resilience, and outstanding performance.

At the event, held recently at Eko Convention Centre, Lagos, the chairman of president of Dangote Industries Limited, Mr Aliko Dangote, described the distributors as the heartbeat of the organisation and thanked them for their dedication in ensuring the Dangote products reach communities nationwide.

Business Post reports that the 2026 Distributors’ Awards Night, held under the theme, Partner for Growth, recipients received an impressive array of gifts, including cash prizes, containers of cement, high-end SUVs, and CNG-powered trucks.

Mr Dangote used the occasion to reiterate the company’s Vision 2030 strategy, aimed at transforming Dangote Group into a $100 billion enterprise by 2030.

The plan, he explained, focuses on industrial expansion, cross-border investments, and building Africa’s self-sufficiency in sectors such as energy, manufacturing, and infrastructure.

“Your tireless work in the field, your alluring commitment to our products and your direct engagement with our customers are what turn our vision and strategies into tangible results,” he posited.

“Vision 2030, an integral aspect of our Africa First project, was borne out of my firm belief that Africa’s future will be built by Africans who refuse to accept limits – people who dream big, work hard, and never stop believing in what is possible,” he added.

On his part, chairman of the board of Dangote Cement, Mr Emmanuel Ikazoboh, highlighted the critical role of distributor partnerships in ensuring the company’s products reach every corner of the country.

“Tonight, we are giving out about ₦9 billion in cash to our distributors. For some of you, it will be a double celebration, as you may receive two alerts in recognition of both your volume and growth results,” he disclosed.

“In addition to the cash prizes, we have prepared other exciting gifts, including CNG-powered trucks, high-end cars, and more, to show our appreciation for your commitment and outstanding performance,” he added.

The board chairman further outlined the company’s plans to start the year strong by supporting its distributor partners, stressing the importance of supply chain efficiency and profitability as key pillars for growth.

Mr Ikazoboh also noted that the company has invested in new CNG-powered trucks, as the company’s target at the end of 2027 is to have all its trucks CNG-powered, supporting both logistics efficiency and empowering customers.

“We have made significant investments in new Compressed Natural Gas (CNG)-powered trucks. This initiative not only empowers our customers but also emphasises our dedication to corporate responsibility and global sustainability guidelines. These rewards reflect our promise to support customers and champion sustainable business practices,” he stated.

General

Navy Launches Operation Delta Sentinel to Achieve 2.5mb/d Oil Output

Published

3 days ago

15/01/2026

Adedapo Adesanya

By Adedapo Adesanya

The Nigerian Navy has launched Operation Delta Sentinel, a new maritime security initiative designed to curb crude oil theft, secure critical oil assets and support the federal government’s ambition to ramp up crude production to 2.5 million barrels per day by 2027.

The operation, which replaces Operation Delta Sanity II, was formally unveiled at the Nigerian Navy Ship (NNS) Pathfinder Jetty in Port Harcourt, marking a renewed push to stabilise the Niger Delta and protect Nigeria’s oil-dependent economy.

Speaking at the launch, Commander Task Group 26.1, Operation Delta Sentinel, Rear Admiral Suleiman Ibrahim, said the initiative was aligned with the Federal Government’s drive to boost oil exploration and production under the Project 1 Million Barrels Per Day initiative of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

“The transformation from Operation Delta Sanity II to Operation Delta Sentinel is necessitated, among other considerations, by the Federal Government drive to increase oil exploration and production,” he said, adding that, “It is further anticipated that oil production would be about 2.5 million barrels per day by 2027.”

Rear Admiral Ibrahim, who is also the Flag Officer Commanding, Central Naval Command, said Operation Delta Sentinel would run for an initial one-year period, subject to 90-day renewable mandates, and would focus on denying criminal networks access to Nigeria’s maritime and oil infrastructure.

“Our objective is clear and unambiguous: to deny criminal elements freedom of action, protect critical national oil assets, support legitimate economic activities and contribute to enduring peace and stability in the Niger Delta,” he stated.

He explained that the operation would rely heavily on intelligence-driven missions, enhanced inter-agency collaboration and advanced surveillance tools, including Maritime Domain Awareness infrastructure, new maritime platforms, and manned and unmanned air assets.

“Our approach will be deliberate, innovative and technology-enabled. These capabilities will enable us to optimise asset utilisation, improve situational awareness and maintain a proactive operational posture,” he added.

The Navy said early indicators already show progress, noting that crude oil losses have dropped by about 90 per cent, from 102,900 barrels per day in 2021 to 9,600 barrels per day as of September 25.

Earlier, Flag Officer Commanding, Eastern Naval Command, Rear Admiral Chiedozie Okehie, highlighted the achievements of Operation Delta Sanity II, which was launched on December 30, 2024, to combat crude oil theft, illegal bunkering and pipeline vandalism.

“Operation Delta Sanity II lived up to expectations and made measurable contributions to national security and economic stability,” the Naval commander said.

According to him, between January 1 and December 31, 2025, the operation led to the arrest of 203 suspects, the deactivation of 324 illegal refining sites, and the seizure of stolen petroleum products valued at over N3.65 billion.

“An estimated 3.78 million litres of stolen crude oil, over 1.09 million litres of illegally refined AGO, 86,210 litres of PMS and 74,300 litres of kerosene were seized and appropriately handled,” he disclosed.

Rear Admiral Okehie added that the Navy’s operations, supported by collaboration with regulators, security agencies, oil industry stakeholders and host communities, contributed to a significant decline in crude oil losses, with NUPRC reporting the lowest loss levels since 2009 in September 2025.

With Operation Delta Sentinel now in force, the Navy said it is positioning itself as a key enabler of Nigeria’s oil production growth, investor confidence and long-term stability in the Niger Delta.