General
Nigeria Accounts for 11% of Africa $2.1trn Private Wealth
By Adedapo Adesanya
Nigeria accounts for 11 per cent of Africa’s $2.1 trillion total private wealth, according to this year’s Africa Wealth Report published by UK investment consultancy firm, Henley & Partners, in partnership with South African wealth intelligence firm, New World Wealth.
The report stated that Nigeria, which has $228 billion in private wealth, is third behind Egypt (second place) with $307 billion and South Africa, top of the echelon with $651 billion.
Others in the top 10 include Morocco, Kenya, Ghana, Tanzania, Angola, Ethiopia and Mauritius.
The report made it known that Africa’s $2.1 trillion total wealth is different from the gross domestic product (GDP), which calculates the monetary measure of the market value of all the goods and services produced in a specific period in a country.
While the number of millionaires on the continent over the past decade has not increased exponentially, the number of centi-millionaires ($100 million+) and billionaires has shot up.
Nigeria has 28 centi-millionaires and four billionaires with 510 multimillionaires, while 10,000 Nigerians have a worth of over $1 million.
Also, the appetite for investment migration in markets beyond Southern Africa has been growing steadily over the past few years. For example, Nigeria was the second-largest market (after South Africa) in enquiries received by Henley & Partners in 2021, with a growth of 15 per cent.
The report noted that the continent needs to deal with the legacy industries, whose ownership structures perpetuate inequality. It added that Africa needs to expose its citizens to financial education as most have asymmetric knowledge of finance, which constrains the growth of retail participation in financial markets.
Showing how much the top wealthiest countries affect the continent’s total wealth, in the past decade, Nigeria has had a negative private wealth growth rate of -27 per cent, instrumental in the 7 per cent decline in Africa’s wealth growth since 2011.
From a global perspective, South Africa, Nigeria and Egypt were among the top 15 nationalities regarding the enquiries Henley & Partners received last year. South Africa was in 5th place globally, with a growth of 38 per cent in 2021, Nigeria in 7th place with an increase of 15 per cent and Egypt in 14th place with a change of 25 per cent.
As reflected in the report, the Big 5 wealth markets in Africa are South Africa, Egypt, Nigeria, Morocco and Kenya. These five countries account for over 50% of Africa’s total wealth.
Giving a spotlight on Mauritius, Business Post understands that it is the wealthiest country in Africa.
“Following several decades of strong growth, Mauritius now ranks as the wealthiest country in Africa by a significant margin (on a wealth per capita basis). This amounted to $34,500 as of December 2021, which is well above second-placed South Africa ($10,970).”
New World Wealth has predicted a healthy wealth growth of 38 per cent for Africa in the next decade, but West Africa may not join the fray.
Eastern African countries are projected to anchor this rise, with “over 60 per cent growth expected in Uganda and Rwanda by 2031, and over 50 per cent in Kenya and Zambia.”
General
KWAM 1 Ends Awujale Ambition, Withdraws Legal Challenge
By Adedapo Adesanya
Fuji musician, Mr Wasiu Ayinde, popularly known as K1 De Ultimate or KWAM 1, has formally withdrawn from the race for the Awujale of Ijebuland after staunch opposition to his ambitions.
This came as the minstrel filed a notice of discontinuation at the Ogun State High Court to end his legal challenge against the ongoing selection process.
The notice, filed on Monday, December 22, 2025, by his legal team led by Mr Wahab Shittu (SAN), brings to a close his controversial bid for the revered throne.
The withdrawal followed a ruling by Justice A. A. Omoniyi of High Court 3, Ijebu-Ode Judicial Division, who dismissed KWAM 1’s application for an interim injunction seeking to restrain the Ogun State Governor, Mr Dapo Abiodun, the Fusengbuwa Ruling House and other parties from proceeding with the selection of a new Awujale.
Justice Omoniyi held that the application lacked merit but ruled that the substantive suit could proceed on its merits, fixing January 14, 2026, for further hearing.
KWAM 1, the Olori Omooba of Ijebuland from the Fidipote Ruling House, had approached the court after the Fusengbuwa Ruling House declared him ineligible to contest for the stool, insisting he was not a bona fide member of the ruling house and therefore could not vie for the throne under its platform.
However, with the filing of the notice of discontinuation, KWAM 1 appears to have formally recused himself from the Awujale selection process, effectively ending his challenge.
He joined as respondents in the case: the Ogun State Governor, the Commissioner for Local Government and Chieftaincy Affairs, the Attorney General and Commissioner for Justice, the Secretary of Ijebu-Ode Local Government, the Chairman of the Awujale Interregnum Administrative Council, and the Chairman of the Fusengbuwa Ruling House.
In the application, KWAM 1 contended that he is a bonafide member of both the Fusengbuwa and Fidipote ruling houses, and that his rights as a potential candidate were being threatened by what he described as a flawed and unlawful process.
He alleged that the Awujale Interregnum Administrative Council, which he described as an “unrecognised body”, was exerting influence over the nomination procedure in violation of Ogun State chieftaincy laws.
Central to his claim was the argument that due process was not followed, particularly the requirement that the Ijebu-Ode Local Government formally publish the names of the 13 recognised kingmakers before any selection exercise commences.
KWAM 1 maintained that the failure to comply with this step rendered the process vulnerable to legal challenge.
The suit was filed against the backdrop of the vacancy created by the death of Oba Sikiru Kayode Adetona in July, at the age of 91, after a reign of more than six decades.
General
Dangote Unveils Phone Number to Report MRS Stations Selling PMS Above N739
By Modupe Gbadeyanka
A hotline number, 0800 123 5264, for Nigerians to report any MRS Oil Nigeria Plc filling stations selling Premium Motor Spirit (PMS), commonly known as petrol, above the approved pump price of N739 per litre, has been released by Dangote Petroleum Refinery.
The private refiner said the number was now active nationwide, enabling consumers to promptly report violations and help maintain fair pricing across over 2,000 MRS stations.
This measure follows the refinery’s recent commencement of nationwide PMS sales at N739 per litre—a strategic intervention aimed at stabilising fuel prices and easing the financial burden on Nigerians during the festive season.
“We encourage Nigerians to avoid purchasing PMS at inflated prices when locally refined fuel is available at N739 per litre.
“Report any MRS station selling above this price by calling our hotline. Together, we can ensure that the benefits of this price reduction reach every consumer,” the company stated in a statement.
The organisation stressed its mission to deliver affordable, high-quality fuel while safeguarding national economic interests, reaffirming its commitment to steady supply, backed by a guaranteed daily output of 50 million litres, and warned against attempts to create artificial scarcity or manipulate supply.
Regulatory authorities have been urged to remain vigilant and take decisive action against unpatriotic practices.
By refining locally at scale, Dangote Refinery is reducing Nigeria’s dependence on imports, conserving foreign exchange, stabilising the Naira, and strengthening energy security. This initiative represents a significant milestone in the country’s journey toward sustainable energy solutions and economic recovery.
The refinery also issued a stern warning against attempts by unscrupulous operators to create artificial scarcity in response to the price reduction, calling on government agencies to act decisively.
“Any attempt to create artificial scarcity or manipulate supply to frustrate recent price reductions is unpatriotic and unacceptable. We urge regulatory authorities to remain vigilant and take firm action against such practices, especially during this critical festive period,” the statement added.
Consumers were advised to resist purchasing fuel at inflated prices when cheaper, high-quality alternatives are readily available.
General
ANLCA Airport Chapter Scores Salamatu High on Stakeholder Engagement, Trade Facilitation
By Bon Peters
The Airport Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA) at Omagwa Rivers State has praised the Customs Area Controller for Customs Area 1 Command, Comptroller Salamatu Atuluku.
At the end-of-the-year party attended by stakeholders, including the leader of the association’s chapter, Mr Charles Onyema, said the customs officer has done well in stakeholder engagement and trade facilitation.
At the event held last Friday, he said his association has been enjoying a very cordial relationship with other organisation in the ecosystem.
“You can see what is happening today, everybody is working together and our operations here are seamless,” he noted.
He stated that apart from creating a very robust business environment for his members and other stakeholders to operate, he has taken a decision to build and commission a befitting ANLCA Secretariat which would be completed soon and be commissioned by the ANLCA national president, Mr Emenike Nwokeoji.
The ANLCA chapter chief said since “Comptroller Salamatu Atuluku assumed office at Customs Area 1, Port Harcourt Command, it has been a different ball game, facilitating trade and increasing Revenue generation.”
“I remember I told her she was a mother during her maiden visit to the airport.
“You know when you have a woman in charge of an affair, food will not lack, compassion will not lack and motherly love will not lack.
“She is very wonderful in stakeholder engagement, revenue generation and trade facilitation,” Mr Onyema enthused.
Projecting into the future, Mr. Onyema said the year 2026 would be better for his members, adding that he has advised them on financial discipline which he said would help them during the trying period.
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