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The African country with 7 dollar billionaires – The highest number in Africa

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The richest man in Africa may be Aliko Dangote, but Nigeria does not have the most billionaires. The Africa Wealth Report 2024 by Henley & Partners and New World Wealth reveals that 56% of Africa’s millionaires and 90% of its billionaires resided in five countries in 2023: South Africa (7), Egypt (5), Nigeria (4), Kenya (3), and Morocco (2).    ALSO READ: Here’s the richest country in Africa – No, it’s not South Africa or Nigeria
According to the Forbes Real Time Billionaire List, South Africa is the African country with the most billionaires, with seven billionaires. Here are the billionaires in South Africa Johann Rupert Johann Rupert is the chairman of Compagnie Financière Richemont, a luxury goods company based in Switzerland. The company’s most well-known brands are Montblanc and Cartier. The business is worth $10.3 billion.  Nicky Oppenheimer His net worth is $9.5 billion. In 2012, Nicky Oppenheimer, the heir to the De Beers diamond wealth, sold Anglo American, a mining conglomerate, 40% of the company for $5.1 billion in cash. In 2014, he founded Fireblade Aviation in Johannesburg for chartered flights. He is the owner of 720 square miles of conservation land across South Africa, Botswana, Zimbabwe, and Mozambique.   ALSO READ: Here’s the most expensive city to live in Africa Koos Bekker The man has a net worth of $3B. He is renowned for turning South African newspaper publisher Naspers into a major e-commerce investor and cable TV powerhouse. He paid $34 million for a third of Chinese internet firm Tencent Holdings in 2001, and invested in MultiChoice Group and Prosus in 2019. Patrice Motsepe African Rainbow Minerals founder and chairman, Motsepe, became the first black African on the Forbes list in 2008 and launched African Rainbow Capital in 2016. He also owns Sanlam and Mamelodi Sundowns Football Club. Motsepe was elected president of the Confederation of African Football in 2021. 5 best countries to invest in Africa -Nigeria doesn’t make list, which countries do?
Michiel Le Roux Le Roux, founder of Capitec Bank, owns 11% of the company’s shares, targeting South Africa’s emerging middle class. He served as chairman from 2007 to 2016 and continues to serve as a board member. Christoffel Wiese His most valuable asset is Shoprite. In 2022, he regained his nine-figure fortune by settling a dispute with Steinhoff for cash and stock, including a 5% stake in Pepkor. Wiese also holds stakes in Collins Property Group, Brait, and Invicta Holdings. His net worth is $1.6 billion. In conclusion, South Africa is the only African country with seven billionaires even though Seychelles is the richest country in Africa.
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5 Nigerian Presidents Since 1999: Who has performed better?

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Since the dawn of Nigeria’s Fourth Republic in 1999, the seat of power in Aso Rock has passed from one hand to another like a sacred staff in a village of restless chiefs — each leader bearing promises as heavy as iron and dreams as bright as flame.

From military shadows to democratic dawns, the nation’s soul has danced to the rhythms of reform, ruin, and revival.

Some presidents soared on the wings of hope; others crawled through the mud of missed chances.

But in this long political pilgrimage, one question lingers like the last ember in a dying fire: Who among them truly lit the path forward, and who merely chased shadows?

ALSO READ: 8 Nigerian state governors who bought expensive jets while in office

1. Olusegun Obasanjo (1999–2007)

Tenure: 8 years (2 terms) Party: People’s Democratic Party (PDP)

Obasanjo took office in 1999 after nearly 16 years of military rule. His administration was largely focused on economic reforms and restoring Nigeria’s global image. He spearheaded the debt relief program that saw Nigeria cancel over $18 billion in external debt through negotiations with the Paris Club.

Major achievements of Obasanjo’s presidency were containing the domestic turmoil permeating Nigeria by keeping control of the military. He helped to form the African Union, and he liquidated the country’s external debt. In December 1999, his approval rating was at 84%; by 2001, it was at 72%; and by September 2003, it had fallen to 39%.

Other Key Achievements:

  • Launch of the National Economic Empowerment and Development Strategy (NEEDS)

  • Privatisation of key state-owned enterprises

  • GSM revolution that improved telecommunications access

  • Establishment of the EFCC and ICPC to fight corruption

While Obasanjo laid down some economic foundations, most Nigerians still grappled with poor infrastructure, power outages, and rising poverty.


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However, during his tenure, the hope of democracy and reform was high. Although he was repeatedly accused of corruption throughout his career, he has always maintained that his dealings were honest.

2. Umaru Musa Yar’Adua (2007–2010)

Tenure: 3 years (died in office) Party: PDP

Yar’Adua is remembered for his humility and his Seven-Point Agenda, which focused on infrastructure, power and energy, food, security, wealth creation, transport, land reforms, and education. The administration did not realise this agenda due to his illness and death.

Though his tenure was cut short, he is credited with being transparent and declaring his assets publicly. He publicly revealed that he had ₦856,452,892 in assets, ₦19 million of which belonged to his wife, and ₦88,793,269.77 in liabilities. 

Under Yar’Adua, Nigeria’s oil-rich Niger Delta became increasingly militarised and insecure. Scores of civilians were murdered by armed gangs and security forces in 2007.

Also, in 2009, Boko Haram launched an attack on a police station in Bauchi State, and clashes between the militants and the Nigerian Police Force erupted in Kano, Yobe and Borno.

Key Achievements:

  • Amnesty Programme for Niger Delta militants, reducing oil-related violence

  • Initiated power sector reforms

  • Restored the rule of law as a core principle of governance

Yar’Adua’s leadership was seen as calm and visionary. However, his health problems hindered the full implementation of reforms. Nonetheless, his commitment to due process gained public respect.

3. Goodluck Jonathan (2010–2015)

Tenure: 5 years (Vice President 2007–2010, President 2010–2015) Party: PDP

Jonathan assumed office after Yar’Adua’s death and won a full term in 2011. His era witnessed mixed reviews. He was praised for electoral reforms but heavily criticised for handling of corruption and insecurity, particularly the rise of Boko Haram.

Under Jonathan’s administration, Nigeria became the largest economy in Africa by overtaking South Africa and Egypt. The Jonathan administration oversaw the construction of new railways in the country. It also managed the construction and beautification of several federal roads including the construction of the second Niger Bridge.

Jonathan’s government has largely been described as corrupt. According to The Economist, corruption flourished under the Jonathan administration, “who let politicians and their cronies fill their pockets with impunity.”

Other Key Achievements:

  • Electoral reforms that improved the credibility of elections (2011 seen as relatively free and fair)

  • Establishment of Almajiri schools in Northern Nigeria

  • Advocacy for women in politics (35% Affirmative Action)

  • Growth of the Nollywood and tech sectors under his administration

Nigeria’s economy became Africa’s largest under Jonathan, but corruption scandals like the fuel subsidy scam dented public trust. Boko Haram’s abduction of the Chibok girls also marked a turning point in his public image.

ALSO READ: 7 most corrupt leaders and how much they stole – a Nigerian is on the list

4. Muhammadu Buhari (2015–2023)

Tenure: 8 years (2 terms) Party: All Progressives Congress (APC)

Buhari’s return to power as a former military ruler was met with optimism, especially due to his anti-corruption stance. However, his administration is often criticised for economic stagnation, worsening insecurity, and an over-centralised leadership style.

Buhari was also elected because he pledged to enhance security in Nigeria. After this announcement, Buhari’s approval ratings skyrocketed, largely due to Jonathan’s apparent inability to fight Boko Haram. Under his leadership, the economy averaged a growth rate of 0.9%, and unemployment was at an all-time high.

His tenure was marked by several medical leaves and he was slow to solve problems he mentioned during his campaign. In the first year of the administration, Naira depreciated in the black market and by 2016, the country’s economy had declined by 1.6% and in that same year, the government announced a rise in the official pump price of petroleum.

Key Achievements:

  • Social Investment Programmes like N-Power and TraderMoni

  • Infrastructure investments (railways, roads, airports)

  • Development of the Anchor Borrowers Programme to support agriculture

  • Partial removal of fuel subsidy (2022)

Despite early enthusiasm, Nigerians endured two recessions, rising inflation, and fuel scarcity. Kidnappings and banditry escalated and many felt Buhari’s fight against corruption was selective and ineffective.

5. Bola Ahmed Tinubu (2023–Present)

Tenure: In office since May 2023 Party: APC

Tinubu’s presidency is still in its early stages, but it began with swift economic reforms, including the removal of fuel subsidy and the unification of exchange rates. These bold moves have earned praise from financial analysts but also caused significant hardship for ordinary Nigerians.

Who Has Performed Better?


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3 brutal truths behind why Nigerian students keep failing JAMB exams

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There is fire on the mountain, and nobody seems to be on the run. The leaders of tomorrow can no longer pass basic examinations, and therein lies the fate of the “giant of Africa”.

The recently released results of the 2025 Unified Tertiary Matriculation Examination (UTME) have once again exposed the deepening crisis in Nigeria’s education sector. Out of nearly 2 million candidates, over 1.5 million scored below 200—a failure rate of more than 78%. This is not just an academic issue; it’s a national emergency.

READ IT HERE: Over 1.5 million candidates score below 200 in 2025 UTME — JAMB

While there are countless individual and systemic factors at play, I’ll focus on three key reasons driving this issue.

1. Collapse of Educational Standards

One of the major factors behind the mass failure is the consistent underinvestment in education. Nigeria’s budgetary allocation to education remains among the lowest in Africa. Many public schools lack basic infrastructure, updated learning materials, or qualified teachers. The curriculum itself has also become outdated, failing to engage young minds in critical thinking and problem-solving.

2. School na “scam”

Our society has shifted toward anti-intellectualism. Today’s Nigerian youth are bombarded by a culture that glorifies shortcuts to wealth and fame. The growing popularity of “school na scam” rhetoric, the idolization of fraudsters and entertainers with questionable values, and politicians who forge certificates have all weakened the collective belief in the power of education.

ALSO READ: Prepare Your Child for the Future: 10 life skills they must learn before 13

When students see more value in social media clout or illegal income than in studying, we lose the battle before it begins. This cultural decay shows up in the way celebrities known for poor educational values are platformed and celebrated. It shows in the normalisation of unseriousness among students who prioritise iPhones, luxury lifestyles, and peer validation over learning.

3. Mediocrity

When the JAMB cut-off point was reduced to 160, it was not just a red flag, it was an institutional failure. It seemed the system was rewarding mediocrity instead of lifting students to meet academic standards. Institutions are now adjusting standards to accommodate declining performance, and this would demoralise hardworking students and send the wrong message that excellence is no longer required.


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What Needs to Change

Fixing this crisis requires action from all stakeholders. Parents must actively participate in their children’s education. They should prioritise values, discipline, and learning over appearances and convenience. They must resist the urge to buy shortcuts and instead teach the value of perseverance and academic excellence.

ALSO READ: 9 important questions to ask your child after school every day

Teachers and School Owners must rebuild the culture of discipline and meritocracy in education. Schools should be spaces for rigorous learning, and the Government must declare a state of emergency in education. It’s time for a massive investment in teacher training, digital learning tools, modern curricula, and the enforcement of educational standards.

Finally, the society at large must stop celebrating mediocrity. We need national role models who uphold education and integrity. The 2025 JAMB results is a mirror reflecting the health of our society, and if we continue to ignore the warning signs, we risk raising a generation unfit to move the nation forward.

ALSO READ: Meet the Real Old Money: 10 Nigerians who made their fortune before 1960


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The Birth of GSM in Nigeria: Who made the first call?

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The dawn of the 21st century marked a dramatic turning point in Nigeria’s telecommunications industry.

Prior to 2001, mobile communication in Nigeria was a luxury. It was barely accessible, unreliable, and limited to a few thousand lines operated by the state-owned NITEL. But in 2001, with the introduction of the Global System for Mobile Communications (GSM), everything changed.

ALSO READ: Oba Esigie: The first known Nigerian to speak a foreign language

The Birth of GSM in Nigeria

In 2001, under President Olusegun Obasanjo, the Nigerian government deregulated the telecom sector, inviting private players to transform a stagnant industry. This move led to a landmark auction of digital mobile licenses by the Nigerian Communications Commission (NCC).

Three operators won the licenses: MTN Nigeria, Econet Wireless (now Airtel), and NITEL’s mobile arm, M-Tel. Each license cost $285 million and they had a 90-day deadline to launch services. This deregulation opened the doors to private investment and healthy competition in a sector that had been stagnant for decades.

Who Made The First GSM Call?

Two firsts were recorded, both symbolic of the mobile revolution. On May 6, 2001, Econet Wireless made Nigeria’s very first GSM call. This pioneering moment marked the technical birth of mobile communication in Nigeria. The-then Chairman Strive Masiyiwa, made the very first GSM call on May 6, 2001, to the NCC regulator, announcing, “We’re live!” In his own words,

I had the privilege of making Nigeria’s first GSM phone call back in 2001 when I called the regulator to say, ‘We’re live!’.

Reflecting on the historic moment, Masiyiwa described it as a symbol of enterprise in Africa. Ten days later on May 16, 2001, MTN Nigeria made its own historic first GSM call at Maritime House in Apapa, Lagos. By August 7, 2001, Econet began commercial operations, followed shortly by MTN.

Early GSM Experience

In the early days, owning a mobile phone was a status symbol because the cost of getting connected was extremely high and varied between providers.

ALSO READ: Meet the 1st and only colonial female king in Nigeria – She’s Igbo


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Econet Wireless charged:

  • ₦15,000 connection fee

  • ₦400 monthly access fee

  • ₦15,000 for handsets

MTN Nigeria charged:

  • ₦20,000 connection fee

  • ₦4,000 access fee

  • ₦20,000 for handsets

Despite the high costs, the demand was overwhelming. Nigerians were eager to ditch unreliable landlines for instant, mobile communication.

Following Econet and MTN, other players entered the scene. Globacom (Glo) launched in 2003 as Nigeria’s first indigenous operator. It revolutionized the market by offering free SIM cards and per-second billing. Etisalat (now 9mobile) joined in 2008, bringing a focus on data services and youth-friendly plans. These competitors intensified the race for market share, pushing down prices and improving service quality across the country.

Challenges Faced by Telecom Operators

Despite the success, telecom providers had to battle various challenges like:

  • Unstable power supply, requiring heavy reliance on diesel generators

  • Multiple taxation from federal, state, and local governments

  • Security concerns, including vandalism of telecom infrastructure

  • Foreign exchange volatility, which increased equipment costs

  • Poor road access in rural areas, limiting infrastructure rollout

As of recent reports, the Nigerian Communications Commission (NCC) reports over 187 million active GSM subscribers compared to just 400,000 landlines before 2001. The evolution of GSM also paved the way for mobile banking, social media, online commerce, and digital learning. It has made life more connected and convenient.

Today, SIM cards cost under ₦100. Entry-level smartphones are widely available. Calls, SMS, and mobile data have become affordable, connecting people from all over… all of these was an unimaginable reality in 2001.

ALSO READ: Meet Nigeria’s first female Archbishop who built churches, schools, and hospitals


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