A recent report by Oxfam on inequality and global corporate power reveals that Africa’s seven wealthiest individuals possess a combined wealth of $52 billion, surpassing the total wealth of the poorest half of the continent’s population, which amounts to 700 million people.
During a press conference, the acting Country Director of Oxfam, Tijani Hamza Ahmed, highlighted that Africa’s richest 1 per cent owns nearly half of the continent’s overall financial wealth.
He proposed that imposing a tax of up to 5 per cent on Africa’s super-rich could generate an annual sum of $11.9 billion, which is almost sufficient to cover the 2023 humanitarian requirements for Eastern and Southern Africa.
Ahmed advocates for a new era of public action, emphasising the importance of measures such as enhancing public services, regulating corporations, dismantling monopolies, and implementing permanent taxes on wealth and excess profits.
The report, titled “Inequality Inc.,” coincides with the gathering of business elites in Davos, Switzerland, revealing that seven out of ten of the world’s largest corporations, some with a significant presence in Africa, have a billionaire as their CEO or principal shareholder.
The combined value of these corporations is $10.2 trillion, which is approximately four times the total GDP of all African countries.
“Our rigged economies are benefiting the super-rich while governments are struggling to provide crucial public services like healthcare and education to Africans across the continent.
Governments must step up and ensure corporations stop squeezing workers, dodging taxes, and plundering our planet in their quest for massive profits. If left unchecked, these corporations will continue to widen the inequality gap,” said the Oxfam director.
He highlighted the substantial surge in extreme wealth over the past three years, with the world’s five richest men doubling their fortunes from $405 billion to $869 billion since 2020, accumulating wealth at a rate of $14 million per hour. Meanwhile, nearly five billion people have experienced increased poverty.
If current trends persist, the world could witness its first trillionaire within a decade, but poverty is not expected to be eradicated for another 229 years, according to the Oxfam report.
In Nigeria, the Country Director noted that billionaires like Aliko Dangote and Abdulsamad Rabiu have increased their fortunes by 29 per cent since 2020, while the bottom 99 per cent of the population has become poorer.
He pointed out that tax incentives and waivers granted to companies, including Dangote Sino Trucks West Africa Limited, Lafarge Africa Plc, Honeywell Flour Mills Nigeria Plc, Jigawa Rice Limited, and Stallion Motors, have contributed to a cumulative total of approximately five trillion naira. This represents 18.519% of Nigeria’s 2024 federal government budget as passed into law.
Advocating for transparency in the process of granting incentives, the Oxfam director urged the government to establish a dashboard for public access to data on tax incentives.
He called on the National Assembly to promptly request the Federal Government publish the Tax Expenditure Report, demonstrating a commitment to transparency and accountability in incentive management.
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