Veteran politician Bode George has condemned the rise of Nigerian billionaires who, in his words, “accumulate wealth without factories, inventions, or real productivity.”
Speaking on the growing concentration of wealth among the elite, George singled out former banking executive Herbert Wigwe, whose recent exposure as owner of over 100 London properties highlights what he calls rent-seeking behavior.
George argued that many of these fortunes are built not on innovation or enterprise but on exploiting access, influence, and state connections, a pattern he warns is undermining Nigeria’s economic potential.
“These are the people worshipped by those who claim they want a New Nigeria,” he said, emphasizing that admiration for such billionaires sets a dangerous example for the country’s youth and future leaders.
