Most Richest Women in Nigeria i Believed you Landed here because you have been searching for Top 10 Richest Women In Nigeria , here are the List of Richest Women In Nigeria And their Biography According to Forbes Africa & Fulloaded Celeb
In this article I will be sharing with you the top 10 most richest women in Nigeria. These women have contributed immensely to the economy growth and development of Nigeria.
They started from nowhere and today they have companies scattered all over the world with millions of staffs and generating over billions of naira annually. So therefore, after a careful study and research we present to you the top 10 most richest women in Nigeria.
Richest Women In Nigeria
|2||Hajia Bola Shagaya||$950MILLION
|7||Mo Abudu||$650 million
|9||Ngozi Okonjo Iweala||$550MILLION
|10||Diezani Alison Madueke||$500million
Folorunso Alakija Net Worth Forbes . $1BILLION
Folorunsho Alakija (born 15 July, 1951) is a Nigerian billionaire businesswoman and philanthropist. She is involved in the fashion, oil, real estate and printing industries. She is the group managing director of The Rose of Sharon Group which consists of The Rose of Sharon Prints & Promotions Limited, Digital Reality Prints Limited and the executive vice-chairman of Famfa Oil Limited..
Folorunsho Alakija started her career in 1974 as an executive secretary at Sijuade Enterprises, Lagos, Nigeria shortly after completing a Secretarial Course at Pitman’s Central College London. She moved to the former First National Bank of Chicago, which later became FinBank now acquired by FCMB (First City Monument Bank) as the Executive Secretary to the Managing Director. She became the new Head of the Corporate Affairs Department of the International Merchant Bank of Nigeria (formerly First National Bank of Chicago), and later on became the Office Assistant to the Treasury Department. Shortly after her career in the banking world which lasted for 12 years, Folorunsho Alakija took up new challenge which was driven by her passion for Fashion to study fashion design at The American College in London and the Central School of Fashion.
After her return to Nigeria, she started her first fashion label known as Supreme Stiches, which was later renamed The Rose Of Sharon House of Fashion in 1996. Within a few years, as Rose of Sharon House of Fashion, it became a household name. As national president and lifelong trustee of the Fashion Designers Association of Nigeria (FADAN), she left an indelible mark, promoting Nigerian culture through fashion and style.
Early life and education
Folorunsho Alakija was born on 15th of July, 1951 to an upper-middle-class family; her father was Chief L. A. Ogbara of Ikorodu, Lagos State. Alakija attended her nursery education at Our Ladies of Apostles, Lagos from 1955 to 1958. At the age seven, Folorunsho Alakija travelled to the United Kingdom to continue her primary education at Dinorben School for Girls in Hafodunos Hall in Llangernyw, Wales between 1959 and 1963. On the completion of her primary education, Folorunsho attended “Muslim High School” in Sagamu, Ogun State, Nigeria. She then returned to England for her secretarial studies at Pitman’s Central College, London.
In May 1993, Folorunsho Alakija applied for the allocation of an oil prospecting license (OPL). The license to explore for oil on a 617,000-acre block—now referred to as OPL 216—was granted to Alakija’s company, Famfa Limited. The block is approximately 350 kilometres (220 miles) southeast of Lagos and 110 kilometres (70 miles) offshore of Nigeria in the Agbami Field of the central Niger Delta. In September 1996, Folorunsho Alakija entered into a joint venture agreement with Star Deep Water Petroleum Limited (a wholly owned subsidiary of Texaco) and appointed the company as a technical adviser for the exploration of the license, transferring 40 percent of her 100 percent stake to Star Deep.
Once word got out they struck oil, the Nigerian government snatched a 40% stake. Later, they took an additional 10%. For twelve years, she fought the government in court. The government argument was if Folorunsho Alakija and family were allowed to keep their bloc, they stood to make $10 million a day. Still, Folorunsho persisted and in the end she won.
Folorunsho married a lawyer, Modupe Alakija of the Adeyemo Alakija family, in November 1976. They reside in Lagos, Nigeria, with their four sons and their grandchildren. Her nephew is DJ Xclusive. In June 2017, Folorunso’s son Folarin Alakija, married Iranian model Nazanin Jafarian Ghaissarifar in a wedding at Blenheim Palace in England. Media reports suggested the event was one of the world’s most expensive weddings.
Hajia Bola Shagaya Net Worth Forbes $950MILLION
Hajia Bola Muinat Shagaya (born October 10, 1959) is a Nigerian businesswoman and fashion enthusiast. She is one of the richest women in Africa.
Early life and family
Hajia Bola Muinat Shagaya (MON) was born on 10 October 1959, she is a Nigerian business mogul and fashion enthusiast; and the daughter of Adut Makur a Sudanese seamstress and Emenike Mobo a Nigerian Public Servant. She is currently married to Alhaji Shagaya, a Kwara State-based transport mogul, and has six children. Sherif Shagaya, Hakeem Shagaya, Deeja Shagaya, Naieema Shagaya, Amaya Roberts Shagaya and Adeena Roberts Shagaya.
Her children are dispersed across the world, most reputably growing the Real Estate empire in both Europe and the United States. Also involved in minor business and industry holdings across Asia and Australia. Bola Shagaya is known to have had her secondary school education at Queens School, Ilorin, and her tertiary education at Ahmadu Bello University, Zaria and Armstrong College in California, where she studied economics and accountancy. Bola Shagaya is the founder and CEO of Bolmus Group International, a conglomerate with holdings in real estate, oil and gas, banking and photography. As she is one of the most successful entrepreneurs in Nigeria and Africa, highly recognized with the likes of Folorunsho Alakija.
Unlike most prominent industrialists, she skillfully built her wealth and network. In recognition of her outstanding virtues and immense contribution to economic growth, she was recognised and awarded twice by the Nigerian government.
She started her career with the audit department of the Central Bank of Nigeria before venturing into commercial activities in 1983. Her business experience started with the importation and distribution of photographic materials and she introduced the Konica brand of photographic materials into the Nigerian market and West Africa.
Hajia Bola Muinat Shagaya is also the managing director of Practoil Limited, one of the largest importers and distributors of base oil in Nigeria, serving local lubricant blending plants. Her businesses also includes huge investment in real estate, spanning across major cities in the country with over three hundred employees.
She is currently on the board of Unity Bank plc (formerly Intercity Bank) and has been for over eight years. She is also a member of the recently inaugurated Nepad Business Group – Nigeria. Hajia Bola Shagaya is a patron of the Fashion Designers Association of Nigeria (FADAN), and a fashion and art enthusiast who supports and encourages the fashion and art industry. She also loves sports, especially polo. On 22 July 2010, she was awarded by the former President of the Federal Republic of Nigeria, Dr. Goodluck Ebele Jonathan (GCFR), the title of Member of the Order of the Niger (MON).
Money Laundering Investigation
Bola Muinat Shagaya is being investigated by Nigeria’s Economic and Financial Crimes Commission, EFCC, for money laundering also involving Patience Jonathan, Nigeria’s former firstlady.
Daisy Danjuma Net Worth Forbes $900MILLION
Daisy Ehanire Danjuma (born 6 August 1952) is a Nigerian politician who was the senator representing the Edo South Senatorial District of Edo State at the Nigerian Senate from 2003 to 2007. She also re-contested during the Nigeria general election in 2011 but was unsuccessful
Education and career
Danjuma attended government secondary school in Benin city, Edo state, before studying at Ahmadu Bello University, Zaria, where she graduated with a BA in Law in 1976. In 1977, she was called to the Nigerian Bar as a practising lawyer. Danjuma undertook her national service in the NYSC as a State Counsel with the Ministry of Justice of Lagos State, and was a legal counsel to the Legal Aid Council of Nigeria.
She worked as an Executive Assistant at Nigerian Acceptances Limited (NAL), a Merchant Bank, from 1977 to 1978. She was Company Secretary/Legal Adviser to the Nigerian Television Authority (NTA) from 1982 to 1992. Danjuma was elected Senator of the Federal Republic of Nigeria (2003-2007) representing Edo South.
In the 2003 Nigerian parliamentary election, Danjuma was elected senator to represent Edo South constituency of Edo State at the Nigerian National Assembly from 2003 to 2007 under the Action Congress Party (AC). As a senator she served as the Chairman, Senate Committee on Women Affairs and Youth Development, Member, Senate Committees on Health, Education, Finance and Land Transport of the National Assembly.
Being a senator from Nigeria gave Danjuma the opportunity to be a member of the Commonwealth Parliamentary Association (CPA). She has also served as Chairman, Women and Child Right Committee of the Economic Community of West African States (ECOWAS Parliament). Danjuma contested for second tenure for her senate office during the 2011 Nigeria general election but was unsuccessful and defeated by Ehigie Edobor Uzumere with a margin of almost double of her votes; by 135,346 votes to 70,725.
And this shows Uzamere successfully for reelection in the April 2011 elections for the Edo South Senatorial District. After a series of appeals, in June 2009, the court of appeal ruled that Uzamere had in fact been duly elected
Danjuma is married to the former Nigerian military general and minister of defence of Nigeria, Theophilus Yakubu Danjuma founder of the oil exploration company, South Atlantic Petroleum. Together they have one child.
Fifi Ejindu Net Worth Forbes $850MILLION
Princess Fifi Ekanem Ejindu is a Nigerian architect, businesswoman and philanthropist. Born in Ibadan, Nigeria, she is the great granddaughter of King James Ekpo Bassey of Cobham Town in Calabar, Nigeria, and her father, Professor Sylvester Joseph Una, is from Uyo, Akwa Ibom State.
Princess Fifi is the great granddaughter of James Ekpo Bassey, a powerful Efik monarch of the colonial era whose seat was in Cobham Town, Calabar, Nigeria. King Bassey, her mother’s grandfather, was crowned king of Cobham Town by representatives of Queen Victoria in 1893. As a result of this heritage, Princess Fifi uses the title of H.H. The Obonganwan King James socially.
The princess was born Offiong Ekanem Ejindu in Ibadan, the capital of Oyo State, Nigeria. She was also raised there.
Her father, Professor Sylvester Joseph Una, studied at the Trinity College in Dublin and Brown University in the United States. He was the first Minister of Health in the former eastern region of Nigeria, and a member of the National Parliament in the lead up to independence. He then pursued an academic career and became one of the first indigenous lecturers at the University of Ibadan. Princess Fifi’s mother, the Obonganwan Ekpa Una, was also educated in England.
Princess Fifi attended the Senior Staff Primary School at the university campus and later attended secondary school at Queens College, Yaba, Lagos.
Fifi then went on to study architecture at Pratt Institute, a private design college in Brooklyn, New York. In 1983 she graduated from Pratt, becoming the first black African woman to be awarded a B.Arch. from the institute.
After graduating, Fifi took courses at the Massachusetts Institute of Technology before she went on to work at a private firm in New York City. Fifi then returned to Pratt Institute to get her Masters in Urban Planning after which she returned to Nigeria.
On her return to Nigeria, Ejindu started the Starcrest Group of companies. The company started in 1995, and comprises Starcrest Investment Ltd., Starcrest Associates Ltd. and Starcrest Industries Ltd, all involved in real estate, oil and gas, and building construction.
Princess Fifi describes her style of architecture as Neo-traditional which she defines as “building a new project [with] new materials, but with traditional and old style details and features” and hence most of her projects, as she explains, bring back the Renaissance period.
In 2013, she was awarded the African Achievers African Arts and Fashion Lifetime Achievement award.
Stella Okoli Net Worth Forbes $800million
Stella Chinyelu Okoli (MON, OON) (born c. 1944) is a Nigerian pharmacist, philanthropist and entrepreneur. She is the founder and current Chief Executive Officer of Emzor Pharmaceutical, a pharmaceutical manufacturing company founded in 1977
Prior to the establishment of [Emzor Pharmaceutical], Stella Okoli had worked in several pharmaceutical firms including Middlesex Hospital, London, Boots the Chemists Limited and Pharma-Deko.
In January 1977, Stella Okoli started Emzor Pharmaceutical with the initial name “Emzor Chemists Limited” as a small pharmacy retail shop in Somolu, Lagos State. Emzor Pharmaceutical has since become one of the leading pharmaceutical companies in Nigeria with over 50 products since its incorporation in 1984.
A current member of the Economic Summit of Nigeria and the Health Matters Advisory Board of Nigeria, Stella Okoli currently serves as the Vice President of Manufacturers Association of Nigeria and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture has served as Chairman of the Pharmaceutical Manufacturers Group and the Manufacturers Association of Nigeria
Early life and education
Stella Okoli was born in Kano State, Northern Nigeria into the family of Felix Ebelechukwu and Margaret Modebelu, descents of Nnewi clan in Anambra State. She started her formal education in 1954 after enrolling as a pupil at All Saint Primary School, Onitsha before proceeding to complete her secondary school education in 1964 at Ogidi Girls Secondary School, Ogidi.
In 1969, Stella Okoli graduated from the University of Bradford after studying Pharmacy. She also holds an M.Sc certificate in Biopharmaceutical after graduating from the University of London, Chelsea College in 1971
After the death of her son Chike Okoli in 2005, Stella Okoli started the Chike Okoli Foundation in 2006 as a non-profit organisation founded with the aim of fighting against poverty and diseases by raising awareness on cardiovascular diseases. She also runs the Chike Okoli Centre for Entrepreneurial Studies
Bimbo Alase Net Worth Forbes $750MILLION
She started as the owner of a small furniture business in Lagos which later grew and was named leather world furniture company. This company is the biggest furniture company in Lagos and Nigeria.
Mo Abudu Net Worth Forbes $650 million
Mosunmola Abudu, popularly called Mo Abudu, (born on 11 September, 1964) is a Nigerian media mogul, philanthropist, and former human resources management consultant. She has been described by Forbes as “Africa’s Most Successful Woman”, and rated as one of the “25 Most Powerful Women in Global Television” by ‘The Hollywood Reporter’
Mo’s family roots are in Ondo Town, in the south-west of Nigeria. She is the eldest amongst three sisters. She lost her father at the age of 11. She has two children – daughter Temidayo and son Adekoyejo. At age 19, Mo Abudu was selected to be the brand ambassador for AVON Cosmetics for the African market. Her early years were spent mainly in the UK, where she was born and raised.
Mo Abudu started her professional career as a recruitment consultant in 1987 with the Atlas Recruitment Consultancy firm in the UK, from where she moved to Starform Group in 1990. She returned to Nigeria in 1993 and was head-hunted by Arthur Andersen to head the Human Resources and Training for oil giant, ExxonMobil.
Sheis the founder of Vic Lawrence & Associates Limited She went to create, produce and present Moments with Mo, later founded a television station (Ebony Life Television) and has been producing entertainment contents till date.
Mo Abudu was born in Hammersmith, West London to an Engineer father and Caterer mother. Her early years were spent in the UK. She attended the Ridgeway School, MidKent College and West Kent College. She has a Master’s Degree in Human Resource Management from the University of Westminster in London. She is a member of the British Psychological Society, and is qualified in occupational and personality testing.
Mo Abudu received an Honorary Doctorate Degree (Honouris Causa) from Babcock University. In 2018, the University of Westminster awarded Mo an honorary degree of Doctor of Arts, in recognition of her outstanding services to broadcasting and enterprise in Nigeria. In the same year, Abudu was appointed a Director of the International Academy of Television Arts and Sciences, the organization responsible for staging the world famous International Emmy Awards.
She was named on the Power list 2018, an annual list of the UK’s top 100 most influential people of African and Caribbean heritage. Abudu was nominated to serve as a member of the Advisory Group on Technology and Creatively for Nigeria in 2018 as well. Mo Abudu is set to be awarded the 2019 Médailles d’Honneur in Cannes at the Marche International des Programmes de Television (MIPTV). She is one of the 4 recipients of the award, which she will receive in April 2019. Mo Abudu is represented by the Creative Artists Agency (CAA).
Ebony Life TV & Film
In 2006, Mo Abudu started EbonyLife TV (ELTV), a network airing in more than 49 countries across Africa, as well as in the UK and the Caribbean. to a pan-African audience. EbonyLife TV transmitted its first broadcast on 1 July 2013 on Multichoice’s DSTV Channel 165. Less than a year into operations, EbonyLife TV, ranking among the top 25% of most watched channels on the DStv platform, launched a premium, multi-screen video-on-demand (VOD) platform targeting Africans in the diaspora.
It expanded its Sub Sahara African reach, following a carriage deal with another pay-TV operator StarTimes. Notable among TV drama series executive-produced and/or produced by Abudu, and aired on ELTV, include: Desperate Housewives Africa in partnership with Disney, Sons Of The Caliphate, Castle & Castle, On the Real and The Governor.
Abudu established EbonyLife Films in 2014. Her first film as executive producer was Fifty (film). Teaming up with The ELFIKE Collective in 2016, she produced The Wedding Party,. The film became the highest-grossing title of all time in the Nigerian film industry (Nollywood). Other films she has also executive-produced or co-produced are: The Wedding Party 2, The Royal Hibiscus Hotel, Chief Daddy, Your Excellency (film) and Òlòtūré, “the story of a young, naïve Nigerian journalist who goes undercover to expose the shady underworld of human trafficking.” Òlòtūré’s private screening was co-hosted with the Creative Artists Agency (CAA) at CAA’s Los Angeles headquarters in June 2019.
In March 2018, Sony Pictures Television (SPT) announced that they had concluded a three-year deal with EbonyLife TV that would include co-production of The Dahomey Warriors, a series about the Amazons who took on French colonialists in a 19th-century west African kingdom. She was announced as the chair of the 47th international Emmy Awards gala that took place in New York on 25 November 2019.
In January 2020, AMC Networks (USA) announced its partnership with EbonyLife to produce Nigeria 2099, an afrofuturistic crime-drama created by EbonyLife.
In February 2020, a new partnership between EbonyLife TV and Netflix was announced. The streaming giant acquired EbonyLife’s drama series: Castle & Castle, Fifty, Sons of the Caliphate, On the Real, and The Governor, along with a reality show, The Dating Game and feature film, The Royal Hibiscus Hotel.
In June 2020, Netflix signed a new deal with EbonyLife. According to the deal, she is to work with the teams at Netflix to create two original series as well as multiple Netflix-branded films. Among the highlights will be a film adaptation of Death and the King’s Horseman, a play by Nobel Prize winner Wole Soyinka, and a series based on Lola Shoneyin’s best-selling debut novel, The Secret Lives of Baba Segi’s Wives.
In December 2019, Mo Abudu opened Ebonylife Place, a lifestyle and entertainment resort located on Victoria Island, Lagos. On 12th June 2020, Mo Abudu partnered with U.S.-based streaming company Netflix to create two new TV series and several films. On 4th February, 2021, she signed Nigeria’s first look deal, The deal expands on a partnership struck with Sony in 2018 and adds to a multi-title deal the company has with Netflix.
On 17th February 2021, it was announced that Ebony Life partners with Will Smith and Jada Pinkett Smith’s Westbrook Studios to produce a slate of film and television projects each connected to the African continent.
In September 2020, Netflix launched a movie tittled ‘Oloture’, a story by Mo Abudu which was a powerful art-nouneau-style movie. The movie was shot in Lagos and mainly centred around human trafficking in Nigeria.
Talking about the movie, she said “Òlòtūré explores a world very few people know anything about, and that had to be dealt with in a particular way,” she added “It’s not a documentary, but it addresses real issues most of our society doesn’t see, harnessing the talents of some of the country’s top actors and filmmakers to produce a film that is both intelligent and profound – and breaks bold new genre and stylistic ground for
Stella Oduah Net Worth Forbes $600MILLION
Stella Oduah Ogiemwonyi (née Oduah; born 5 January 1962), is a Nigerian Senator and former Minister of Aviation. She was confirmed to the ministerial post and sworn in on July 2, 2011 and was deployed to the Ministry of Aviation on July 4, 2011. She was however relieved of her duties as Minister of Aviation on 12 February 2014. She was also active in the political campaign of former President Goodluck Jonathan, where she served as his campaign’s Director of Administration and Finance.
In 2013, she was one of the delegates chosen by the President to attend the Papal inauguration of Pope Francis together with David Mark, President of the Senate and Viola Onwuliri, Foreign Minister.
On 23 February 2017, Punch Newspaper reported her four companies accounts frozen over alleged indebtedness of $16,412,819.06 and N100,493,225.59 by the Federal high court in Lagos. The four companies are Sea Petroleum and Gas Company Limited, Sea Shipping Agency Limited, Rotary Engineering Services Limited, and Tour Afrique Company Limited with 21 bank accounts.
She has been involved in numerous controversies ranging from highly inflated purchase of BMW bullet-proof cars without following due process as well as allegations that Stella Oduah-Ogiemwonyi purportedly lied about how she obtained an MBA degree from St Paul’s College.
However, the News website, SaharaReporters, had on Jan 6th 2014 quoted authorities at St. Paul’s College, where Mrs. Oduah claimed she studied for bachelor’s and master’s degrees, as saying they did not award her an MBA at any time as the university does not even have a graduate school or graduate programme.
In 2015, she was elected to the Nigerian Senate to represent Anambra North Senatorial District. She was one of the only seven women elected to the 8th. The others were Rose Okoji Oko, Uche Ekwunife, Fatimat Raji Rasaki, Oluremi Tinubu, Abiodun Olujimi and Binta Garba. Oduah was re-elected to a second term in the Senate in 2019.
On February 9, The Economic and Financial Crime Commission (EFCC) indicted Stella Oduah, and the Nigerian Subsidiary of Chinese Construction Giant, CCECC, in allege fraudulent cash transaction of about N5billion over five months in 2014.
Oduah was born to Igwe D.O. Oduah of Akili-Ozizor, Ogbaru L.G.A. in Anambra State on January 5, 1962. Oduah-Ogiemwonyi received her Bachelors and Masters Degree (in Accounting and Business Administration respectively) in the United States. she returned to Nigeria in 1983 and she joined the Nigerian National Petroleum Corporation.
In 1992, she left the NNPC to establish the Sea Petroleum & Gas Company Limited (SPG), an independent marketer of petroleum products in Nigeria.
She was married to the former Minister for Works, Engr. Chris Ogiemwonyi and has children.
Ngozi Okonjo Iweala Net Worth Forbes $550MILLION
Ngozi Okonjo-Iweala (born 13 June 1954) is a Nigerian-American economist, fair trade leader, environmental sustainability advocate, human welfare champion, sustainable finance maven and global development expert. Since March 2021, Okonjo-Iweala has been serving as Director-General of WTO: World Trade Organization.
Notably, she is the first woman and first African to lead World Trade Organization as Director-General. She sits on boards of: Danone, Standard Chartered Bank, Twitter, MINDS: Mandela Institute for Development Studies, Carnegie Endowment for International Peace, Georgetown Institute for Women, Peace and Security, One Campaign, GAVI: Global Alliance for Vaccines and Immunization, Rockefeller Foundation, R4D: Results for Development, ARC: African Risk Capacity and Earthshot Prize plus others.
Also, Okonjo-Iweala serves Brookings Institution as a nonresident distinguished fellow with the Africa Growth Initiative in their Global Economy and Development Program. She is a Commissioner Emeritus and Co-Chair of Global Commission on the Economy and Climate. At World Bank, she had a 25-year career as a development economist; rising to become Managing Director for Operations from 2007 to 2011.
Commendably, Okonjo-Iweala was the first Nigerian woman to serve two terms as Finance Minister of Nigeria; initially, under President Olusegun Obasanjo from 2003 to 2006; and secondly, under President Goodluck Jonathan from 2011 to 2015. Subsequently, from June to August 2006, she served as Minister for Foreign Affairs of Nigeria. In 2005, Euromoney named her Global Finance Minister of the Year.
Early life and education
Okonjo-Iweala was born in Ogwashi-Ukwu, Delta State, Nigeria, where her father, Professor Chukwuka Okonjo, was the obi (king) of the Obahai Royal Family of Ogwashi-Ukwu.
Okonjo-Iweala was educated at Queen’s School, Enugu; St. Anne’s School, Molete, Ibadan; and the International School Ibadan. She arrived in the US in 1973 as a teenager to study at Harvard University and graduated magna cum laude with an AB in Economics in 1976.
In 1981, she earned her PhD in regional economics and development from the Massachusetts Institute of Technology with the thesis Credit policy, rural financial markets, and Nigeria’s agricultural development. She received an international fellowship from the American Association of University Women (AAUW), which supported her doctoral studies
Okonjo-Iweala had a 25-year career at the World Bank in Washington DC as a development economist and rose to the second position, managing director. As managing director, she had oversight responsibility for the World Bank’s $81 billion operational portfolio in Africa, South Asia, Europe, and Central Asia. Okonjo-Iweala spearheaded several World Bank initiatives to assist low-income countries during the 2008–2009 food crises and later during the financial crisis. In 2010, she was the chair of the IDA replenishment, the World Bank’s successful drive to raise $49.3 billion in grants and low-interest credit for the poorest countries in the world.
During her time at the World Bank, she was also a member of the Commission on Effective Development Cooperation with Africa, which was set up by Danish Prime Minister Anders Fogh Rasmussen and held meetings between April and October 2008.
Okonjo-Iweala served twice as Nigeria’s Finance Minister and also as Minister of Foreign Affairs. She was the first woman to hold both positions. During her first term as Finance Minister in the administration of President Olusegun Obasanjo, she spearheaded negotiations with the Paris Club that led to the wiping out of US$30 billion of Nigeria’s debt, including the outright cancellation of US$18 billion.
In 2003, she led efforts to improve Nigeria’s macroeconomic management including the implementation of an oil-price based fiscal rule. Revenues accruing above a reference benchmark oil price were saved in a special account, the “Excess Crude Account,” which helped to reduce macroeconomic volatility.
She also introduced the practice of publishing in the newspapers, each state’s monthly financial allocation from the Federal Government of Nigeria. That action went a long way in increasing transparency in governance. With the support of the World Bank and the IMF to the Federal Government, she helped build an electronic financial management platform—the Government Integrated Financial Management and Information System (GIFMIS), including the Treasury Single Account (TSA) and the Integrated Payroll and Personnel Information System (IPPIS), helping to curtail corruption in the process. As at 31 December 2014, the IPPIS platform had eliminated 62,893 ghost workers from the system and saved the government about $1.25 billion in the process.
Okonjo-Iweala was also instrumental in helping Nigeria obtain its first ever sovereign credit rating (of BB minus) from Fitch Ratings and Standard & Poor’s in 2006.
Following her first term as Minister of Finance, she served two months as Minister of Foreign Affairs in 2006. She returned to the World Bank as a Managing Director in December 2007.
In 2011, Okonjo-Iweala was re-appointed as Minister of Finance in Nigeria with the expanded portfolio of the Coordinating Minister for the Economy by President Goodluck Jonathan. Her legacy includes strengthening the country’s public financial systems and stimulating the housing sector with the establishment of the Mortgage Refinance Corporation (NMRC). She also empowered women and youth with the Growing Girls and Women in Nigeria Programme (GWIN); a gender-responsive budgeting system, and the highly acclaimed Youth Enterprise with Innovation Programme (YouWIN); to support entrepreneurs, that created thousands of jobs.
As part of Goodluck Jonathan’s administration, she received death threats and endured the kidnapping of her mother.
This program has been evaluated by the World Bank as one of the most effective of its kind globally. Under her leadership, the National Bureau of Statistics carried out a re-basing exercise of the Gross Domestic Product (GDP), the first in 24 years, which saw Nigeria emerge as the largest economy in Africa. She took a lot of heat for the government’s fuel subsidy removal policy, an action that led to protests in January 2012. In May 2016, the new administration eventually removed the fuel subsidy after it became apparent that it was unsustainable and inefficient.
In addition to her role in government, Okonjo-Iweala served on the Growth Commission (2006–2009), led by Nobel Prize winner Professor Michael Spence, and the United Nations’ Secretary-General’s High-Level Panel on the Post-2015 Development Agenda (2012–2013). She also co-chaired the Global Partnership for Effective Development Cooperation.
In 2012, she was a candidate for President of the World Bank, running against Dartmouth College President Jim Yong Kim; if elected, she would have become the organization’s first female president.
After leaving government, Okonjo-Iweala became a member of the International Commission on Financing Global Education Opportunity (2015–2016), chaired by Gordon Brown, and the Eminent Persons Group on Global Financial Governance, which was established by the G20 Finance Ministers and Central Bank Governors (2017–2018).
Since 2014, she has been co-chairing the Global Commission for the Economy and Climate, with Nicholas Stern and Paul Polman. In January 2016, she became the chair-elect of the Board of Gavi.
Okonjo-Iweala is the founder of Nigeria’s first indigenous opinion-research organization, NOI-Polls. She also founded the Centre for the Study of the Economies of Africa (C-SEA), a development research think-tank based in Abuja, and is a Distinguished Visiting Fellow at the Center for Global Development and the Brookings Institution.
Since 2019, Okonjo-Iweala has been part of UNESCO’s International Commission on the Futures of Education, chaired by Sahle-Work Zewde. Also since 2019, she has also been serving on the High-Level Council on Leadership & Management for Development of the Aspen Management Partnership for Health (AMP Health). In 2020, the International Monetary Fund’s Managing Director Kristalina Georgieva appointed her to an external advisory group to provide input on policy challenges.
Also in 2020, she was appointed by the African Union (AU) as special envoy to solicit international support to help the continent deal with the economic impact of the COVID-19 pandemic.
In June 2020, Nigerian President Muhammadu Buhari nominated Okonjo-Iweala as the country’s candidate to be director-general of the World Trade Organization (WTO). She later advanced to the election’s final round and eventually competed with Yoo Myung-hee. Ahead of the vote, she received the backing of the European Union for her candidacy. In October 2020, the United States government indicated that it would not back Okonjo-Iweala’s candidacy.
WTO in its formal report said that Okonjo-Iweala “clearly carried the largest support by Members in the final round; and, enjoyed broad support from Members from all levels of development and from all geographic regions and has done so throughout the process” On 5 February 2021, Yoo Myung-hee announced her withdrawal from the race in “close consultation with the United States.”
According to a statement issued from the United States Trade Representative, “The United States takes note of today’s decision by the Republic of Korea’s Trade Minister Yoo Myung-hee to withdraw her candidacy for Director General of the World Trade Organization (WTO). The Biden-Harris Administration is pleased to express its strong support for the candidacy of Dr.
Ngozi Okonjo-Iweala as the next Director General of the WTO.” Okonjo-Iweala was unanimously appointed as the next Director-General on 15 February. She began her career as Director General of the WTO on 1 March 2021.
In early 2021, Okonjo-Iweala was appointed as co-chair, alongside Tharman Shanmugaratnam and Lawrence Summers, of the High Level Independent Panel (HLIP) on financing the global commons for pandemic preparedness and response, which had been established by the G20.
She is married to Ikemba Iweala, a family medicine Physician from Umuahia, Abia State, Nigeria. They have four children, including author Uzodinma Iweala.
During her campaign to become the next Director-General of the WTO, it was revealed that Okonjo-Iweala became a US citizen in 2019 after spending several decades working and studying there. Given the ongoing trade tensions between China and the US, analysts commented that the disclosure would be a contributing factor in shaping China’s attitude towards her
Diezani Alison Madueke Net Worth Forbes $500million
Diezani K. Alison-Madueke (born 6 December 1960) is a Nigerian politician and the first female President of OPEC.
She was elected at the 166th OPEC Ordinary meeting in Vienna on 27 November 2014. She became Nigeria’s minister of transportation on 26 July 2007. She was moved to Mines and Steel Development in 2008, and in April 2010 was appointed Minister of Petroleum Resources
Early life and education
Diezani K. Agama was born in Port Harcourt, Rivers State, Nigeria. Her father was Chief Frederick Abiye Agama. She had her early education in Shell camp and attended Hussey Model School after the Nigerian civil war. In 1968, she enrolled in Township school, Port Harcourt and went on to Holy Rosary Government Girls Secondary School where she sat for her WASCE in 1975. She proceeded to Federal School of Arts and Sciences in Mubi, Gongola State(now Taraba) for her A’ Levels and then moved to the United Kingdom in 1977 to study Architecture.
While in the UK, she commenced studying Architecture in England but then moved to Howard University in the United States. She graduated from Howard with a bachelor’s degree on 8 December 1992. In 2002, she attended Cambridge Judge Business School for her MBA degree. Diezani is a beneficiary of the Chevening scholarship
She returned to Nigeria in 1992 and joined Shell Petroleum Development Corporation working in the estates area of operations in the Lagos office of Shell as well as acting as an architectural consultant. She rose to the position of Head of Civil Infrastructures and then became Head of Corporate Issues and Crisis Management Unit in 1997. Upon completion of her MBA program at Cambridge, she was made Lead Joint Ventures Representation Adviser in 2004.
Alison-Madueke was appointed as an Executive Director of Shell in 2006. She was the first woman ever to be appointed by Shell as an Executive Director in Nigeria.
Alison-Madueke has held three significant positions in the Nigerian federal government. She was appointed Transportation Minister in July 2007. On 23 December 2008, she became the Minister of Mines and Steel Development.
When Vice-President; Goodluck Jonathan became acting President in February 2010, he dissolved the cabinet on 17 March 2010, and swore in a new cabinet on 6 April 2010 with Alison-Madueke as Minister for Petroleum Resources.
Minister of Petroleum Resources
As Minister of Petroleum Resources, Alison-Madueke pledged to transform Nigeria’s oil and gas industry so that all Nigerians benefit.
In April 2010, President Goodluck Jonathan signed the Nigerian Content Act, which aimed to increase the percentage of petroleum industry contracts awarded to indigenous Nigerian businesses – a reaction to the domination of the sector by foreign operators.
One of the most controversial policies introduced under Alison-Madueke was the government’s plan to remove state subsidies on fuel prices. Alison-Madueke supported the discontinuation of the subsidy “because it poses a huge financial burden on the government, disproportionately benefits the wealthy, [and] encourages inefficiency, corruption and diversion of scarce public resources away from investment in critical infrastructure.”
Allegations of corruption and financial misconduct
A PBS NewsHour segment quoted American and British officials saying that former Petroleum Minister Diezani Alison-Madueke might personally have organized a diversion of $6 billion (N1.2 trillion) from the Nigerian treasury.
She has been charged with responsibility for $20 billion missing from the Petroleum agency. A former Central Bank of Nigeria (CBN) governor, Sanusi, made the comment again during a PBS interview on 2 December 2015. Sanusi believes he was fired from the Central Bank of Nigeria because he went public with charges that $20 billion was missing from the Nigerian National Petroleum Corporation (NNPC) under Alison-Madueke’s management. Alison Madueke says Sanusi made the allegations to retaliate after she didn’t help him to get appointed as the president of the African Development Bank (AfDB) and dismissed his allegation.
She’s been accused of awarding multi-billion Naira contracts without recourse to due process and of recklessly spending government funds. as well as wasting billions of naira inappropriately on private jets.
In October 2009, the Senate of Nigeria indicted Diezani Alison-Madueke and recommended prosecution for the transfer of N1.2 billion naira into the private account of a toll company without due process and in breach of concession agreement.
She has been officially charged to court by the Economic and Financial Crimes Commission of Nigeria for ‘Money Laundering’.
On 2 October 2015, Reuters reported that Alison-Madueke had been arrested by the UK’s National Crime Agency (NCA) in London, along with four other people on suspicion of bribery and corruption offences. However, a spokesperson for the police denied having any knowledge of the incident. Her family and the Nigerian Government confirmed that she had been arrested in London, although the NCA declined to comment on the case.
Also in Nigeria, her home in Asokoro, Abuja was raided and sealed by anti-corruption agents of the Nigerian Economic and Financial Crimes Commission, a few hours after her alleged arrest in London.
On 28 August 2017, a Nigerian federal court seized 7.6 billion naira ($21 million) from bank accounts linked to Alison-Madueke.
Alison-Madueke was the first woman to hold the position of Minister of Petroleum Resources in Nigeria, and in October 2010 she became the first woman to head a country delegation at the semi-annual OPEC conference. She was also the first female Minister of Transportation, and the first woman to be appointed to the board of Shell Petroleum Development Company Nigeria. On 27 November 2014, she was elected as the first female President of OPEC.
On working in male-dominated sectors, Alison-Madueke said she advised the young women she mentored while at Shell to “change their mode of thinking.”
Since 1999 she has been married to Admiral Allison Madueke (retired), one-time Chief of Naval Staff who was at various times governor of Imo and Anambra State. She is mother to six children; one biological son and five step children including Chimezie Madueke and Ogonna Madueke.
In September 2011, Alison-Madueke was awarded an honorary Doctorate degree in Management Sciences by the Nigerian Defence Academy, Kaduna. She is the first woman to be so awarded. The event took place at the convocation ceremony for the 58th Regular Course Cadet.
Alison-Madueke revealed that while in office, she had been undergoing treatments for breast cancer in the United Kingdom.
In September 2008, there was an unsuccessful attempt to kidnap Alison-Madueke at her house in Abuja with her son Chimezie Madueke.
What is Biography
A biography, or simply bio, is a detailed description of a person's life. It involves more than just the basic facts like education, work, relationships, and death; it portrays a person's experience of these life events.
Unlike a profile or curriculum vitae (résumé), a biography presents a subject's life story, highlighting various aspects of their life, including intimate details of experience, and may include an analysis of the subject's personality.
Biographical works are usually non-fiction, but fiction can also be used to portray a person's life. One in-depth form of biographical coverage is called legacy writing. Works in diverse media, from literature to film, form the genre known as biography.
An authorized biography is written with the permission, cooperation, and at times, participation of a subject or a subject's heirs. An autobiography is written by the person themselves, sometimes with the assistance of a collaborator or ghostwriter.
At first, biographical writings were regarded merely as a subsection of history with a focus on a particular individual of historical importance.
The independent genre of biography as distinct from general history writing, began to emerge in the 18th century and reached its contemporary form at the turn of the 20th century.
One of the earliest biographers was Cornelius Nepos, who published his work Excellentium Imperatorum Vitae ("Lives of outstanding generals") in 44 BC. Longer and more extensive biographies were written in Greek by Plutarch, in his Parallel Lives, published about 80 A.D.
In this work famous Greeks are paired with famous Romans, for example the orators Demosthenes and Cicero, or the generals Alexander the Great and Julius Caesar; some fifty biographies from the work survive.
Another well-known collection of ancient biographies is De vita Caesarum ("On the Lives of the Caesars") by Suetonius, written about AD 121 in the time of the emperor Hadrian.
In the early Middle Ages (AD 400 to 1450), there was a decline in awareness of the classical culture in Europe. During this time, the only repositories of knowledge and records of the early history in Europe were those of the Roman Catholic Church.
Hermits, monks, and priests used this historic period to write biographies. Their subjects were usually restricted to the church fathers, martyrs, popes, and saints.
Their works were meant to be inspirational to the people and vehicles for conversion to Christianity (see Hagiography).
One significant secular example of a biography from this period is the life of Charlemagne by his courtier Einhard.
In Medieval Islamic Civilization (c. AD 750 to 1258), similar traditional Muslim biographies of Muhammad and other important figures in the early history of Islam began to be written, beginning the Prophetic biography tradition.
Early biographical dictionaries were published as compendia of famous Islamic personalities from the 9th century onwards.
They contained more social data for a large segment of the population than other works of that period.
The earliest biographical dictionaries initially focused on the lives of the prophets of Islam and their companions, with one of these early examples being The Book of The Major Classes by Ibn Sa'd al-Baghdadi.
And then began the documentation of the lives of many other historical figures (from rulers to scholars) who lived in the medieval Islamic world
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By the late Middle Ages, biographies became less church-oriented in Europe as biographies of kings, knights, and tyrants began to appear.
The most famous of such biographies was Le Morte d'Arthur by Sir Thomas Malory. The book was an account of the life of the fabled King Arthur and his Knights of the Round Table.
Following Malory, the new emphasis on humanism during the Renaissance promoted a focus on secular subjects, such as artists and poets, and encouraged writing in the vernacular.
Giorgio Vasari's Lives of the Artists (1550) was the landmark biography focusing on secular lives. Vasari made celebrities of his subjects, as the Lives became an early "bestseller".
Two other developments are noteworthy: the development of the printing press in the 15th century and the gradual increase in literacy.
Biographies in the English language began appearing during the reign of Henry VIII. John Foxe's Actes and Monuments (1563), better known as Foxe's Book of Martyrs, was essentially the first dictionary of the biography in Europe, followed by Thomas Fuller's The History of the Worthies of England (1662), with a distinct focus on public life.
Influential in shaping popular conceptions of pirates, A General History of the Pyrates (1724), by Charles Johnson, is the prime source for the biographies of many well-known pirates.
A notable early collection of biographies of eminent men and women in the United Kingdom was Biographia Britannica (1747-1766) edited by William Oldys.
The American biography followed the English model, incorporating Thomas Carlyle's view that biography was a part of history. Carlyle asserted that the lives of great human beings were essential to understanding society and its institutions.
While the historical impulse would remain a strong element in early American biography, American writers carved out a distinct approach. What emerged was a rather didactic form of biography, which sought to shape the individual character of a reader in the process of defining national character.
Emergence of the genre
The first modern biography, and a work which exerted considerable influence on the evolution of the genre, was James Boswell's The Life of Samuel Johnson, a biography of lexicographer and man-of-letters Samuel Johnson published in 1791.
While Boswell's personal acquaintance with his subject only began in 1763, when Johnson was 54 years old, Boswell covered the entirety of Johnson's life by means of additional research.
It an important stage in the development of the modern genre of biography, it has been claimed to be the greatest biography written in the English language.
Boswell's work was unique in its level of research, which involved archival study, eye-witness accounts and interviews, its robust and attractive narrative, and its honest depiction of all aspects of Johnson's life and character - a formula which serves as the basis of biographical literature to this day.
Biographical writing generally stagnated during the 19th century - in many cases there was a reversal to the more familiar hagiographical method of eulogizing the dead, similar to the biographies of saints produced in Medieval times.
A distinction between mass biography and literary biography began to form by the middle of the century, reflecting a breach between high culture and middle-class culture.
However, the number of biographies in print experienced a rapid growth, thanks to an expanding reading public. This revolution in publishing made books available to a larger audience of readers.
In addition, affordable paperback editions of popular biographies were published for the first time. Periodicals began publishing a sequence of biographical sketches.
Autobiographies became more popular, as with the rise of education and cheap printing, modern concepts of fame and celebrity began to develop.
Autobiographies were written by authors, such as Charles Dickens (who incorporated autobiographical elements in his novels) and Anthony Trollope, (his Autobiography appeared posthumously, quickly becoming a bestseller in London, philosophers, such as John Stuart Mill, churchmen – John Henry Newman – and entertainers – P. T. Barnum.
The sciences of psychology and sociology were ascendant at the turn of the 20th century and would heavily influence the new century's biographies. The demise of the "great man" theory of history was indicative of the emerging mindset.
Human behavior would be explained through Darwinian theories. "Sociological" biographies conceived of their subjects' actions as the result of the environment, and tended to downplay individuality.
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The development of psychoanalysis led to a more penetrating and comprehensive understanding of the biographical subject, and induced biographers to give more emphasis to childhood and adolescence.
Clearly these psychological ideas were changing the way biographies were written, as a culture of autobiography developed, in which the telling of one's own story became a form of therapy.
The conventional concept of heroes and narratives of success disappeared in the obsession with psychological explorations of personality.
British critic Lytton Strachey revolutionized the art of biographical writing with his 1918 work Eminent Victorians, consisting of biographies of four leading figures from the Victorian era:
Cardinal Manning, Florence Nightingale, Thomas Arnold, and General Gordon. Strachey set out to breathe life into the Victorian era for future generations to read.
Up until this point, as Strachey remarked in the preface, Victorian biographies had been "as familiar as the cortège of the undertaker", and wore the same air of "slow, funereal barbarism."
Strachey defied the tradition of "two fat volumes ... of undigested masses of material" and took aim at the four iconic figures.
His narrative demolished the myths that had built up around these cherished national heroes, whom he regarded as no better than a "set of mouth bungled hypocrites".
The book achieved worldwide fame due to its irreverent and witty style, its concise and factually accurate nature, and its artistic prose.
In the 1920s and '30s, biographical writers sought to capitalize on Strachey's popularity by imitating his style.
This new school featured iconoclasts, scientific analysts, and fictional biographers and included Gamaliel Bradford, André Maurois, and Emil Ludwig, among others. Robert Graves (I, Claudius, 1934) stood out among those following Strachey's model of "debunking biographies."
The trend in literary biography was accompanied in popular biography by a sort of "celebrity voyeurism", in the early decades of the century.
This latter form's appeal to readers was based on curiosity more than morality or patriotism. By World War I, cheap hard-cover reprints had become popular. The decades of the 1920s witnessed a biographical "boom."
The feminist scholar Carolyn Heilbrun observed that women's biographies and autobiographies began to change character during the second wave of feminist activism.
She cited Nancy Milford's 1970 biography Zelda, as the "beginning of a new period of women's biography, because "[only] in 1970 were we ready to read not that Zelda had destroyed Fitzgerald, but Fitzgerald her: he had usurped her narrative."
Heilbrun named 1973 as the turning point in women's autobiography, with the publication of May Sarton's Journal of a Solitude, for that was the first instance where a woman told her life story, not as finding "beauty even in pain" and transforming "rage into spiritual acceptance," but acknowledging what had previously been forbidden to women: their pain, their rage, and their "open admission of the desire for power and control over one's life."
In recent years, multimedia biography has become more popular than traditional literary forms. Along with documentary biographical films, Hollywood produced numerous commercial films based on the lives of famous people.
The popularity of these forms of biography have led to the proliferation of TV channels dedicated to biography, including A&E, The Biography Channel, and The History Channel.
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CD-ROM and online biographies have also appeared. Unlike books and films, they often do not tell a chronological narrative: instead they are archives of many discrete media elements related to an individual person, including video clips, photographs, and text articles.
Biography-Portraits were created in 2001, by the German artist Ralph Ueltzhoeffer. Media scholar Lev Manovich says that such archives exemplify the database form, allowing users to navigate the materials in many ways. General "life writing" techniques are a subject of scholarly study.
In recent years, debates have arisen as to whether all biographies are fiction, especially when authors are writing about figures from the past.
President of Wolfson College at Oxford University, Hermione Lee argues that all history is seen through a perspective that is the product of one's contemporary society and as a result, biographical truths are constantly shifting.
So, the history biographers write about will not be the way that it happened; it will be the way they remembered it. Debates have also arisen concerning the importance of space in life-writing.
Daniel R. Meister in 2017 argued that:
Biography Studies is emerging as an independent discipline, especially in the Netherlands. This Dutch School of biography is moving biography studies away from the less scholarly life writing tradition and towards history by encouraging its practitioners to utilize an approach adapted from microhistory.
Biographical research is defined by Miller as a research method that collects and analyses a person's whole life, or portion of a life, through the in-depth and unstructured interview, or sometimes reinforced by semi-structured interview or personal documents. It is a way of viewing social life in procedural terms, rather than static terms.
The information can come from "oral history, personal narrative, biography and autobiography” or "diaries, letters, memoranda and other materials".
The central aim of biographical research is to produce rich descriptions of persons or "conceptualise structural types of actions", which means to "understand the action logics or how persons and structures are interlinked".
This method can be used to understand an individual's life within its social context or understand the cultural phenomena.
There are many largely unacknowledged pitfalls to writing good biographies, and these largely concern the relation between firstly the individual and the context, and, secondly, the private and public. Paul James writes:
The problems with such conventional biographies are manifold. Biographies usually treat the public as a reflection of the private, with the private realm being assumed to be foundational.
This is strange given that biographies are most often written about public people who project a persona.
That is, for such subjects the dominant passages of the presentation of themselves in everyday life are already formed by what might be called a ‘self-biofication’ process.
What is Net Worth
Net worth is the value of all the non-financial and financial assets owned by an individual or institution minus the value of all its outstanding liabilities.
Since financial assets minus outstanding liabilities equal net financial assets, net worth can also be conveniently expressed as non-financial assets plus net financial assets.
It can apply to companies, individuals, governments or economic sectors such as the sector of financial corporations or to entire countries
Net worth in business is also referred to as equity. It is generally based on the value of all assets and liabilities at the carrying value which is the value as expressed on the financial statements.
To the extent items on the balance sheet do not express their true (market) value, the net worth will also be inaccurate. On reading the balance sheet, if the accumulated losses exceed the shareholder's equity, net worth becomes negative.
Net worth in this formulation does not express the market value of a firm; a firm may be worth more (or less) if sold with a going concern.
Net worth vs. debt is a significant aspect of business loans. Business owners are required to "trade on equity" in order to further increase their net worth.
For individuals, net worth or wealth refers to an individual's net economic position: the value of the individual's assets minus liabilities.
Examples of assets that an individual would factor into their net worth include retirement accounts, other investments, home(s), and vehicles.
Liabilities include both secured debt (such as a home mortgage) and unsecured debt (such as consumer debt or personal loans). Typically intangible assets such as educational degrees are not factored into net worth, even though such assets positively contribute to one's overall financial position.
For a deceased individual, net worth can be used for the value of their estate when in probate.
Individuals with considerable net worth are described in the financial services industry as high-net-worth individuals and ultra high-net-worth individuals.
In personal finance, knowing an individual's net worth can be important to understand their current financial standing and give a reference point for measuring future financial progress.
Balance sheets that include all assets and liabilities can also be constructed for governments. Compared with government debt, a government's net worth is an alternative measure of the government's financial strength. Most governments utilize an accrual-based accounting system in order to provide a transparent picture of government operational costs.
Other governments may utilize cash accounting in order to better foresee future fiscal events. The accrual-based system is more effective, however, when dealing with the overall transparency of a government's spending. Massive governmental organizations rely on consistent and effective accounting in order to identify total net worth.
A country's net worth is calculated as the sum of the net worth of all companies and individuals resident in this country, plus the government's net worth. As for the United States, this measure is referred to as the financial position, and totaled $123.8 trillion as of 2014
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