$600m Donation To Colleges: Chidoka Urges Nigerian Billionaires To Emulate Bloomberg

Former minister of aviation Chief Osita Chidoka has urged Nigerian billionaires to emulate United States (US) Billionaire Micheal Bloomberg, whose foundation donated $600 million to four black medical colleges in the US to address systemic underinvestment.

Chidoka, chancellor of Athena Centre for Policy and Leadership, said some of Nigeria’s wealthy elite should combine their luxurious lifestyles with a commitment to dismantling the chains of poverty and providing opportunities for those at the bottom of the pyramid.

While he acknowledged the efforts of Nigerian billionaires like Abdulsamad Rabiu, Tony Elumelu, Jim Ovia, Sir Emeka Offor, Prince Arthur Eze, and Mike Adenuga in their philanthropy, the former minister however said, there is need for a data-driven and systemic issues-resolving approach to philanthropy like Bloomberg’s effort to reverse historic and systemic racism.

He stressed that the Bloomberg example should motivate a mindset shift to contribute to a better Nigeria where no man is oppressed.

Bloomberg Philanthropies on Tuesday announced a $600 million gift to four historically Black universities: Charles R. Drew University of Medicine & Science, Howard University College of Medicine, Meharry Medical College, and Morehouse School of Medicine.

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Additionally, a $5 million seed fund has been provided to support the creation of the Xavier Ochsner College of Medicine, a new medical school in New Orleans founded by the Xavier University of Louisiana, a historically Black university.

Bloomberg Philanthropies’ Greenwood Initiative is a bold effort to accelerate wealth accumulation for Black individuals and families while addressing systemic underinvestment in Black communities.

Chidoka, in a statement, said, “Michael Bloomberg’s philanthropy sets a shining example for some Nigerian billionaires, who have all too often chosen the path of conspicuous consumption over impactful giving. It is disheartening to witness their obsession with flaunting wealth on social media while ignoring the rising inequality in access to education, healthcare, and job opportunities in our nation.

“The efforts of some Nigerian Billionaires like Abdulsamad Rabiu, Tony Elumelu, Jim Ovia, Sir Emeka Offor, Prince Arthur Eze, Mike Adenuga and others in their philanthropy are widely acknowledged. However, there is a need for a data-driven and systemic issues-resolving approach to philanthropy like Bloomberg’s effort to reverse historic and systemic racism.

“The time is now for some of Nigeria’s wealthy elite to rise above self-indulgence and embrace a higher purpose. They should combine their luxurious lifestyles with a commitment to dismantling the chains of poverty and providing opportunities for those at the bottom of the pyramid.

“Another important lesson is the urgent need to stop the proliferation of poorly resourced new universities as monuments to personal egos and instead support existing institutions with endowments that can create lasting change.