Abia North Senator and former Governor of Abia State, Orji Uzor Kalu, has on June 4, 2025 made bold accusations against many of Nigeria’s billionaires, claiming that their wealth largely stems from stolen government funds converted into foreign currency.
Speaking candidly during a discussion with veteran journalist Dele Momodu and renowned Nigerian fashion designer Seyi Vodi, Kalu painted a grim picture of corruption and economic sabotage within the country’s elite.
During the conversation, Kalu asserted that only a handful of wealthy Nigerians, including himself, have legitimately earned their fortunes.
He stated, “There are few like me that are not thieves and made legitimate money in this country.”
He went further to say that most billionaires in Nigeria amassed their wealth by embezzling public funds and converting these stolen resources into U.S. dollars, thereby undermining the nation’s economy.
“Almost everybody you see today who are billionaires stole government money,” Kalu declared.
He challenged the narratives of some wealthy individuals who claim to have built their fortunes independently, pointing out that many of them were not even prominent in the late 1990s.
Kalu warned that he refrains from naming names publicly but indicated that if provoked, he would not hesitate to expose these individuals.
His remarks underscore the pervasive nature of corruption he believes is entrenched in Nigeria’s political and economic systems.
A significant part of Kalu’s critique focused on the detrimental impact of converting stolen funds into foreign currency, particularly U.S. dollars.
He argued that this practice exacerbates Nigeria’s economic challenges by depleting foreign reserves and destabilizing the local currency.
“Let’s stop the usage of dollars and let’s see how they would survive,” Kalu said.
“They are stealing money and changing to dollars, so how can the economy be well? It’s not possible.”
His comments highlight concerns about capital flight and the adverse effects of illicit financial flows on Nigeria’s economic stability.
In addition to his accusations against other billionaires, Kalu reflected on his own experience as governor of Abia State.
He claimed that despite his political position, he did not personally benefit financially from public office.
Speaking on Channels Television’s Politics Today program, Kalu revealed that politics has been perilous for him, noting that the Federal Government seized some of his assets.
“I spent my money on people without benefiting a single thing,” he lamented, emphasizing his sacrifices and the personal cost of his political career.
Kalu’s statements come amid ongoing national debates about corruption, governance, and economic management in Nigeria.
His allegations resonate with widespread public frustration over the perceived impunity of wealthy elites and the persistent challenges of poverty and inequality.
While some view Kalu’s remarks as a courageous exposé of systemic corruption, others caution that such sweeping accusations require substantiation and risk deepening divisions within Nigeria’s political and business communities.
Corruption has long been identified as a major impediment to Nigeria’s development.
Government agencies and civil society organizations continue to advocate for transparency, accountability, and reforms to curb illicit financial flows and promote economic justice.
Kalu’s call to address the misuse of foreign currency and the conversion of stolen funds into dollars aligns with broader efforts to strengthen Nigeria’s financial systems and protect its economy from destabilizing practices.
Senator Orji Uzor Kalu’s outspoken critique of Nigeria’s billionaire class and their alleged corrupt practices serves as a stark reminder of the challenges facing the country’s governance and economic integrity.
His personal testimony adds a layer of complexity to the discourse on political leadership and wealth accumulation in Nigeria.
As Nigeria continues to grapple with corruption and economic instability, voices like Kalu’s highlight the urgent need for comprehensive reforms, greater transparency, and a renewed commitment to ethical leadership.
Only through collective action and accountability can Nigeria hope to build a more equitable and prosperous future.
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