From Wealth to Impact: Bloomberg’s $600M Gift to Four Historically Black Medical Colleges as a Model for Nigerian Billionaires
Yesterday, Bloomberg Philanthropies announced a transformative $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. 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. “For generations, systemic racism has prevented Black people in America from exercising their full economic power. The lasting effects of this pervasive racism are profound; today, the typical Black family has one-eighth of the wealth of the typical White family. Without bold intervention and a complete reimagination of Black wealth accumulation, this unacceptable status quo will continue to persist,” states the initiative.
Michael Bloomberg’s philanthropy is a testament to his profound humanism and commitment to reversing systemic racism and empowering the Black community. His actions demonstrate a deep belief in our common humanity and the urgent need for equity while promoting equality. His vision for a more just society is a stirring example of how transformative change can be achieved through empathy and bold action.
This extraordinary $600 million gift builds upon the Greenwood Initiative’s 2020 contribution of $100 million, which relieved nearly 1,000 future Black doctors of burdensome debt. In May 2021, Bloomberg Philanthropies and Johns Hopkins University announced the Vivien Thomas Scholars (Named after Vivien Thomas, a renowned Black scientist) Initiative, a $150 million investment to address historical underrepresentation in STEM fields and to prepare a more diverse generation of researchers and scholars. The initiative aims to “create additional pathways for students from Historically Black Colleges and Universities (HBCUs) and Minority Serving Institutions (MSIs) to pursue and receive PhDs in STEM fields.”
Michael Bloomberg’s philanthropy sets a shining example for 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 time is now for Nigeria’s wealthy elite to rise above self-indulgence and embrace a higher purpose. They should combine their “Agba Baller” 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.
For example, A two billion Naira endowment in a faculty of an existing university will leave a lasting impact on research, instruction, staff remuneration and affordability for students. Public universities should offer opportunities to rename faculties after their funders to incentivise those who aspire for immortality.
As a people, we must learn from the positive examples set by others, rejecting the allure of superficial displays of wealth and embracing the power of impactful philanthropy. To transform our society, we must transform our sense of intentional giving to solve society’s challenges.
The Bloomberg example should motivate a mindset shift to contribute to a better Nigeria – where no man is oppressed.
Osita Chidoka
Chancellor
Athena Centre for Policy and Leadership
7 August 2024
