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Dangote’s World’s 64th Richest Person, Worth $16.6bn, Gains $5.8bn in One Day

Published

6 years ago

February 28, 2019

Eric

The President, Dangote Group, Aliko Dangote, gained $5.8bn within 24 hours as his total net worth rose to $16.6bn on Tuesday.

Bloomberg Billionaires Index, a ranking of the world’s 500 richest people, showed that his wealth fell from $10.5bn at the end of last year to a low of $9.63bn on January 1, 2019. But it grew to $10.8bn on Monday, February 25.

The index also revealed that his net worth increased by 23 per cent from $13.5bn on February 26, 2018, to $16.6bn, emerging 64th richest person in the world.

Dangote, who has seen his wealth rise by 58 per cent so far this year, emerged the second biggest mover after Andrew Forrest, founder and largest shareholder of Fortescue Metals Group, the world’s fourth-largest iron ore producer. Forrest’s wealth has grown by 59 per cent this year.

He was the only Nigerian on the list of 500 billionaires and retained his position as Africa’s richest person.

Other Africans on the list were Nicky Oppenheimer of South Africa, who was ranked 216th with a net worth of $7.05bn; Johann Rupert of South Africa (ranked 225th with $6.92bn wealth); Nassef Sawiris of Egypt occupied the 228th position with $6.83bn; Natie Kirsh of South Africa (ranked 263rd with a net worth of $6.10bn) and Naguib Sawiris of Egypt emerged 331st with a fortune of $5.12bn.

“Dangote controls Dangote Industries, a closely held conglomerate. The Lagos-based company owns sub-Saharan Africa’s biggest cement producer, Dangote Cement, which had revenue of N805.6bn ($2.4bn) in 2017. It also has interests in sugar, salt, flour, fertiliser and packaged food,” said Bloomberg.

According to Bloomberg, net worth figures are updated every business day at the close of every trading day in New York, with assets categorised as publicly traded companies, private assets (including closely held businesses, art and real estate), cash and other liquid investments and liabilities.

“Stakes in publicly traded companies are valued using the share’s most recent closing price. Valuations are converted to US dollars at current exchange rates,” it said.

The Founder of Amazon, Jeff Bezos, remains the richest person in the world with a total net worth of $136bn while Bill Gates and Warren Buffett occupied the second and third positions respectively with $98.4bn and $83bn fortunes.

Dangote was also recently named the sixth most charitable man in the World by Richtopia, a digital periodical that covers business, economics, and financial news, based in the United Kingdom. The recognition came after he endowed his foundation, the Aliko Dangote Foundation to the tune of $1.25bn.

He started the foundation in 1981, with a mission to enhance opportunities for social change through strategic investments that improve health and well-being, promote quality education, and broaden economic empowerment opportunities, according to the group.

Headline

Humphrey Nwosu Dies in US, Ohanaeze Rues Non-Recognition of Ex-Electoral Commissioner

Published

1 day ago

October 24, 2024

Eric

A former Chairman of the National Election Commission (now the Independent National Electoral Commission), Prof. Humphrey Nwosu is dead.

He died at the age of 83.

Nwosu, who conducted the June 12, 1993 election annulled by former President Ibrahim Babangida, served as Chairman of NEC from 1989 to 1993.

He hailed from the Ajali community in Orumba North Local Government Area of Anambra State.

Although no official statement has been released by the family, a source close to the family said the deceased, born on October 2, 1941, died in a hospital in Virginia, United States of America in the early hours of Thursday.

The source said, “Yes, Prof died this morning in a hospital in Virginia, USA, after a brief illness. The family will soon issue a statement on it.”

He presided over the June 12, 1993 election, widely regarded as Nigeria’s freest and fairest.

Chief Moshood Abiola of the Social Democratic Party defeated Bashir Tofa of the National Republican Convention.

However, the subsequent annulment of the election plunged the country into political turmoil and prolonged military rule until Nigeria’s return to democracy in 1999.

Reacting to the news in an interview, the apex Igbo socio-cultural group, Ohanaeze Ndigbo, lamented that the deceased died without being celebrated by the country, despite his significant contributions to Nigeria’s electoral system.

The acting National President of Ohanaeze Ndigbo, Chief Damian Ogene, who reacted on behalf of the body, pointed out that while the acclaimed winner of the June 12, 1993, presidential election, the late MKO Abiola, was remembered and immortalised, the late Humphrey Nwosu was never honoured.

He said, “Until his death, no one, including the Federal Government, recognised this man, despite the fact that he put his life on the line to save the country’s democracy.

“Late Humphrey Nwosu was my brother; we belong to the same Orumba North Local Government Area of Anambra State and as a matter of fact, he is my kinsman. It is sad that successive administrations in the country never acknowledged him, not even by naming a federal institution after him.

“There are others in his position who might have compromised, but he stood his ground and ensured that the electoral wishes and aspirations of the Nigerian masses were realized.

Headline

Tinubu Reshuffles Cabinet, Sacks Five Ministers, Merges Ministries

Published

3 days ago

October 23, 2024

Eric

President Bola Tinubu has dismissed five ministers from his cabinet and appointed seven new ones as part of a cabinet reshuffle.

The President re-assigned 10 ministers to new portfolios and nominated seven new ministers for Senate confirmation.

He dismissed Uju-Ken Ohanenye as Minister of Women Affairs, Lola Ade-John as Minister of Tourism, Tahir Mamman as Minister of Education, Abdullahi Gwarzo as Minister of State for Housing and Urban Development, and Jamila Ibrahim as Minister of Youth Development.

Among the nominees, Tinubu selected Bianca Odumegwu-Ojukwu as Minister of State for Foreign Affairs and Nentawe Yilwatda as Minister of Humanitarian Affairs and Poverty Reduction, marking the official end of suspended Betta Edu’s tenure.

Other nominees include Maigari Dingyadi for Minister of Labour and Employment, Jumoke Oduwole for Minister of Industry, Idi Maiha for the newly established Ministry of Livestock Development, Yusuf Ata for Minister of State for Housing and Urban Development, and Suwaiba Ahmad for Minister of State for Education.

“The appointment of Shehu Dikko as Chairman of the National Sports Commission.

“The appointment of Sunday Akin Dare as Special Adviser to the President on Public Communication and Orientation working from the Ministry of Information and National Orientation,” the President said.

The President appreciated the outgoing members of the Federal Executive Council for their service to the nation while wishing them the best in their future endeavours.

He then charged the newly appointed ministers and their reassigned colleagues to see their appointment as a call to serve the nation.

Source: Nairametrics

Headline

FG Drops Money Laundering Charges Against Binance Chief, Gambaryan

Published

3 days ago

October 23, 2024

Eric

The Federal Government on Wednesday withdrew the money laundering charges preferred against Binance Holdings Limited executive, Tigran Gambaryan.

Binance, its U.S. head of financial crime compliance, Gambaryan, and the exchange British-Kenyan regional manager for Africa, Nadeem Anjarwalla, were facing money laundering charges to the tune of $35 million brought against them by the Economic and Financial Crimes Commission.

Gambaryan and Anjarwalla were initially both detained in the custody of the office of the National Security Adviser.

Anjarwalla, however, fled lawful custody on March 22, 2024, while his counterpart, Gambaryan, was arraigned in April.

Following his arraignment, the court ordered his remand to Kuje Correctional Facility.