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Africa’s Billionaires List: Dangote Bounces Back to Top Reckoning

Published

1 year ago

August 19, 2023

Eric

By Eric Elezuo

The good times are here again for Kano-born Nigerian billionaire businessman, Aliko Dangote, as he is poised to regain his number one position on the African billionaire list; a position he had held for 12 consecutive years before he was dethroned by South Africa’s Johann Rupert in June. This was as a result of unfavorable economic policies by the Bola Tinubu-led government.

However, reports reaching The Boss shows that a slight slip by the South African billionaire has shot Dangote up the ladder to occupy the number position as Africa’s richest. This is as the South African’s networth further slumped below $11 billion to $10.2 billion, while Dangote’s wealth rebounded to $11 billion, according to billionaires.Africa

The two billionaires, who have been competing for the top spot since Forbes revised its richest list due to turbulent currency fluctuations in June, had seen their fortunes drop below $11 billion.

During the week, Dangote, who is the Chairman, Dangote Group, with biases in cement, sugar and fertilizer manufacturing as well as wholesome diversification into petroleum refining and other household items, reclaimed his position as Africa’s richest man, for the first time since June when economic policy somersaults resulted in his losing the title to Johann Rupert.

Itvwould be recalled that the temporary victory was short-lived as Johann Rupert swiftly regained the position as the richest man on the African continent within a space of 24 hours later, in spite of a $100-million decline in a single day. Then Dangote’s net worth had slumped back to $10.3 billion due to a $538 million blow he suffered on Wednesday.

But with Dangote’s rebound in net worth, and standing presently (as at August 18, 2023) at $11 billion, the official leadership position in billionaire ranking for Africa returns to him.

It must be noted however, that according to Forbes, the difference in wealth between Dangote and Rupert becomes evident with Rupert hanging at $10.2 billion. This only means that $800-million gap separates the two top Africaan billionaires, and anything can happen any minute as the stock market remains in session.

However, as it stands by the close of business on the 18th, Dangote’s top position remained reclaimed.

Much as Rupert is set to receive a substantial dividend payout of CHF 204.62 million ($233.2 million) from his stake in Richemont, it is not enough to upset Dangote at the moment, especially as the disbursement is not due until September 6, 2023 contingent upon shareholders’ approval during the impending annual general meeting of the luxury goods conglomerate. The way it is, Dangote’s top position may last another three weeks pending unforeseen circumstance.

Both Dangote, the enterprise and Dangote, the entrepreneur, have maintained market leadership, and seemed to have appropriated the richest in Africa status and have hardworking(ly) sustained the tag for as long as anyone can remember until two months ago.

He is a businessman, who understands that no man rest on his oars if turnovers have to continue to turn over. With marked differentiation, he has demystified the business terrain, and proved that if it can be done, then it must done. His establishment of the humongous fertilizer and sugar plants and the ambitious refinery in Lekki, Lagos, Nigeria, are testimonies of the trajectory of one who knows his onions.

Presently worth $11 billion, the entrepreneur extraordinaire has the following points to his name:

Founded and chairs Dangote Cement, the continent’s largest cement producer.
He owns 85% of publicly-traded Dangote Cement through a holding company.
Dangote Cement has the capacity to produce 48.6 million metric tons annually and has operations in 10 countries across Africa.
After many years in development, Dangote’s fertilizer plant in Nigeria began operations in mid-2021.
Dangote Refinery, which started construction in 2016 and will be one of the world’s largest oil refineries once complete and operational.

His business dexterity singled him out as one of the few recipients of the GCON national honours reserved for top politicians of vice president ranking and top government appointees.

At the commissioning of his fertilizer plant in 2013, he demonstrated that his quest is to serve the Nigerian nation, and create employment.

He said: “It is an ambitious developmental project, which will drastically reduce the level of unemployment and youth restiveness in this country, through generation of direct and indirect employment. Agriculture accounts for over 20 per cent of Nigeria’s GDP, and the country is a leading producer of various agricultural commodities. The sector has the potential of becoming the biggest source of income for our Nation, providing employment and raw materials for industries. However, low fertilizer usage has been a major reason for low productivity in the sector.”

Dangote is a wonderful family man, blessed with four adorable daughters.

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Tinubu Presents N47.9trn 2025 Appropriation Bill to NASS

Published

4 days ago

December 18, 2024

Eric

President Bola Tinubu, on Wednesday, presented the proposed 2025 federal budget to a joint session of the National Assembly.

The N47.9 trillion budget saw a whopping N3.5 trillion allocated to the education sector.

Other sectors that got higher allocations include defence and security – N4.91tn, infrastructure – N4.06tn and health – N2.4tn.

“It is with great pleasure that I lay before this distinguished joint session of the National Assembly, the 2025 Budget of the National Assembly of Nigeria titled, ‘The Restoration Budget’ security peace, building prosperity,” Tinubu said as he concluded his 30-minute presentation at 1:10pm.

This budget highlights the government’s focus on improving education, healthcare, and infrastructure, in line with its ‘Renewed Hope Agenda’ aimed at boosting the economy and addressing key national priorities.

The live broadcast of the budget presentation today revealed the government’s plans for the next fiscal year. With a strong emphasis on human capital development, the president highlighted the budget’s commitment to improving the nation’s economic foundation.

Education sector receives major funding

A significant portion of the 2025 budget is dedicated to education, with N3.5 trillion allocated to the sector. President Tinubu stated that part of this funding would be directed toward infrastructure development, including support for Universal Basic Education (UBEC) and the establishment of nine new higher educational institutions.

“We have made provision for N826.90 billion for infrastructural development in the education sector,” Tinubu said.

This allocation aims to improve educational facilities and support ongoing efforts to strengthen Nigeria’s educational system.

Focus on human capital development

During the presentation, the president emphasized the importance of investing in Nigeria’s human capital. “Human capital development, our people are our greatest resource. That is why we are breaking record investment in education, healthcare, our social services,” he remarked.

Tinubu also pointed to the N34 billion already disbursed through the Nigerian Education Loan Fund (NELFUND) to assist over 300,000 students.

The budget includes continued investments in healthcare and social services as part of the broader goal of enhancing the quality of life for Nigerians.

Strengthening the economy and national security

Tinubu highlighted that the 2025 budget is designed to build a robust economy while addressing critical sectors necessary for growth and security.

“This budget reflects the huge commitment to strengthening the foundation of a robust economy, while addressing the critical sectors essential for the growth and development we envision; and secure our nation,” he said.

The budget aims to tackle key challenges and foster long-term economic stability by prioritizing infrastructure and development in key sectors.

Healthcare and social services allocations

In addition to education, Tinubu focused on the allocation for healthcare and social services. The government plans to increase investments in healthcare infrastructure and services to ensure broader access to essential healthcare for Nigerians.

These investments are part of the administration’s strategy to improve overall living conditions and enhance public health across the country.

President Tinubu’s proposed 2025 budget is said to reflect the administration’s commitment to achieving its development objectives, with a focus on economic growth, human capital development, and infrastructure improvement.

As the National Assembly reviews the budget, the president reiterated his administration’s resolve to address the nation’s most pressing needs.

Source: Nairametrics

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Ghana’s President-elect Mahama Visits Tinubu in Abuja

Published

5 days ago

December 17, 2024

Eric

Ghana’s President-Elect, Dr. John Dramani Mahama, a courtesy visit to President Bola Tinubu at his residence, Presidential Villa, State House on Monday.

Mahama won 56 percent of the votes in this month’s presidential election, compared to the ruling party candidate and Vice President Mahamudu Bawumia, who secured 41 percent.

The landslide comeback for former president Mahama ended eight years in power for the New Patriotic Party (NPP) under President Nana Akufo-Addo, whose last term was marked by Ghana’s worst economic turmoil in years, an IMF bailout and a debt default.

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I Stand by What I Said, Kemi Badenoch Replies VP Shettima

Published

2 weeks ago

December 12, 2024

Eric

The leader of the United Kingdom’s Conservative Party, Kemi Badenoch, has lashed back at Vice President Kashim Shettima over the latter’s reaction to her comments about Nigeria.

Badenoch was born in the UK in 1980 to Nigerian Yoruba parents.

Badenoch, who attained age 16 in Nigeria before departing the country for the UK where she was elected Conservative Party’s leader, described Nigeria as a nation brimming with thieving politicians and insecurity.

However, Shettima, while speaking at the 10th Annual Migration Dialogue at the Presidential Villa in Abuja on Monday, December 9, 2024, accused Badenoch of “denigrating her country of origin” with her remarks.

The vice-president listed influential people whose families had migrated to other countries, commending former UK Prime Minister Rishi Sunak as a “brilliant young man who never denigrated his nation of ancestry.”

Reacting on Wednesday, Badenoch lashed back at Shettima, saying she doesn’t do “PR for Nigeria”.

Her spokesperson, as the Tory leader, according to UK Express, said: “Kemi is not interested in doing Nigeria’s PR; she is the Leader of the Opposition in the UK.

“She tells the truth; she tells it like it is; she isn’t going to couch her words. She stands by what she said.”