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

Published

3 years 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.

Headline

2027: Obi Warns Against Rigging, Urges Voters to Be Vigilant

Published

5 days ago

February 17, 2026

Eric

A former Governor of Anambra State, Peter Obi, has issued a stern warning to election officials and stakeholders, urging Nigerians to ensure that every vote counts in the 2027 general election.

Obi stressed that anyone who attempts to manipulate or obstruct the counting of votes will be held accountable for undermining the country’s democracy.

“Unlike in the past, in 2027 our votes MUST count, and all those who are there not to count the votes will be counted among those destroying Nigeria,” he wrote on X on Monday, February 16, 2026.

Obi, who has declared that he will contest the 2027 presidential election, advised voters to stay at polling units after casting their ballots to observe the counting and transmission of results, emphasising that preventing the proper tallying of votes would attract legal consequences.

The former Labour Party presidential candidate said: “I encourage everyone to remain at the polling units after voting to count and witness the counting and transmission of results. Those who refuse to allow the votes count will be made to count the full weight of the law against rigging.

“Let me reiterate: if you do not count our votes, we will count you among those who destroy our democracy, thereby destroying our future, and you must answer to the law.”

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APC National Secretary Basiru Demands Wike’s Resignation As FCT Minister

Published

5 days ago

February 17, 2026

Eric

The National Secretary of All Progressives Congress (APC), Senator Ajibola Basiru, has called on the Minister of the Federal Capital Territory (FCT), Nyesom Wike, to resign from President Bola Tinubu’s cabinet, accusing him of undue interference in the ruling party’s internal affairs.

Basiru’s demand followed Wike’s warning earlier on Monday, in which the former Rivers State governor cautioned the APC scribe to “leave Rivers State alone” and refrain from meddling in its politics. Wike, while addressing supporters during a thank-you visit to Oyigbo Local Government Area of Rivers State, described Rivers as a “no-go area,” warning that those who interfere “may burn their hands.”

But, responding to the FCT Minister’s warning in a statement issued from Osogbo, Osun State, Senator Basiru fired back, describing Wike’s remarks as a “tirade” and “uncouth.”

“My attention has been drawn to the tirade of the Minister of the FCT against my person and my office as National Secretary of the APC,” Basiru said. “It is shocking that such an innocuous statement could elicit such uncouth responses from no less than a member of the Federal Executive Council.”

The APC National Secretary defended his earlier remarks, insisting he merely reaffirmed that governors, regardless of political differences, deserve respect as leaders of the party in their respective states.

“For the avoidance of doubt, our records indicate that Minister Nyesom Wike is not a member of our party, the APC. He therefore lacks the locus to dabble into the affairs of our party,” he declared.

“As National Secretary of the APC, I am imbued with the responsibility to protect the interests of the party and all its members. My activities cannot be confined to my home state, Osun State.”

Basiru also dismissed Wike’s allegation that he and other APC leaders were scrambling for a N600 billion “largesse” in Rivers State’s coffers, describing it as “cheap blackmail.”

“My background and track record are of unquestionable integrity,” Basiru stated. “I challenge him to prove his allegations or we may meet in court.”

The APC chieftain further warned Wike against issuing threats, saying he would not be intimidated.

“Wike is not God and may be overplaying his political card,” Basiru cautioned. “My faith is in God, and I will not succumb to cheap threats such as the one from him.”

He maintained that Wike’s support for President Tinubu does not make him an APC member.

“Millions of non-APC Nigerians also support the President, and Wike’s case is no different,” Basiru said. “He cannot bring the spirit of the PDP into the APC or destabilize our structures in Rivers State.”

Concluding his statement, Basiru said Wike must make a choice between serving as a non-party technocrat or interfering in APC matters.

“He cannot be in the Federal Executive Council of an APC government and be causing confusion within our party. The honourable thing to do is to resign his appointment as Minister,” he declared.

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Alleged N432bn Fraud: El-Rufai Spends Monday Night in EFCC Custody

Published

5 days ago

February 17, 2026

Eric

Former Kaduna State Governor, Nasir El-Rufai, spent Monday night in the custody of the EFCC following hours of interrogation over alleged financial misappropriation amounting to N432 billion.

El-Rufai arrived at the EFCC headquarters in Jabi, Abuja, around 11:00 a.m. on Monday, February 16, 2026, in response to an invitation reportedly issued in December.

Although he presented himself voluntarily, sources within the anti-graft agency disclosed late Monday that he would remain in custody until investigators reached what they described as “advanced stages” of their questioning.

The probe is said to stem from a 2024 report by the Kaduna State House of Assembly, which accused El-Rufai’s administration between 2015 and 2023 of diverting public funds through multiple state channels.

A senior EFCC official confirmed that investigators are reviewing contracts and financial transactions executed during his eight-year tenure.

Tension flared at the EFCC premises as hundreds of supporters and critics gathered shortly after news of his appearance broke.

Supporters accused the Federal Government of political persecution, chanting solidarity slogans, while a group identified as the Mega National Movement for Good Governance demanded accountability, insisting that no public official is above the law.

Security operatives deployed teargas to disperse the crowd after clashes reportedly broke out between the opposing groups.

In a related development, the Department of State Services (DSS) filed a three-count charge against El-Rufai at the Federal High Court in Abuja.

The charges, marked FHC/ABJ/CR/99/2026, reportedly concern the alleged unlawful interception of telephone communications belonging to the National Security Adviser, Nuhu Ribadu.

The filing followed a recent interview in which the former governor claimed he had listened to conversations in which Ribadu allegedly directed security operatives to arrest him upon his return from Egypt last week.

El-Rufai’s legal team, led by Ubong Akpan, has described the investigations as arbitrary and a violation of his constitutional rights.

Meanwhile, indications emerged that the Independent Corrupt Practices Commission (ICPC) has also scheduled him for questioning on Wednesday, February 18.

As of Tuesday morning, it remained unclear whether the EFCC would seek a court order to extend his detention or proceed with formal charges. Several of his former aides are reportedly already in custody as investigations continue.