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

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Aliko Dangote

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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Atiku Sympathises with Tinubu over ‘Unfortunate’ Fall on Democracy Day Parade Ground

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By Eric Elezuo

A former Vice President and Presidential candidate of the Peoples Democratic Party (PDP) in the 2023 elections, Alhaji Atiku Abubakar, has sympathized with President Bola Tinubu over his fall while trying to board a parade truck to inspect parade at the Eagle Square on Wednesday.

The former Vice President expressed his sympathies via his verified X account, describing the fall as ‘unfortunate incident’, and hoping that all is well with the President.

He wrote:

“I sincerely sympathize with President Bola Tinubu over this unfortunate incident as he was set to review the parade on Democracy Day. I hope that all is well with him -AA”

Recall that while Tinubu attempted to mount the open truck for inspection of parade, he slipped and fell. But he was quick to pick himself up again with the help of his aides, who came to his rescue.

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Democracy Day Parade: Tinubu Slips, Falls, Recovers

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President Bola Tinubu on Wednesday slipped and fell while boarding the parade vehicle at the venue of the 2024 Democracy Day.

The President had approached the vehicle shortly after he arrived at the Eagles Square, Abuja venue of the programme.

Our correspondent observed that the President lost his footing momentarily as he was about to step into the vehicle.

However, despite the slip, the President quickly regained his balance and continued with the proceedings.

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Glo Maintains 18 Years Tradition, Sponsors Ojude Oba Festival Again

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Digital solutions provider, Globacom, has announced that it will again be partnering with the organizers of the popular Ojude Oba festival this year in continuation of a tradition it started 18 years ago.

Speaking at the pre-event press conference held at Awujale’s Palace in Ijebu Ode, Ogun State, Globacom’s representative, Mr. Kazeem Kaka, restated the company’s commitment to uplifting Nigeria’s rich cultural heritage.

“Our sponsorship of festivals is aimed at identifying with the cultures and traditions of the Nigerian people, as an indigenous brand. Our involvement in the celebration of Ojude Oba festival is therefore geared towards promoting the unique tradition and custom of the Ijebu people”, Kaka said.

Globacom’s collaboration with the custodians of this festival, Mr. Kaka explained, underscores the company’s commitment to the rich heritage of the nation which is externalised through these festivals.

“It is our belief that our continued support for Ojude Oba will further strengthen the festival and entrench it as a world class carnival which will attract even more tourists from across the world. We are convinced that this partnership will further foster a symbiotic relationship with immense benefits for both Globacom and Ijebuland”, he added.

In his speech, the Chairman, Ojude Oba Planning Committee, Chief Olu Okuboyejo, paid tribute to Globacom for its massive support for the celebration which he noted serves as a reminder of the historical antecedents of the Ijebu people.

Themed: “Unity and Harmony in Ijebuland…The gift of Ojude Oba”, the 2024 edition of the festival is the 18th time that Globacom will be partnering with the Ojude Oba Planning Committee as the main sponsor of the festival.

Ojude Oba is celebrated annually two days after the Islamic  Eid El-Kabr festival and it’s a social gathering where all divergent issues affecting the lives of the Ijebu people are addressed. It is also a cornerstone for the development of the community socially, politically and economically.

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