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Forbes Confirms Dangote Africa’s Richest Man, as Otedola Returns to Billionaire List

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After a six-year hiatus, Nigerian business magnate, Femi Otedola, has returned to the Forbes Africa list of the richest people, landing at No. 20 position with a fortune of $1 billion.

Otedola’s comeback marks a significant milestone. He last graced the Forbes Africa list in 2017 with his controlling stake in fuel distributor – Forte Oil.

However, a strategic shift saw him divest from oil and embrace the energy sector. In 2013, he used a Forte subsidiary to acquire Geregu, a public power generation plant and capitalised on its privatisation.

According to Forbes, Otedola’s 73% stake in Geregu is valued at over $850 million, forming the backbone of his fortune.

“He owned about 90% of Geregu when it was listed on the Nigerian exchange’s Main Board in 2022, but has since sold shares to institutional investors, which include Afreximbank’s Fund for Export Development in Africa and the State Grid Corporation of China,” Forbes said.

“His 73% stake in Geregu is worth more than $850 million, about three-quarters of his $1.1 billion fortune, which puts him at No. 20 on the list.”

Forbes added that despite Otedola’s rise, the overall wealth of African billionaires dipped slightly compared to last year. This reflects the global economic slowdown, but it’s important to note that African billionaires still fared better than their global counterparts, who saw a 4% decline.

“After taking Otedola’s comeback into account, Africa’s billionaires dipped slightly, but still fared better than the decline of 4% last year, when African markets faded in sync with equity values around the world. This year, African equities joined a late-year global rally, with the S&P All Africa index rising 10% in the final two months of 2023 but still ended down more than 9% in the 12 months through January 8, 2024,”

The magazine stated that “the continent remains one of the world’s toughest places to build – and hold onto – a billion-dollar fortune, as global investors remain leery of its stock exchanges, businesses struggle against strained economies, poor infrastructure and volatile exchange rates while changing political winds can make, boost or bust private fortunes.”

Meanwhile, Nigeria’s Aliko Dangote remains Africa’s richest man, with his fortune rising to $13.9 billion from $400 million, claiming the top spot for the 13th year in a row, despite political uncertainty following the February presidential election and a naira devaluation in 2023 that offset Dangote Cement’s rising share price.

The top three spots are rounded out by South African luxury goods magnate Johann Rupert held onto the No. 2 spot with $10.1 billion, down from $10.7 billion in 2023 as shares of his Compagnie Financiere Richemont–maker of Cartier watches and Montblanc pens – slid. South African Nicky Oppenheimer, who formerly ran diamond mining firm DeBeers before selling it to mining firm Anglo American a decade ago, ranks No. 3 with $9.4 billion, up $1 billion from 2023.

Interestingly, 13 of the 20 billionaires on the list saw their fortunes increase, while seven saw their net worth decline. The biggest decline on this year’s list belongs to Algerian industrial magnate Issad Rebrab, who was barred by a court in May from exercising any commercial or management duties at his conglomerate, Cevital.

Rebrab, who denied any wrongdoing, had previously served 8 months in jail on corruption charges until his release in January 2020. Rebrab, who shares the wealth with his wife and five children, including his son, Malik, who took over as CEO in 2022, saw his net worth fall by almost half to $2.5 billion.

The biggest gain belongs to Egypt’s Nasseff Sawiris, who added $1.4 billion to $8.7 billion thanks to a rise in Addidas shares (he owns about 6%), as well as dividends from the German sneaker company and family conglomerate OCI.

This year, South Africa claims six spots on the ranking, followed by Egypt with five and Nigeria with four. Algeria, Tanzania and Zimbabwe each have one billionaire on the list, while Morocco has two.

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NLC Laments Fuel Price Hike, Says ‘We Feel Betrayed’

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The Nigerian Labour Congress (NLC) has lamented the recent increase in the price of fuel, saying the President Bola Tinubu administration betrayed them.

The Congress made the revelation in a statement signed by its president, Comrade Joe Ajaero, on Tuesday, and made available to newsmen.

He wrote:

WE FEEL BETRAYED

We are filled with a deep sense of betrayal as the federal government clandestinely increases the pump price of pms. One of the reasons for accepting N70,000 as national minimum wage was the understanding that the pump price of pms would not be increased even as we knew that N70,000 was not sufficient.

We recall vividly when Mr President gave us the devil’s alternatives to choose from: either N250,000 as minimum wage (subject to the rise of the pump price between N1,500 and N2,000) and N70,000 (at old pms rates), we opted for the latter because we could not bring ourselves to accept further punishment on Nigerians.

But here we are, barely one month after and with government yet to commence payment of the new national minimum wage, confronted by a reality we cannot explain.

It is both traumatic and nightmarish.

Yet, when we told government that it’s approach to resolving the fuel subsidy contradictions was patently faulty and would not last, it’s front row cheer leaders sneered at us, saying we did not understand basic economics.

But if truth be told, this act of betrayal is consistent with the character of this government. We recall the assurances we were given by the leadership of the National Assembly on the 250% tariff hike, that it had been dealt with and there was no need to openly engage the Minister of Power who was at that meeting.

Instead of the promised reversal, the rate has since been jerked up further putting more Nigerians and businesses in jeopardy.

The combined effects of government’s ferocious right -wing market policies brought Nigerians and Nigeria to their all-time low and led to the End-Hunger/End Bad Governance protests.

Rather than make amends, government arrested and hounded into detention some of those who took part and some of those who had nothing to do with these protests, charging them with criminal conspiracy, subversion, treasonable felony, terrorism financing and cyber crime with an intent to overthrow the government of President Tinubu.

The police and other security agencies have since been on rampage terrorising the citizenry in pursuance of government’s agenda of muzzling lawful dissent.

In brazen pursuit, they have defamed and libelled not a few individuals.

They have gone as far as appropriating the statutory roles of the Ministry of Labour and Employment in resolving trade dispute matters and issues considered outside the jurisdiction of the security agencies.

That the government is on rampage in the face of stifling conditions of living is an understatement but we promise Nigerians that we at the Nigeria Labour Congress will not be cowed into submission. Together with civil society, we brought about this democracy when some of the actors in power today were conspiring with the military on how to perpetuate their hold on political power.

When the State and the security forces picked on us in a hybrid war, we had our suspicions. We knew they were up to something sinister and needed to distract/divert our attention or possibly frighten or weaken us before they came out with it so that we would not have a robust response.

Now that they chickens have come to roost, we were right in our suspicions. However, we want to let Nigerians know that the clandestine/surreptitious increase in the pump price of pms is the first among the equally sinister policies government has up its sleeve.

On our part, we stand resolute with the people and will neither be distracted nor intimidated by the government or its security agencies.

We insist that government cannot criminalise protests or basic rights in the domain of the citizenry.

Accordingly, we demand the immediate:
1). Reversal of the latest increase in the pump of pms across the country;

2). Release of all those incarcerated or being prosecuted on the assumption of having participated in the recent protests;

3). Halt the indiscriminate arrest and detention of citizens on trumped up charges;

4). Reversal of the 250% tariff hike in electricity;

5). Stop to the hijack of the duties of the Ministry of Labour and Employment;

6). End to policies that engender hunger and insecurity;

7). Halt to government’s culture of terror, fear and lying.

We are guided by our belief in our country and the need to secure and sustain its sovereignty, integrity and welfare of the people.

In the coming days, the appropriate organs of the Congress will be meeting to take appropriate decisions which will be made public.

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Falana Condemns Treason Charges Against #EndBadGovernance Protesters

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Human rights lawyer and Senior Advocate of Nigeria (SAN), Mr. Femi Falana, has criticized the rising use of treason charges against protesters in Nigeria.

Falana, who spoke at a two-day international conference on anti-corruption and climate change in Abuja on Tuesday, condemned these charges.

On Monday, the Federal government charged 10 leaders and organizers of the #EndBadGovernance protest, which occurred from August 1 to 10, 2024. The protesters appeared before Justice Emeka Nwite of the Federal High Court in Abuja, facing treason charges among other allegations.

The defendants; Michael Adaramoye (also known as Lenin), Adeyemi Abayomi, Suleiman Yakubu, Opaoluwa Simon, Angel Innocent, Buhari Lawal, Mosiu Sadiq, Bashir Bello, Nuradeen Khamis, and Abdulsalam Zubairu, pleaded not guilty to the six-count indictment filed by Inspector-General of Police Kayode Egbetokun.

The charges outlined in case number FHC/ABJ/CR/454/2024 include treason, attempts to destabilize the country, intimidation of the President, and the destruction of government property in Kano.

The #EndBadGovernance protests, which drew significant attention in August, were part of a broader movement demanding greater accountability and reforms in Nigeria’s governance.

Falana expressed grave concerns about what he termed the “tribalisation” of treason, questioning the logic behind charging citizens with such a serious offense simply for protesting.

“I have been under pressure in the last 24 hours from Nigeria and abroad. People are wondering why the charge of treason is being tribalised in our country. How can you say that because people protested, they are being charged with treason?” Falana asked.

Assuring the public that there is no reason for alarm, Falana revealed that he has taken up the case and plans to advise President Bola Tinubu to instruct the police to withdraw the charges.

“All those who have expressed concern, do not be bothered; there is no cause for alarm. We are taking up the case, and we are going to advise the government, particularly the President, to direct the police to withdraw the charge. And that advice is also in the interest of the government because a treason charge is not like a charge of stealing,” Falana said.

He highlighted his experience defending treason cases, noting that this would be his fifth such case. “In the four previous cases, the government was compelled to withdraw the charges because we turned the case into the trial of the government,” Falana added.

He warned that misuse of treason charges could have negative repercussions for the government, citing past experiences as evidence.

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PDP Govs Call Wike’s Bluff, Says Threat Irresponsible, Reiterates Support for Fubara

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The governors elected on the platform of the Peoples Democratic Party have slammed former Rivers State Governor, and Minister of Federal Capital Territory, Nyesom Wike, and labelled his threats as unbridled and irresponsible.

On August 24, the PDP Governors’ Forum expressed support for Rivers State Governor, Sim Fubara, and called on the party’s NWC to grant him his “rightful” position as the leader of the party in the state.

In response, Wike announced over the weekend at the PDP secretariat in Port Harcourt that he would take firm action against PDP-controlled states that threatened his political structure in the state.

He stated “Let me assure all of you, not while we live will anybody take away the structure of the PDP from us. But let me tell people, I hear some governors who say they will take over the structure and give back to somebody.

“I pity those governors because I will put fire in their states. When God has given you peace, you say you don’t want peace – anything you see you take.”

Meanwhile, the forum, in a statement by its Director General, Emmanuel Agbo on Tuesday, labelled Wike’s threat as completely unacceptable.

The statement read in part, “The attention of the Peoples Democratic Party Governors’ Forum (PDP-GF) under the chairmanship of H.E. Senator Bala Abdulkarim Mohamed (CON) and Governor of Bauchi State and all the member-Governors has been drawn to a widely circulating news story in which the Minister of the Federal Capital Territory, H.E. Barrister Nyesom Wike, former Governor of Rivers State, made scathing and threatening comments regarding member-Governors of the Forum and notes the significant concerns that have been raised in the public space regarding the unity and peaceful coexistence within our party.

“The statements and threats to peaceful coexistence made by Wike to “Put fire” in the PDP controlled States are unbridled, irresponsible and without ambiguity unacceptable as it undermines efforts to build and maintain peace, cohesion, collaboration and mutual respect amongst leaders and members of the party. It is rather unfortunate that this is coming from someone who was once a member of this highly revered forum as a former governor.”

The forum emphasized its commitment to a “touch one, touch all” approach, pledging to support one another both individually and collectively, regardless of the circumstances.

It continued “A tradition Wike tremendously enjoyed in his days of travail as governor. Thus, we, therefore, maintain that our position on the affairs of the PDP in Rivers State, as unanimously resolved at our 2024, 3rd, and 4th Meetings held in Enugu and Taraba States respectively are not subject to review by any individual no matter how highly placed.

“We wish to emphasise that neither is the position of the Forum personal nor does it by any stretch of the imagination undermine the relevance of any stakeholder in the party. Rather, as loyal party faithful, members of the Forum remain committed to that pristine practice that was intended to guarantee order, eliminate conflicting centres of loyalty epitomised by the situation in Rivers State, and guard against distracting the Governor in the prosecution of his mandate. Wike benefitted wholly from that arrangement.

“We are irrevocably committed to working with the National Working Committee (NWC) of our great party, the PDP, in ensuring that Governor Siminalayi Fubara of Rivers State is conferred with all the privileges he is entitled to as a Governor elected on the platform of our party, both at the state and national levels.”

The governors affirmed that their unwavering commitment to party unity is of utmost importance.

They highlighted that the PDP has always prioritised unity and collective advancement.

The PDP Governors’ Forum stated that their recent actions, including backing Fubara, demonstrate their dedication to these principles.

The Punch

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