Business
BREAKING: Dangote remains Africa’s richest man *Rabiu, Adenugo in *See full list
Aliko Dangote, has maintained his position of Africa’s richest man, for the 11th year running, according to Forbes, a global media company, focusing on business, investing, technology, entrepreneurship, leadership, and lifestyle.
While Dangote, tops the list another Nigerian businessman mogul, in the business of cement and sugar, same as Dangote, owner of the soon to become largest refinery in Africa, occupies the fifth position on the list.
Forbes used stock prices and currency exchange rates from January 19, 2022 to measure the net worths.
Billionaires from seven African countries made the list, including South Africa and Egypt, which has the highest numbers with five each followed by Nigeria with three billionaires.
See the list:
1 Aliko Dangote $13.9 B 64 cement, sugar
2 Johann Rupert $11 B 71 luxury goods
3 Nicky Oppenheimer $8.7 B 76 diamonds
4 Nassef Sawiris $8.6 B 61 construction, investments
5 Abdulsamad Rabiu $7 B 61 cement, sugar
6 Mike Adenuga $6.7 B 68 telecom, oil
7 Issad Rebrab $5.1 B 78 food
8 Naguib Sawiris $3.4 B 67 telecom
9 Patrice Motsepe $3.1 B 59 mining
10 Koos Bekker $2.7 B 69 media, investments
10 Strive Masiyiwa $2.7 B 60 telecom
12 Mohamed Mansour $2.5 B 74 diversified
13 Aziz Akhannouch $2.2 B 61 petroleum, diversified
14 Michiel Le Roux $1.7 B 72 banking
15 Othman Benjelloun $1.5 B 89 banking, insurance
15 Mohammed Dewji $1.5 B 46 diversified
15 Youssef Mansour $1.5 B 76 diversified
18 Yasseen Mansour $1.1 B 60 diversified
Posted by Editor | 25 January 2022
Nigerian billionaire investor Femi Otedola has been appointed chairman of the board of directors of FBN Holdings, owners of the First Bank of Nigeria, exactly 15 months after the news broke in October 2022 that he had become the highest shareholder in the bank, one of the oldest in the country
Reports say Otedola, who was elected Chairman of the board after a meeting of the board of directors held on January 31, 2024, took over from Ahmad Abdullahi who was appointed board chair on the 17th of December 2021.
The business mogul, who divested from his initial business of oil and gas to buy into the power sector, where he now owns the Geregu Power Plant in Kogi State, is assuming the current position just five months after becoming a non-executive director on August 14th, 2023.
In October 2022, after buying heavily int FBN, and amid the controversy of his owning the largest single shares of the nation’s premier banking concern, he had moved to douse the tension that he was about to take over its day to day running.
He had reporters then at the ExecuJet Private terminal in Lagos that his recent acquisition of shares in FBN Holdings was purely an investment decision, adding: “Being the single largest shareholder doesn’t mean I must necessarily hold a position in the bank. I believe in allowing competent people to run institutions in a professional manner and to the benefit of all the stakeholders.
“That is an institution with a world-class corporate governance structure and a strong performing management that creates value and guarantees returns in form of dividends and capital appreciation.”
Stressing that the major focus of any good investor is to see opportunities where others did not, he a argued that he was convinced that FBN Holdings had a bright future, is strong, solid, and would remain a dominant player in the Nigerian financial services sector.
Hear him: “I am simply an investor who saw an opportunity in the financial institution and decided to take advantage of it through the investment I have made. My interest, contrary to speculation, is not to become chairman of the bank or its Holdco. Moreover, I am in semi-retirement.”
Billionaire businessman, Femi Otedola, has moved do douse fears of direct running of First Bank of Nigeria (FBN), amid the controversy of his owning the largest single shares of the nation’s premier banking concern.
Apparently in an attempt to lay to rest speculations that are rife in the public over the issue, Otedola, told reporters on Wednesday at the ExecuJet Private terminal in Lagos that his recent acquisition of shares in FBN Holdings was purely an investment decision.
“Being the single largest shareholder doesn’t mean I must necessarily hold a position in the bank. I believe in allowing competent people to run institutions in a professional manner and to the benefit of all the stakeholders.
“That is an institution with a world-class corporate governance structure and a strong performing management that creates value and guarantees returns in form of dividends and capital appreciation.”
Stressing that the major focus of any good investor is to see opportunities where others did not, he a argued that he was convinced that FBN Holdings had a bright future, is strong, solid, and would remain a dominant player in the Nigerian financial services sector.
Hear him: “I am simply an investor who saw an opportunity in the financial institution and decided to take advantage of it through the investment I have made. My interest, contrary to speculation, is not to become chairman of the bank or its Holdco. Moreover, I am in semi-retirement.”
Posted by Editor | 16 December 2021, 11:51am
Premium Bread Makers Association of Nigeria (PBAN), stormed the office of the Mudashiru Obasa, Speaker of the Lagos State House of Assembly , Alausa, armed with a protest letter over the rising price of baking materials.
They claimed that high costs of ingredients and multiple taxes had made their business too expensive to run, leading to the astronomical increase in the price of bread and other confectionery, to almost double.
Lamenting the ugly situation that had hit their business with low sales and almost zero profit, they also bemoaned the increases in the price of flour and other ingredients, apart from hikes in the prices of other items such as electricity and cooking gas.
At Obasa’s office on Friday, PBAN, told the Speaker that one million jobs of their members may be lost unless the “unbearable intimidation and harassment by state agencies’’ is stopped.
President Emmanuel Onuorah and General Secretary Emmanuel Onyoh, who led the delegation PBAN to hand a letter to Obasa, pleaded with him to help stop multiple levies from agencies and harassment by the police, while listing other challenges threatening the survival of the bread industry in the state.
These in include: Multiple monitoring of bakeries by ministries, agencies, and parastatals
- Harassment of delivery van drivers by Vehicle Inspection Officers (VIOs), and Lagos State Traffic Management Agency (LASTMA) officials
- State agencies repeat motoring done by the officials of the National Agency for Food & Drug Administration (NAFDAC), Standard Organisation of Nigeria (SON), and Federal Ministry of Labour and Productivity, et cetera.
PBAN named the state agencies to include:
- Lagos State Ministry of Environment
- Lagos State Safety Commission
- Lagos State Ministry of Transport (State Carriage)
- Lagos State Environmental Protection Agency (LASEPA)
- Lagos State Traffic Management Authority (LASTMA)
- Lagos State Fire Service
- Lagos State Inland Revenue Service (LIRS)
- Lagos State Emergency Management Agency (LASEMA)
- Councils and Local Council Development Associations (LCDAs)
- Lagos State Signage and Advertising Agency (LASAA)
Levies include
- Daily ticket toll charged by councils and LCDAs
- Mid-year rates demanded by councils and LCDAs
- Police harassment and extortion of money from bread delivery drivers
Impact on business
PBAN said these hassles have reduced operational capacity to below 50 per cent, led to low staff retention, and a drop in employee tax to the government.
“The likely loss of job/business by over 500,000 bread distributors is imminent and this will further affect a lot of living conditions of their families,’’ it stressed.
It urged Obasa “to use your good office to save our businesses from collapse and prevent over one million people in Lagos State under our employment (inclusive of bread distributors) from becoming jobless and being pushed back into already saturated unemployment market.’’
PBAN appealed to the government to, among others,
- Use one consolidated agency to oversee bread business instead of multiple agencies
- Tell the police to stop the harassment, intimidation and seizure of the vehicles of bread distributors
- Make Lagos State Employment Trust Fund (LSETF) World Bank grant and loans available to bread bakers as employers of labour.
Posted by Editor | 17 December 2021, 03:04pm
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