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Bloomberg rates Aliko Dangote richest man in Africa with $15.6bn

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Aliko Dangote

President of Dangote Group, Aliko Dangote remains the richest man in Africa, despite the volatility of Nigerian currency against the dollar. Bloomberg in its daily top billionaire lists, released on Tuesday, revealed that Dangote with a wealth of $15.6 billion topped other Africans in the Index.

Dangote, who remains the richest man in Africa for the 12th year running, was the only Nigerian on the list of the top 500 billionaires, as released by Bloomberg.

Other Africans listed in the latest top 500 world billionaires list for the year 2023 include Johann Rupert and family of South Africa, now worth $13.3 billion, while Nicky Oppenheimer of South Africa, Nassef Sawiris of Egypt, Natie Kirsh of South Africa, and Naguib Sawiris are also worth $9.0 billion, $7.47 billion, $7.37billion and $5.93 billion respectively. These are the only five other Africans that made the list.

The Bloomberg Billionaires Index is a daily ranking of the world’s richest people. In calculating net worth, Bloomberg News strives to provide the most transparent calculations available, and each individual billionaire profile contains a detailed analysis of how that person’s fortune is tallied.

The index is a dynamic measure of personal wealth based on changes in markets, the economy and Bloomberg reporting. Each net worth figure is updated every business day after the close of trading in New York. Stakes in publicly traded companies are valued using the share’s most recent closing price. Valuations are converted to U.S. dollars at current exchange rates.

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Ellon Musk and Bernard Arnault are the richest in the world with $219billion and $194 billion respectively in their kitties while Jeff Bezos and Bill Gates followed respectively with $151 billion and $130 billion. Larry Ellison was the fifth richest with $130 billion on the world’s billionaires’ chart.

Bloomberg is a global information and technology company, that connect decision makers to a dynamic network of data, people and ideas – “accurately delivering business and financial information, news and insights to customers around the world” Bloomberg L.P. provides financial software tools such as an analytics and equity trading platform, data services, and news to financial companies and organisations through the Bloomberg Terminal.’

Africa’s richest man, with his new worth of $15.6 billion, controls Dangote Industries, a closely-held conglomerate. The Lagos, Nigeria-based company owns sub-Saharan Africa’s biggest cement producer, Dangote Cement. It also has interests in sugar, salt, fertiliser and packaged foods. Dangote also recently commissioned the $19bn petroleum refinery plant, which is now the Africa’s largest refinery.

It would be recalled that Aliko Dangote, was also recently named as among the topmost charitable man in the World by Richtopia, a digital periodical that covers business, economics, and financial news, based in the United Kingdom. This recognition came after he endowed his foundation, the Aliko Dangote Foundation (ADF) to the tune of $1.25 billion.

Aliko Dangote started his Foundation in 1981, with a mission to enhance opportunities for social change through strategic investments that improve health and wellbeing, promote quality education, and broaden economic empowerment opportunities.

Aliko Dangote Foundation was however incorporated in 1994 as a charity in Lagos, Nigeria. 20 years later, the Foundation has become the largest private Foundation in sub–Saharan Africa, with the largest endowment by a single African donor. The primary focus of Aliko Dangote Foundation is health and nutrition, supported by wrap-around interventions in education, empowerment, and humanitarian relief.

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Federal Government Approves N4 Trillion for Development Commissions

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The Federal Government has announced the approval of a groundbreaking N4 trillion budget for development commissions across the country. The funds aim to accelerate regional development and address critical infrastructure gaps in underserved areas.

This landmark decision was confirmed during a federal executive meeting chaired by President Bola Tinubu. According to officials, the allocation is targeted at bolstering the activities of existing development commissions, including those in the North East, Niger Delta, North Central, and other regions requiring special intervention.

Focus Areas of the Budget
The N4 trillion will reportedly focus on key development priorities such as:

Infrastructure rehabilitation, including roads, bridges, and power supply.

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Support for internally displaced persons (IDPs) and resettlement programs.

Job creation initiatives to tackle unemployment in affected regions.

Social programs aimed at healthcare, education, and capacity building.

Government’s Commitment
Speaking on the development, the Minister of Finance, Mr. Wale Edun, stated that the budget reflects the administration’s commitment to fostering inclusive growth and equitable resource distribution. “This is a bold step to address longstanding challenges in regions that have been neglected for years,” he remarked.

The announcement has sparked mixed reactions across the country. While some citizens and regional leaders have praised the move as a step toward addressing inequalities, others have called for transparent implementation to ensure the funds are utilized effectively.

This allocation marks one of the largest investments in regional development commissions in Nigeria’s history, signaling the government’s intent to bridge the gaps in infrastructure and social welfare.

Stay tuned for more updates as details of the implementation strategy emerge.

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Deputy Senate President Barau Jibrin Distributes 1000 Motorcycles to Kano Police

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Deputy Senate President Barau Jibrin has distributed 1,000 operational motorcycles to the Kano State Police Command, in a move aimed at enhancing the mobility and operational capacity of the police force. The distribution ceremony, held in Kano, was attended by various dignitaries and stakeholders.

In his speech, Jibrin expressed his gratitude to the Nigerian police for their efforts in maintaining peace in Kano. “I am thanking the Nigerian police Kano command for bringing peace to reign in Kano,” he said. He acknowledged the role of traditional rulers in supporting the police and emphasized the importance of their contributions to the state’s security.

Jibrin highlighted the significance of the motorcycles in improving the efficiency of the police force. “My intention is to give a motorcycle to every policeman,” he stated, underscoring his commitment to equipping the police with the necessary tools to perform their duties effectively.

Muktara Gashash, Chairman of the Eminent Persons Forum, commended Jibrin for his generous gesture. “This initiative will greatly enhance the operational capabilities of the Kano police,” Gashash remarked, praising the Deputy Senate President’s dedication to supporting law enforcement.

Kano State Commissioner of Police, Salman Dogo Garba, also spoke at the event, urging his fellow officers to utilize the motorcycles to enhance their service delivery. “As we embrace this new chapter of enhanced mobility and operational capacity, I urge my fellow police officers to embrace these motorcycles as tools of service excellence,” Garba said. He emphasized the importance of professionalism, integrity, and accountability in their duties.

Garba further encouraged the police officers to use the motorcycles to strengthen their relationships with the communities they serve. “Let us leverage this significant investment to forge even stronger bonds with the communities we serve, fostering trust, cooperation, and mutual respect,” he added.

The distribution of the motorcycles is expected to significantly improve the response time and effectiveness of the Kano State Police Command, contributing to the overall safety and security of the state.

 

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President Tinubu Seeks Senate Confirmation for Lt. General Oluyede as Chief of Army Staff

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President Bola Tinubu on Friday wrote the Senate, seeking confirmation of Lieutenant General Olufemi Oluyede’s appointment as the substantive Chief of Army Staff.

“In his letter sent today, President Tinubu seeks Oluyede’s confirmation in accordance with the provision of Section 218(2) of the 1999 Constitution as amended and Section 18(1) of the Armed Forces Act,” Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, revealed in a statement.

The statement is titled ‘President Tinubu writes Senate, seeks confirmation of Lt. General Oluyede as Chief of Army Staff.’

Tinubu appointed Oluyede as the Acting Chief of Army Staff on October 30 following the illness of Lieutenant General Taoreed Lagbaja.

General Lagbaja, however, died on November 5.

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Onanuga said, “President Tinubu is confident about the leadership qualities, professional integrity, and experience of Lt. General Oluyede to lead and inspire the army to ensure national security and stability.”

Before he was appointed Acting Chief of Army Staff, Oluyede, a member of the 39th Regular Course, like his predecessor, served as the 56th Commander of the elite Infantry Corps of the Nigerian Army, based in Jaji, Kaduna.

 

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