News
Forbes 2023 Index: Dangote Still Africa’s Richest for 12th Consecutive Year
…Listed among world’s top 200 richest persons
For the 12th year consecutively, Aliko Dangote, President of the pan-African Conglomerate, the Dangote Group has emerged the richest man in Africa, despite economic headwinds that affected the fortunes of half of the world’s reported billionaires.
Dangote, whose business flagship, Dangote Cement Plc is the largest producer of cement in Africa, is the only Nigerian in the list of first 200 richest men in the world with an estimated net worth of $14.2 billion, up from last year’s $12.1 billion.
Forbes, in its latest ranking of world billionaires for 2023 reported that falling stocks, wounded unicorns and rising interest rates translated into a down year for the world’s wealthiest people.
Dangote, presently ranked 124th among the world’s richest billionaires, is the only Nigerian in the top 200 world billionaires and one of the two Africans within that bracket; with South Africa’s Johann Rupert, who deals in luxury goods ranked 157th with a net worth of $11.1 billion.
The Africa’s richest man founded and chairs Dangote Cement, the continent’s largest cement producer. Dangote Cement has production capacity of 51.6 million tonnes per year across ten countries in Sub-Saharan Africa, with integrated factories in seven countries, a clinker grinding plant in Cameroon, and import and distribution facilities in Ghana and Sierra Leone.
Dangote also owns stakes in publicly traded Dangote Salt (NASCON) and Dangote Sugar manufacturing companies. His Dangote Petroleum Refinery, touted to be the world’s largest single-train refinery, was recently commissioned and is expected to process 650,000 bpd of petroleum for domestic consumption and export; in what experts have described as a game changer in the oil and gas sector.
The foremost philanthropist had earlier been rated 11th of the 50 World’ Greatest men and women of all time by the Fortune Magazine, an American multinational business magazine which premised the ranking of the world’s greatest mainly on the businesses run by the men and how they have used it to impact their society positively.
The time-tested magazine, which first edition was published in February 1930, said the world’s greatest men and women are transforming the world and inspiring others to do so in business, government, philanthropy and the arts. “These thinkers, speakers, and doers make bold choices and take big risks- and move others to do the same”, the magazine declared.
Specifically, Dangote earned nomination after being adjudged as having used his business to acquire wealth and is now converting his wealth into impactful philanthropy through his Aliko Dangote Foundation.
The top 10 greatest men and women, according to Fortune Magazine are: Bill and Melinda Gates, Jacinda Ardem, Robert Mueller, Pony Ma, Satya Nadella, Greta Thunberg, Margrethe Vestager, Anna Nimiriano, Jose Andres, and Dough Mcmillon and Lisa Woods.
The ranking of Dangote as one of the greatest business leaders had attracted comments by eminent persons around the world who described him as worthy of the nomination going by his business acumen and philanthropic gestures.
On the billionaires ranking for 2023, Forbes, the global media company said nearly half the world richest list are poorer than a year ago, including Elon Musk with net worth of $180b, falling from No. 1 to No. 2 after his pricey acquisition of Twitter helped sink Tesla, his multinational automotive and clean energy company.
Benard Arnault, the 74-year old French, who is the head of luxury goods giant LVMH, was ranked number one richest man in the world with a net worth of $211b, the very first time a France national will top the list.
Forbes reported that the party is over for many of the world’s richest people. For the second straight year, both the number of billionaires around the globe has declined from 2,668 in 2022 to 2,640 in 2023 and total billionaire wealth has dropped, too – down by $500 billion, to $12.2 trillion – as turbulent times have hit both public and private markets.
Nearly half the planet’s billionaires are poorer than they were a year ago. A total of 254 people have lost their billionaire status altogether yet others recorded gains.
Overall, the United States still boasts the most billionaires, with 735 list members worth a collective $4.5 trillion. China (including Hong Kong and Macau) remains second, with 562 billionaires worth $2 trillion, followed by India, with 169 billionaires worth $675 billion. To calculate net worths, Forbes used stock prices and exchange rates from March 10, 2023.
News
President Tinubu Sacks UNIZIK Vice-Chancellor, Registrar
The governing council of the Nnamdi Azikiwe University has been dissolved by President Bola Tinubu.
The president dissolved the council and approved the removal of the institution’s vice-chancellor Bernard Odoh and the university registrar, Rosemary Nwokike.
A statement by Bayo Onanuga, the special adviser to the president on information and strategy said the action by Tinubu follows allegations of procedural violations in the appointment of the Vice-Chancellor.
He also said that the council led by Greg Ozumba Mbadiwe and including five other members—Hafiz Oladejo, Augustine Onyedebelu, Engr. Amioleran Osahon, and Rtd. Gen. Funsho Oyeneyin was accused of bypassing due process to appoint an unqualified candidate, prompting federal intervention.
Onanuga said, “The sacking of the governing council and officials followed reports that the council illegally appointed an unqualified vice-chancellor without following due process.
He added that following the controversial appointment, the Federal Government stepped in to address the rivalry between the university’s Senate and the governing council of the institution.
“The government expressed concern over the council’s apparent disregard for the university’s governing laws in its selection process”, Onanuga added.
News
Boost for Nigeria’s Oil Production, As NNPC’s Utapate Crude Grade Hits Global Oil Market
In a major boost for Nigeria’s crude oil production, revenue generation and
economic growth efforts, the NNPC Ltd has officially unveiled its latest crude oil
grade, the Utapate crude oil blend, before the international crude oil market.
It would be recalled that in July, 2024, NNPC Ltd and its partner, the Sterling Oil
Exploration & Energy Production Company (SEEPCO) Ltd introduced the Utapate
crude oil blend, following the lifting of first cargo of 950,000 barrels which headed
for Spain.
During a ceremony held at the Argus European Crude Conference taking place in
London, United Kingdom, on Wednesday, the Managing Director, NNPC E & P
Limited (NEPL), Mr. Nicholas Foucart described the introduction of the Utapate
crude oil blend into the market as a significant milestone for Nigeria’s crude oil
export to the global energy market.
“Since we started producing the Utapate Field in May 2024, we have rapidly
ramped up production to 40,000 barrels per day (bpd) with minimum downtime.
So far, we have exported five cargoes, largely to Spain and the East Coast of the
United States; while two more additional cargoes have been secured for November
and December 2024, representing a significant boost to Nigeria’s crude oil export
to the global market,” Foucart told a packed audience of European crude oil
marketers.
He added that since its introduction into the global market, the Utapate crude oil
blend has enjoyed a positive response from the international crude oil market, due
to its highly attractive qualities.
Foucart said the Oil Mining Lease (OML) 13, fully operated by NEPL and Natural
Oilfield Services Ltd (NOSL), a subsidiary of SEEPCO Ltd, boasts a huge reserves of
330million barrels of crude oil reserves, 45 million barrels of condensate and 3.5 tcf
of gas.
“We have a number of ongoing projects to increase our production from the
current 40,000bopd to 50,000bopd by January 2025 and 60,000bopd to
65,000bopd by June 2025. Essentially, we are targeting opportunities to increase
production to 80,000bopd by the end of 2025,” Foucart added.He said the Utapate crude oil terminal is sustainable, affordable and fully compliant
with the rigorous environmental regulations and sustainability principles especially
those aimed at reducing carbon emissions and other ecological effects.
Also speaking, the Managing Director of NNPC Trading Ltd (NTL), Mr. Lawal Sade
said the pricing structure of the Utapate crude oil blend is similar to that of
Amenam crude as it is a light sweet crude which is highly sought after by refiners
across the world due to its low sulphur content, efficient yield of high-value
products, API gravity and other similarities.
He said in bringing the new crude oil blend to the global market, NNPC Ltd wanted
to optimise value for both its producers and counterparties across the globe.
He added to ensure predictability and sustainability of supply, the NNPC Trading
intends to run a term contract on the Utapate crude oil blend cargoes, principally
targeting off-takers from the European and the US East Coast refineries.
Produced from the Utapate field in OML 13 in Akwa Ibom State in Nigeria, the
Utapate crude oil blend is similar to the Nembe crude oil grade. It has a low sulphur
content of 0.0655% and low carbon footprint due to flare gas elimination, fitting
perfectly into the required specification of major buyers in Europe.
The NNPC E&P Ltd and NOSL partnership is also committed to operating in a
manner that is safe, environmentally responsible, and beneficial to the local
communities.
The Utapate field development plan, executed between 2013-2019 and approved in
October, included converting wells and facilities from swamp/marine to land-
based operations.
The plan involved a multi-rig drilling campaign for 40 wells and the development
of significant infrastructure such as production facilities, storage tank, a subsea
pipeline and an offshore loading platform to facilitate crude oil evacuation and
loading.
The entry of the Utapate crude oil blend into the market is coming barely a year
after the NNPC Ltd announced the launch of Nembe crude oil, produced by the
NNPC/Aiteo operated Oil Mining Lease (OML) 29 Joint Venture (JV).
In a statement by Olufemi O Soneye Chief corporate communications officer NNPCL said the remarkable achievement signals the commitment of the NNPC Ltd to
increasing Nigeria’s crude oil production and growing its reserves through the
development of new assets.
News
Nasir Buba Expresses Dissatisfaction with AIG Zone One’s Conclusion Despite Submitting Over 1000 Pieces of Evidence
Nasir Buba has voiced dissatisfaction with the AIG Zone One’s conclusion, despite submitting over 1000 pieces of evidence alleging illicit affairs between Auwalu Danladi Sankara and his wife, Tasleem.
Contrary to his expectations, the police found no prima facie case against the suspects, effectively clearing them of wrongdoing.
Addressing Journalists, Tuesday the Complainant said he tendered before the Police 854 pictures, 150 pages of WhatsApp conversations between Auwalu and Tasleem, explaining that he obtained the evidences from his wife’s phone.
The complainant however said he would not take any further decision since the office of the AIG which is the highest Police authority in Kano vindicated the duo, noting that he has chosen to put his trust in divine justice.
Also in his response, Counsel to Mr. Buba, Barrister Rabi’u Sidi expressed his surprised with the Police finding despite the plethora of evidences tendered to them.
He added that the complainant was not in court the day it delivered the ruling and according to him was not represented by his lawyer.
“As complainant we’re necessary and very important party to this case. We were not informed of the day the court delivered its ruling, discharging Auwalu and Tasleem.” The Counsel argued.
He Counsel stated that the legal team of the complainant will sit down and study the findings of Police
Justice Watch News, earlier reports that the Kano State Upper Shari’a Court presided over by Ibrahim Sarki Yola terminated the case against Auwal Danladi Sankara and Tasleem Baba Nabegu.
He said his position predicated upon submissions of AIG Zone One Kano and Legal Advise from Kano Attorney General
President Tinubu Sacks UNIZIK Vice-Chancellor, Registrar
Boost for Nigeria’s Oil Production, As NNPC’s Utapate Crude Grade Hits Global Oil Market
Nasir Buba Expresses Dissatisfaction with AIG Zone One’s Conclusion Despite Submitting Over 1000 Pieces of Evidence
Barrister Abba Hikima Files Lawsuit Against FCT Minister Nyesom Wike Over Policies Targeting Vulnerable Nigerians
Presidency Downgrades Daniel Bwala’s Role After He Declared Himself Tinubu’s Spokesman
Exclusive: How Kano Govt. Withdraws Accreditation of 14 Journalists Covering Government House
Northern Power Outage: Kano Manufacturers Lose Over 100 Billion Naira, May Lay Off Workers
Government Declares Public Holiday
Kano Assembly Describes Power Outage to North as Economic Sabotage
Civil Society Situation Room Applauds KANSIEC for Peaceful Conduct of Elections
President Tinubu Sacks UNIZIK Vice-Chancellor, Registrar
Boost for Nigeria’s Oil Production, As NNPC’s Utapate Crude Grade Hits Global Oil Market
Nasir Buba Expresses Dissatisfaction with AIG Zone One’s Conclusion Despite Submitting Over 1000 Pieces of Evidence
Barrister Abba Hikima Files Lawsuit Against FCT Minister Nyesom Wike Over Policies Targeting Vulnerable Nigerians
Presidency Downgrades Daniel Bwala’s Role After He Declared Himself Tinubu’s Spokesman
Exclusive: How Kano Govt. Withdraws Accreditation of 14 Journalists Covering Government House
Northern Power Outage: Kano Manufacturers Lose Over 100 Billion Naira, May Lay Off Workers
Government Declares Public Holiday
Kano Assembly Describes Power Outage to North as Economic Sabotage
Civil Society Situation Room Applauds KANSIEC for Peaceful Conduct of Elections
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