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Forbes 2023 Index: Dangote Still Africa’s Richest for 12th Consecutive Year  

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Aliko Dangote

 

…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.

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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.

 

 

 

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Arewa APC Merger Group Promises to Stop Alleged Politically Motivated Protests in Nigeria.

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The Arewa APC Merger Group has issued a stern warning against a series of politically motivated protests allegedly sponsored by individuals and groups agitated by separatist agendas.

According to the group, these protests are orchestrated by enemies of Nigeria who aim to destabilize the nation’s unity.

In a statement signed by Hon. Musa Mujahid Zaitawa, the National Coordinator of the group, the Arewa APC Merger Group and made available to press emphasized their commitment to supporting the current APC government.

The statement, issued in Abuja, expressed the group’s resolve to counter any protest efforts intended to sow discord and undermine national cohesion.

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They accused a prominent political figure, as strongly associated with these protests.

Despite his public denials, the Arewa APC Merger Group has declared his involvement “unacceptable.”

They accuse him and his supporters of attempting to manipulate public sentiment for political gain.They stated that the denial of political figured hands in plan protest cannot be accepted because there is sign of hands of some of his supporters in the affairs.

They warned him against any statement that will lead in causing of what Will lead to instability to the nation

“The Arewa youths are steadfast in their allegiance to the APC government,” Zaitawa stated.

“We are ready to dedicate ourselves to stopping these politically motivated protests. Our unity and support for the government are crucial in maintaining peace and stability in Nigeria.”

The group called on all Nigerians to reject any actions that threaten the nation’s unity and to stand together in support of the government.

The Arewa APC Merger Group reiterated their commitment to safeguarding Nigeria’s integrity and ensuring that the country remains united against divisive elements.

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Dangote Refinery :Kwankwaso Calls for National Protection of the Vital Asset

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Senator Rabiu Musa Kwankwaso

NNPP national leader Senator Rabiu Musa Kwankwaso expressed his admiration for the dedication and quality that went into establishing Dangote Refinery .

Senator Kwankwaso stated this when he visited the refinery said , “I was privileged to visit the magnificent Dangote Refinery, and I was marveled by the sheer commitment that went into the quality of its establishment.”

The 650,000 barrels per day (bpd) refinery, a cornerstone for Nigeria’s energy needs and economic stability, was hailed by Kwankwaso as a vital national asset that must be safeguarded from any threats.

He emphasized the importance of the refinery, stating, “This 650,000 bpd refinery is essential for our energy needs and economic stability, and it must be protected from all forms of threat.”

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Kwankwaso criticized the unwarranted controversies surrounding the refinery, attributing them to vested interests aiming to undermine the project. “The creation of unnecessary fuss around its integrity by some vested interests is very unfortunate, and it stands to undo all the years of hard work to maintain the fragile investor confidence in our economy,” he stated.

Calling for unified support to protect the refinery, Kwankwaso urged the government to act decisively. “It’s time for us to rally around this National Asset to ensure that the monumental project does not fail. It cannot fail, and the Nigerian government must understand this by demonstrating fairness and confidence in both domestic and foreign critical investments,” he concluded.

Senator Kwankwaso’s visit serves as a milestone   emphasizing the importance of national unity and governmental support in preserving and enhancing key infrastructure projects like the Dangote Refinery for the benefit of Nigeria’s future.

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Dangote, NNPC Spat: Shareholders Condemn Demarketing of Dangote Refinery

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Shareholders have strongly defended Africa’s foremost industrialist, Aliko Dangote over the on-going petroleum product supply controversies, while criticising the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, for deliberate attempt at demarketing Dangote Petroleum Refinery & Petrochemicals.

The shareholders under the aegis of Pragmatic Shareholders Association of Nigeria (PSAN) in a statement signed by its National Coordinator, Mrs. Bisi Bakare, expressed dismay over the recent allegations from the petroleum regulatory agency regarding the quality of diesel produced by Dangote Petroleum Refinery.

 Dangote has ensured that the bulk of his business investments are local, contributing significantly to economic development through tax payments, extensive job creation, and consistent returns for shareholders,” she added.

The shareholders group strongly condemned what they termed as “unwarranted efforts to demarket the refinery” by regulatory bodies. They cautioned that such actions could deter both local and international investors and undermine government efforts to stabilise fuel prices and ensure availability.

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We must rally around Dangote Refinery,” Mrs. Bakare urged, “to provide crucial support such as crude oil allocation, cooperation from international oil companies, and regulatory agency collaboration.” She stressed the refinery’s potential to save Nigeria over 30% in foreign exchange currently spent on offshore refining, which could significantly alleviate the country’s foreign exchange challenges.

“As shareholders,” Mrs. Bakare affirmed, “we remain steadfast in our support of Alhaji Aliko Dangote’s vision to bolster the nation’s economy and create more opportunities for our citizens.”

PSAN is the latest to join the growing list of Nigerians rallying support for Dangote in the ongoing standoff. Prominent figures and associations such as the President of the African Development Bank Group (AfDB), Akinwumi Adesina; billionaire businessman, Femi Otedola; federal lawmakers; former Vice President and 2023 presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar; former Anambra state governor and 2023 Labour Party presidential candidate, Peter Obi; Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA); and the Manufacturers Association of Nigeria have all voiced their support for Dangote Refinery.

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