Connect with us

News

Forbes: Aliko Dangote’s wealth surges by almost 100% to $23.9bn, now 86th richest in the world

Published

on

Aliko Dangote

 

Billionaire Aliko Dangote has seen his wealth nearly double to $23.9 billion, according to Forbes, which ranks the Nigerian entrepreneur as the wealthiest person in Africa and 86th in the world. It would be recalled that Forbes ranked Aliko Dangote as the 144th richest person in the world in 2024 with $13.4 billion.

Forbes estimates Dangote’s net worth at $23.9 billion, primarily due to his 92.3 percent stake in Dangote Petroleum Refinery & Petrochemicals. At 67 years old, Dangote is once again one of the top 100 richest individuals worldwide, a position he has not held since 2018, according to the Forbes Real-Time Billionaires List.

This places him significantly ahead of South African Johann Rupert, who is ranked 161st in the world with an estimated wealth of $14.4 billion and very far above Mike Adenuga, who is the second richest in Nigeria and 481, in the world, with a net worth of $6.8 billion.

Dangote disrupted the government’s oil monopoly by constructing the largest petroleum refinery in Africa. After 11 years, a $23 billion investment, and numerous challenges, the Dangote Refinery began operations last year. Located on a vast 6,200-acre site in the Lekki Free Zone, the refinery, at full capacity, will process a remarkable 650,000 barrels per day (b/d), making it the seventh-largest refinery in the world and the largest in Africa. Additionally, the refinery’s adjacent petrochemical complex has an annual production capacity of 3 million metric tons of urea, making it Africa’s largest fertiliser producer.

The Dangote Refinery is already having a significant impact on global energy markets. Imports of petroleum into Nigeria are on track to reach an eight-year low, affecting European refiners that have traditionally sold to Nigeria, according to energy intelligence firm Vortexa. Furthermore, Nigeria has become a net exporter of jet fuel, naphtha (a solvent used in varnishes, laundry soaps, and cleaning fluids), and fuel oil, according to S&P Global.

Dangote sees the refinery as part of a larger vision to transform Nigeria, one of the world’s largest crude oil producers, into a major producer of refined petroleum products. This would enable Nigeria to compete with European refineries and supply gasoline to Nigerian consumers.

 “I want to provide a blueprint for industrialisation across Africa,” Dangote says in an interview with Forbes. “We have to build our nation by ourselves. We have to build our continent by ourselves, not [rely on] foreign investment.” He believes Africa has long been “a mere dumping ground for finished products,” and his refinery represents “a pivotal step in ensuring that Africa can refine its own crude oil, thereby creating wealth and prosperity for its vast population.”

 Dangote said the refinery is the biggest risk of his life and without success, it would have affected him greatly.  

“It was the biggest risk of my life,” says Dangote about his decision to embark on the project. “If this didn’t work, I was dead.”

Zainab Usman, director of the Africa Programme at the Carnegie Endowment for International Peace, according to Forbes, said Nigerians see Dangote as a hero and a real industrialist transforming the country.

 “He is seen in most parts of Nigeria as a hero. He is seen as a real industrialist who builds things,” she said.

 A professor of African studies at the Soka University of America, Chika Ezeanya, also corroborated this view, noting that Dangote is meeting the needs of consumers on the continent. 

“I think he’s believed staunchly in the fact that Nigerians need products that he has to offer,” he said while adding, “Governments can come and go, policies can be changed, but the needs of the Nigerian consumer will only grow and expand.”

 

 

 

 

#

News

Hon. Abubakar Bichi Mourns The Passing Of Galadiman Kano, Alhaji Abbas Sunusi At 92

Published

on

 

In a heartfelt tribute, Honourable Abubakar Kabir Abubakar, Chairman of the House of Representatives Committee on Appropriation, has mourned the passing of Alhaji Abbas Sunusi, the Galadiman Kano, who died at the age of 92. The late Galadiman Kano passed away in Kano on Tuesday and was laid to rest the following day in accordance with Islamic rites.

Expressing his condolences, Hon. Abubakar Kabir Abubakar described the news of Alhaji Abbas Sunusi’s passing as a source of profound sadness and shock. He praised the late Galadiman Kano for leading a peaceful and exemplary life, which he deemed worthy of emulation.

The Honourable Member highlighted the special connection between the late Galadiman Kano and the people of Bichi, where he was born during the tenure of his father, the late Emir Muhammad Sanusi I, as the district head of Bichi. This bond, he noted, has continued to foster a sense of belonging among the people of Bichi, a constituency Hon. Abubakar currently represents in the Federal House of Representatives.

In his statement, Hon. Abubakar extended his condolences to the Kano State APC Chairman, Alhaji Abdullahi Abbas Sunusi, who lost his father at a time when his guidance and wisdom were most needed.

“On behalf of my family and the entire people of Bichi Federal Constituency, I pray to Almighty Allah to grant the late Galadiman Kano, Alhaji Abbas Sunusi, eternal rest and Aljannatul Firdausi,” said Hon. Abubakar Kabir Abubakar.

#

The passing of Alhaji Abbas Sunusi marks the end of an era for Kano State and the Kano Emirate Council, leaving behind a legacy of peace and leadership that will be remembered for generations to come.

Continue Reading

News

Murtala Garo mourns Galadiman Kano, Abbas Sunusi

Published

on

Late Abbas Sanusi

 

 

The former deputy governorship candidate of the All Progressives Congress (APC) in Kano State, Hon. Murtala Sule Garo, has mourned the most senior councillor and oldest member of the Kano Emirate Council, Galadiman Kano, Alhaji Abbas Sunusi Bayero, who passed away at the age of 92.

In a statement personally signed on Wednesday, Garo described the late Galadiman Kano as a respected elder statesman who contributed immensely to the development of Kano and the traditional institution.

“The passing of Alhaji Abbas Sunusi is a great loss, not only to his family but to the entire Kano Emirate and the people of the state. He was a man of wisdom and integrity, whose guidance and leadership were invaluable,” Garo said.
Murtala Sule Garo, a former commissioner for Local Government and Chieftaincy Affairs further prayed for Allah’s mercy upon the deceased and for the family to have the strength to bear the irreparable loss.
“I extend my deepest condolences to Abdullahi Abbas, Kano APC Chairman and the entire family. May Allah forgive his shortcomings and grant him Aljannatul Firdaus,” he added.
Alhaji Abbas Sunusi passed away on Tuesday night leaving behind children and numerous grandchildren.
Born in 1933 in Bichi, Kano State, he previously served as Wamban Kano before being turbaned as the Galadiman Kano by Emir Sanusi Lamido Sanusi in 2014.
Throughout his lifetime, he was known for his deep commitment to the traditional institution and his contributions to the socio-political landscape of Kano.
His funeral prayer was conducted in accordance with Islamic rites and attended by dignitaries, family members, and well-wishers from different walks of life.

#
Continue Reading

News

Senator Barau mourns Galadiman Kano, attends burial in Kano

Published

on

 

Deputy President of the Senate, Senator Barau I Jibrin, has mourned an elder statesman, Galadiman Kano, Alhaji Abbas Sunusi Bayero, who died on Tuesday night.

The late prince, who is the father of the Kano State Chairman of the All Progressives Congress (APC), Prince Abdullahi Abbas, died at the age of 92 in Kano.

He held Galadiman Kano’s most senior title and had been a member of the Kano Emirate Council for several decades.

Senator Barau, in a statement by his Special Adviser on Media and Publicity, Alhaji Ismail Mudashir, described the deceased as an elder statesman par excellence whose contribution to the growth and development of Kano emirate and Kano State cannot be overemphasised.

He enjoined the family of the late prince to find solace in the fact that the deceased was a devout Muslim who spent his life and resources worshipping Allah SWT and assisting humanity.

” The demise of our father, Galadima Kano, is a great loss that creates a huge vacuum that cannot be easily filled. He played a pivotal role in the development and growth of the Kano emirate, Kano State and the entire north. We have lost a father, a mentor and a role model,” he said.

He prayed to Allah SWT to forgive his shortcomings, grant him Jannatul Firdaus, and give his family, associates, and the entire Kano emirate the fortitude to bear the loss.

” Our thoughts and prayers are with the immediate family of our late father, especially the chairman of our party, APC in Kano, Prince Abdullahi Abbas, Kano emirate, Kano State and all the members of the family. May Allah SWT grant him Jannatul Firdaus and give all those he left behind the strength to bear this loss,” he said.

The Deputy President of the Senate arrived in Kano around 9:40am today (Wednesday) and proceeded to the funeral ground at the Gandu cemetery in the Kano State metropolis.

 

 

#

Continue Reading

Trending