Connect with us

News

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

Published

on

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.

Advert

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.

News

Idiaye Emerges Edo Assembly Speaker, Alleges Corruption, Poor Leadership Under Ousted Predecessor

Published

on

 

 

By Yusuf Danjuma Yunusa

The newly elected Speaker of the Edo State House of Assembly, Yekini Idiaye, has said his predecessor, Blessing Agbebaku, was removed by lawmakers over alleged poor leadership and corruption.

Idiaye, who represents Akoko-Edo Constituency I and is a third-term lawmaker, emerged as Speaker on Monday following Agbebaku’s resignation amid moves by lawmakers to impeach him.

Advert

Addressing journalists after Monday’s plenary, Idiaye accused Agbebaku of poor leadership, alleging that his tenure was characterised by corruption and prolonged adjournments.

He said, “The House was inaugurated on the 16th of June, 2023 under the leadership of Agbebaku, and since then we have been passing through a lot of challenges, corruption here and there, adjournment here and there, sometimes for 30 days without a cause. We are not happy with his leadership style. His leadership is poor, and it has been drawing the work of the government backwards.”

Idiaye added, “That is why we removed him. We must encourage our performing governor. He is doing well, anything that will derail or stop our performing governor, we must stop it. That is why we changed him. I can assure all of you that we will do everything possible to support Governor Monday Okpebholo to move this state forward.”

Idiaye’s emergence was also said to have followed the Assembly’s zoning arrangement, which provides that when the governor is from Edo Central Senatorial District, the Speaker should come from Edo North.

Continue Reading

News

Kano Government Reports ₦996bn Project Portfolio, 867 Completed Across 44 LGAs

Published

on

 

The Kano State Government says it has committed nearly ₦1 trillion to development projects across the state, with more than half of its 1,557 clearly classified projects already completed.

The figures were contained in an international press briefing, by Comrade Nura Maaji Sumaila, Commissioner for Public Procurement, Projects Monitoring and Evaluation. The briefing provided an update on project implementation, geographical distribution, procurement compliance and financial performance under the administration of Governor Abba Kabir Yusuf.

According to the ministry’s project database, the cumulative contract value stands at ₦996.29 billion, while ₦695.20 billion has received No Objection Certificate (NOC) approval and ₦444.75 billion represents payment certificates vetted by the ministry.

Of the 1,557 projects classified by the ministry, 867 projects, representing 55.68 per cent, have been completed. Another 654 projects, or 42 per cent, are ongoing, while 26 projects are at the award stage and 10 are planned and ready for award.

The ministry said some high-value projects are still awaiting the establishment of relevant due-process procedures. They include an approximately ₦113.19 billion mass-housing project at Dawakin Kudu and a ₦22 billion Rural Model City housing project covering the state’s 36 rural local government areas.

According to Maaji the geographical spread of the projects, stressing that government investment is not concentrated in Kano metropolis.

For its analysis, the ministry classified projects into single-LGA, cross-cutting and statewide/other interventions to avoid double-counting projects that serve several local government areas.

The eight metropolitan LGAs account for 598 projects valued at ₦299.36 billion, representing 30.01 per cent of the total contract value. The 36 rural LGAs account for 653 projects valued at ₦287.90 billion, or 28.90 per cent. Cross-cutting projects account for ₦159.50 billion, while statewide and other interventions represent ₦249.54 billion.

Advert

The government said the figures demonstrate substantial investment beyond the state capital, covering rural roads, healthcare facilities, schools, housing, feeder roads and other infrastructure.

 

According to the commissioner Cross-cutting projects account for approximately ₦159.50 billion, or 16.01 per cent of the cumulative contract value. The projects include solar-powered street lighting, wireless solar traffic lights, traffic-management systems, major road expansions, pedestrian bridges, metropolitan road corridors and inter-LGA roads and bridges.

Among the projects identified are the Dakata–Yadakunya Road, Airport Gate–Triumph–Murtala Muhammad corridor, Katsina Road expansion, Airport Junction–Ashton/Club Road corridor, Kura–Kubarachi–Madobi road and bridges, and the Janguza–Durum–Kabo–Karaye road.

The ministry said such projects should not be assessed solely according to the local government in which they are located because their benefits extend across administrative boundaries.

The briefing identified several high-value investments contributing significantly to the state’s overall project portfolio.

These include the approximately ₦113.19 billion mass-housing scheme at Rijiyar Gwangwan in Dawakin Kudu, the ₦24.77 billion Katsina Road expansion covering Fagge and Dala, and about ₦21.90 billion for the Modern Cities infrastructure programme across Dawakin Kudu, Dawakin Tofa and Kumbotso.

The ministry also identified approximately ₦27.74 billion for the Madobi–Yako–Kafin Maiyaki/Kiru Road intervention and about ₦22 billion for prototype mass-housing units under the Rural Model City Project covering all 36 rural LGAs.

 

Beyond project delivery, the ministry said its mandate includes ensuring that public procurement and implementation are subject to appropriate review, monitoring and financial controls.

The ₦996.294 billion cumulative contract sum represents 100 per cent of the portfolio. Of this amount, ₦695.196 billion, or 69.78 per cent, has received NOC approval, while ₦444.747 billion, equivalent to 44.64 per cent of the contract value, represents vetted payments. Vetted payments amount to approximately 63.97 per cent of the NOC-approved figure.

The ministry said the figures reflect the fact that the portfolio includes completed, ongoing, recently awarded and planned projects, making continued monitoring, certification, cash-flow planning and prioritisation necessary.

 

The government said it would continue monitoring ongoing projects, addressing implementation bottlenecks, strengthening certification processes and ensuring that public resources are deployed responsibly and with value for money.

It also reaffirmed commitments to transparency in procurement, monitoring projects from procurement through completion, linking payment certification to verified implementation, and providing objective information to citizens, development partners and the international community.

Nura Iro Maaji said the project portfolio demonstrates interventions across all 44 local government areas, covering urban and rural infrastructure, mass housing, roads, bridges, healthcare, education, climate-resilient infrastructure and traffic management.

 

Continue Reading

News

BREAKING: INEC Declares Adeleke Winner of Osun Guber Election

Published

on

 

By Yusuf Danjuma Yunusa

The Independent National Electoral Commission (INEC) has declared incumbent Governor Ademola Adeleke the winner of the Osun State governorship election, defeating his closest rival, Bola Oyebamiji of the All Progressives Congress (APC).

Mr Adeleke, the Accord Party candidate, was announced winner by the state returning officer in the early hours of Sunday after a fiercely contested poll across the state’s 30 local government areas.

Mr Oyebamiji, the state’s former finance commissioner, came second, while the African Democratic Congress (ADC) candidate, Najeem Salaam, emerged as the second runner-up.

Advert

A total of 15 political parties contested the election, with 1,906,390 permanent voter cards collected, according to the electoral umpire.

Mr Adeleke, who defected from the Peoples Democratic Party (PDP), under which he won his first election in 2022, had touted his achievements in the state’s economy, infrastructure, pension payments, the health sector, and digital transformation.

INEC announced on Sunday that Mr Adeleke won in local councils, including Oriade, Osogbo, Orolu, Ife Central, Ilesha-West, Ife-North, Ede South, Ifedayo, Boluwaduro, Iwo and Ifelodun.

Mr Oyebamiji won in Ilesha South, Boripe, Irepodun, Obokun, and Atakumosa West.

“Osun is no longer offline. Osun is awake—digitally and economically,” the governor said while highlighting his achievements recently. “We pay what is owed. We respect those who served. This is not politics. This is performance. This is leadership with results. Osun is rising—and we are not turning back.”

Before the election, he repeatedly alleged attempts to disrupt it. He had also vowed to constitute an independent commission of inquiry after Saturday’s governorship election to investigate all reported killings and acts of violence connected with the electioneering.

Continue Reading

Trending