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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.

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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.

 

 

 

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CSO Raises Concerns Over Police Invitation to Kano Emir

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The Assembly for the Preservation of Traditional Institutions in Nigeria has expressed deep concern over the recent invitation extended to the Emir of Kano, Khalifa Muhammadu Sanusi II, by the Nigeria Police Force. The group described the move as suspicious, given that the matter in question is already under investigation by the Kano State Police Command.

In a statement released on Saturday, April 5, 2025, the group highlighted the contents of the invitation letter dated April 4, 2025. The letter, signed by Olajide Rufus Ibitoye, Commissioner of Police (OPS), on behalf of the Deputy Inspector General of Police in charge of Force Intelligence Department, requested the Emir’s presence at Force Headquarters in Abuja on Tuesday, April 8, 2025, at 10:00 AM. The letter stated that the invitation was in relation to an incident that occurred during the recent Sallah celebration in Kano.

Commissioner Ibitoye explained in the letter, “I have the directives of the Inspector General of Police through the Deputy Inspector General of Police, Force Intelligence Department (FID) to invite you for an investigative meeting with regards to an incident that occurred during the Sallah celebration within your domain.”

The Assembly for the Preservation of Traditional Institutions in Nigeria expressed surprise and disbelief at the invitation, noting that the only known incident during the Sallah celebration was an attack on the Emir’s entourage. The attack, which occurred along Kofar Wambai after the Eid prayer at the Kofar Mata Eid prayer ground, was declared an assassination attempt on Khalifa Muhammadu Sanusi II.

Following the attack, the Kano State Police Command announced the arrest of Sagiru Usman, a 20-year-old resident of Sharifai Quarters, as one of the suspected attackers. The incident led to the tragic death of Surajo Rabiu, a vigilante member from Sabon Titi in Jaba area of Kano. Additionally, the Kano Police Command launched an investigation and invited Shamakin Kano, Alhaji Isyaku Wada, the Emir’s chief guard, for questioning over the security breach.

The Assembly questioned the rationale behind the Police High Command in Abuja intervening in a matter already being handled by the Kano State Police Command. “It is confusing and unimaginable that despite the ongoing investigation by the Kano State Command of the Nigeria Police, the Police High Command in Abuja extended an invitation to the Emir in connection to the same matter. This is curious,” the statement read.

While acknowledging the authority of the Police to summon any Nigerian regardless of status, the Assembly expressed suspicion over the timing and motive behind the invitation. The group pointed to lingering disputes over the Kano Emirate throne, suggesting that the invitation might be influenced by individuals seeking to destabilize the region.

“We are of the view that this invitation to Khalifa Muhammadu Sanusi II by the Police High Command is an affront on our revered traditional institution, whose custodian and identity is the Emir. We call on the Police to refrain from being used by selfish individuals whose known trade is causing trouble and destabilizing Kano,” the statement added.

Despite earlier concerns about potential security threats during the Sallah celebration, the occasion concluded peacefully. However, the Assembly warned that the Police invitation could provoke unrest among the Emir’s subjects, who hold him in high esteem. “Such an invitation can be seen as desecration of the revered institution and is therefore reprehensible,” the group concluded.

The statement was signed by Alhaji Yahya Nda Musa, National Coordinator of the Assembly for the Preservation of Traditional Institutions in Nigeria.

 

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Sallah Durbar: IGP summons Emir Sanusi after Ganduje’s visit to Bayero in Kano

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14th Emir Of Kano Muhammad Sunusi II

 

 

The Inspector General of Police, IGP Kayode Egbetokun, has summoned the emir of Kano, Muhammadu Sanusi II, to appear at the Police Force Intelligent Headquarters, Abuja, over an alleged infraction against the ban on Eid-el-Fitr Sallah Durbar.

Emir Sanusi received notice of a meeting for an investigation a few minutes after the Chairman of All Progressives Congress (APC), Dr Abdullahi Umar Ganduje, visited the 15th Emir Aminu Ado Bayero at the Nassarawa mini palace, Kano.

In a letter dated 4th of April 2025, signed by a Commissioner of Police, operations at the Police Force Intelligent Department (FID), CP Olajide Rufus Ibitoyo, the IGP directed emir Sanusi to appear at the FID headquarters, Abuja, on Tuesday, 8th, 2025 for investigation.

The invitation may not be unconnected to the bloody attack on the emir’s security detail on Sallah day by one person allegedly belonging to violent “yan daba” group, where one of the vigilantes attached to the emir was stabbed to death while several others sustained injuries.

Meanwhile, police command in Kano have confirmed the arrest of a 20-year-old suspect linked to the stabbing saying investigation to unravel the cause of the attack had since launched.

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The IGP invite however reads ” I have the directive of the IGP through the Deputy Inspector General of Police, Force Intelligence Department (FID), to invite you for investigative meeting with regards to an incident that occurred during the Salah celebration within your domain.

“Given the above, we hereby invite you to the Force Intelligent Department, opposite force headquarters, Area 11 Abuja, by 10am on Tuesday 8th April 2025. Your availability is highly sought for a purposeful investigation”. the read.

About 48 hours to Eid-el-Fitr Sallah celebration, the police authority in Kano imposed ban on Sallah Durbar citing security intelligence of possible hijack of the activities by hoodlums to perpetrate unrest in the city.

The police specifically prohibited horse rides, car race and reckless driving in the city and threatened to deal ruthlessly against violators of the order. And in compliance with the police directive however, Sanusi had announced the cancellation of all preparation for Sallah durbar where he admitted the decision of the police was in best interest of Kano.

Ganduje who arrived Kano on Saturday amid heavily armed security personnel declared that Bayero, 15th emir of Kano reserved the right to conduct Sallah Durbar considering the recent ruling of the court, he however commended him for deemed it necessary to cancel his event.

“We also want to use this opportunity to congratulate His Highness on the Eid El Fitr celebration and to also thank you profoundly especially for the steps you took when the state was on the verge of falling into crises following the court ruling that instructed the former status quo of the Emirate to be maintained, meaning that the Emir of Kano remains His Highness Alhaji Aminu Ado Bayero.

“On the other hand, the one claiming to be the Emir, the court has clearly rules that he is not the Emir of Kano. Therefore, the status quo will be maintained. Hence, the rightful person to have performed the annual Sallah Durbar is His Highness Aminu Ado Bayero”, Ganduje declared.

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Nigeria’s Debt Hits Over 144 Trillion Naira-DMO

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Nigeria’s total public debt rose to N144.67 trillion ($94.23 billion) as of December 31, 2024, reflecting a significant increase of 48.58% compared to N97.34 trillion ($108.23 billion) recorded at the end of December 2023.

This latest figure was disclosed by the Debt Management Office (DMO) in its report on the country’s public debt profile.

The report also indicated a quarter-on-quarter rise of 1.65% from the N142.32 trillion ($88.89 billion) recorded at the end of September 2024, highlighting the continued increase in the nation’s debt burden within the final quarter of the year.

Year-on-year analysis 

An analysis of Nigeria’s public debt on a year-on-year basis reveals a notable increase of N47.32 trillion, representing a 48.58% rise from December 2023 to December 2024.

The surge in public debt was driven primarily by significant increases in both external and domestic borrowings.

Nigeria’s external debt rose substantially by 83.89% from N38.22 trillion ($42.50 billion) in December 2023 to N70.29 trillion ($45.78 billion) in December 2024.

The Federal Government’s domestic debt component rose significantly from N53.26 trillion to N70.41 trillion, a growth of 32.19%. This increase reflects the government’s continued reliance on local borrowing to finance budget deficits and infrastructure projects.

Conversely, the domestic debt owed by states and the Federal Capital Territory (FCT) saw a reduction from N5.86 trillion to N3.97 trillion, representing a decline of 32.27%.

The reduction in state-level borrowing indicates a cautious approach by some subnational governments towards debt accumulation within the year.

Quarter-on-quarter analysis 

The marginal rise within the quarter was driven by increases in both external and domestic debt components.

External debt grew by N1.4 trillion, moving from N68.89 trillion ($43.03 billion) as of the end of September 2024 to N70.29 trillion ($45.78 billion) in December 2024.

The increase within the quarter was influenced by additional foreign loans obtained in the last three months of the year, alongside the further weakening of the naira against major international currencies.

On the domestic front, debt rose slightly by 1.29%, from N73.43 trillion ($45.87 billion) in September 2024 to N74.38 trillion ($48.44 billion) by the end of December. The Federal Government’s domestic debt increased from N69.22 trillion to N70.41 trillion within the quarter.

However, domestic debt attributed to states and the FCT reduced from N4.21 trillion to N3.97 trillion, reflecting a 5.69% decrease.

Debt composition 

As of December 2024, external debt constituted 48.59% of Nigeria’s total public debt, while domestic debt made up 51.41%, indicating a relatively balanced debt structure.

However, the continued increase in external borrowings suggests a growing reliance on foreign debt to bridge budgetary shortfalls

The breakdown of external debt shows that the Federal Government accounted for N62.92 trillion ($40.98 billion), while states and the FCT held N7.37 trillion ($4.80 billion).

In the domestic debt segment, the Federal Government held N70.41 trillion ($45.86 billion), with states and the FCT accounting for N3.97 trillion ($2.58 billion).

What you should know 

The rise in public debt has sparked concerns among economic analysts, given the potential implications for Nigeria’s fiscal stability.

The sharp increase, particularly in external debt, highlights the vulnerability of the nation’s finances to exchange rate fluctuations and changes in global economic conditions. With the naira’s continued depreciation, the cost of servicing foreign debt could escalate, placing additional strain on the country’s financial resources.

The government’s dependence on both external and domestic borrowing to fund critical projects points to underlying fiscal challenges, including revenue shortfalls and the need for substantial infrastructure investments.

While domestic debt remains the larger component of the debt portfolio, the significant growth in external liabilities underlines the importance of a balanced approach to debt management, particularly in light of Nigeria’s limited foreign exchange earnings

Financial experts have called for more prudent debt management practices, emphasizing the need to boost revenue generation through economic diversification and enhanced tax collection.

They warn that while borrowing can be necessary for development, it must be matched with strategic plans to ensure sustainability and avoid overburdening future budgets.

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