Dangote maintains rank as Forbes’ richest man in Africa – Newstrends
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Dangote maintains rank as Forbes’ richest man in Africa

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Alhaji Aliko Dangote

Aliko Dangote has retained his position as the richest man in Africa, with a net worth of $12.1 billion, according to the 2022 edition of the Forbes’ Top 10 Africa’s Billionaires List.

This is contained in a post  on their verified Twitter account @Forbes.

According to the report, for 11th year in a row, Aliko Dangote of Nigeria is the continent’s richest person, worth an estimated $13.9 billion, up from $12.1 billion in 2021.

This according to the magazine, followed a 30 per cent increase in the stock price of Dangote Cement, his most valuable asset.

A surge in housing developments in Nigeria and growth in government infrastructure spending drove higher demand in the first nine months of 2021, analysts found.

The report added that Africa’s billionaires were richer than they had been in years, despite the global pandemic.

As a group, the continent’s 18 billionaires were worth an estimated $84.9 billion – a 15 per cent increase from twelve months ago and the most since 2014, when a larger number of billionaires–28–were worth a combined $96.5 billion.

On average, the continent’s billionaires were worth $4.7 billion now,  worth $3.4 billion in 2014 with soaring stock prices from Nigeria to Zimbabwe lifted the fortunes of these tycoons, as demand for products from cement to luxury goods ticked up.

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Jumping into the number two from the list, spot–up from number four last year–was luxury goods magnate, Johann Rupert of South Africa.

More than 60 per cent surge in the share price of his Compagnie Financiere Richemont–maker of Cartier watches and Montblanc pens–pushed his fortune to $11 billion, up from $7.2 billion a year ago, making him the biggest dollar gainer on the list.

South African Nicky Oppenheimer, who formerly ran diamond mining firm DeBeers before selling it to mining firm Anglo American a decade ago, ranked number three, worth an estimated $8.7 billion.

The biggest gainer in percentage terms–up 125 per cent was Strive Masiyiwa of Zimbabwe, worth $2.7 billion, up from $1.2 billion last year.

Shares of Econet Wireless Zimbabwe, which he founded, rose more than 750% in the past year, helping to drive up the size of his fortune.

Another gainer: Nigerian cement tycoon Abdulsamad Rabiu, who is $1.5 billion richer after taking yet another of his companies’ public.

In early January 2022, Rabiu listed his sugar and food firm BUA Foods on the Nigerian stock exchange.

He and his son retained a 96% stake in the company, which recently had a market capitalisation of nearly $2.8 billion. (Forbes discounts the values of stakes when the public float is less than 5 per cent).

BUA Cement, in which he and his son had a 96% stake, listed in January 2020.

According to the release, only two of the 18 billionaires are worth less than in 2021: Koos Bekker of South Africa, who dropped to $2.7 billion from $2.8 billion as the share prices of consumer Internet firms Naspers and Prosus fell more than 20per cent each.

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Mohammed Dewji of Tanzania, whose fortune declined to an estimated $1.5 billion from $1.6 billion a year ago,  due to lower multiples for publicly traded competitors.

The 18 billionaires from Africa, who were not new to the ranks, also hailed from seven different countries, South Africa and Egypt each had five billionaires, followed by Nigeria with three and Morocco with two.

All of the continent’s billionaires were men; the last woman to appear in the ranks, Isabel dos Santos of Angola, fell off the Forbes list in January 2021.

Forbes noted that  they list tracked  the wealth of African billionaires who resided in Africa or had their primary business there, thus excluding Sudanese-born billionaire, Mo Ibrahim, who is a U.K. citizen.

The billionaire London resident,  Mohamed Al-Fayed, an Egyptian citizen. Strive Masiyiwa, a citizen of Zimbabwe and a London resident, appeared  on the list due to his telecom holdings in Africa.

It added that the Net worth were calculated using stock prices and currency exchange rates from the close of business on Wednesday, Jan.19.

“To value privately held businesses, we start with estimates of revenues or profits and apply prevailing price-to-sale or price-to-earnings ratios for similar public companies.

“Some list members grow richer or poorer within weeks-or days-of our measurement date,” Forbes said.

Forbes is owned by Integrated Whale Media Investments and the Forbes family and it features original articles on finance, industry, investing, and marketing topics.

It also reports on related subjects such as technology, communications, science, politics, and law.

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May Day: A’Ibom gov increases minimum wage to N40,000

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Governor Bassey Otu of Cross River State

May Day: A’Ibom gov increases minimum wage to N40,000

Governor Bassey Otu of Cross River State has said henceforth, the least paid worker in the state will go home with N40,000 monthly, instead of N30,000.

He made this announcement in his address to workers when they celebrated this year’s Workers’ Day at UJ Esuene Stadium, Calabar.

He said he increased the wage based on economic reality as well as the lean federal allocations accrued to the state, and not out of sentiments.

Otu said his government was very appreciative of workers even though their industrial output  was only  5 per cent which was very poor.

He said, “Government considers its workforce as the driver of lofty projects and programmes for the common good of the people. Workers in the State are always held in high esteem to achieve good results, which reason  prompt payment of salary and pension has been up to date.”

“The State Government is presently on the verge of concluding necessary arrangements for the staggered payment of outstanding gratuity to its retired workers. I therefore sue for a little patience from the pensioners in this regard.”

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However,  the Organised Labour  in the  State have have accused the state government of neglect and deceit, calling for open recruitment of employable youths to fill up various vacant positions.

Chairman of TUC, Comrade Monday Ogolodom, said the administration deceived the senior citizens  when it failed to deliver its promise to clear off backlog of gratuities since 2013.

Addressing workers, Ogolodom said, “Payment of gratuity in the state has become a mirage. I recall on the 4 of October, 2023, during the swearing-in of the Head of Service, Innocent Eteng, His Excellency, the  Governor made a very welcoming, sweet and promising speech, saying “before the end of December, 2023 all backlog of Gratuity in the state shall be cleared”.

“Today is 1″ May 2024, 4 (four) months after, nothing has started”, adding that this has portrayed the governor in bad light and appealed to him to set up machinery towards actualizing the promise  as some of our elder statesmen and women were dying due to lack of funds for medications.

He alleged that bribes for promotion were now rampant, adding that it was appalling and discouraging for industrious and qualified workers.

He described as unending the verification exercise that was supposed to weed out ghost workers in the state, saying this has denied workers overdue promotions.

He called on government to officially embark on recruitment exercise instead of secret recruitments.

May Day: A’Ibom gov increases minimum wage to N40,000

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El-Rufai ignored us for 8 years, Kaduna NLC praises Gov Sani

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El-Rufai ignored us for 8 years, Kaduna NLC praises Gov Sani

The Chairman of the Nigeria Labour Congress (NLC), Kaduna state, Comrade Ayuba Magaji Suleiman, has hailed Governor Uba Sani for personally attending the May Day rally in Kaduna.

Speaking at Murtala Square, Kaduna, on Wednesday, Suleiman said the last time a governor personally attended the rally was nine years ago.

“Your Excellency, we want to thank you for personally attending the May Day Celebration. Labour has not witnessed the presence of a governor at such an occasion in the last nine years,” he said.

Malam Nasir El-Rufai, Sani’s predecessor, spent two terms of eight years as governor.

While commending the governor for prioritizing workers’ welfare through prompt payment of salaries and allowances, as well as involvement of the labour unions in decision making in the state, the NLC Chairman expressed hope that workers would enjoy favorable working conditions.

In his speech, the governor assured the workers of his support, saying development is about the people, just as governance is also about the people.

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He said governors were working with NLC to come up with decent and acceptable pay for workers.

The Government under my leadership will continue to prioritize workers’ welfare and equip them appropriately within available resources, conscious of the fact that a committed and motivated workforce is critical to the achievement of our Rural Transformation Agenda. Human capital development and poverty reduction will continue to receive robust government attention through investment in education, health, agriculture, housing, micro, small and medium enterprises, as well as support to security agencies as they tackle terrorism, banditry, kidnapping, and other violent crimes.

“Nigerian Governors, under the platform of Nigeria Governors Forum, are in consultation with Labour Unions at the federal and state levels in order to come up with a decent and acceptable salary increase for state and local government workers. As a comrade and veteran of the struggle for better working conditions for Nigerian workers, I will not rest on my oars until we agree on a wage package that will put smiles on the faces of our workers.

“As we ramp up our Rural Transformation Drive and implement innovative programmes to reinvent our economy, we seek the cooperation and total commitment of Kaduna State workers. Increased productivity and sustained industrial harmony will help reposition our economy and put our government in good stead to frontally tackle our myriad security and developmental challenges.”

El-Rufai ignored us for 8 years, Kaduna NLC praises Gov Sani

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Umahi replies Obi over Lagos-Calabar coastal project criticism

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Works Minister David Umahi

Umahi replies Obi over Lagos-Calabar coastal project criticism

The Minister of Works, David Umahi has said that Peter Obi, the former governor of Anambra, is inciting the southeast to rebel against the federal government over the Lagos-Calabar coastal road project.

Umahi disclosed this on Wednesday at a road project stakeholders’ meeting in Lagos.

The Lagos-Calabar coastal road, which will pass through eight other states including the beach resorts along Lagos’ beachfront, has had its construction processs commenced by the federal government.

The project has generated controversy and concerns about funding and the businesses that would be affected during construction.

On Tuesday, Obi, presidential candidate of the Labour Party (LP) in the 2023 elections, criticised the federal government over the project, describing it as a misplaced priority.

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The former Anambra governor said the “insensitive” demolition of structures for the project was “heart-wrenching”.

Responding to Obi’s comment, Umahi said Obi supported the demolition of structures for road infrastructure while he was the governor of Anambra.

The minister condemned Obi for criticising the federal government over the project, adding that affected property owners are already being compensated.

“When you condemn people you bring judgment upon yourself and that is what he has done,” Umahi said.

“I think he is inciting some of the south-east people that are not well informed.

“He is inciting and getting them into trouble and he does not go to fight for them.

“Wisdom is a defence. It gives light to those that practice it. I want our people to have wisdom because I’m involved.”

Umahi added that the federal government did not destroy the facilities of Landmark Beach, noting that only shanties on the right of way were removed.

He said the owners of Landmark Beach were not unfairly treated in the construction of the project.

The minister accused Paul Onwuanibe, chief executive officer (CEO) of Landmark Africa Group, of politicising the issues arising from the project.

Umahi replies Obi over Lagos-Calabar coastal project criticism

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