Dangote, Rabiu make over N300bn in one week, to move up in Global Ranking – Newstrends
Connect with us

Business

Dangote, Rabiu make over N300bn in one week, to move up in Global Ranking

Published

1 year ago

on

Abdulsamad Rabiu, Aliko Dangote

Dangote, Rabiu make over N300bn in one week, to move up in Global Ranking

Africa’s richest man, Aliko Dangote, and industrialist Abdulsamad Rabiu, have experienced a substantial boost in their net worth.

Data from Forbes shows that the two wealthiest men in Nigeria added $500 million(about N384.75 billion) into their net worth within a week( between August 13 to August 20, 2023), propelling them further up the global wealth ranking.

However, the third richest man in Nigeria, Mike Adenuga net worth was unchanged.

Aliko Dangote’s wealth surged from $10.8 billion on August 13 to $11.2 billion on August 20th, reflecting an increase of $400 million (N307.80 billion).

Dangote’s wealth increase is thanks the performance of his company, Dangote Cement, which is major source of his fortunes.

Checks by Legit shows that Dangote Cement’s share price increase by 2.88 percent to trade at N360 at the close of business on Friday, August 18 from the N349.9 share price it started the week.

READ ALSO:

As a result, Dangote has regained his position as the richest man in Africa and has also seen an improvement in his global ranking to 158th place.

Abdulsalam Rabiu

Also, Forbes reports that Abdulsalam Rabiu’s net worth increased to $5.8 billion from $5.7 billion it started the week.

This represents an increase of $100 million(about N76.5 billion) for the BUA chairman within the review period.

The additional wealth has helped pushed up Rabiu’s ranking among the world’s wealthiest to 464th.

Mike Adenuga

However, it is a different story for Mike Adenuga as his net worth remained unchanged at $3.6 billion during the period under review.

Forbes reports that Adenuga who built his fortune in telecom and oil production, holds the 797th position on the list of the world’s richest men.

Dangote, Elumelu’s wealth soars N3.2bn in one day as UBA shares skyrocket to highest level in 2023

In a similar report, Legit.ng revealed that the chairman of United Bank for Africa, Tony Elumelu, and Africa’s Richest man Aliko Dangote have made a combined N3.2 billion in one day, following the increase in the UBAs shares.

Data obtained from the Nigerian exchange shows that the stock price of UBA increased to N14.9 per share on Friday, July 21, 2023.

This represents a 9.96 percent improvement compared to the 13.55 it traded the previous day.

Related Topics:
Advertisement

Business

Naira exchanges N1,650/$ in parallel market

Published

2 hours ago

on

January 1, 2025

By

Naira exchanges N1,650/$ in parallel market

Yesterday, the Naira appreciated N1,650 per dollar in the parallel market, compared to N1,655 on Monday.

Similarly, the Naira appreciated to N1,535 per dollar in the official foreign exchange market.

Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) fell to N1,535 per dollar from N1,537 per dollar on Monday, indicating N2 appreciation for the naira.

READ ALSO:

Consequently, the margin between the parallel market and NFEM rate narrowed to N115 per dollar from N118 per dollar on Monday.

 

Naira exchanges N1,650/$ in parallel market

Continue Reading

Business

Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation

Published

14 hours ago

on

December 31, 2024

By

Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation

The exchange rate between the naira and the dollar ended the year at N1,535/$1 representing a 40.9% depreciation for 2024.

The official exchange rate between the naira and dollar closed in 2023 at N907.11/$1 thus depreciating by 40.9% for the year which compares to a 49.1% devaluation at the end of 2023.

READ ALSO:

Nigeria introduced several foreign exchange policies in 2024 as the central bank expanded on market-friendly forex policies to attract foreign investors.

Meanwhile, on the parallel market where the exchange rate is sold unofficially, the naira exchanged for N1,660 to the dollar when compared to N1,215/$ according to Nairametrics tracking records. This represents a 26.8% depreciation.

 

Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation

Continue Reading

Business

Warri refinery: Marketers hopeful of further petrol price drop

Published

1 day ago

on

December 31, 2024

By

Warri refinery

Warri refinery: Marketers hopeful of further petrol price drop

There was excitement on Monday as the Warri Refining and Petrochemical Company (WRPC) commenced partial production.

This is coming after nearly a decade of dormancy as the 125,000 barrels per day refinery was confirmed to be working at 60 per cent capacity, according to the Nigerian National Petroleum Company Limited (NNPCL).

The refinery, inactive since 2015 due to prolonged repairs, reportedly began refining activities last Saturday at its Area 1 plant, where crude oil was successfully pumped into the system.

This was coming about a month after the commencement of operations at the 60,000-barrel-per-day-old Port Harcourt Refinery.

The NNPCL Group Chief Executive Officer, Mele Kyari, announced the resumption of operation at the Warri Refinery during a tour of the facility on Monday.

Kyari was seen in a video posted by Channels TV addressing a tour team, which included the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed.

READ ALSO:

Earlier, Kyari explained that the inspection aimed to show Nigerians the level of work completed so far.

He said though the repairs on the facility were not 100 per cent complete, operations had commenced.

He said, “We are taking you through our plant. This plant is running. Although it is not 100 per cent complete, we are still in the process. Many people think these things are not real. They think real things are not possible in this country. We want you to see that this is real.”

With the addition of Warri Refinery, Nigeria’s refining capacity has further increased with marketers anticipating a further reduction in price of premium motor spirit (PMS).

The 650,000-barrel Dangote Refinery has commenced production in addition to the Port Harcourt Refinery with a total capacity of 210,000 barrels per day (bpd) comprising 60,000 bpd for the old plant and 150,000 bpd for the new plant.

It’s good for business, prices may reduce – Marketers

Major Energy Marketers’ Association of Nigeria (MEMAN) and the Independent Marketers Association of Nigeria (IPMAN) welcomed the revival of the Warri refinery, saying it would deepen competition, diversify supply and ultimately resort to price reduction.

Executive Secretary of MEMAN, Clem Isong in a chat with our correspondent stated that the Warri Refinery is the shortest route to the North, describing its revival as good news.

“The market becomes more competitive and we are diversifying supply,” he said.

On whether it would lead to price reduction, he stated, “There are many factors that affect price, competition is always good and you can always get your product at the best price.”

National Public Relations Officer of IPMAN, Alhaji Olanrewaju Okanlawon in a chat with our correspondent said, “If there is excess supply, it will keep bringing down the price. We now run a free market and it is about demand and supply. It will continue bringing down the price. It will decongest Lagos.”

Energy expert, Dr. Ayodele Oni said the resumption of Warri Refinery would boost the local refining capacity in addition to enabling the country to sell to other neighbouring countries.

“We can refine more and even have some to sell. We now stop being hewers of wood and drawers of water. We add value to what we produce and can make/ do more with our base resources. This is very pleasant news,” he said.

Warri refinery: Marketers hopeful of further petrol price drop

Continue Reading

Trending