Business
Dangote, Adenuga maintain top positions on African billionaires’ list
- Rabiu emerges biggest gainer
Aliko Dangote of Nigeria remains the Africa’s richest person, a position he has maintained for 10 consecutive 10 years, the 2021 Forbes’ Africa Billionaires List released Friday says.
Two other Nigerians, Mike Adenuga of Globacom, and Abdulsamad Rabiu of BUA Group, are the 5th and 6th richest persons in Africa respectively.
Forbes stated that the continent’s 18 billionaires were worth an average $4.1bn, 12 per cent more than a year ago, driven in part by Nigeria’s surging stock market.
“For the tenth year in a row, Aliko Dangote of Nigeria is the continent’s richest person, worth $12.1bn, up by $2bn from last year’s list, thanks to a roughly 30 per cent rise in the share price of Dangote Cement, by far his most valuable asset,” Forbes stated in its report.
The list named the second richest person in Africa as Nassef Sawiris of Egypt, whose largest asset is about six per cent stake in sportswear maker Adidas.
The third richest person is Nicky Oppenheimer of South Africa, who inherited a stake in diamond firm DeBeers.
He ran the company until 2012, when he sold his family’s 40 per cent stake in DeBeers to mining giant AngloAmerican for $5.1bn.
Forbes said the biggest gainer this year was another Nigerian cement tycoon, Rabiu.
“Remarkably, shares of his BUA Cement Plc, which listed on the Nigeria Stock Exchange in January 2020, have doubled in value in the past year,” the report stated.
That pushed Rabiu’s fortune up by an extraordinary 77 per cent, to $5.5bn, adding that Rabiu and his son together own about 97 per cent of the company, giving the company a tiny public float.
It stated Nigerian Stock Exchange required that either 20 per cent or more of a company’s shares should be floated to the public, or that the floated shares were worth at least N20bn, about $50m, describing it as a paltry sum, to be sure.
“A spokesman for the Nigerian Stock Exchange told Forbes that BUA Cement meets the second requirement,” the report stated.
It added that while some got richer by the billions, two from the 2020 list of Africa’s richest dropped below the $1bn mark.
In fact, the only two women billionaires from Africa had both fallen off the list.
Forbes calculated that the fortune of Folorunsho Alakija of Nigeria, who owns an oil exploration company, dropped below $1bn due to lower oil prices.
It said Isabel dos Santos, who since 2013 had been the richest woman in Africa, was knocked from her perch by a series of court decisions freezing her assets in both Angola and Portugal.
Business
CBN raises commercial banks’ capital base to N500bn
CBN raises commercial banks’ capital base to N500bn
The Central Bank of Nigeria (CBN) has increased the minimum capital requirements for commercial, merchant and non-interest banks.
The CBN increased the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were fixed at N200 billion and N50 billion, respectively.
This was announced in a statement on Thursday, noting that the increase was due to prevailing macroeconomic challenges and headwinds.
The statement signed by Haruna Mustafa, director, financial policy and regulation department at the CBN.
It said the upward review would enhance the banks’ resilience, solvency and capacity to continue to support the growth of the Nigerian economy.
Also, the CBN raised the merchant bank minimum capital requirement to N50 billion for national licence holders.
The financial regulator said the capital base for national and regional non-interest banks is N20 billion and N10 billion, respectively.
To meet the minimum capital requirements, the CBN advised banks to consider the injection of “fresh equity capital through private placements, rights issue and/or offer for subscription”.
The CBN also suggested merger and acquisition (M&A), as well as upgrade or downgrade of licences.
“The minimum capital specified above shall comprise paid-up capital and share premium only. For the avoidance of doubt, the new capital requirement shall not be based on shareholders’ funds,” it stated
Business
Tinubu orders creation of single-digit tax system
Tinubu orders creation of single-digit tax system
President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.
Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.
A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”
The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”
Business
Naira gains further against dollar
Naira gains further against dollar
The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.
According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.
On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.
Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.
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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.
CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.
Naira gains further against dollar
(NAN)
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