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Dangote maintains rank as Forbes’ richest man in Africa
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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FG to Attach 300 NYSC Corps Members to CNG Workshops for Skills Training
FG to Attach 300 NYSC Corps Members to CNG Workshops for Skills Training
The Federal Government has announced plans to train and attach 300 National Youth Service Corps members to compressed natural gas conversion centres across the country as part of efforts to equip young Nigerians with practical technical skills and promote the adoption of CNG-powered vehicles.
The initiative is expected to provide the selected corps members with specialised training in CNG vehicle conversion and maintenance, enabling them to acquire skills that could improve their employment and entrepreneurship prospects after completing their national service.
The Senior Special Assistant to the President on Youth Initiatives, Monitoring and Delivery, Dr Titilope Gbadamosi, disclosed the plan at the opening of a CNG Retrofitting Training Programme for corps members at the NYSC FCT Orientation Camp in Kubwa, Abuja.
Gbadamosi said the selected corps members would undergo training and certification as CNG technicians before being deployed to CNG conversion centres across the country.
She explained that the programme would cover the six geopolitical zones and was designed to contribute to the Federal Government’s broader plan to expand the conversion of petrol and diesel-powered vehicles to CNG.
According to her, the initiative is expected to support the government’s target of converting 100,000 vehicles to CNG annually, while simultaneously creating opportunities for young Nigerians to develop specialised technical expertise.
The programme is being implemented in collaboration with relevant government agencies and stakeholders in the automotive and energy sectors.
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The Minister of Youth Development, Ayodele Olawande, said the initiative would provide corps members with practical skills capable of complementing their university and polytechnic qualifications.
Olawande urged the beneficiaries to take the training seriously, describing technical and vocational skills as important tools for reducing youth unemployment and increasing self-reliance.
He said the Federal Government was interested in ensuring that the NYSC programme did not end with the traditional primary assignment and community development activities, but also provided corps members with skills that could sustain them after their service year.
The Director-General of the NYSC, Brigadier General Olakunle Nafiu, also described the programme as an important step towards equipping young Nigerians for emerging opportunities in Nigeria’s changing energy and automotive landscape.
He said the collaboration demonstrated the scheme’s commitment to providing corps members with practical skills and preparing them for the labour market.
The National Automotive Design and Development Council is also involved in the initiative, particularly in relation to technical standards and certification for the CNG conversion training.
The Federal Government has in recent years intensified efforts to promote CNG as a cheaper alternative fuel following the removal of petrol subsidy and the resulting increase in transportation costs.
The government has maintained that greater adoption of CNG could help reduce transportation costs, conserve foreign exchange spent on petroleum products and create new jobs in the automotive conversion and maintenance sector.
The training of NYSC members is therefore expected to address both sides of the policy — increasing the pool of skilled personnel available to service the growing CNG industry while providing young Nigerians with employable technical skills.
Meanwhile, reports circulating that each of the 300 corps members will receive a monthly training allowance of ₦100,000 have not been independently confirmed in the official details released on the programme.
The confirmed aspect of the initiative is that the selected corps members will receive specialised training and certification before being attached to CNG conversion centres across the country.
The programme is expected to serve as a pilot for broader youth-focused skills development initiatives as the Federal Government continues to seek ways of linking national service with employment, entrepreneurship and emerging economic opportunities.
FG to Attach 300 NYSC Corps Members to CNG Workshops for Skills Training
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