News
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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South Africa Releases Fani-Kayode’s Speech After Protest Over Livestream Snub
PRETORIA – The South African authorities have released the speech delivered by Nigeria’s Ambassador to South Africa, Lesotho and Eswatini, Chief Femi Fani-Kayode, after he protested the omission of his address from the official livestream of a diplomatic ceremony attended by President Cyril Ramaphosa.
The development followed complaints by Fani-Kayode that Nigeria was the only country among 15 participating diplomatic missions whose ambassador’s introduction and speech were excluded from the live broadcast of the presentation of Letters of Credence.
The ceremony, held on Friday, November 13, 2026, at the Sefako Makgatho Presidential Guest House in Pretoria, brought together ambassadors and heads of diplomatic missions from 15 countries, alongside the European Union, to formally present their credentials to President Ramaphosa.
Fani-Kayode had expressed displeasure after observing that the official livestream captured the introductions and speeches of other diplomats but was interrupted when it was Nigeria’s turn.
According to the Nigerian envoy, the transmission resumed immediately after he had completed his presentation to the South African President.
Describing the development as disturbing, Fani-Kayode said Nigeria was singled out in the broadcast, raising concerns about the treatment of the country and its diplomatic representation.
“The entire event was livestreamed, but of all the 15 introductions and speeches made that morning, only Nigeria’s was cut out,” he said.
The ambassador suggested that the omission might reflect the attitude of some individuals towards Nigeria, although no independent evidence has established that the country was deliberately censored.
“Clearly, some elements in South Africa do not want to hear what we have to say or see our faces, but we are here to stay as long as we are welcome and have the confidence of President Ramaphosa, which I am sure we do,” he added.
Fani-Kayode Raises Complaint With Ramaphosa
The Nigerian diplomat disclosed that he personally drew President Ramaphosa’s attention to the missing broadcast during the official photograph session that followed the presentation of credentials.
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According to Fani-Kayode, the South African leader reacted immediately, confronted officials responsible for the broadcast and questioned them about why Nigeria’s segment had been omitted.
He said Ramaphosa directed the relevant officials to address the situation.
However, the intervention came after the Nigerian ambassador’s presentation had already been excluded from the live transmission.
Fani-Kayode maintained that the omission did not mean his address was unavailable, as media organisations covering the ceremony, including Nigerian television crews, recorded the proceedings.
He also disclosed that he declined an interview request from the South African Broadcasting Corporation (SABC), advising its representatives to watch the speech that had been left out of the official livestream.
The subsequent release of the speech has brought the development into renewed focus, although the circumstances surrounding its initial exclusion from the broadcast have not been independently established.
Tinubu’s Message to Ramaphosa
Despite the controversy, Fani-Kayode used the diplomatic occasion to reaffirm Nigeria’s commitment to strengthening relations with South Africa.
He conveyed fraternal greetings from President Bola Ahmed Tinubu to Ramaphosa, emphasising the historical relationship between both countries and Nigeria’s contributions to South Africa’s struggle against apartheid.
The ambassador said his diplomatic assignment would focus on rebuilding confidence, addressing areas of disagreement and expanding cooperation between the two African nations.
He identified trade, industrial development, economic cooperation and regional stability as important areas requiring greater collaboration.
Fani-Kayode also stressed that Nigeria and South Africa must maintain mutual respect, given their historical contributions, strategic importance and influence across the African continent.
He acknowledged Ramaphosa’s personal intervention following his complaint but maintained that his respect for South Africa and its people would not prevent him from speaking against actions he considered disrespectful to Nigeria and its citizens.
The diplomatic incident comes amid heightened concerns over the treatment and safety of Nigerians living in South Africa, following reported xenophobic attacks and killings that have strained relations between the two countries.
Fani-Kayode has previously warned that Nigeria’s patience was wearing thin over attacks on its citizens but cautioned against calls for a complete breakdown of diplomatic and economic relations.
The ambassador has consistently advocated dialogue, mutual respect and stronger Pan-African cooperation, arguing that the historical sacrifices made by Nigeria and other African countries towards ending apartheid should remain a foundation for lasting friendship.
With the release of his speech following the protest, attention is now expected to focus on the circumstances surrounding the broadcast omission and the need to ensure that diplomatic engagements involving Nigeria receive appropriate representation.
South Africa Releases Fani-Kayode’s Speech After Protest Over Livestream Snub
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ICPC Recovers ₦5.3bn in Seven States, FCT as LG Financial Probe Uncovers Irregularities
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has recovered more than ₦5.3 billion following a review of local government accounts in seven states and the Federal Capital Territory (FCT).
The anti-corruption agency has also announced plans to make all 774 local government areas in Nigeria publish their financial records online, in a move aimed at strengthening transparency and accountability in the management of public funds.
ICPC Chairman, Dr Musa Adamu Aliyu, disclosed the recoveries on Thursday, November 12, 2026, in Lafia, Nasarawa State, during the launch of the ICPC-National Information Technology Development Agency (NITDA) Local Government Websites Pilot.
According to the commission, the review of local government accounts exposed financial risks at the grassroots level and demonstrated the importance of monitoring how public allocations and other revenues are managed.
Aliyu said the recovery of more than ₦5.3 billion showed what scrutiny could achieve, adding that the proposed digital disclosure initiative would help prevent further financial abuses.
He explained that the programme was designed to ensure that local governments made information about their finances and activities accessible to residents, journalists and relevant oversight institutions.
The initiative comes against the backdrop of the Supreme Court’s July 2024 judgment on local government financial autonomy, which affirmed that statutory allocations due to democratically elected councils should be paid directly to them rather than being controlled by state governments.
Aliyu said the judgment had increased the responsibility of local government authorities to account for funds received and ensure that public resources were used for the benefit of residents.
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“Autonomy brings responsibility. Funds that now flow directly to the councils must be spent openly and for the benefit of the people,” he said.
Under the new arrangement, local government councils will be required to publish information in five major areas, including financial records, public procurement, human resources, citizen engagement and anti-corruption measures.
The financial disclosures will cover budgets, statutory allocations, internally generated revenue, expenditure, audit reports and debts.
The platforms will also provide information on procurement processes, staffing and opportunities for residents to submit feedback, complaints and whistleblowing reports.
Aliyu said regular publication of these records would enable citizens to monitor how public funds were spent, while journalists and oversight agencies would have better access to information needed to identify possible irregularities.
He urged local government chairpersons to appoint dedicated officers to manage the websites and ensure that the information published was accurate, current and regularly updated.
The ICPC chairman warned that launching the websites without maintaining them would undermine the purpose of the initiative.
He added that the commission intended to approach the programme as a partnership for preventing corruption rather than an instrument for witch-hunting local government officials.
The National Information Technology Development Agency, led by its Director-General, Kashifu Inuwa Abdullahi, is providing the technological support for the project.
Abdullahi disclosed that NITDA would register domain names, develop the websites and provide hosting services for at least one year for all 774 local government areas.
While NITDA will provide the digital infrastructure, the ICPC will establish the content standards and accountability framework to guide the information councils are expected to publish.
He said the initiative was designed to improve governance, strengthen citizen engagement and create economic opportunities by making government information easier to access.
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Abdullahi also said the project would reduce the difficulties residents face when trying to obtain information about community projects or lodge complaints with their local councils.
The pilot programme commenced in Nasarawa State, making it the first state to begin implementing the ICPC-NITDA local government website initiative.
Governor Abdullahi Sule, who formally flagged off the programme in Lafia, designated the Nasarawa State Information Technology and Digital Economy Agency as the state’s technical partner.
Sule directed local government councils to take responsibility for the accuracy of information published on their platforms and appoint officers to verify records before uploading them.
He said the success of the initiative would depend on whether residents could easily access useful and up-to-date information, rather than merely on the launch of the websites.
The governor also challenged the ICPC and NITDA to extend the financial disclosure initiative to state governments, offering Nasarawa as the first state willing to participate.
He said publishing information about funds meant for local governments would help citizens establish where such allocations were held up and improve accountability across the different levels of government.
The Speaker of the Nasarawa State House of Assembly, Danladi Jatau, pledged the legislature’s support for the programme, noting that the Constitution empowers state assemblies to oversee local government finances.
The Emir of Lafia, Justice Sidi Bage Muhammad I (retd.), also commended the ICPC, NITDA and the Nasarawa State Government for the initiative.
The nationwide rollout is expected to extend the digital disclosure system to all 774 local government areas, giving residents a more direct way to scrutinise council budgets, allocations, spending and development projects.
For the ICPC, the initiative represents an effort to complement the recovery of public funds with preventive measures designed to make financial information accessible and strengthen accountability at the grassroots.
However, the commission’s disclosure did not identify the seven states or provide a breakdown of the amounts recovered from each state and the FCT. The ₦5.3 billion figure therefore represents the aggregate recovery announced by the agency.
ICPC Recovers ₦5.3bn in Seven States, FCT as LG Financial Probe Uncovers Irregularities
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FG Moves to Scrap 269 Obsolete Laws, Prepares 663 Others for NASS Review After 22 Years
The Federal Government has concluded a comprehensive review of Nigeria’s federal laws, identifying 269 obsolete, archaic or spent enactments for removal from the statute books while recommending 663 others for inclusion in the proposed 2025 edition of the Laws of the Federation of Nigeria (LFN).
The exercise, which covers more than two decades of legislative developments, represents the first comprehensive review and consolidation of the country’s federal laws since 2004.
The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), disclosed the development on Thursday, November 12, 2026, in Abuja while receiving the final report of the Committee on the Review, Update and Consolidation of the Laws of the Federation.
Fagbemi explained that the committee examined 932 federal enactments and 731 pieces of subsidiary legislation as part of efforts to modernise Nigeria’s legal framework and eliminate outdated provisions.
Of the 932 enactments reviewed, 663 were identified for inclusion in the proposed Laws of the Federation of Nigeria 2025, while 269 were classified as obsolete, spent or repealed.
The Attorney-General said the reviewed legislation, together with relevant subsidiary laws, would provide a more reliable and accessible legal reference for courts, legal practitioners, government institutions, investors and members of the public.
He explained that the next step would be to present the committee’s report to President Bola Ahmed Tinubu for onward transmission to the National Assembly for the necessary legislative consideration and action.
Fagbemi urged lawmakers to cooperate with the executive arm of government to ensure the timely consideration of the proposed legislative measures.
He described the exercise as a significant milestone in the Federal Government’s efforts to strengthen the justice sector, improve the administration of justice and bring Nigeria’s legal system in line with contemporary realities and international best practices.
According to him, more than 20 years have passed since the last official consolidation of the Laws of the Federation in 2004, during which Nigeria experienced substantial legislative, constitutional, institutional and technological changes.
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He noted that several new laws and amendments had accumulated over the period, making a comprehensive review necessary to ensure that federal legislation remained coherent, current, accessible and responsive to the country’s needs.
Fagbemi warned that Nigeria must avoid another prolonged gap between comprehensive reviews, stressing the importance of establishing a sustainable system for regularly updating the country’s laws.
He said the quality, accuracy and practical usefulness of the revised legal framework must remain priorities, adding that the laws should promote the rule of law, protect citizens’ rights, strengthen governance and support national development and security.
Why the Federal Government is removing obsolete laws
Earlier, the chairman of the review committee, Olawale Fapohunda (SAN), disclosed that the assignment took more than two years and involved extensive legal research, legislative analysis, harmonisation and consolidation of existing federal legislation.
He explained that the committee’s responsibility went beyond compiling existing laws, as it also examined their continuing relevance, identified conflicting provisions and recommended the removal of redundant legislation.
According to Fapohunda, the exercise was designed to eliminate obsolete statutes, resolve inconsistencies and incorporate contemporary social, economic and technological developments into Nigeria’s legal framework.
The committee discovered several weaknesses in existing legislation, including archaic statutory language, cumbersome cross-references, outdated chapter numbers and inconsistencies in the sequencing of some Acts.
It also identified statutory fines and fees that no longer reflect current economic realities.
Some of the penalties prescribed under existing laws were as low as ₦10 and ₦50, despite significant changes in the country’s economic conditions over the years.
Fapohunda said such outdated provisions required further legislative attention to ensure that penalties and statutory charges remained relevant and effective.
How the review was conducted
The committee adopted a structured approach involving 14 thematic working groups supported by technical teams responsible for research, collation, drafting, quality assurance and editorial review.
The groups also participated in retreats and technical engagements across different locations to harmonise their findings, examine international best practices and improve the accuracy of the revised legislation.
The exercise involved consultations with several institutions, including the National Assembly, the Nigerian Law Reform Commission, the National Institute for Advanced Legal Studies and the Lagos State Law Reform Commission.
International and technical partners, including the Law Commission of England and Wales, LexisNexis South Africa and Law Pavilion, also contributed to the process.
Fapohunda further disclosed that the committee recommended the establishment of a centralised national repository of federal legislation to make existing laws easier to access and facilitate regular updates.
He explained that the absence of a comprehensive and easily accessible database of federal laws had made the committee’s assignment more difficult.
The committee also recommended that the Attorney-General issue an advisory note to ministries, departments and agencies (MDAs) outlining established procedures for reviewing their enabling laws and subsidiary legislation.
The recommendation followed recurring deficiencies in legal drafting by some government institutions, which could result in ambiguities, conflicting provisions and difficulties in implementing laws.
What happens next?
With the submission of the final report and draft 20-volume edition of the Laws of the Federation of Nigeria 2025, the Federal Government is expected to forward the proposed measures to President Tinubu.
The President will subsequently transmit the relevant proposals to the National Assembly for consideration and necessary legislative action.
The proposed changes are expected to improve access to federal legislation, remove redundant provisions and provide a more organised legal framework for governance, business, investment and the administration of justice.
However, the proposed removal of the 269 obsolete enactments and the legislative measures arising from the review will require the appropriate legal and legislative processes before they can take effect.
Fagbemi said the government would work towards establishing a continuous review mechanism to ensure that future laws, amendments and subsidiary legislation are properly tracked and incorporated without another prolonged delay.
FG Moves to Scrap 269 Obsolete Laws, Prepares 663 Others for NASS Review After 22 Years
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