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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.
Eagle
News
BREAKING : EFCC declares Yahaya Bello wanted, seeks information on his whereabout
BREAKING : EFCC declares Yahaya Bello wanted, seeks information on his whereabout
The Economic and Financial Crimes Commission (EFCC) on Thursday declared former Kogi State Governor, Yahaya Bello, wanted.
The anti-graft agency said Bello is wanted for alleged offences relating to economic and financial crimes to the tune of N80.2 billion.
The EFCC called on Nigerians with information as to his whereabout to report immediately to the Commission or the nearest Police Station.
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“The public is hereby notified that YAHAYA ADOZA BELLO (former Governor of Kogi State), whose photograph appears above is wanted by the Economic and Financial Crimes Commission (EFCC) in connection with alleged case of Money Laundering to the tune of N80,246,470,089.88 (Eighty Billion, Two Hundred and Forty Six Million, Four Hundred and Seventy Thousand and Eighty Nine Naira, Eighty Eight Kobo).
Bello, 48-year old Ebiraman, is a native of Okenne Local Government of Kogi State. His last known address is: 9, Benghazi Street, Wuse Zone 4, Abuja.
Anybody with useful information as to his whereabouts should please contact the Commission in its lbadan, Enugu, Kano, Lagos, Gombe, Port Harcourt and Abuja offices or through these numbers 09-9044751-3, 08093322644, 08183322644, 07026350721-3, 0706350724-5; its e-mail address: info@efccnigeria.org or the nearest Police Station and other security agencies, ” a public notice issued by the EFCC read.
BREAKING : EFCC declares Yahaya Bello wanted, seeks information on his whereabout
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BREAKING: Submit yourself for probe, FG tells Ex-Kogi gov, Yahaya Bello
BREAKING: Submit yourself for probe, FG tells Ex-Kogi gov, Yahaya Bello
The Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, has called on the immediate-past governor of Kogi State, Alhaji Yahaya Bello, to submit himself for probe.
News
APC: Reprieve for Ganduje, Federal High Court stops his suspension
APC: Reprieve for Ganduje, Federal High Court stops his suspension
The former governor of Kano State, Abdullahi Ganduje, has secured a court order from a Federal High Court in Kano halting his purported suspension as the National Chairman of the ruling All Progressives Congress (APC).
The order is sequel to an ex parte motion filed by Ganduje seeking to enforce his fundamental right to fair hearing.
According to the certified true copy of the order released on Thursday to journalists, the respondents in the application are the Police, Department of State Services DSS, Nigeria Security and Civil Defence Corps NSCDC and nine other individuals.
Recall the APC executives in Ganduje ward of Dawakin Tofa local government area of Kano State had on April 16, announced the suspension of Ganduje over alleged corruption.
The decision was however quashed by both the State Working Committee of the APC in Kano and the National Working Committee NWC.
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A judge of the Kano State High Court, Usman Na’abba, had however affirmed the suspension and warned Ganduje against parading himself as head of the NWC and National Chairman of the APC.
However, in the ex parte order delivered on Wednesday by the Federal High Court and made available to journalists on Thursday, A.M Liman, a judge of the Federal High Court in Kano said the suspension should not be implemented until the case is heard and determined.
“That all the Respondents, their servants, agents or privies are hereby restrained from Implementing and/or giving effect to the purported decision reached during the purported emergency meeting of the alleged Executive members of APC Ganduje Ward, held at Ganduje Ward of Dawakin Tofa Local.
“That all the parties are hereby mandated to maintain status quo before the purported emergency meeting of the alleged executive members of APC Ganduje Ward, and to stay action in respect of this matter pending the hearing and determination of the substantive application,” Liman said.
April 30 has been fixed to hear Ganduje’s appeal.
APC: Reprieve for Ganduje, Federal High Court stops his suspension
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