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Refinery increases Dangote’s wealth to $28bn, now 65th richest worldwide
Refinery increases Dangote’s wealth to $28bn, now 65th richest worldwide
President of Dangote Group, Aliko Dangote remains the richest man in Africa, and now the 65th richest man in the World, despite the volatility of the Nigerian currency against the dollar.
Bloomberg, in its latest top 500 Billionaires Index released on Thursday, revealed that Dangote with a wealth of $28 billion had his wealth increased significantly after the commencement of operations of his newly built Petrochemical refinery, said to be worth over $20 billion. This new ranking is the highest the renowned entrepreneur has risen. He was previously ranked 83rd in 2022.
The Dangote Refinery located in Ibeju-Lekki, in the outskirts of Lagos, is the biggest single-train oil refinery in the world and one of the most complex, capable of processing most global crude types. It has the potential to transform Nigeria’s economy by making the country self-reliant for fuel. The refinery started producing premium motor spirit (petrol) in September among other products like diesel and Jet-A1, and it has more than doubled his net worth to $27.8 billion, according to the Bloomberg Billionaires Index.
No African is close to Dangote’s latest ranking as Johann Rupert, of South Africa is 174 on the world list, with a wealth of $13.6bn and Nicky Oppenheimer also of South Africa is number 224 on the world list with a wealth of $11.6bn. Other Africans on the list are: South African’s Natie Karsh, number 297 in the world with a wealth of $9.25bn, Egypt’s Nassef Sawiris on number 302 in the world with a wealth of $9.16bn, and Naguib Sawiris also of Egypt with a wealth of $7.37bn on number 407 in the world.
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The Bloomberg Billionaires Index is a daily ranking of the world’s richest people. In calculating net worth, Bloomberg News strives to provide the most transparent calculations available, and each individual billionaire profile contains a detailed analysis of how that person’s fortune is tallied.
The index is a dynamic measure of personal wealth based on changes in markets, the economy and Bloomberg reporting. Each net worth figure is updated every business day after the close of trading in New York. Stakes in publicly traded companies are valued using the share’s most recent closing price. Valuations are converted to U.S. dollars at current exchange rates.
Ellon Musk and Jeff Bezos are the richest in the world with $242billion and $210 billion respectively in their kitties, while Mark Zuckerberg and Larry Ellison followed respectively with $204 billion and $185 billion on the world’s billionaires’ chart.
It would be recalled that Aliko Dangote was also recently named as among the topmost charitable man in the World by Richtopia, a digital periodical that covers business, economics, and financial news, based in the United Kingdom. This recognition came after he endowed his foundation, the Aliko Dangote Foundation (ADF) to the tune of over $1.25 billion.
Aliko Dangote started his Foundation in 1981, with a mission to enhance opportunities for social change through strategic investments that improve health and wellbeing, promote quality education, and broaden economic empowerment opportunities.
Aliko Dangote Foundation was however incorporated in 1994 as a charity in Lagos, Nigeria. 20 years later, the Foundation has become the largest private Foundation in sub–Saharan Africa, with the largest endowment by a single African donor. The primary focus of Aliko Dangote Foundation is health and nutrition, supported by wrap-around interventions in education, empowerment, and humanitarian relief.
Refinery increases Dangote’s wealth to $28bn, now 65th richest worldwide
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Notorious cultist, Pelele, gunned down in Rivers
Notorious cultist, Pelele, gunned down in Rivers
Operatives of the Rivers State Police Command have successfully neutralized a suspected cultist and kidnapper, Gbarani Bume, popularly known as Pelele, in Luawii Community, Khana Local Government Area.
Bume, a reportedly known member of the Iceland cult group, had allegedly been terrorizing the Beree/Tabaa area of Khana LGA alongside his gang.
The Command’s Public Relations Officer, Grace Iringe-Koko, confirmed the incident in a statement released in Port Harcourt on Sunday.
According to Iringe-Koko, the police acted on intelligence that Pelele and his gang were attempting to abduct a site engineer in Luawii. Upon arrival, the operatives were met with gunfire from the suspects. In the ensuing shootout, Pelele sustained fatal injuries and later died, while his accomplices fled with gunshot wounds.
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The statement reads: “The Rivers State Police Command has made a significant breakthrough in its efforts to combat crime, neutralising a notorious cultist and kidnapper, Gbarani Bume, a.k.a. Pelele, a native of Bere Community in Khana LGA.
“He was a member of the Iceland Cult Group, which has been terrorising the Beree/Tabaa axis of Khana LGA.
“On the 15th of November 2024, operatives from the Bori Division, acting on a tip-off, were mobilised to Luawii Community where Pelele and his gang were attempting to kidnap a site engineer.
“Upon sighting the operatives, the hoodlums opened fire, resulting in a fierce crossfire, during which Pelele was fatally wounded. His accomplices escaped with various degrees of bullet wounds.
“Items recovered from the suspect include one AK-47 rifle, two magazines, and 10 rounds of live ammunition.”
She further stated that investigations are ongoing to track down the fleeing gang members, emphasizing the Command’s commitment to tackling crime and enhancing public safety in the state.
Notorious cultist, Pelele, gunned down in Rivers
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Court stops police from arresting 68 Obaseki’s allies
Court stops police from arresting 68 Obaseki’s allies
metro
26 dead, 59 missing as Israel hits Gaza, Lebanon in deadly strikes
26 dead, 59 missing as Israel hits Gaza, Lebanon in deadly strikes
Strikes by the Israel military killed dozens in Gaza on Sunday, the civil defence said, while also hitting a Hezbollah stronghold near Beirut’s international airport.
Israel has been fighting on two fronts since September, intensifying attacks on Lebanon’s Iran-backed Hezbollah after nearly a year of cross-border clashes alongside its war on Hamas in the Gaza Strip.
A year after the Gaza war was triggered by Hamas’s October 7 attacks on its south, Israel vowed to stop the Islamist militants from regrouping in the north of the Palestinian territory, launching a major assault there.
In the latest violence in the besieged Palestinian territory, the civil defence agency said Israeli air raids killed at least 46 people.
The deadliest strike, in the middle of the night in Beit Lahia in the north, killed 26 people, including women and children, and left at least 59 others buried under the rubble, said civil defence spokesman Mahmud Bassal.
Another strike killed 10 people in the Bureij refugee camp in central Gaza, where a separate strike on a house claimed the life of a woman, he said.
An Israeli drone strike killed five people in the southern city of Rafah, Bassal said, adding another strike killed three women and a child in the Nuseirat camp.
Hamas-run Gaza’s health ministry on Sunday said the overall death toll in more than 13 months of war had reached 43,846.
The majority of the dead are civilians, according to ministry figures, which the United Nations considers reliable.
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Hamas’s October 7, 2023 attack that sparked the war resulted in the deaths of 1,206 people, mostly civilians, according to an AFP tally of Israeli official figures.
– Lebanon rescuers mourned –
On Israel’s second front in the north, AFPTV footage showed several strikes hit Hezbollah’s south Beirut stronghold, shortly after the Israeli military warned people to evacuate.
Columns of smoke were seen rising over the capital’s southern suburbs, where Lebanon’s only international airport is located.
Further south, overnight Israeli air strikes and shelling hit the flashpoint town of Khiam, the Lebanese state-run National News Agency reported.
Following the bombardment, the Israeli army said about 20 projectiles were seen crossing from Lebanon into Israel, and that some of them were intercepted. Emergency services did not immediately report any casualties.
Israel has escalated its bombing of Lebanon since September 23 and has since sent in ground troops, following almost a year of limited, cross-border exchanges of fire begun by Hezbollah militants in support of Iran-backed Hamas in Gaza.
Its military on Saturday said Hezbollah had already “paid a big price”, but vowed to keep fighting until tens of thousands of Israelis displaced from the north can return home.
Israeli forces also shelled the southern area of Lebanon along the Litani River, the NNA said on Sunday.
The news agency had earlier reported strikes on the southern city of Tyre, including in a neighbourhood near UNESCO-listed ancient ruins. Israel’s military said late Saturday it had hit Hezbollah sites in the area.
In Lebanon’s east, the health ministry said an Israeli strike in the Bekaa Valley killed six people including three children.
Hezbollah said it fired a guided missile that set an Israeli tank ablaze in the southwestern Lebanese village of Chamaa.
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In eastern Lebanon, funerals were held for 14 civil defence staff killed in an Israeli strike on Thursday.
“They weren’t involved with any (armed) party… they were just waiting to answer calls for help,” said Ali al-Zein, a relative of one of the dead.
– Gaza famine alert –
Lebanese authorities say more than 3,452 people have been killed since October last year, with most casualties recorded since September.
Israel announced the death of a soldier in southern Lebanon, bringing to 48 the number killed fighting Hezbollah.
A UN-backed assessment on November 9 warned famine was imminent in northern Gaza, amid the increased hostilities and a near-halt in food aid.
Israel has pushed back against a Human Rights Watch report this week alleging that its mass displacement of Gazans amounts to a “crime against humanity”, as well as findings from a UN Special Committee pointing to warfare practices “consistent with the characteristics of genocide”.
A foreign ministry spokesman dismissed the HRW report as “completely false”, while the United States — Israel’s main military supplier — said accusations of genocide “are certainly unfounded”.
In Israel, police said they arrested three suspects after flares shot near the home of Prime Minister Benjamin Netanyahu in the central city of Caesarea, south of Haifa, while he was away.
Demonstrators in Tel Aviv on Saturday reiterated demands that the government reach a deal to free dozens of hostages still held in Gaza.
The protest came a week after mediator Qatar suspended its role until Hamas and Israel show “seriousness” in truce and hostage-release talks.
26 dead, 59 missing as Israel hits Gaza, Lebanon in deadly strikes
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