Forbes: Amid Economic Troubles, Wealth Of Nigerian Billionaires Grows In 2022

A file photo of billionaires Aliko Dangote, Mike Adenuga and Abdulsamad Rabiu.
A file photo of billionaires Aliko Dangote, Mike Adenuga and Abdulsamad Rabiu.

 

Nigerian billionaires improved their ranking in the latest Forbes World’s Billionaire List, which compiles the fortunes of the richest people in the world.

The feat was achieved despite rising prices across the world which have been ignited by the aftershocks of the Covid pandemic and the Russia-Ukraine war.

Africa’s richest man Aliko Dangote saw his wealth increase from $11.5 billion in 2021 to $14 billion in 2022.

Mike Adenuga, Nigeria’s second richest man, grew his wealth from $6.1 billion to $7.3 billion.

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Abdulsamad Rabiu, the third Nigerian on the list, also saw his fortunes improve from $4.9 billion to $6.9 billion.

Forbes, in its summary, said “war, pandemic and sluggish markets hit the world’s billionaires this year.

“There are 2,668 of them on Forbes’ 36th-annual ranking of the planet’s richest people—87 fewer than a year ago.

“They’re worth a collective $12.7 trillion—$400 billion less than in 2021.

“The most dramatic drops have occurred in Russia, where there are 34 fewer billionaires than last year following Vladimir Putin’s invasion of Ukraine, and China, where a government crackdown on tech companies has led to 87 fewer Chinese billionaires on the list.

“Still, Forbes found more than 1,000 billionaires who are richer than they were a year ago. And 236 newcomers have become billionaires over the past year—including the first ever from Barbados, Bulgaria, Estonia and Uruguay.”

In its estimation, America still leads the world with 735 billionaires worth a collective $4.7 trillion, including Elon Musk, who tops the World’s Billionaires list for the first time.

China (including Macau and Hong Kong) remains number two, with 607 billionaires worth a collective $2.3 trillion.

“We used stock prices and exchange rates from March 11, 2022 to calculate net worths,” Forbes said of its methodology.

Fertiliser Plant: Buhari, Dangote Target Jobs, Food Sufficiency In Nigeria

 

President Muhammadu Buhari on Tuesday commissioned the Dangote Fertiliser Plant in the nation’s bid to attain self-sufficiency in food production and create more jobs for its citizens.

He inaugurated the multi-billion dollars facility sited in Ibeju-Lekki, Lagos, at an event well attended by many political, traditional, and religious leaders, as well as captains of industries from various parts of the country.

They include the President of the Senate, Ahmad Lawan; Speaker of the House of Representatives, Femi Gbajabiamila; Chairman of the Nigeria Governors’ Forum, Kayode Fayemi; as well as members of the forum including Babajide Sanwo-Olu (Lagos), Darius Ishaku (Taraba), and Badaru Abubakar.

President of Dangote Group, Aliko Dangote; Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele; former Lagos State Governor, Bola Tinubu, as well as the Vice-Chairman of Channels Media Group, Mrs Olusola Momoh, were among the dignitaries present at the event.

 

Secured Future

In his speech before commissioning the facility, President Buhari was delighted that the plant would further advance his administration’s drive towards achieving self-sufficiency in food production in the country.

“I commend the Chairman, Board, and Management of Dangote Industries Limited for their business initiative in building this plant to reduce our dependence on importation of fertiliser, create jobs on a massive scale, increase the inflow of foreign exchange and accelerate economic growth,” he said.

READ ALSO: Buhari Commissions $2.5bn Dangote Fertiliser Plant In Lagos

 

“This new plant is a testament to the widely acknowledged patriotism of Aliko Dangote and the leadership of Dangote Industries Limited. It also demonstrates their commitment to the socio-economic development of our country and the wellbeing of our people.

“I am confident that the investment in this plant will replicate the group’s earlier exploit in the cement sector where Dangote Cement holds the enviable record as our continent’s largest cement producer with footprints in 10 other African countries. The group’s investment in integrated cement plants, spanning the value chain from quarry to bagging has effectively ended Nigeria’s dependence on imported cement products.”

According to the President, Dangote Industries Limited, along with several other subsidiaries, has created thousands of jobs across the country.

He described the company as the second biggest employer of labour in Nigeria after the Federal Government, stressing the importance of job creation by private sector operators to national security.

 

Rise Of Agropreneurs

Nigeria, President Buhari stated, also stands to gain extensively in earnings of foreign exchange from the excess production and export from the plant.

“I am informed that you have already started exporting to other countries, including the United States, India, and Brazil,” he said. “The coming on stream of the plant is creating huge opportunities in the areas of job creation, trade, warehousing, transport, and logistics.

“This will create significant wealth, reduce poverty, and help in securing the future of our nation. In the agriculture sector, another focal point of our economic policy, we expect a boom as fertiliser is now readily available in greater quantities and better quality.

“Many Nigerians who hitherto practised subsistence farming because of the inability of necessary inputs can now take up agriculture as a business.  We expect the rise of a new breed of agro-preneurs who will add value to farming and make the nation self-sufficient in food production.”

 

President Buhari assured Nigerians that his government would remain focused on providing an enabling environment for the private sector to thrive.

He also promised that they would continue to improve on infrastructure, power, and security, as well as enact relevant laws and regulations that would drive investment in the economy.

 

Tackling Youth Restiveness

In his speech, the President of Dangote Group, Aliko Dangote, believes the plant will make Nigeria self-sufficient in fertiliser production, with excess capacity to export to other African markets and the rest of the world.

He described its commissioning as very historic, saying it is the largest granulated urea plant in Africa and the second-largest in the world.

Africa’s richest businessman hinted that the plant would help Nigeria retain about $125 million in import substitution and provide $625 million from exports of its products.

 

“It is an ambitious developmental project which will drastically reduce the level of unemployment and youth restiveness in this country, through the direct and indirect employment,” he said.

“Our goal is to make fertiliser available in sufficient quantities and quality for our teeming farmers in achieving greater agricultural outputs and to help realise this potential, we are rolling out initiatives that will transform the agriculture sector including services for all small and medium-scale farmers.”

Dangote informed the audience at the event that the plant has established well-equipped soil testing laboratories to ensure appropriate fertiliser blends were applied to specific soil and crop types.

 

The Plant

The Dangote Fertiliser Plant is Africa’s largest granulated urea fertiliser complex. It occupies 500 hectares of land in the Lekki Free Trade Zone and was built at about $2.5 billion.

 

It is expected to help Nigeria retain $125 million in import substitution and provide $625 million from exports of products from the fertiliser plant.

While Nigeria is estimated to need about five to seven million metric tonnes of fertiliser per annum amid its current level of fertiliser consumption which is 1.5 million metric tonnes, the Dangote fertiliser complex was established to produce three million metric tonnes of urea fertiliser per annum in its first phase.

In the course of its construction, the complex is said to have provided about 5,000 direct and indirect jobs in all categories, an additional 5,000 jobs within the community, as well as created 500 permanent jobs.

Forbes: Dangote Retains Status As Africa’s Richest Man

A file photo of Aliko Dangote. Sodiq Adelakun/Channels Television

 

Businessman Aliko Dangote has retained his status as the richest man in Africa, according to Forbes.

Forbes, an American business magazine, is renowned for tracking the wealth of billionaires across the world.

“For the 11th year in a row, Alike Dangote of Nigeria is the continent’s richest person, worth an estimated $13.9 billion, up from $12.1 billion last year following a 30% increase in the stock price of Dangote Cement, his most valuable asset,” the magazine said in a web post published on Monday announcing its 2022 list of Africa’s richest people.

READ ALSO: Dangote’s Refinery Is Game-Changer For Nigeria, Africa – Akinwumi Adesina

“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.”

Second to Dangote was South Africa’s luxury goods magnate, Johann Rupert.

Two other Nigerians on the list include Abdulsamad Rabiu (5th) and Mike Adenuga (6th).

Forbes said Mr. Rabiu recorded one of the largest wealth increases from the previous year’s list.

 

“Nigerian cement tycoon Abdulsamad Rabiu, who is $1.5 billion richer after taking yet another of his companies public,” the post said.

“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 capitalization of nearly $2.8 billion. (Forbes discounts the values of stakes when the public float is less than 5%.) BUA Cement, in which he and his son have a 96% stake, listed in January 2020.”

Meanwhile, the list contained no women.

Dangote, Only Nigerian On Bloomberg’s Billionaires List

Chairman of the Dangote Group, Aliko Dangote.

 

Aliko Dangote was listed as the only Nigerian in Bloomberg’s Billionaire Index on Tuesday with a net worth of $17.8bn. 

The Chairman of the Dangote Group was ranked 118 among 500 billionaires listed by Bloomberg.

Tesla’s Chief Executive Officer (CEO) Elon Musk topped the billionaires index with a net worth valued at $193b. He is followed by Amazon’s Jeff Bezos at number two who is valued at $193billion.

Bernard Arnault of LVMH Moet Hennessy Louis Vuitton, has a net worth of $175b to take third.

Bill Gates had a valuation of $148b while Facebook CEO Mark Zuckerberg with $134billion occupied, 4th and 5th position in that order.

Jack Ma, Roman Abrahimovich and Rupert Murdoch are some of the prominent names on the index.

[READ ALSO]: Billionaires List: Dangote Remains Africa’s Richest, Adenuga And Rabiu In Top 6

“In calculating net worth, Bloomberg 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 company explained.

The billionaire’s chart is a daily ranking of the richest people on earth and measures personal wealth solely on fluctuations in markets, the economy and Bloomberg’s reportage.

Each billionaire’s net worth is updated at the close of business every day at the close of trading in New York.

Equally, stakes in publicly traded companies are valued and it uses the share’s latest closing price. The valuations are then converted to US dollars at the present exchange rates.

Buhari Congratulates ‘Corona Warrior’ Dangote On 64th Birthday

A file photo of Nigerian billionaire businessman, Aliko Dangote. Photo: Sodiq Adelakun/Channels TV,

 

President Muhammadu Buhari has congratulated the President of Dangote Group, Aliko Dangote, on adding a year to his age.

He extended his goodwill message to one of Africa’s leading philanthropists and industry giants in a statement by his Senior Special Assistant on Media and Publicity, Garba Shehu.

The President described Dangote, who turned 64 on Saturday, as a key partner and a “corona warrior” who has continued to show consistent faith and belief in the country.

He noted that while the pandemic has placed enormous strain on many nations, the burden was made somewhat lighter for Nigerians and the government.

President Buhari attributed such feat to the support and cooperation of citizens like Dangote whom he said display great empathy and sacrifice to mankind in their own ways.

In this file photo taken on September 13, 2019, President Muhammadu Buhari gestures at a meeting with APC governors at the State House in Abuja.

 

He also commended the billionaire businessman for giving wings to the aspirations of many youngsters and professionals in Nigeria and the rest of the continent and urged him to continue to do more.

The President believes these exemplary efforts will go down in history and will be remembered by future generations.

He wished Dangote many more years of healthy life and service to his nation and humanity in general.

Billionaires List: Dangote Remains Africa’s Richest, Adenuga And Rabiu In Top 6

 

Three of Nigeria’s richest persons made it to the top six of Forbes’ 2021 Africa’s Billionaires list.

Forbes released its 2021 billionaires list on Tuesday, it includes 14 African billionaires, with the President/Chief Executive of Dangote Group, Aliko Dangote, retaining the number one spot on the continent.

Other Nigerians who made the top-6 spot include Chairman of Globacom and Conoil Plc, Dr. Mike Adenuga, and the founder of BUA Group, Abdulsamad Rabiu.

Dangote’s net worth rose from $10.1bn in 2020 to $12.1bn in 2021, making him the 191st wealthiest person in the world.

Though Adenuga who is Nigeria’s second-richest person witnessed a deep from $7.7bn to $6.3bn, he remained in the top echelon in Africa placing 5th and was ranked 440th in the world.

Climbing up the billionaires’ ladder is the BUA group boss – Abdulsamad Rabiu who saw his fortune rise from $3.1bn in 2020 to a stunning $5.5bn in 2021.

With the $2.2bn gain, Mr. Rabiu now sits pretty as the 6th richest in Africa and the 574th billionaire in the world.

Other Africans who made the top-6 category include one Egyptian and two Southe Africans.

The Egyptian, Nassef Sawiris comes in second place in Africa and is ranked 297th on the list with a net worth of $8.5bn.

According to Forbes, Sawiris is an investor and a scion of Egypt’s wealthiest family, with his most valuable asset being a nearly six percent stake in sportswear maker.

The two South Africans who come in third and fourth place respectively are Nicky Oppenheimer (worth $8bn, ranked 308th in the world) and Johann Rupert (worth $7.2bn, ranked 358th in the world list).

From left: Elon Musk, China’s Kate Wang, Amazon founder Jeff Bezos and Nigeria’s Aliko Dangote. MAJA HITIJ/GETTY IMAGES, STEFEN CHOW FOR FORBES, MICHAEL PRINCE FOR FORBES (2) . Credit: Forbes

 

Away from Africa, the founder, and CEO of Amazon, Jeff Bezos retained his spot as the world’s richest with a net worth of $177bn. He is followed by Elon Musk, co-founder and CEO of Tesla with $151bn.

Forbes notes that within the year in focus, there were rapid-fire public offerings, surging cryptocurrencies, and skyrocketing stock prices, adding that the number of billionaires on Forbes’ 35th annual list of the world’s wealthiest exploded to an unprecedented 2,755—660 more than a year ago.

According to the business magazine, altogether the billionaires are worth $13.1 trillion, up from $8 trillion on the 2020 list.

COVID-19: Buhari Praises Atiku, Dangote, Others For Donations

Aliko Dangote                                        Muhammadu Buhari                                       Atiku Abubakar

 

President Muhammadu Buhari on Friday commended the public-spiritedness of some wealthy Nigerians and organisations for standing up to be counted in the battle against the coronavirus (COVID-19) pandemic.

In a statement by his Special Adviser on Media and Publicity, Femi Adesina, the President thanked members of the Nigerian Private Sector Coalition Against Covid-19, for their contributions in the sum of billions of naira to curb the spread of the disease in Nigeria.

They include former Vice President Atiku Abubakar, Aliko Dangote, Abdulsamad Rabiu of BUA Group, Femi Otedola, Tony Elumelu (United Bank of Africa), Herbert Wigwe (Access Bank), Segun Agbaje (Guaranty Trust Bank) and Jim Ovia (Zenith Bank).

READ ALSO: US Asks Health Workers To Apply For Visas Amid COVID-19 Pandemic

He noted that UBA donated the sum of N5 billion to Nigeria and Africa, while the former Vice President pledged N50 million.

According to the President, First Bank is partnering with the government, the United Nations, and innovative technology firms to provide e-learning solutions to at least one million children under the ‘Keep Them Engaged, Keep Them Safe’ initiative.

He commended every other helping hand that has been lent by individuals, groups, and organisations, which may not necessarily be in the public domain, praying that God who sees all things would abundantly recompense.

President Buhari, however, recommended the laudable strides to other high net-worth Nigerians and organisations.

He stressed that collectively, Nigeria would overcome the challenges brought by the pandemic, and chart a new course in nationalism and brotherhood.

Dangote Remains Africa’s Richest Man, Adenuga Makes Top Three

Dangote has topped the Forbes list for Africa nine times in a row. Photo: Sodiq Adelakun/Channels TV

 

Nigeria’s billionaire businessman and President/CEO of Dangote Group, Aliko Dangote, has topped Forbes Africa’s Billionaires list for 2020 for the ninth time in a row.

The list according to Forbes captures only eight countries who have billionaires; Egypt and South Africa are tied with five billionaires each, followed by Nigeria with four and Morocco with two.

Maintaining the number one spot with a net worth of $10.1 billion, 62-year-old Dangote, an industrialist with investments in cement, oil and gas, flour and sugar surpassed Egyptian billionaire, Nassef Sawiris whose net worth stands at $8 billion.

Mr Sawiris’ most valuable assets are in Orascom Construction Industries (OCI) one of the world’s largest nitrogen fertilizer producers, with plants in Texas and Iowa.

He also has stakes in cement giant, Lafarge Holcim and Adidas, where he sits on the supervisory board.

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Meanwhile, Nigeria’s second richest man, Mike Adenuga maintained the number three spot with a net worth of $7.7 billion.

Adenuga built his fortune in banking, oil production and telecom with the mobile phone network, Globacom – Nigeria’s third-largest operator.

Also tied at number three spot with Adenuga is South Africa’s Nicky Oppenheimer and his family with a net worth of $7.7 billion.

Oppenheimer, heir to his family’s fortune occupies a controlling spot in the world’s diamond trade and owns at least 720 square miles of conservation land across South Africa, Botswana and Zimbabwe.

At number five spot on Forbes list is chairman of Swiss luxury goods firm Compagnie Financiere Richemont, Johann Rupert.

Mr Rupert, another South African billionaire has a net worth of $6.5 billion.

The company is best known for its brands, Cartier and Montblanc.

Other Africa billionaires include:

Issad Rebrab and family with a net worth of $4.4 billion – Algeria

Mohamed Mansour with a net worth of $3.3 billion – Egypt

Abdulsamad Rabiu, a Nigerian with a net worth of $3.1 billion

Naguib Sawiris joins his brother, Nassef, in the top 10 wealthiest Africans with a net worth of $3 billion.

On number 10 spot is Patrice Motsepe from South Africa, with a net worth of $2.6 billion.

Capping the list at number 20 spot is Nigeria’s richest woman, Folorunsho Alakija who has a net worth o $1 billion.

See the full list of Africa’s billionaires below:

  1. Aliko Dangote $10.1 billion
  2. Nassef Sawiris $8 billion
  3. Mike Adenuga $7.7 billion
  4. (3) Nicky Oppenheimer $7.7 billion
  5. Johann Rupert $6.5 billion
  6. Issad Rebrab $4.4 billion
  7. Mohamed Mansour $3.3 billion
  8. Abdulsamad Rabiu $3.1 billion
  9. Naguib Sawiris $3 billion
  10. Patrice Motsepe $2.6 billion
  11. Koos Bekker – $2.5 billion
  12. Yasseen Mansour – $2.3 billion
  13. Isabel dos Santos – $2.2 billion
  14. Youssef Mansour – $1.9 billion
  15. Aziz Akhannouch – $1.7 billion
  16. Mohammed Dewji – $1.6 billion
  17. Othman Benjelloun – $1.4 billion
  18. Michiel Le Roux – $1.3 billion
  19. Strive Masiyiwa – $1.1 billion
  20. Folorunsho Alakija – $1 billion

Trade Minister Assures Dangote, Other Investors Of Business-Friendly Environment

PHOTO: Sodiq Adelakun/Channels TV

 

The Minister of Industry, Trade and Investment, Adeniyi Adebayo on Thursday promised a friendly business environment for investors in the country.

Adebayo gave the assurance during a meeting with the Chairman of Dangote Group, Aliko Dangote in Abuja.

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According to him, the move will help the investors contribute their quota to job creation and lifting over 100 million Nigerians out of poverty.

The Chairman of the Dangote group in response highlighted recent investments by his company to grow the nation’s industrial sector.

 

See photos from the meeting below…

When Completed, Apapa-Oshodi Road Will Be One Of The Best In Africa – Dangote

President, Dangote Group, Aliko Dangote with Minister of Works and Housing, Babatunde Raji Fashola and others, during the road inspection on Saturday, December 28, 2019.

 

President Of Dangote Group, Aliko Dangote has assured that the ongoing reconstruction of Apapa-Oshodi Oworonshoki expressway, when completed, will be one of the best roads in Nigeria and in Africa.

The business mogul disclosed this while speaking with journalists during a tour and inspection of the 32-kilometer road project by Dangote Group.

He added that construction work is going on day and night to achieve this and to ensure speedy completion of the road.

READ ALSO: FG’s Obedience To Court Orders Will Boost Investors’ Confidence – Rewane

According to him, the speedy completion is necessary to alleviate the setbacks caused by the poor road leading to Apapa port.

“We operate inside the port, two of our companies between 2017 and 2018 lost over N25billion because of the road congestion. We were able to produce but we were not able to get out of the port.

“That is why we are working day and night to ensure that this road in delivered on time and also with the highest quality.

“I can assure you that this will be one of the best roads not only in Nigeria but in Africa,” Dangote said

The Minister of Works and Housing, Mr Babatunde Fashola, who was also with Dangote during the inspection, said the reconstruction will be completed within the scheduled time of two years.

He expressed satisfaction at the level of work adding that the road when completed will solve a lot of problems.

“We expect that by the end of 2020 the entire road network will be finished. We will have a road that will last for 40 years or more,” Fashola said.

PHOTOS: Dangote, Momoh, Elumelu, Others Receive National Productivity Award

Left to Right: Minister of Labour and Productivity, Chris Ngige; Secretary General of the Federation (SGF) Boss Mustapha with Chairman, Channels Media Group, John Momoh while honouring him with the National Productivity Order of Merit (NPOM) award in Abuja. PHOTO: Sodiq Adelakun/Channels TV

 

Popular businessman, Aliko Dangote; the Chairman, Channels Media Group, John Momoh; Chairman of UBA and philanthropist, Tony Elumelu were some of the prominent Nigerians who received the 2019 National Productivity Order of Merit (NPOM) award on Thursday.

A total of 26 individuals and seven organisations were honoured at the ceremony which was held in Abuja, the nation’s capital.

The Minister of Labour and Productivity, Chris Ngige explained that the award is in recognition of their contribution to national development and productivity.

The NPOM Award was instituted by the Federal Government through the Ministry of Labour and Employment to honour deserving Nigerians in recognition of their hard work.

 

See more photos from the event below…

PHOTOS: Buhari Meets Bill Gates, Dangote In New York

 

President Muhammadu Buhari has met with Bill Gates and Business mogul, Aliko Dangote in New York.

During the meeting on Wednesday, the President applauded the contributions of Bill and Melinda Gates Foundation, as well as Aliko Dangote Foundation to humanitarian and developmental activities in Nigeria.

See Photos Below: