South African businessman overtakes Dangote, becomes Africa’s richest man

South African businessman overtakes Dangote, becomes Africa’s richest man

Nigerian billionaire, Aliko Dangote loses his title as Africa’s richest man after being overtaken by a South African business magnate Johann Rupert, as revealed by a Forbes Magazine release. The Forbes Daily billionaires ranking platform, which monitors daily fluctuations in the net worth of high-net-worth individuals globally, reported that Aliko Dangote slid to the second position. His wealth decreased from $13.5 billion in 2023 to $9.5 billion at the beginning of 2024.

aliko dangote

Similarly, Nigerian billionaires Rabiu Abdulsamad and Mike Adenuga saw a decline in their rankings on the billionaire list published by the financial magazine. Mike Adenuga, from Nigeria, dropped to the tenth position, and Patrice Motsepe, who was among the top ten in 2023, did not make the cut in the list of the top ten richest men in 2024. One noteworthy change in the Forbes ranking of the wealthiest individuals in Africa is the absence of any women in the top ten richest list at the beginning of the year. The decline in the value of the Naira and other economic challenges are attributed to the reduction in Dangote’s wealth. In the 2024 rankings, Johann Rupert & Family’s wealth decreased from $10.7 billion to $10.3 billion, securing his position as Africa’s richest man amid the decline in the wealth of the long-standing African richest, Aliko Dangote, from $13.5 billion to $9.5 billion.

Johann Rupert

List of Africa’s richest men (Rank, Name and Net worth) 1. Johann Rupert & Family $10.3 billion 2. Aliko Dangote $9.5 billion 3. Nicky Oppenheimer & Family $8.3 billion 4. Nassef Sawiris $7.4 billion 5. Abdulsamad Rabiu $5.9 billion 6. Nathan Kirsh $5.8 billion 7. Issad Rebrab & Family $4.6 billion 8. Mohamed Mansour $3.6 billion 9. Naguib Sawiris $3.3 billion 10. Mike Adenuga $3.1 billion

“The competition is tough” – Lady leaks secret as another billionaire, after Dangote, begins his refinery

"The competition is tough" - Lady leaks secret as another billionaire, after Dangote, begins his refinery

"The competition is tough" - Lady leaks secret as another billionaire, after Dangote, begins his refinery

A Nigerian lady has revealed the intensifying competition between African billionaires Abdul Samad Rabiu and Aliko Dangote with Rabiu initiating the construction of his refinery shortly after Dangote’s recent inauguration. The two tycoons have been making headlines for their respective contributions to the oil refinery sector in Nigeria, with a focus on boosting domestic production and supporting the continent’s energy needs. The Nigerian lady @gviev took to Twitter to express her observations on the ongoing rivalry between Rabiu and Dangote, acknowledging that the BUA founder has been closely following in the footsteps of the chairman and founder of Dangote Group. The recent inauguration of Dangote’s massive refinery in Lagos has evidently fueled Rabiu’s ambitions, leading to the initiation of the construction of his own refinery in Akwa Ibom state. The lady highlighted that BUA is actively constructing a 200,000 barrels per day (pd) Oil Refinery in Akwa Ibom State, with the goal of producing petroleum products not only for Nigeria but for the broader African market. According to her, the BUA Refinery is anticipated to commence production in 2024. In her words; “Nawa. BUA / its owner Abdul Rabiu just dey track dey follow Dangote/ Aliko Dangote back to back… in every area of his endeavor. Now BUA is building a 200,000 pd Oil Refinery on Akwa Ibom State… to produce Petroleum products for Nigeria and Africa. I understand the BUA Refinery is going live for production in 2024. I like the competition though…for the market.” See below;

"The competition is tough" - Lady leaks secret as another billionaire, after Dangote, begins his refinery

“Na lie, work never finish” — Dangote Refinery workers (Video)

"Na lie, work never finish" — Dangote Refinery workers say, call Nigeria 'scam'

“Na lie, work never finish” — Dangote Refinery workers say, call Nigeria ‘scam’ Some workers at the recently commissioned Dangote Refinery allege that the claim regarding the completion of the refinery is false and a blatant lie. A video making the rounds on social media captured the moment two construction workers at the Dangote refinery declared the state of operations on the Billions of dollars project. dangote refineryArial view of Dangote’s Refinery It is worth noting that the ex-president of Nigeria, Muhammadu Buhari had in May commissioned the 650,000 barrels per day refinery located at the Lekki free zone near Lagos. The development raised hopes of it being operational to curb the hardship facing Nigerians following the removal of fuel subsidy by President Tinubu. However, in the video making rounds on social media, some construction workers at a section of the Dangote Refinery alleged that it is incomplete. One of the workers further stated that Nigeria is a scam for selling out lies about the completion of the project.

One of the workers at Dangote’s Refinery alleges that work is still ongoing and not completed as claimed. Credit: DamiAdenuga / Twitter. “This one wey dey here now na Dangote Refinery dem dey work. Shey you dey see am,” a voice in the background said. Another interrupted, “Na lie, na lie; work never finish. Nigeria na scam.” Watch the video below … Na lie, work never finish. Nigeria na scam – Workers at Dangote Refinery pic.twitter.com/Mag1BuXeyx — Dami’ Adenuga (@DAMIADENUGA) July 3, 2023

Tinubu meets Bill Gates, Dangote in Presidential Villa, set to attend Summit for Financial pact in Paris

Tinubu meets Bill Gates, Dangote in Presidential Villa, set to attend Summit for Financial pact in Paris

President Bola Tinubu on Monday met with the co-founder of Microsoft, Bill Gates, and the chairman of the Dangote Group, Aliko Dangote at the Presidential Villa in Abuja. Tinubu is also expected to leave Nigeria on Tuesday, to join world leaders in Paris, France on Thursday, to review and sign a New Global Financial Pact that places vulnerable countries on a priority list for support and investment, following the devastating impact of climate change, energy crisis, and after effect of the COVID-19 pandemic.

Tinubu meets Bill Gates, Dangote in Presidential Villa, set to attend Summit for Financial pact in Paris

President Bola Tinubu Tinubu’s meeting with Bill Gate and Dangote was disclosed by his media aide, Dayo Olusegun, via his Twitter handle. According to Olusegun: “Mr @BillGates, co-chair of the Bill and Melinda Gates Foundation and founder of Microsoft has arrived the Presidential Villa with Alhaji @AlikoDangote to see President Bola Ahmed Tinubu (GCFR).” The Special Adviser to the President on Special Duties, Communication and Strategy, Dele Alake also issued a statement, stating that the President will participate in the two-day Summit, June 22 and 23, that looks at opportunities to restore fiscal space to countries that face difficult short-term financial challenges, especially the most indebted; mobilize innovative financing for countries vulnerable to climate change; foster development in low-income countries, and encourage investment in “green” infrastructure for the energy transition in emerging and developing economies. President Tinubu and the other global leaders, multilateral institutions, financial experts and economists will take a more holistic look at the recovery of economies from the impact of the COVID-19 pandemic, and rising cases of poverty, with a view to providing access to finance and investment that will leverage inclusive growth. The Summit, which will be hosted by President Emmanuel Macron of France, will be held at Palais Brongniart. The President will be accompanied by members of the Presidential Policy Advisory Council and senior government officials. He will return to Abuja on Saturday.

Dangote becomes 75th richest man in the world, makes N354.8bn in 24 hours

Dangote becomes 75th richest man in the world, makes N354.8bn in 24 hours

Nigerian business mogul, Aliko Dangote has become the 75th richest man in the world after making N354.8 billion in 24 hours. Aliko Dangote who is known for being the richest man in Africa has made another achievement after making a whooping N354.8 billion in the space of 24 hours.

Dangote becomes 75th richest man in the world, makes N354.8bn in 24 hours

Dangote becomes the 75th richest man in the world. Photo credit: Aliko Dangote. Source: Google About a week ago, Dangote was ranked in the 80th position of the richest man in the world after he made N460BN in 24 hours and in the process, overtook two Russians, one Chinese, and an Indian on the billionaires’ list. Bloomberg Billionaire Index reported last week that Dangote has maintained his position as the richest man in Africa for 12 consecutive years, with a net worth of $19.7 billion. The fortune came from increased demand for Dangote Cement in Africa and it created an opportunity not only to fatten his account by $100 million but displace fellow billionaires. After President Bola Tinubu was officially sworn in, there was a hike in the Nigeria Stock Exchange. This made the shares of Dangote Cement traded at N290 on Tuesday, May 30, 2023, following investors’ positive sentiments. Uche Madubuogu, a financial analyst and banker, told Legit.ng that the Dangote Refinery could catapult him among the top 20 wealthiest men on earth.

Dangote becomes 75th richest man in the world, makes N354.8bn in 24 hours

Aliko Dangote refinery, Photo credit: Google. Source: Google Madubuogu said: “We will not be shocked to see his wealth surge when the refinery begins to ship products by August.” The financial analyst and banker, Madubuogu added that the refinery of Dangote which was recently launched holds an enormous promise to revitalize the Nigerian energy industry, especially the petrol import problem Nigeria has faced. “It will help Nigeria reduce dependence on imported petroleum drops. It might help eliminate petrol import,” he said.

“Dangote came to Lagos empty handed 45 years ago”

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Lagos State Governor,Babajide Sanwo-Olu has said that buinessman Dangote came to the State emphy handed but now a the richest man in Africa. Babajide Samwo-Olu made this statement while speaking at the commissioning of Dangote Refinery and Petrochemicals, the world’s largest single-train refinery in Ibeju-Lekki, Lagos.

Sanwo-olu praises Dangote for being the wealthiest man Photo credit: Sanwo-Olu Source: Instagram “Dangote came to Lagos with nothing about 45 years ago, but he is now Africa’s richest man”. According to Sanwo-Olu, Dangote has  contributed alot in the Stae and has invested in the prosperity of the state and Nigeria. This comment from the Lagos State Governor after entrepreneur and businessman Dangote thanked Lagos State government and President Elect, H.E Asiwaju Bola Ahmed Tinubu for establishing the Lekki Free Zone and ensuring the successful execution of the project.

“Expect jobs” – Aliko Dangote lists the benefits of his refinery on Nigerian economy, launch date set

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Dangote

Africa’s richest man, Aliko Dangote, has spoken out about the positive impact of his new oil refinery on Nigeria’s economy. Dangote, the founder of Dangote Group, was interviewed by the Economist Magazine’s ‘The World Ahead 2023’, where he discussed the potential of the refinery that is set to be commissioned on May 22, 2023.

Aliko dangote

The Dangote Oil Refinery, which is located in the Lekki Free Trade Zone in Lagos, is one of the largest oil refineries in the world, with the capacity to refine up to 650,000 barrels of crude oil per day. According to Dangote, the refinery will reduce Nigeria’s dependence on imported fuel and save the country billions of dollars in foreign exchange. In the interview, Dangote emphasized the economic benefits of the refinery, stating that it will create thousands of jobs and stimulate economic growth in the region. He also highlighted the impact on Nigeria’s petrochemical industry, as the refinery will produce essential components for the manufacturing of plastics. “The refinery will create a lot of jobs. When you look at the entire value chain, from the upstream to the downstream, we’re talking about almost a million jobs,” Dangote said. “We are also producing polypropylene and polyethylene, which are essential components in the manufacturing of plastics. So we will be supplying to the petrochemical industry in Nigeria.” The news of the launch of the Dangote Oil Refinery in Nigeria has generated mixed reactions from people across the country. While some have expressed optimism about the potential economic benefits of the refinery, others have raised concerns about the impact it may have on the environment and the country’s existing oil industry. In a comment made to the media, a spokesperson for the Nigerian Labour Congress (NLC) praised the refinery as a welcome development for the country. “The Dangote Oil Refinery will not only create thousands of jobs for Nigerians, but it will also help to reduce the country’s reliance on imported fuel, which will save the government a significant amount of money,” he said. Similarly, a business owner in Lagos expressed his excitement about the launch of the refinery. “This is a game-changer for Nigeria,” he said. “The Dangote Oil Refinery will help to boost local production and create opportunities for Nigerian businesses to grow and expand.” However, some environmental activists have raised concerns about the impact the refinery may have on the environment. “The Dangote Oil Refinery is a massive project that will consume a lot of natural resources and produce a significant amount of waste,” said one activist. “We need to ensure that the environmental impact of the refinery is properly managed to avoid any negative consequences for the local communities and the wider environment.” Meanwhile, some critics have expressed concern that the Dangote Oil Refinery may undermine Nigeria’s existing oil industry, which has already been struggling in recent years. “The launch of the Dangote Oil Refinery may put additional pressure on the country’s existing oil industry, which is already facing significant challenges,” said one analyst.” “We need to ensure that the benefits of the new refinery are balanced against any negative consequences it may have for the country’s economy and energy sector.” Despite these concerns, many Nigerians remain optimistic about the potential benefits of the Dangote Oil Refinery. As the refinery prepares to launch later this year, it remains to be seen how it will impact the country’s economy and energy sector in the years to come.

“Why Aliko Dangote buys 2 cars every 8 years”

"Why Aliko Dangote buys 2 cars every 8 years"

Nigerian superstar Davido has revealed why Africa’s richest man, Aliko Dangote buys two cars every eight years. During an interview with Forbes, the Afropop Superstar Davido revealed that the business mogul. Aliko Dangote buys two cars every eight because his practice of financial discipline also controls impulsive spending, which also saves money.

davido

Davido said, “Uncle Aliko Dangote is a very different kind of billionaire. Uncle Aliko buys like two cars every eight years. He’s a very disciplined and very different kind of billionaire. “Every time I see him, he just says one thing, ‘Save your money!’. There’s nothing more he tells me, every time save your money. He and my dad have been very close friends. “And he [Dangote] has done well for us [Nigerians] back home. He made us a lot of industries. He just opened the biggest factory in Africa. That’s providing jobs.”

Aliko Dangote set to acquire French football club

Aliko Dangote set to acquire French football club

Aliko Dangote set to acquire French football club

Nigerian business mogul and richest man in Africa, Aliko Dangote is reportedly close to buying Valenciennes, a team in the French Ligue 2. According to French media reports, the CEO of the Dangote Group is about to buy a 60 percent stake in the team.

Aliko Dangote

The Dangote Group which is the largest industrial conglomerate in Africa, had previously expressed interest in buying Premier League team Arsenal, but the deal was unsuccessful. Valenciennes was founded in 1913, and it currently holds its home games at the Stade du Hainaut. The team has competed in Ligue 1 for 40 seasons and Ligue 2 for 36 and have won the Ligue 2 championship twice but have never won the Ligue 1 championship.

Dangote rakes in N460BN in 24 hours, overtakes 4 billionaires

Dangote rakes in N460BN in 24 hours, overtakes 4 billionaires

Dangote raked in N460BN in 24 hours and in the process, overtook two Russians, one Chinese, and an Indian on the billionaires’ list. Aliko Dangote According to the Bloomberg Billionaire Index on Monday, 20th of March 2023, Africa’s richest man and Chairman of Dangote Group have remained Africa’s richest man for 12 consecutive years, with a net worth of $19.7 billion. The fortune came from increased demand for Dangote Cement in Africa and it created an opportunity not only to fatten his account by $100 million but displace fellow billionaires. Dangote maintains a majority share at his Cement company, following the company’s announcement of a significant share buyback two weeks ago. He is ranked 83rd on the billionaire index, ahead of two Russians, Alexey Mordashov and Alisher Usmanov.