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Nigerian billionaires, Dangote, Adenuga, Rabiu, are Forbes African top three richest men in 2022

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Despite the depreciating fortunes of businesses worldwide occasioned by the outbreak of the Coronavirus and the Russia-Ukraine war impacting on economy the world over, Nigerian billionaires, Aliko Dangote, Mike Adenuga and Abdulsamad Rabiu, improved their rankings in the latest Forbes World’s Billionaire List, becoming Africa’s top three richest men.

In the African top 10 list released on Friday by Forbes which compiles the fortunes of the richest people in the world, Dangote, the President of Dangote Group, maintains his position as Africa’s richest man, seeing his wealth increase from $11.5 billion in 2021, to $14 billion in 2022.

Coming in second is the Chairman of Nigeria’s indigenous telecommunications outfit, Globacom, Mike Adenuga, who grew his wealth from $6.1 billion in 2021 to $7.3 billion in 2022.

Chairman of BUA Group, Alhaji Abdulsamad Rabiu, picked the third spot on the list with his fortunes improving from $4.9 billion to $6.9 billion in the period under review.

According to the magazine, the feat by the Nigerian billionaires was achieved “despite rising prices across the world which have been ignited by the aftershocks of the Covid pandemic and the recent Russia-Ukraine war” which has affected businesses in a lot of ways.

Due to the impacts of the pandemic and the war, Forbes said there are now 2,668 of the richest people on earth in 2022, 87 fewer than a year ago with a collective wealth of $12.7 trillion, $400 billion less than in 2021.

Forbes noted that war, pandemic and sluggish markets were the biggest hits on 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,” Forbes wrote.

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Nigeria’s central bank governor, Godwin Emefiele suspended by President Tinubu

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Nigerian president, Bola Tinubu has suspended the country’s central bank governor, Godwin Emefiele.

The office of the Secretary to the Government of the Federation announced the suspension of the Central Bank of Nigeria (CBN) head on Friday evening.

The director of information at the SGF office, Willie Bassey, in a statement, said the suspension was with immediate effect.

The CBN under Emefiele announced new designs of the N200, N500, and N1,000 notes in December. The implementation of the policy was however controversial as it launched an era of cash scarcity which some observers say was targeted at then ruling party’s candidate, Bola Tinubu, and some believe limited his chances.

Tinubu has signalled going in a different direction. During his inauguration speech, he pledged to pursue unification of the exchange rate windows and backed ease of repatriation of funds for foreign investors, policies that have not been favoured by the CBN under Emefiele.

Former president Muhammadu Buhari reappointed Emiefele for a second and final term of five years in 2019. He was appointed by former President Goodluck Jonathan in February 2014, hours after he announced the suspension of his predecessor, Sanusi Lamido.

He was the managing director of top Nigerian bank, Zenith Bank before his appointment .

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Ghana records 32% increase in gold production in 2022

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West African country, Ghana has returned to top of gold production on the continent after displacing South Africa following a 32% increase in 2022.

According to the president of the mines chamber, gold output rose to 3.7 million ounces in 2022 from 2.8 million ounces the previous year, as a result of growth in the output of both large and small-scale sectors.

Joshua Mortoti, while addressing members of the Ghana Chamber of Mines at an annual general meeting revealed that “The large-scale gold sub-sector recorded its highest output in the country’s history in 2022.”

He further revealed that the expansion of production at existing mines facilitated the large-scale sector’s gold output up by 13% to 3.1 million ounces last year from 2.7 million ounces in 2021.

Over 77,620 ounces of gold were sold in 2022 under the Domestic Gold Purchase Programme, a scheme launched by the Bank of Ghana to boost reserves.

Mining is a major economic activity in Ghana and a key contributor to the Ghanaian economy. Gold mining accounted for 48.4% of gross merchandise exports in 2020.

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