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

Published

3 years ago

April 9, 2022

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.

Related Topics:Aliko Dangote Billionaires Featured Forbes

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Nigeria’s Dangote Refinery exports first fuel to Cameroon

Published

2 days ago

December 12, 2024

Ifeoluwa Dada

The Dangote Refinery in Nigeria said on Wednesday that it had exported its first petrol to Cameroon, marking a significant milestone that may help stabilise gasoline costs throughout the region and open the door for regional energy integration.

When fully operational, Nigerian billionaire Aliko Dangote’s 650,000-barrel refinery in Lagos is intended to alter the trade of refined products in the Atlantic basin and compete with refineries in Europe.

According to a statement by Neptune Oil, an energy company based in Cameroon, both businesses were looking into new projects to create a dependable supply chain that would assist in stabilising fuel costs and opportunities throughout the area.

According to Neptune Oil, there were no middlemen involved in the petrol delivery deal.

It is anticipated that the refinery’s operations will spur growth in the upstream, midstream, and downstream sectors, increasing investments in cement manufacture, plastic and rubber production, chemical and pharmaceutical goods, and oil refining.

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Egypt’s November inflation drops to 25.5%, near 2-year low

Published

3 days ago

December 11, 2024

Ifeoluwa Dada

According to figures released Tuesday by statistics agency CAPMAS, Egypt’s annual urban consumer price inflation rate fell more than anticipated to 25.5% in November, the lowest level since December 2022.

Following the Russian invasion of Ukraine, which caused international investors to pull billions of dollars out of Egyptian treasury markets, inflation started to rise sharply in early 2022.

In September 2023, headline inflation reached a record high of 38.0%. It dropped to 26.5% by October 2024.

In a Reuters survey last month, 15 economists’ consensus prediction was for annual inflation to gradually decline to 26.4%.

According to CAPMAS statistics, headline inflation decreased from 1.1% in October to 0.5% in November every month.

Compared to October, when they fell 1.1%, food costs fell 2.8% over the month, making them 23.3% more than they were a year ago.

An increase in the money supply has been a major contributor to inflation. According to central bank data, Egypt’s M2 money supply increased by 29.54% in October compared to the same month last year.