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Nigeria: Forbes puts Dangote, Adenuga, Abdulsamad, Otedola’s combined net worth at $26 billion

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In the latest publication of wealth measurement across the globe, Forbes Magazine has listed businessmen Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu and Femi Otedola, as the top richest Nigerians in 2024.

The four Nigerians are heads of leading conglomerates; the President/Chief Executive of the Dangote Group; BUA Group Chairman, Globacom boss, and the Executive Chairman of Geregu Power PLC.

According to the Forbes Real-Time Billionaires report, which was published on Tuesday, the combined wealth of the top three businessmen in Nigeria decreased somewhat by 11.23% to $25.3 billion. The amount was $3.2 billion less than the $28.5 billion the corporate moguls reported in 2023.

According to a breakdown, the Dangote group founder’s wealth dropped from $14.2 billion in 2023 to $13.4 billion. While Adenuga’s fortune climbed from $6.1 billion to $6.7 billion in just one year, the chairman of the BUA group saw a slight decline in wealth as well, from $8.2 billion in 2023 to $5.2 billion in 2024.

With a $1.4 billion total net worth, Nigerian business tycoon Otedola was announced as the newest member of the billionaire list.

Dangote was billed as the richest Black man in the world and the richest man in Africa when he was included at number 144 on the list. His economic empire, the Dangote Group, is the most valuable conglomerate in West Africa and one of the biggest employers in the private sector in Nigeria.

Adenuga, a Nigerian billionaire businessman, is listed at number 409 on Forbes’ list. His company, Globacom, is the country’s second-largest telecom provider, with operations in Ghana and the Benin Republic. He has stock in Conoil, an oil exploration company. In 2024, Forbes projected his net worth to be $6.7 billion.

Founder and chairman of BUA Group, a Nigerian conglomerate focused on manufacturing, infrastructure, and agriculture with turnover exceeding $2.5 billion, Rabiu is a millionaire businessman and philanthropist from Nigeria. He was placed 581st on the Forbes list.

Otedola is the executive chairman of Geregu Power Plc and a philanthropist and businessman from Nigeria. He has a $1.4 billion net worth and is ranked 2,152. In addition to founding Zenon Petroleum and Gas Limited, he is the proprietor of numerous other companies in the financial, real estate, and shipping industries. As part of Nigeria’s industry liberalization, he just invested in the production of electricity.

Globally, there are 2,781 individual billionaires, according to Forbes. It declared 2024 to be the year of the world’s billionaires, whose wealth keeps rising as stock markets around the world ignore conflict, political turmoil, and persistent inflation.

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Musings From Abroad

China’s Hailiang, Shinzoom to establish vehicle battery installations in Morocco

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Hailiang and Shinzoom, Chinese car battery makers, will establish two separate operations in Morocco as the country strives to adapt its burgeoning automotive sector to rising demand for electric vehicles, Moroccan officials announced on Tuesday.

Tanger Tech, the Moroccan northern industrial zone’s development authority, said Hailiang intends to establish a $450 million copper facility on a 30-hectare plot of land. Shinzoom, a subsidiary of Hunan Zhongke, plans to invest $460 million in an anode plant spanning 20 hectares, according to a statement.

In April, the Moroccan government approved Chinese electric battery company BTR New Material Group (835185.BJE)’s plans to build a factory in Tangier to manufacture crucial component cathodes.

Another Chinese firm, CNGR Advanced Material (300919.SZ), plans to develop a cathode plant in Jorf Lasfar, 100 miles south of Casablanca, where the government has set aside 283 hectares for electric battery sectors.

Last year, the Moroccan government and China’s Gotion agreed to examine establishing an electric vehicle battery plant in the country, with a potential investment of up to $6.3 billion. Last month, Industry Minister Ryad Mezzour told Reuters that the Gotion project was moving forward, with conversations over its footprint and location.

Morocco’s strategic location on the Strait of Gibraltar, free trade agreements with important EU and US markets, and existing automotive sector cluster all attract Chinese enterprises.

In 2023, the automotive sector topped Morocco’s industrial exports with $14 billion, a 27% increase. Morocco is home to Stellantis (STLAM.MI) and Renault (RENA.PA) production factories with an annual combined capacity of 700,000 automobiles, as well as a network of local suppliers.

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Musings From Abroad

Prince Harry, Meghan treated to street-style dances in Nigeria as their trip winds down

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On Sunday, Prince Harry and his wife Meghan were treated to street-style dances in Lagos, Nigeria’s commercial capital, where they announced a partnership between their Archewell Foundation and the non-profit Giants of Africa, which utilizes sports to empower young people.

The Duke and Duchess of Sussex are making their first visit to Nigeria, where they were welcomed by the country’s chief of defence staff. The couple watched basketball practice at Ilupeju Senior Grammar School on Lagos Mainland, where Harry participated in ball-bouncing drills and shot a hoop.

“What you guys are doing here at Giants of Africa is truly amazing,” he said. “The power of sport can change lives. It brings people together and creates community and there are no barriers, which is the most important thing.”

The couple watched basketball practice at Ilupeju Senior Grammar School on Lagos Mainland, and Harry stepped on the court for some ball-bouncing drills and to shoot a hoop.

Former Toronto Raptors star Masai Ujiri, president of Giants of Africa, wished Meghan a happy Mother’s Day and said his organization was uniting communities and uplifting young people through sport, especially. Archewell Foundation and Giants of Africa will construct a basketball court in Nigeria’s capital Abuja.

“Talk about full circle again – never did I think we would be able to be here all those years later supporting the expansion of this incredible organization,” she said.
Harry and Meghan were set to round off their Lagos trip by attending a reception for a local charity. The couple live in the United States with their two children after Harry gave up working as a member of the royal family in 2020.

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