- Dangote Emerges Africa’s Wealthiest Man for 9th Time
Despite the total net worth of Aliko Dangote, the Chairman of Dangote Group, decreasing by $200 million in one year, Dangote emerged Africa’s richest man for the ninth consecutive year.
The net worth of the richest black man alive dropped from $10.3 billion to $10.1 billion during the period under review. However, Forbes, an American media company that ranks billionaires, attributed the slightly decline to drop in stock price of Dangote Cement.
Mike Adenuga, Nigerian billionaire with stakes in telecom, Globalcom, Conoil and real estate, came third with a net worth of $7.7 billion. Adenuga shared the third position with Nicky Oppenheimer, a South African.
In eight position was the owner of BUA Cement Plc, Abdulsamad Rabiu. Rabiu with 98.5 percent stakes in BUA Cement Plc recently merged his privately owned Obu Cement company with Cement Company of Northern Nigeria.
Folorunsho Alakija, the Vice Chair of Nigeria’s Famfa Oil, was ranked 20th billionaire in Africa with a net worth of $1 billion. Isabel dos Santos, the eldest daughter of Angola’s former president was the second woman on the list with a net worth of $2.2 billion, down from $2.3 billion a year ago.
According to Forbes, out of the eight African countries that have billionaires, South Africa came first with five billionaires, while Nigeria closely trailed South Africa with four billionaires.
In total, the 20 billionaires have combined net worth of $73.4 billion, up from $68.7 billion a year ago.
Explaining the ranking metrics, Forbes said: “Our list tracks the wealth of African billionaires who reside in Africa or have their primary businesses there… We calculated net worth using stock prices and currency exchange rates from the close of business on Friday, January 10, 2020.”
Flour Mills of Nigeria Repays N51.64 Billion Series 2 Commercial Paper
Flour Mills of Nigeria Plc (FMN) has successfully repaid its N51.64 billion Series 2 Commercial Paper as revealed in a statement issued by the company.
This follows the earlier repayment of its N13.33 billion Series 1 Commercial Paper in August 2023.
Both the Series 1 and Series 2 Commercial Papers, totaling N64.97 billion, were initially issued on February 22, 2023, under FMN’s N200 billion Commercial Paper Programme.
The Series 1, with a yield of 13.0%, raised N13.3 billion, while the Series 2, with a yield of 14.0%, raised N51.64 billion.
FMN had launched its N200 billion Commercial Paper Programme on February 10, 2023, reflecting the company’s strategic financial planning.
The Group Chief Finance Officer, Mr. Anders Kristiansson, expressed satisfaction with the timely and successful repayment of the Series 2 Commercial Paper.
He emphasized FMN’s commitment to financial prudence and acknowledged the confidence placed in the organization by the investing public.
Kristiansson expressed gratitude to stakeholders for their continuous support, reiterating FMN’s dedication to delivering sustainable value and upholding the highest standards of corporate governance.
In addition to the successful repayment, FMN tapped into the market for its Series 3 Commercial Paper in June 2023, with subscriptions from banks and Pension Fund Administrators, contributing 39.7% and 40.8%, respectively.
The transaction was managed by FBNQuest Merchant Bank Limited as the Lead Arranger, with ChapelHill Denham Advisory Limited, FCMB Capital Limited, and United Capital PLC serving as Joint Arrangers.
African Airlines Projected to Cut Losses to $400m in 2024, Says IATA
The International Air Transport Association (IATA) has forecasted a reduction in losses for Nigerian and other African airlines from $500 million in 2023 to $400 million in 2024.
The Switzerland-based IATA made this projection while presenting the global airline industry outlook in Geneva, Switzerland, on Wednesday.
IATA’s Director-General, Willie Walsh, shared the outlook, stating that global airlines are expected to generate approximately $964 billion in revenue in the coming year.
The report indicated that airline industry net profits are anticipated to reach $25.7 billion in 2024, reflecting a slight improvement over the projected $23.3 billion net profit for 2023.
Despite the challenges faced by the aviation industry in recent years, IATA sees the $25.7 billion net profit in 2024 as a testament to aviation’s resilience.
Walsh acknowledged the impressive speed of recovery but emphasized that the net profit margin of 2.7% remains below industry expectations.
IATA estimates that around 4.7 billion people will travel in 2024, surpassing the pre-pandemic level of 4.5 billion recorded in 2019.
However, Walsh highlighted ongoing challenges, including regulatory burdens, fragmentation, high infrastructure costs, and a supply chain populated with uncertainties.
He emphasized the need for the industry to build a resilient future, given its significant contribution to global GDP and livelihoods.
Fuel prices are expected to average $113.8 per barrel in 2024, accounting for 31% of all operating costs, totaling $281 billion.
Walsh concluded by expressing optimism about more normal growth patterns for both passenger and cargo in the post-pandemic era.
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