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Wealthy Nigerians Invested $1 Billion in Citizenship Overseas in 2020 Alone

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Wealthy Nigerians are Buying Foreign Citizenship at an Alarming Rate

The total amount spent on acquiring foreign citizenship by wealthy Nigerians in 2020 has been estimated at $1 billion, according to a number of citizenship advisory firms.

One of the world’s largest citizenship advisory firms, Henley and Partners, said applications from wealthy Nigerians jumped by 185 percent in the eight months to September 2020, making applications from Africa’s most populous nation the second-largest after Indians.

Paddy Blewer, the head of marketing, Henley and Partners, said more than 1,000 Nigerians have inquired about citizenship of another nation through the company this year alone, saying “is unheard of. We’ve never had this many people contacting us”.

St Kitts and Nevis CitizenshipDespite the cost of citizenship by investment costing almost $1 million, wealthy Nigerians like Dapo, interviewed by Aljazeera, said it is a backup plan for getting out of Nigeria at any time.

He said “I have Maltese citizenship. I can leave for there any time.” Maltese citizenship he acquired at a minimum investment of 800,000 euros or $947,180 through the Malta Citizenship by Investment Programme.

Another wealthy Nigerian, that preferred to be called Bimpe, said she has three passports, one Nigerian passport, which she said she really never uses and the two others from Caribbean nations: St Kitts and Nevis and Grenada have been her saving grace as she can now travel between London and New York for business as St Kitts and Nevis passport, which cost her US$400,000 in real estate investment programme, allows visa-free travel through the UK and Europe.

Bimpe, who has now retired in Abuja, with three adult sons said she wants her kids to have the same opportunities to live and travel the world without restrictions imposed on a Nigerian passport.

She said “My kids were interested in visa-free travel. They are young graduates, wanting to explore the world. So that was the reason for my investment.

She spent US$300,000 on investment in the Six Senses La Sagesse hotel to acquire the Grenada passport, which she bought in 2015 through a proper development group advertised across Nigerian top websites by Range Developments.

Range Developments has been running adverts on BusinessDay for several months this year, and as at the moment, the company has extended the adverts (sponsored posts) to ThisDay Newspaper and Nairametrics.

Grenada CitizenshipMohammed Asaria, the Founder and Managing Director, Range Developments, said Nigeria is a huge market for his business given its growing population which he estimated at just under 300 million.

He said “We have between high single figures and low double-digit sales of hotel units on a monthly basis to Nigerians. The average investment is just under $300,000,” says Asaria. “It’s a big market for us. And it’s going to get bigger. There are 300 million people [in Nigeria].

Knight Frank Wealth Report puts the total number of Nigerian millionaires, the supposed potential customers, for the golden visas at about 40,000.

Nestor Alfred, CEO of the St Lucia Citizenship-by-Investment Unit, said St Lucia, has seen a surge in the number of Nigerian applications in 2020. “It’s more than it’s ever been over the past four years.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Aliko Dangote Remains Africa’s Richest Man With $12.1 Billion Net Worth -Forbes

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Aliko Dangote Remains Africa’s Richest Man With $12.1 Billion Net Worth -Forbes

Nigerian industrialist, Aliko Dangote, is Africa’s richest person for the tenth year in a row.

In the Forbes Africa latest billionaires list, Dangote’s total net worth stood at $12.1 billion, a $2 billion increment when compared to last year. Thanks to the 30 percent increase in the price of Dangote Cement share.

Nassef Sawiris of Egypt followed Dangote with $8.5 billion net worth with the majority of his investments coming from construction and other investments.

In third place was Nicky Oppenheimer of South Africa with an $8 billion total net worth.

Mike Adenuga and Abdulsamad Rabio, the two Nigerians, came fifth and sixth with $6.3 billion and $5.5 billion net worth, respectively.Forbes Africa's billionaires list

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Portland Paints, Chemical and Allied Products Plc Agreed to Merge

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Portland Paints, Chemical and Allied Products Plc Agreed to Merge

Portland Paints and Products Nigeria Plc and Chemical and Allied Products Plc have agreed to merge, according to the latest statement from both companies.

In a statement released through the Nigerian Stock Exchange, the Board of Directors of CAP said we are “pleased to inform you that following discussions and negotiations, the Boards of CAP and Portland Paints have reached an agreement to undertake a merger between both entities (the “Merger” or the “Proposed Merger”).

Accordingly, we “hereby present to you the terms and benefits of the Proposed Merger for your consideration and seek your support and approval to effect the Proposed Merger.

“The Proposed Merger presents a compelling opportunity to create significant value for shareholders of CAP and achieve the company’s strategic growth objectives as a larger company with a broader product portfolio, more corporate owned brands and diversified revenues.

“The resultant entity is also expected to benefit from enhanced distribution capabilities in addition to economies of scale and operational efficiencies.”

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Tony Elumelu Acquires Shell, Total, ENI Stakes in OML 17

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Tony Elumelu Acquires Shell, Total, ENI Stakes in OML 17

Tony Elumelu owned Heir Holdings Limited and its related company Transnational Corporation of Nigeria Plc on Friday announced it has completed the purchase of 45 percent stake in Oil Mining Lease (OML 17) through TNOG Oil and Gas Limited.

The acquisition includes all assets of Shell Petroleum Development Company of Nigeria Limited (30 Percent), Total E&P Nigeria Ltd (10 percent) and ENI (five percent) — in the lease.

It was further stated that TNOG Oil and Gas Limited will also have the sole right to operate OML 17.

The field presently has a production capacity of 27,000 barrels per day. Also, there are estimated 2P reserves (proven and probable) of 1.2 billion barrels and an additional one billion barrels in possible reserves — all of oil equivalent.

A consortium of global and regional banks and investors provided a financing component of $1.1 billion for the largest oil and gas financing in Africa in over a decade.

In a statement released on Friday, Shell said the completion was after all the necessary approvals have were received from authorities.

“A total of $453m was paid at completion with the balance to be paid over an agreed period. SPDC will retain its interest in the Port Harcourt Industrial and Residential Areas, which fall within the lease area,” the SPDC said.

Speaking after the completion of the deal, Elumelu said “We have a very clear vision: creating Africa’s first integrated energy multinational, a global quality business, uniquely focused on Africa and Africa’s energy needs. The acquisition of such a high-quality asset, with significant potential for further growth, is a strong statement of our confidence in Nigeria, the Nigerian oil and gas sector and a tribute to the extremely high-quality management team that we have assembled.

“As a Nigerian, and more particularly an indigene of the Niger Delta region, I understand well our responsibilities that come with stewardship of the asset, our engagement with communities and the strategic importance of the oil and gas sector in Nigeria. We see significant benefits from integrating our production, with our ability to power Nigeria, through Transcorp, and deliver value across the energy value chain.

“I would like to thank Shell, Total and ENI, for the professionalism of the process, the Federal Government of Nigeria, the Ministry of Petroleum Resources, and the NNPC for the confidence they have placed in us.”

Tony Elumelu is the Chairman of Heirs Holdings Limited, Transcorp and United Bank for Africa Plc.

Also, read Transcorp Plc Acquires FGN’s 100% Equity in Afam Power for N105 Billion

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