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Dangote Emerged As the Only Nigerian On Bloomberg’s Top Billionaires’ List

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Dangote

Africa’s richest man, Aliko Dangote, has significantly moved up in the World billionaires’ list as his fortune increased to $17.8 billion as against last year’s $14.8 billion to emerge as the only Nigerian in Bloomberg’s yearly top billionaire lists.

Other Africans on the list are three South Africans. They are Johann Rupert and his family, worth $10.1 billion; Nicky Oppenheimer with a worth of $7.80 billion and Natie Kirsh who is reputed to be worth $7.15 billion. Nassef Sawiris from Egypt is also among African billionaires with a worth of $6.93 billion.

The Bloomberg Billionaires Index is a daily ranking of the world’s richest people. In calculating net worth, Bloomberg News strives to provide the most transparent calculations available, and each individual billionaire profile contains a detailed analysis of how that person’s fortune is tallied.

The index is a dynamic measure of personal wealth based on changes in markets, the economy and Bloomberg reporting. Each net worth figure is updated every business day after the close of trading in New York. Stakes in publicly traded companies are valued using the share’s most recent closing price. Valuations are converted to U.S. dollars at current exchange rates.

Dangote, who remains the richest man in Africa for the 8th year running, was the only Nigerian on the list of the top 120 billionaires, as released on Monday by Bloomberg in its yearly billionaires’ list.

Ellon Musk and Jeff Bezos are the richest in the world with $194 billion in their respective kitty while Bernard Arnault and Bill Gates followed respectively with $174 billion and $148 billion. Mark Zuckerberg was the fifth richest with $135 billion on the world’s billionaires’ chart.

Bloomberg is a global information and technology company, that connect decision makers to a dynamic network of data, people and ideas – “accurately delivering business and financial information, news and insights to customers around the world” Bloomberg L.P. provides financial software tools such as an analytics and equity trading platform, data services, and news to financial companies and organisations.

Dangote with his improved worth of $17.8 billion, controls Dangote Industries, a closely-held conglomerate. The Lagos, Nigeria-based company owns sub-Saharan Africa’s biggest cement producer, Dangote Cement. It also has interests in sugar, salt, fertilizer and packaged foods.

Aliko Dangote was also recently named as the sixth most charitable man in the World by Richtopia, a digital periodical that covers business, economics, and financial news, based in the United Kingdom. This recognition came after he endowed his foundation, the Aliko Dangote Foundation (ADF) to the tune of $1.25 billion.

Aliko Dangote started his Foundation in 1981, with a mission to enhance opportunities for social change through strategic investments that improve health and wellbeing, promote quality education, and broaden economic empowerment opportunities.

Aliko Dangote Foundation was, however, incorporated in 1994 as a charity in Lagos, Nigeria. Twenty years later, the Foundation has become the largest private Foundation in sub-Saharan Africa, with the largest endowment by a single African donor. The primary focus of the Aliko Dangote Foundation is health and nutrition, supported by wrap-around interventions in education, empowerment, and humanitarian relief.

Other Nigerian billionaires, including Mike Adenuga and Abdulsamad Rabiu, were missing on the list as their net worth fell short of American billionaire Buba Cathy, who placed 500th with a net worth of $5.83bn as estimated by Bloomberg.

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Abdulsamad Rabiu Makes N420.5 Billion in a Week After Listing BUA Foods

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Abdul Samad Rabiu

Billionaire industrialist and philanthropist, Abdulsamadu Isyaku Rabiu has realised N420.5 billion in profit since listing BUA Foods Plc on the Nigerian Exchange Limited (NGX) on Wednesday 5, January 2022.

BUA Foods Plc, an arm of BUA Group of companies, listed 18 billion ordinary shares at N40 a unit. As at the time of listing last week Wednesday, the company’s market capitalisation was N720 billion.

According to the company’s listing memorandum, Abdulsamadu Isyaku Rabiu’s stake in BUA Foods stood at 89.85 percent or 16,172,851,967 shares. Meaning, Mr Rabiu’s shares were worth N646,914,078,680 on January 5, 2022, when the company’s total valuation was N720 billion.

However, exactly a week later on Wednesday, January 12, 2022, the value of a unit share of BUA Foods rose by 65 percent from N40 to N66. This bolstered the market capitalisation of the newly listed company to N1.188 trillion.

While the value of Mr. Rabiu 16,172,851,967 shares or 89.85 percent stake in the company rose from N646,914,078,680 last week to N1,067,408,229,822 on Wednesday 12, January 2022. This represents a gain of N420,494,151,142 or 65 percent in one week.

Forbes estimated Mr. Rabiu to worth $4.5 billion and ranked him as the 574th wealthiest man alive. However, with BUA Foods listing and Mr. Rabiu’s 98 percent stake in BUA Cement with a market capitalisation of N2,319,708,253,110 or $5,616,727,005, using CBN N413 forex exchange rate. Mr. Rabiu’s 98 percent stake in BUA Cement is $5,504,392,465, and using the same CBN rate, his holding in BUA Foods is presently estimated at $2,584,523,559. Meaning, Abdulsamadu Isyaku Rabiu is now worth an estimated $8,088,916,024, making him the second richest man in Nigeria just after Alhaji Aliko Dangote and toppling Mike Adenuga, the founder of Globacom.

The other six shareholders, as of the day of listing, also gained 65 percent each. According to the shareholding structure of BUA Foods, Alhaji Abdulsamadu Isyaku Rabiu (Jnr) held 1,792,096,099 shares or 9.956 percent in the company. CardinalStone Trustees Limited and Kabiru Isyaku Rabiu hold 31,910,000 and 1,101,654 shares or 0.177 percent and 0.006 percent, respectively.

BUA Group Limited, BUA International Limited and BUA Industries Limited owned 971,475 or 0.005 percent, 583,372 or 0.003 percent and 485,433 or 0.003 percent, respectively.

BUA Foods Plc focuses on cultivating, processing, manufacturing, producing, mixing, packing, preserving, extracting, refining, importing, exporting, buying, selling, trading, and dealing in all kinds of foods, consumables, food materials or derivatives as well as raw materials for making all kinds of foods, food products and ingredients for making any kind of foods and consumables.

As at the day of listing, the capacity utilisation of the Company’s business divisions are as follows: Sugar Division 75 percent, Flour Division 84 percent, and Pasta Division 54 percent.

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Binance CEO Changpeng Zhao Net Worth Rivals Tech Giants, Amasses $96 Billion Excluding Crypto Holdings

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Changpeng Zhao, Binance CEO

Early cryptocurrency believers and investors are now rivaling tech giants in net worth, Changepeng Zhao, the CEO and Founder of Binance, the world’s largest cryptocurrency exchange platform now worth an estimated $96 billion excluding his private cryptocurrency holdings, according to a Bloomberg report released on Sunday.

The world’s most prominent cryptocurrency personality, Zhao is closing in on Mark Zuckerberg, Larry Page and Sergey Brin, three of the world’s leading tech billionaires. At $96 billion, Zhao is richer than Mukesh Ambani, Asia’s richest person and could worth more if private cryptocurrency holdings are factored in.

“Zhao’s fortune could be significantly larger, as the wealth estimate doesn’t take into account his personal crypto holdings, which include Bitcoin and his firm’s own token. The so-called Binance Coin surged roughly 1,300% last year,” the report noted.

Zhao, 44, founded Binance in China before it was banned amid a series of regulatory probes. Presently, the U.S. Department of Justice and Internal Revenue Service are investigating whether Zhao controlled Binance Holdings Ltd., is involved in money laundering and tax evasion.

In 2021, Binance realised about $20 billion in revenue, going by Bloomberg estimates of the company’s trading volume and fees. To put things in perspective, that is triple of what Wall Street experts are projecting that the newly listed Coinbase Global Inc., valued at $50 billion will generate in 2021.

“Coinbase might appear to be the 800-pound gorilla from a U.S. perspective, but Binance is significantly bigger,” said Chris Brendler analyst with DA Davidson & Co.

At a Bloomberg New Economy Forum held in Singapore, Zhao revealed some of the company’s numbers. He said Binance, at some point, has done $170 billion in transactions in 24 hours and on a slow day, does about $40 billion.

The report assumed Zhao’s stake in Binance is about 90 percent. However, Zhao declined to comment and disputed the accuracy of Bloomberg estimates.

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Elon Musk Kickstarts 2022 With $33.8 Billion Gain

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elon musk

The world’s richest man and CEO of Tesla Inc, Elon Musk has already made $33.8 billion this year, according to the latest Bloomberg Billionaire Index.

Musk’s total net worth rose by $33.8 billion to $304 billion on the back of soaring Tesla stock on Monday while Tesla’s total market value jumped by $144 billion.

Elon Musk’s net worth rose with an increase in the value of Tesla stock after the electric-vehicle manufacturer announced that it delivered 308,600 vehicles in the fourth quarter of 2021, beating analysts’ expectations. Tesla produced 305,840 electric vehicles in the fourth quarter, and for the whole of 2021, Tesla delivered 936,172 vehicles, an increase of 87 percent when compared to 2020.

Tesla stock responded positively with price growing by $143 or 14 percent to $1,199.78 a unit to push the company’s market capitalisation to $1.205 trillion.

Presently, Musk holds 177,032,165 Tesla shares, which at the current price is worth $209.478 billion even after selling shares estimated at $16 billion to offset his taxes.

Tesla is now the fifth-most valuable U.S company behind $1.729 trillion Amazon.com Inc and ahead of $943.17 billion Facebook, Meta Platforms Inc.

Emmanuel Rosner of Deutsche Bank and other Tesla bearish analysts have started raising their projections. Rosner adjusted his price target to $1,200 from $1,000, describing Tesla delivery data as impressive.

Ryan Brinkman, lead automotive equity Research analyst at J.P. Morgan, who has been bearish on Tesla stock for years also raised his target by 18 percent to $295 a unit, saying the delivery numbers easily exceeded his projection. Still, his new target is still 75 percent below current levels.

“While our higher price target continues to imply large downside, we continue to believe it is not ungenerous, including that it values Tesla as the world’s most valuable automaker,” edging out Toyota Motor Corp. TM, 8.05 percent, even though Toyota is the world’s largest automaker by unit volume and Tesla ranks 20th.

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