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Dangote Tops Forbes’ List Again As Africa’s Richest Man With Net Worth Of $13.9 Billion

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Aliko Dangote - Investors King

For the 11th year in a row, Nigeria’s Aliko Dangote has emerged as the continent’s richest person, with an estimated net worth of $13.9 billion.

This was contained in the 2022 edition of the Forbes’ Top 10 Africa’s Billionaires List.

Investors King learnt that this is higher than last year’s record of $12.1 billion, largely due to a 30% increase in the stock price of Dangote Cement, his most valuable asset.

Recall that Investors King had earlier reported that the market value of the cement company stands at N4.7 trillion with Aliko Dangote as the majority owner. The company, alongside MTN, emerged as the leading dividend payers in 2021, with the companies paying N272 billion and N212.7 billion, respectively.

With his new refinery set to commence operations in the third quarter of 2022, his net worth is expected to surge by the end of the year. The refinery which is under construction at the Lekki Free Zone in Lagos is expected to be Africa’s biggest oil refinery and the world’s biggest single-train facility.

Its output is expected to be more than enough to meet Nigeria’s fuel demands and turn Africa’s largest crude producer into an exporter of refined crude.

According to Forbes, Africa’s wealthiest are richer than they have been in eight years, despite the global coronavirus pandemic.

Forbes used stock prices and currency exchange rates from January 19, 2022 to measure the net worths. Billionaires from seven African countries made the list. South Africa and Egypt have the most, with five each, followed by Nigeria with three billionaires.

Jumping into the No. 2 spot, up from No. 4 in 2021 is luxury goods magnate, Johann Rupert of South Africa.

Two other Nigerians made the list; Abdulsamad Rabiu (5th) and Mike Adenuga (6th).

According to Forbes, Rabiu became $1.5 billion richer after taking yet another of his companies public. In early January 2022, Rabiu listed his sugar and food firm BUA Foods on the Nigerian stock exchange. He and his son retained a 96% stake in the company, which recently had a market capitalization of nearly $2.8 billion. BUA Cement, in which he and his son have a 96% stake, was listed in January 2020.

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Facebook CEO Mark Zuckerberg Loses 400% of Dangote’s Net Worth in 2022

Mark Zuckerberg’s net worth has nose-dived by more than 50 percent this year, losing over $70 billion

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Mark Zuckerberg - Investors King

Facebook Founder and Meta Chief Executive Officer (CEO), Mark Zuckerberg’s net worth has nose-dived by more than 50 percent this year, losing over $70 billion.

Mark Zuckerberg’s net worth has plummeted very hard this year amid huge investments in the metaverse. 

In April 2021, Facebook said it had spent around $10 billion on metaverse investments while more than 10,000 people are working on its metaverse projects.

According to Bloomberg’s Billionaire Index, Zuckerberg started 2022 with a fortune of $125 billion but has since fallen by 55 percent to $55.3 billion this year. 

Zuckerberg’s Facebook started in 2021 with a lot of enthusiasm and hope. In 2021, Facebook was rebranded to Meta as the parent company while Mark disclosed that Facebook will invest heavily in Metaverse. 

Facebook however steeped in controversy with Frances Haugen’s leaked information. At the end of the 2021 financial year, the company reported its first-ever decline in users. 

Mark Zuckerberg lost in 2022 so far which stands at $70 billion is four times the net worth of Africa’s richest man, Aliko Dangote. Aliko Dangote is worth $18.8 billion according to Bloomberg’s Billionaire Index.

Zuckerberg’s net worth of $55.3 billion placed him at number 20 on the billionaire index, far below Elon Musk’s net worth estimated at $268 billion. 

The 38-year-old billionaire, who also doubled as the owner of WhatsApp, Instagram and Occult, however believed that the company’s investment in the metaverse space will be worth it in the near future. 

“The metaverse business for us isn’t really going to be a meaningful contributor to the business until at a minimum much later in this decade, and probably realistically this decade is going to be about setting the foundation for that and then the 2030s are really where this is going to contribute a lot to the profits of this company,” Zuckerberg said during the company’s annual shareholder meeting in May.

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Gautam Adani Displaces Amazon Founder, Jeff Bezos as World’s Second Richest Person

Indian business magnate Gautam Adani has displaced Amazon founder Jeff Bezos to become the second-richest person in the world with an estimated wealth of $146.8 billion.

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Gautam Adani

Indian business magnate Gautam Adani has displaced Amazon founder Jeff Bezos to become the second-richest person in the world with an estimated wealth of $146.8 billion.

According to Bloomberg, Gautam Adani is the first individual from Asia to rank in the top three of the billionaire’s index while Tesla Founder and CEO Elon Musk continue to be the world’s wealthiest individual with an estimated $263.9 billion.

Adani has witnessed a rapid increase in his wealth this year displacing Mukesh Ambani, Bill Gates, and Warren Buffet on the Bloomberg billionaire list. 

Adani owns shares in six publicly traded companies that operate in ports, airports, green energy, and data centres.

While several others on the Bloomberg billionaires index have shed wealth so far this year, Gautam Adani has added more than $60 billion to his fortune in 2022 alone. 

Investors King learnt that before February 2022, Gautam Adani was ranked below fellow Indian billionaire Mukesh Ambani who is worth $93.4 billion and is currently at the eighth position on the global ranking.

Adani controls Mundra Port which is India’s largest seaport. 

Around September 2020, he also acquired a 74% stake in Mumbai International Airport which is India’s second-busiest airport. This makes him the country’s biggest airport operator. In 2022, he also acquired Swiss giant Holcim’s cement business in India for $10.5 billion.

Strategically, Adani has set a big eye on green energy. He said he will invest up to $70 billion in renewable energy projects in his bid to become the world’s largest producer of green energy. It is not a surprise that shares in his renewable energy firm have spiked while shares in his power company, Adani Power have increased three-fold in the last year in response to rising energy demand.

Gautam Adani is a college dropout who spurned his father’s textile shop to set up a commodities export firm in 1988. He survived the terrorist attack in Mumbai’s Taj Mahal Palace Hotel in 2008. He is 66 years old and happily married with two kids.

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Abdulsamad Earns N90.868 Billion in 24 Hours

Nigeria’s third richest person and leading philanthropist, Abdulsamad Rabiu earned N90.868 billion in the last 24 hours.

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Abdul Samad Rabiu

Nigeria’s third-richest person and leading philanthropist, Abdulsamad Rabiu earned N90.868 billion in the last 24 hours.

Rabiu, 62, owns 16.173 billion or 89.85% direct shares in BUA Foods Plc and another 500.485 million or 2.78% in indirect shares in the company.

Together, the billionaire philanthropist owned a combined 16.673 billion or 92.63% shares in BUA Foods Plc.

On Friday, the stock of BUA Foods appreciated by N5.45 or 10% from N54.50 it closed on Thursday to N59.95 a unit on Friday.

Meaning, Rabiu’s holdings in the company grew by N90.868 billion in the last 24 hours if his total shareholdings of 16.673 billion is multiplied by the N5.45 gain realised on Friday.

BUA Food reported a N168.855 billion turnover in the first half (H1) of 2022, representing an increase of 11.29% from N151.731 billion recorded in the same period of 2021.

The company’s gross profit rose by 1.79% to N52.066 billion, up from N51.151 billion achieved in the corresponding period of 2021.

Therefore, BUA Foods realised 10.78% in profit after tax to declare N42.702 billion for the period under review.

Presently ranked 5th richest person in Africa and 350th in the world, Rabiu is the founder of BUA Group, a Nigerian conglomerate active in cement production, sugar refining and real estate.

The billionaire owns about 96% of BUA Cement Plc, one of Nigeria’s leading cement manufacturing companies, estimated at N1.79 trillion.

Explaining how he grew BUA Cement to the point of listing, Rabiu said “Two years ago, we listed our cement businesses. We had endorsement and Sokoto cement and those businesses were listed, we consolidated the business and we now have BUA Cement PLC with a combined capacity of 11 million tonnes as it is, we are set to rise to 17 million tonnes per annum by the middle of next year with the commissioning of new plants next year.

“And also, we consolidated our foods businesses across all our divisions: the flour milling; the sugar refinery; the oil milling and what have you. I listed that in January 2022 with that, we have a market capitalisation of over N1trn.”

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