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Nigeria And Four Other African Countries, Account For 50% of Africa’s Wealth

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Banana Island

The largest economy and most populous country in Africa, Nigeria, and four other African countries which include South Africa, Egypt, Morocco, and Kenya account for 50% of Africa’s wealth.

In a report by Henley & Partners in partnership with New World Wealth, private wealth in Africa amounted to $2.4 trillion as several African cities such as Lagos, Nairobi, Johannesburg, Cairo, and Cape Town, account for 56% of the continent’s high net-worth individuals (HNWIs).

Currently, there are approximately 138,000 HNWIs in Africa with an investable wealth of $1 million or more, along with 328 centi-millionaires worth $100 million or more, and 23 US-dollar billionaires.

South Africa, a country on the southernmost tip of the African continent, is home to at least twice as many HNWIs than any other African country, accounting for 30% of the continent’s centi-millionaires. At the end of 2022, the country was home to 37,800 US dollar millionaires, the most millionaires in Africa, accounting for over 27% of the 138,000 millionaires on the continent. Reports reveal that South Africa is expected to have over 55,000 HNWIs by 2032.

While African country located in the northeastern corner of Africa, Egypt, accounts for the most billionaires. On the other hand, the Indian Ocean island nation, Mauritius, boasts by far the highest wealth per capita (average wealth per person) in Africa, at USD 37,500. In terms of projections, the country is expected to experience the highest wealth growth rate at 75% over the next decade (2032).

Commenting on the report, the Group Chairman of the black women-owned investment company, WIPHOLD, Louisa Mojela, disclosed that Africa undoubtedly holds the greatest potential for investment prospects, and is always open for business.

In her words, “Known as the continent with both the youngest and fastest growing population means that Africa naturally holds the greatest potential for investment prospects. Additionally, having the dubious honor of also being the poorest continent opens up a myriad of opportunities from an investment growth potential point of view. Without doubt, Africa provides the broadest and most fulfilling opportunities for impact investing.”

Investors King understands that Africa’s highest wealth was recorded in 2012 at $2.4 trillion while 2017 had the highest number of dollar millionaires at 148,000.

New World Wealth has predicted a healthy wealth growth of 38% for Africa in the next ten years and reach US$3 trillion by 2031. It also noted that eastern African countries are projected to anchor this rise, with over 60% growth expected in Uganda and Rwanda by 2031, and over 50% in Kenya and Zambia.

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Saudi Arabia Breaks 70-Year Alcohol Ban, Opening Shop for Diplomats

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Saudi Arabia has announced the opening of an alcohol shop in Riyadh, breaking a 70-year-long prohibition on the sale of alcoholic beverages in the kingdom.

This decision marks a significant shift in the conservative nation’s stance on alcohol consumption.

The alcohol shop, set to be located in Riyadh’s Diplomatic Quarter, will exclusively serve non-Muslim expatriates, particularly diplomatic staff.

This is the first time since 1952 that alcohol will be legally available for purchase in the kingdom.

The initiative aims to provide a legal avenue for diplomats who have previously relied on importing alcohol in sealed diplomatic pouches.

The decision comes as part of the Saudi government’s efforts to address the issue of illicit alcohol trade within the country.

By offering a legal means to access alcohol, authorities hope to mitigate the risks associated with underground alcohol markets.

However, the shop’s operations will be subject to strict regulations. Only diplomatic staff with prior registration and government clearance will be allowed to purchase alcohol.

Also, patrons must be over 21 years old and adhere to a prescribed code of conduct while inside the shop.

The introduction of the alcohol shop is a part of broader societal reforms under Saudi Arabia’s Vision 2030 initiative, aimed at modernizing and diversifying the kingdom’s economy.

While the move represents a significant departure from traditional norms, it aligns with the government’s broader agenda of liberalizing certain aspects of Saudi society.

While the alcohol shop signifies a progressive step forward, it’s important to note that the sale and consumption of alcohol remain strictly prohibited for Saudi citizens under Islamic law.

Violators of these laws are subject to severe penalties, including fines, and imprisonment.

Overall, the opening of the alcohol shop marks a historic moment in Saudi Arabia’s social and economic landscape, signaling a willingness to adapt to changing global norms while navigating the complexities of religious and cultural traditions.

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NCAA Suspends Dana Air’s Operations Amid Safety Concerns

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Dana Air

The Nigerian Civil Aviation Authority (NCAA) has taken decisive action following a recent incident involving Dana Air by suspending the airline’s operations amid escalating safety concerns.

This move comes in the wake of an unsettling event where a Dana Air plane veered off the runway upon landing at Lagos airport.

The incident, which occurred shortly after a flight from Abuja, prompted emergency responders and regulatory agencies to swiftly respond and ensure the safety of all 83 passengers and crew onboard.

While initial reports indicate no injuries, the occurrence raised red flags regarding Dana Air’s operational safety protocols.

In response, NCAA wasted no time in initiating a thorough investigation with the Nigerian Safety Investigation Bureau leading the probe.

However, pending the investigation’s outcome, the regulatory body opted for a precautionary measure by suspending Dana Air’s Air Operator Certificate (AOC) effective April 24, 2024, at 23:59.

The suspension, outlined in a letter signed by Acting Director Chris Najomo, aligns with Section 31(7) of the Civil Aviation Act 2022.

The Minister of Aviation and Aerospace Development, Festus Keyamo, expressed dismay over the incident.

In a letter addressed to NCAA, the Ministry directed the immediate suspension of Dana Air’s fleet until a comprehensive audit could be conducted, covering safety protocols, maintenance procedures, and financial health.

The suspension serves as a stern reminder of the aviation industry’s uncompromising commitment to safety and underscores the need for thorough oversight to safeguard passengers and maintain industry standards.

As stakeholders await further developments, the focus remains on ensuring the highest level of safety and regulatory compliance within Nigeria’s aviation sector.

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Delta Air Lines Flight Diverts to Togo After Passenger Dies Midair

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Delta Air Lines

A Delta Air Lines flight from Atlanta to Lagos was diverted to Togo following the midair death of a yet-to-be-identified passenger.

The unfortunate incident occurred approximately three hours before the flight’s scheduled arrival in Lagos, prompting the crew to address a health emergency onboard.

Despite initial intentions to proceed to Lagos, adverse weather conditions, including heavy thunderstorms, forced the pilots to divert the plane to Lome, Togo.

The flight, Delta Air Lines’ A330-200 aircraft, was carrying 215 passengers at the time. Upon landing in Lome, the aircraft underwent refueling procedures and awaited clearance amidst the inclement weather.

Subsequently, after an additional delay in Togo, the flight resumed its journey and safely landed in Lagos, albeit approximately eight and a half hours behind schedule.

Passengers onboard expressed their concerns and frustrations, particularly regarding the handling of the medical emergency and the subsequent diversion.

Social media platforms buzzed with accounts of the ordeal, with one passenger recounting the unfortunate sequence of events, including the midair death and the necessity of an emergency landing due to fuel depletion.

Meanwhile, an airplane operated by Dana Airline veered off the runway at Murtala Muhammed International Airport.

The affected MD-83 aircraft, registration 5N-BKI, carried 83 passengers. Dana Air spokesman Mr. Kingsley Ezenwa confirmed all passengers and crew disembarked safely without injuries.

Ezenwa, in a statement, said: “Dana Air regrets to inform the public of a runway incursion involving one of our aircraft, registration number 5N BKI, which was flying from Abuja to Lagos today, 23/04/24.

“We are relieved to confirm that all 83 passengers and crew onboard the flight disembarked safely without injuries or scare as the crew handled the situation with utmost professionalism.

“We have also updated the Accident Investigation Bureau, AIB, and Nigerian Civil Aviation Authority (NCAA) on the incident, and the aircraft involved has been grounded by our maintenance team for further investigation.

“We wish to thank the airport authorities, our crew for their very swift response in ensuring the safe disembarkation of all passengers following the incident, and our sincere apologies and appreciation to the passengers on the affected flight for their patience and understanding.”

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