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‘I Once Withdrew $10m Cash to be Convinced of my Wealth’ – Dangote



Economic Diversification
  • ‘I Once Withdrew $10m Cash to be Convinced of my Wealth’ – Dangote

Africa’s richest man Aliko Dangote has disclosed at which point he was convinced that he had money. According to him, it wasn’t after he had withdrawn 10 million dollars cash from a bank that he was sure of his wealth.

Dangote was speaking in the Ivorian capital Abidjan where he was attending the 2019 Mo Ibrahim Foundation’s Governance Week celebrations.

He made the disclosure during a one-on-one session with host and head of the foundation, Sudanese millionaire Mo Ibrahim. Asked about his wealth, Dangote said he had stopped looking at the number of zeros on his bank statement.

Yes, I cashed 10 million dollars, put it in the boot of my vehicle and took it home, I opened it and I looked at it and I said okay fine. Now I believe that I have money.

Then Ibrahim asked how it felt to have made his first million or five million back in the day. Dangote replied: “When you start business, your target is to make your first million, okay, fine, I did that.

He continued: “But you know after (you know) a year or so, I realised that I have much more than 12, 13 billion. And I said okay, fine, all these numbers are just written numbers.

“One day I went to a bank, at that time there were no restrictions (on withdrawals) and I wrote a cheque and cashed 10 million dollars and I took it home for myself.

“Yes, I cashed 10 million dollars, put it in the boot of my vehicle and took it home, I opened it and I looked at it and I said okay fine. Now I believe that I have money.

“It was in the boot of my car, I went there by myself, I drove myself to the bank, I cashed the money, I put it in my room, I looked at the money and I took it back to the bank the next day.”

After talking about 10 million withdrawal, Mo Ibrahim asked Dangote how much money he had in his wallet during the discussion to which he replied. “You’ll be very very surprised, I don’t … not even a dollar, I have nothing, nothing in my pocket.”

The host responded: “That’s money for you guys, when you have money, you don’t carry money.”

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


Oil Prices News: Oil Gains Following Drops in US Crude Inventories



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Oil Prices Gain Following Drops in US Crude Inventories and OPEC High Compliance Level

Global oil prices extended their 2 percent gains on Thursday after data showed U.S crude oil inventories declined last week.

The price of Brent crude oil, against which Nigerian oil is measured, gained 0.2 percent or 7 cents to $43.39 a barrel as at 12:10 pm Nigerian time. While the U.S. West Texas Intermediate (WTI) crude appreciated by 8 cent or 0.2 percent to $41.12 barrels.

Oil prices extended their three days gain after the American Petroleum Institute said the U.S crude inventories declined by 5.4 million barrels in the week ended October 9.

The report released after the market closed on Wednesday revealed that distillate stockpiles, which include diesel and heating oil, declined by 3.9 million barrels. Those stated drawdowns almost double analysts’ projections for the week.

Much of the fall is due to the effects of Hurricane Delta shuttering U.S. production in the Gulf of Mexico, and as such, will be a transitory effect,” said Jeffrey Halley, senior market analyst, Asia Pacific at OANDA.

“Therefore, I am not getting too excited that a turn of direction is upon markets, although both contracts are approaching important technical resistance regions.”

Also, the report that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, referred to as OPEC+ attained 102 percent compliance level with their oil production cuts agreements bolstered global oil outlook. Suggesting that demands for the commodity are likely not growing and could drag down prices in few weeks, especially when one factor in the reopening of Libya’s Sharara oil field, workers returning to operation in Norway and the Gulf of Mexico.

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Oil Prices Gain on Tuesday Despite Expected Surge in Global Oil Supplies




Oil Prices Rise Despite Expected Surge in Global Oil Supplies

Oil prices gained on Tuesday despite Libya opening Sharara oil field for production, labour in Norway reaching an agreement with oil firms to return back to work and oil workers in the U.S returning to the Gulf of Mexico region after the Hurrican Delta.

Brent crude oil, against which Nigerian oil price is measured, gained 1.77 percent to $42.46 per barrel as at 11:15 am Nigerian time on Tuesday.

While the US West Texas Intermediate (WTI) crude oil gained 2 percent to close at $40.22 per barrel.

The improvement in prices was after oil prices plunged as much as 3 percent on Monday following a resolution reached by Libyan rebels and government to commence oil production at the nation’s largest oil field, Sharara Oil Field.

This coupled with labour agreement with oil firms in Norway was expected to boost global oil supplies and eventually weighed on prices and disrupt OPEC+ production cuts strategy.

However, prices surged after Nancy Pelosi said she would commence talks on $1.8 trillion stimulus package following President Trump’s return to the White House after he was rushed to hospital following a positive COVID-19 test.

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Joe Biden Win Could Boost Oil Prices, Says Goldman Sachs



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Oil Prices to Surge Once Joe Biden Wins -Goldman Sachs

Goldman Sachs, one of the world’s largest investment banks, has said Joe Biden win could boost global oil prices despite weak global economic outlook and COVID-19 negative impacts on the world’s growth.

The investment bank, however, remains bullish on both oil and gas prices regardless of the election outcome in November.

The bank sees oil and gas demand rising enough in 2021 to supersede election results but explained that Biden win could bolster prices by making production more expensive and more regulated for producers in the U.S.

In a note written by the bank’s commodities team on Sunday, it said “We do not expect the upcoming U.S. elections to derail our bullish forecasts for oil and gas prices, with a Blue Wave likely to be in fact a positive catalyst.”

“Headwinds to U.S. oil and gas production would rise further under a Joe Biden administration, even if the candidate has struck a centrist tone.”

Goldman Sachs explained that if incumbent, Trump, is re-elected with pro-oil and gas policies in place that “its impact would likely remain modest at best,” Goldman’s analysts wrote, “given the more powerful shift in investor focus to incorporate ESG metrics and the associated corporate capex re-allocation away from fossil fuels.”

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