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Dangote, Adenuga, Rabiu Make Africa’s Top 10 Billionaires’ List

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Aliko Dangote of Nigeria is Africa’s richest person and has maintained this position for straight 10 years, according to the 2021 Forbes’ Africa Billionaires List released on Friday.

Also, Mike Adenuga of Globacom, and Abdulsamad Rabiu of BUA Group, both Nigerians, made it to the list as the 5th and 6th richest persons in Africa respectively.

Forbes stated that in Africa, as elsewhere in the world, the wealthiest came through the pandemic just fine.

It stated that the continent’s 18 billionaires were worth an average of $4.1bn, 12 percent more than a year ago, driven in part by Nigeria’s surging stock market.

“For the tenth year in a row, Aliko Dangote of Nigeria is the continent’s richest person, worth $12.1bn, up by $2bn from last year’s list, thanks to a roughly 30 percent rise in the share price of Dangote Cement, by far his most valuable asset,” Forbes stated in its report.

The list named the second richest person in Africa as Nassef Sawiris of Egypt, whose largest asset was a nearly six percent stake in sportswear maker Adidas.

At number three was Nicky Oppenheimer of South Africa, who inherited a stake in diamond firm DeBeers and ran the company until 2012, when he sold his family’s 40 percent stake in DeBeers to mining giant AngloAmerican for $5.1bn.

It said the biggest gainer this year was another Nigerian cement tycoon, Rabiu.

“Remarkably, shares of his BUA Cement Plc, which listed on the Nigeria Stock Exchange in January 2020, have doubled in value in the past year,” the report stated.

That pushed Rabiu’s fortune up by an extraordinary 77 percent, to $5.5bn, adding that Rabiu and his son together own about 97 percent of the company, giving the company a tiny public float.

It stated Nigerian Stock Exchange required that either 20 percent or more of a company’s shares should be floated to the public, or that the floated shares were worth at least N20bn, about $50m, describing it as a paltry sum, to be sure.

“A spokesman for the Nigerian Stock Exchange told Forbes that BUA Cement meets the second requirement,” the report stated.

It added that while some got richer by the billions, two from the 2020 list of Africa’s richest dropped below the $1bn mark.

In fact, the only two women billionaires from Africa had both fallen off the list.

Forbes calculated that the fortune of Folorunsho Alakija of Nigeria, who owns an oil exploration company, dropped below $1bn due to lower oil prices.

It said Isabel dos Santos, who since 2013 had been the richest woman in Africa, was knocked from her perch by a series of court decisions freezing her assets in both Angola and Portugal.

It stated that the 18 billionaires from Africa hailed from seven different countries.

South Africa and Egypt each had five billionaires, followed by Nigeria with three and Morocco with two.

Altogether they were worth $73.8bn, slightly more than the $73.4bn aggregates worth of the 20 billionaires on last year’s list of Africa’s richest people.

 

BIG STORY

NCC Unveils Initiative To Combat Fraud, Spam Messaging

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The Nigerian Communications Commission has unveiled a draft regulatory framework aimed at addressing fraud, spam, and other challenges in the “Application-to-Person” messaging sector.

The telecom regulator made this announcement in a statement on Friday.

The proposed framework was introduced during a virtual Stakeholders’ Forum, a key step towards enhancing the sector’s integrity and ensuring a fair, transparent environment for all parties involved.

The draft framework, presented by the acting Head of Legal and Regulatory Services at the NCC, Mrs. Chizua Whyte, on behalf of the Executive Vice Chairman, Dr. Aminu Maida, seeks to regulate the A2P messaging space.

A2P messaging, used for notifications such as bank alerts, promotional campaigns, and government updates, has become a vital communication tool in Nigeria.

However, the sector faces significant challenges, including consumer protection concerns, fraud, and data privacy issues, as well as an unequal distribution of value within the ecosystem.

“The international A2P messaging space in Nigeria faces gaps that have led to issues such as fraud, spam, and data privacy concerns. These challenges threaten the sustainable growth of this communication tool,” the NCC said.

The regulator emphasised its commitment to fostering innovation while ensuring a secure, transparent environment for businesses, consumers, and service providers.

The proposed framework aims to address these challenges by protecting consumers, promoting fair competition, and holding service providers accountable.

“This forum marks a pivotal step towards addressing these challenges,” the NCC said. “We are here to engage with all stakeholders—operators, aggregators, businesses, service providers, and consumers—to refine the framework and ensure it meets the needs of the entire ecosystem.”

The NCC stressed the importance of inclusivity and collaboration in creating an effective regulatory environment.

The commission’s efforts are focused on promoting a sustainable A2P messaging ecosystem that enables business innovation, enhances communication efficiency, and supports Nigeria’s socio-economic growth.

Stakeholders were encouraged to provide feedback and contribute ideas during the forum to help shape the final framework.

The NCC reiterated its commitment to creating a regulatory environment that supports innovation while safeguarding the interests of all stakeholders in the A2P messaging sector.

For further updates, the NCC urged stakeholders to remain engaged throughout the regulatory process, stressing the importance of cooperation in shaping the future of A2P messaging in Nigeria.

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BIG STORY

JUST IN: Oil Marketers Reduce Petrol Price By 11.8% To N939.50 Per Litre

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Oil marketers sourcing “Premium Motor Spirit”, “PMS”, also known as petrol, from the Dangote Petroleum Refinery have reduced the price by 11.8 percent to N939.50 per litre, down from N1,060 per litre.

As of Thursday, December 19, petrol was still being sold at N1,060 per litre in Lagos and surrounding areas.

However, by Friday, MRS, a leading marketer, along with others, had adjusted their prices, now selling at N939.50 per litre.

It’s worth noting that the Dangote Petroleum Refinery had earlier lowered the ex-pump price of petrol to N899.50 per litre, down from N970 per litre.

According to the refinery, this price reduction is intended to offer much-needed relief to Nigerians ahead of the holiday season.

Anthony Chiejina, the Chief Branding and Communications Officer of Dangote Group, made this announcement.

“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on “PMS” (“petrol”). From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM,” Chiejina said.

‘‘Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank.”

 

More to come…

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BIG STORY

EFCC Allocates N18bn For Allowances, N5bn For Travels In Proposed 2025 Budget

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The Economic and Financial Crimes Commission (EFCC) has announced plans to allocate N18 billion for allowances in 2025.

This figure is part of the proposed 2025 budget currently under consideration and awaiting approval by the national assembly.

As per the appropriation bill, the EFCC’s total budget for 2025 stands at approximately N62.2 billion.

This budget includes personnel costs (N38.6 billion), overheads (N20.9 billion), and capital expenditure (N2.2 billion).

Within the allowance budget, N1.7 billion is designated for “non-regular allowances,” while “regular allowances” are set at N16.7 billion.

Other proposed expenditures for the EFCC include welfare packages (N1.4 billion), fuel and lubricants (N2 billion), financial charges (N1.2 billion), construction and provision of office buildings (N1.1 billion), and maintenance services (N2.1 billion).

The EFCC also plans to allocate N4.9 billion for “local travel and transport,” with “international travel and transport” expected to cost N1.7 billion.

The proposed budget includes N800 million for the purchase of fixed assets.

On Wednesday, President Bola Tinubu unveiled the N49.7 trillion 2025 “Budget of Restoration: Securing Peace and Rebuilding Prosperity.”

In his address to the national assembly, Tinubu stated that it was time “we rewrite Nigeria’s narrative together.”

The primary focus of next year’s budget will be the defence, infrastructure, health, and education sectors.

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