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Aliko Dangote is set to become Africa’s first $30-billion man

Dangote is the founder of Dangote Group.



Aliko Dangote
Aliko Dangote.

Nigerian billionaire Aliko Dangote is set to become the first African and Black person in history to lay claim to a $30-billion fortune as his $19-billion petroleum refinery nears completion.

The 650,00-barrel-per-day refinery is slated to be commissioned before the end of the first quarter of 2023, and could give a shot in the arm to Dangote’s fortune.

According to insiders at the Dangote Group who spoke to Billionaires.Africa on the condition of anonymity, the Nigerian billionaire plans to list Dangote Refinery and Petrochemical Ltd. by the first quarter of 2024 at a market capitalization of anywhere between $20 and $25 billion.

Dangote is expected to own a 90-percent stake in the company pre-listing, which could give a minimum $18-billion boost to his fortune and push his net worth well above the $30-billion mark, making him the first black billionaire to reach this milestone.

Dangote became the first African in modern history to lay claim to a $20-billion fortune in 2013, nearly 10 years ago, when the market capitalization of his cement business crossed the $20-billion market cap mark.

According to figures tracked by the Bloomberg Billionaire Index, Dangote, who is presently worth $19.1 billion, ranks as the world’s 82nd richest man. The billionaire derives the bulk of his net worth from his 86-percent stake in publicly traded Dangote Cement, as well as from other holdings in salt and sugar manufacturing companies, among other assets.

With a net addition of at least $18 billion expected from the $19-billion integrated petrochemical refinery complex minority-owned by the Nigerian National Petroleum Company (NNPC), Dangote is expected to see his wealth increase from $19 billion to well over $30 billion.

Dangote is the founder and chairman of the Dangote Group, a leading manufacturing conglomerate on the African continentw  sugar, salt, oil, fertilizer, and packaged food production.

What you should know about Aliko Dangote’s oil refinery

The Dangote Petrochemical Complex is made up of the Dangote Oil Refinery and the Dangote Petrochemical Plant. The Dangote Petroleum Refinery is located in Ibeju-Lekki, Lagos, to the southeast of the Lekki Free Trade Zone (FTZ) on a land area of about 2,635 hectares (six times the size of Victoria Island).

In August 2021, the Nigerian government approved the sum of $2.76 billion for the state-owned petroleum company, the NNPC, to acquire a 20-percent minority equity stake in the Dangote Refinery.

The state-of-the-art facility will not only enhance the refining capacity of Nigeria but also strengthen the country’s position as a major player in the global oil and petrochemical industry.

The official commissioning date of the refinery has not been announced yet. However, the group has announced that operations at the refinery are expected to commence this year.

According to the Organization of Petroleum Exporting Countries, the Dangote Oil Refinery will account for more than half of Africa’s medium-term refining additions, which are estimated at 1.2 million barrels per day; the refinery, with a capacity of 650, 000 barrels per day, is the largest of all the refinery additions expected across Africa in the medium term, according to OPEC.

The $19-billion project is a strategic move by Dangote and the Nigerian government to strengthen the country’s downstream industry and become a net exporter of refined petroleum products and petrochemicals by 2026.

The anticipated launch of the refinery is poised to not only fulfill Nigeria’s entire demand for refined products, but also generate a surplus for export, thereby establishing a market worth $11 billion annually for Nigerian petroleum products.

The complex will also produce 4 million metric tonnes of jet fuel per day, 65 million liters of premium motor spirits (petrol), 15 million liters of diesel, and 3 billion standard cubic feet of gas.

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Kanye West faces new hurdle in business and personal life as Australian visa denial looms

The potential denial of a visa may be the latest in a long list of repercussions facing Kanye West.



Kanye West, now formerly known as Ye.

African-American multi-industry creative, Kanye West, who is now formerly known as Ye, may face a new hurdle in his business and personal life as he may be denied entry into Australia.

The African-American rapper-turned-mogul had reportedly planned to meet the family of his new partner, Melbourne native Bianca Censori, but his anti-Semitic comments in October may prevent him from entering the country.

The news of a potential ban was confirmed by Australian Minister for Education Jason Clare, who stated that individuals who have made similar comments have been denied visas in the past and that Ye will have to go through the same process and answer the same questions.

“People like that who’ve applied for visas to get into Australia in the past have been rejected,” Clare said. “I expect that if he does apply, he would have to go through the same process and answer the same questions that they did.” 

Anti-Defamation Commission Chairman Dvir Abramovich and opposition leader Peter Dutton have joined in calling for Kanye West to be banned from entering Australia due to his “appalling” comments.

The backlash from Ye’s anti-Semitic remarks (Kanye West) has already had a significant impact on his business ventures and wealth. In October, he lost all of his partnerships through his brand Yeezy with companies such as Adidas and Balenciaga.

The termination of the Adidas partnership, which began in 2013, had a substantial impact on Ye’s net worth. Forbes reported that the termination of the deal led to a decline of more than $1.6 billion, taking Ye’s net worth from $2 billion to $400 million.

The cancellation of the partnership that grew the Yeezy line into a brand that accounted for up to €1.5 billion ($1.47 billion) of Adidas’ total sales over the last decade is expected to cost the German behemoth up to €250 million ($247 million) in earnings.

The aftermath of Ye’s anti-Semitic comments has been negative for his wealth and ranking as one of the richest Black individuals in the US and one of the richest businessmen globally.

The potential denial of a visa to enter Australia may be the latest in a long list of repercussions facing Ye because of his anti-Semitic comments. 

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East Africa

James Mwangi’s Equity Group to receive $4.1 million for acquisition of Spire Bank

Equity Group is the largest financial services conglomerate in East Africa.



James Mwangi.

Equity Group Holdings, the Kenyan financial services giant led by James Mwangi, is set to receive millions of dollars from Mwalimu Sacco’s acquisition of financially distressed Spire Bank, as the teachers-backed lender agreed to pay Equity Group Ksh510 million ($4.1 million).

The deal is structured as an asset purchase transaction, backed by the Central Bank of Kenya (CBK), and will see Equity Group assume control over the assets and liabilities of the troubled bank.

The $4.1-million payment by Mwalimu Sacco to Equity represents the difference between the assets and liabilities of Spire Bank, implying that the bank holds zero value and the teachers have lost millions of dollars after purchasing a majority stake in 2014.

Mwalimu Sacco CEO Kenneth Odhiambo said the key consideration was to stop the bleeding and preserve Sacco’s bottomline for its members.

Equity Group will settle all redundancy costs for the more than 100 employees who will lose their jobs following the deal. The bank’s non-performing loans stand at Ksh2.63 billion ($21.1 million), and Equity’s immediate task will be to step up collections and recoveries.

The process of exiting Spire Bank was not as seamless as the initial acquisition, with Mwalimu Sacco citing the bank’s decline as beginning after the withdrawal of Naushad Merali’s deposits worth Ksh1.7 billion ($13.7 million), which represented one-fifth of the bank’s total deposits. 

The takeover of the troubled Spire Bank may present additional challenges and opportunities for Equity Group, which under the leadership of Kenyan businessman, Mwangi reported profits in excess of $280 million in the first nine months of 2022.

As of today, Equity Group shares on the Nairobi Securities Exchange are trading at Ksh44.95 ($0.361) per share, a 0.99 percent decrease from their closing price on Fri., Jan. 27.

This values the company at Ksh170 billion ($1.36 billion) and Mwangi’s 3.38-percent stake at Ksh5.74 billion ($46.1 million).

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Nigerian billionaire Abdul Samad Rabiu’s food conglomerate achieves milestone with $195-million profit

Rabiu and his son, Isyaku Naziru Rabiu, own 99.8 percent of BUA Foods.



Abdul Samad Rabiu
Abdul Samad Rabiu. ©Billionaires.Africa

BUA Foods Plc, a leading food conglomerate majority owned by Africa’s fourth-richest man Nigerian billionaire Abdul Samad Rabiu, has achieved a milestone in its financial performance as it reported record-high earnings at the end of its 2022 fiscal year.

With a profit surge surpassing N90 billion ($195 million), the company’s latest earnings report highlights its impressive growth and financial strength. The Abdul Samad Rabiu-led food conglomerate has reported a record high in its financial performance, with its profit for the year ending Dec. 31, 2022, surging by a staggering 30 percent.

The unaudited financial statements reveal that the group’s earnings rose from N69.77 billion ($151.5 million) in 2021 to N90.4 billion ($196.3 million) at the end of 2022, driven by an increase in revenue from its diverse product portfolio of sugar, pasta, bakery flour, and wheat bran.

The remarkable growth reflects the company’s ability to continuously expand its offerings and maximize profitability in a competitive market.

BUA Foods’ revenue surged from N333.37 billion ($723.8 million) to N417.82 billion ($907.1 million) due to increased sales of non-fortified sugar N79.15 billion ($171.8 million) to N144.29 billion ($313.2 million) and other food items such as sugar molasses, bakery flour, pasta, and wheat bran.

The increase in consumer demand for food items, including stockpiling, resulted in higher prices and a corresponding boost in revenue for the group.

The robust performance led to an increase in retained earnings and shareholder equity from N192.66 billion ($418.26 million) and N200.7 billion ($435.7 million) in 2021 to N237.15 billion ($514.86 million) and N245.21 billion ($532.35 million) in 2022.

The outstanding financial performance is expected to result in a substantial increase in dividend earnings for Rabiu and his son, Isyaku Naziru Rabiu, with their 99.8-percent ownership in the consolidated food conglomerate.

This will be a marked improvement from the N62.9 billion ($151.6 million) that they received in dividends last year.

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