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Here’s how U.S. Congressman Jeff Fortenberry got pulled into a corruption case linked to Nigerian-Lebanese tycoon Gilbert Chagoury

He is accused of lying to authorities during an investigation into Chagoury’s illegal campaign contributions.

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U.S. Congressman Jeff Fortenberry.

On Oct. 19, a U.S. federal grand jury charged Congressman Jeff Fortenberry with concealing information and making false statements to federal authorities. He is accused of lying to the authorities during an investigation into Nigerian billionaire Gilbert Chagoury’s illegal contributions to U.S. election campaigns in 2016.

Jeff Fortenberry is a 60-year-old congressman who represents Nebraska’s First Congressional District. He has served in Congress since 2005. 

According to the U.S. Justice Department (DoJ), Fortenberry “was named in an indictment that charges him with one count of scheming to falsify and conceal material facts and two counts of making false statements to federal investigators.”

U.S. law prohibits foreigners from making financial contributions to election campaigns. 

Chagoury contributed $30,000 through straw-men to Fortenberry’s re-election campaign during a fundraiser in Los Angeles in 2016.

The DoJ alleges that the congressman repeatedly lied to and misled authorities while investigating the Nigerian tycoon. 

In April, Chagoury entered a deferred prosecution agreement with the DoJ following allegations that he gave about $180,000 to individuals to donate to four candidates taking part in the 2016 Congressional elections.

He paid $1.8 million to resolve the allegations.

Gilbert Chagoury

Gilbert Chagoury is a Nigerian-Lebanese businessman and philanthropist. He founded Chagoury Group, which owns Eko Hotel and Suites, Eko Atlantic City, HITEC Construction Company Limited and ITB Construction Limited.

He co-founded the company alongside his younger brother, Ronald Chagoury. The Nigeria-based conglomerate has interests in construction, real estate and property development, flour mills, water bottling and purification, glass manufacturing, insurance, hotels, furniture manufacturing, telecommunications, IT, catering and international financing.

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Nigerian billionaire Tony Elumelu loses more than $4 million in 36 days

UBA is a leading Nigerian financial group with operations in 20 African countries, as well as the UK, United States and France.

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Nigerian billionaire Tony Elumelu.

Nigerian businessman and multimillionaire philanthropist Tony Elumelu has recorded a N1.67-billion ($4.06 million) loss in the past 36 days from his stake in one of Nigeria’s leading financial services groups, United Bank for Africa Plc (UBA).

UBA is a leading Nigerian financial services group with operations in 20 African countries, as well as the UK, United States and France.

The pan-African bank ranks among Nigeria’s largest lenders. It operates under Elumelu, the billionaire businessman who holds a 6.96-percent stake in the group, deriving a total wealth of N18.8 billion ($45.8-billion) from his position.

The recent decline in the value of his stake can be linked to a single-digit drop in UBA’s share price on the Nigerian Exchange, as investors trimmed down their stake in the tier-1 lender.

As of press time, Dec. 4, shares in UBA were worth N7.9 ($0.01924) per share, 63-basis points lower than their opening price yesterday morning, Dec. 3.

Data gathered by Billionaires.Africa revealed that shares in the leading lender as of the opening of business and trading on Oct. 29 were worth N8.6 ($0.02094) per share.

Portfolio-rotation activities by investors who trimmed down their holdings in the bank caused its share price to slump by more than eight percent to N7.9 ($0.01924) per share as of the time of writing, accruing a total of N23.9 billion ($58.3 million) in losses for the bank and its shareholders.

While the market value of Elumelu’s 6.96-percent stake declined from N20.48 billion ($49.86 billion) to N18.81 billion ($45.8 million), this translates to a N1.67-billion ($4.06 million) loss for the Nigerian businessman in the past 36 days.

So far this year, the valuation of UBA and the market value of Elumelu’s stake in the bank is down by nearly nine percent.

Elumelu, who holds more than 2.3 billion shares in the pan-African bank, has earned a total of N1.72 billion ($4.18 million) in dividends from his stake.

The multimillionaire philanthropist recently paid out a total of $24.75 million in funding support to 4,949 entrepreneurs in Africa in line with his commitment to empower entrepreneurs on the continent.

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Egypt’s Ghabbour family gains $15.8 million in 11 days as shares in GB Auto rebound

The wealthy Ghabbour family holds a majority 62.9-percent stake in the leading auto manufacturer.

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Businessman Raouf Ghabbour.

Egypt’s Ghabbour family has gained EGP247.73 million ($15.8 million) in the past 11 days from their stake in GB Auto.

GB Auto is an Egyptian manufacturer of automobiles, buses, trucks and motorcycles founded by   Kamal and Sadek Ghabbour in 1960. Since then, the company has grown into the largest automobile manufacturer in Egypt under the Ghabbour Group.

The wealthy Ghabbour family holds a majority 62.9-percent stake in the leading auto manufacturer.

The recent gain in the market value of their stake can be linked to the performance of the company’s shares in the past 11 days as investors renewed interest in the automaker after its share price on the Egyptian Stock Exchange plummeted below EGP3.7 ($0.232) per share.

Data retrieved by Billionaires.Africa revealed that shares in the Egypt-based automaker were worth EGP4.01 ($0.255) per share as of press time, Dec. 4, 282-basis points higher than their opening price for the week.

As a result of the renewed buying interest in the automaker, its stock price soared by 10 percent from a valuation of EGP3.65 ($0.232) per share on Nov. 22, to a price of EGP4.01 ($0.255) per share as of the time of writing.

Meanwhile, the market value of the Ghabbour family’s stake in the automaker increased from EGP2.51 billion ($159.91 million) to EGP2.76 billion ($175.69 million), accruing total gains of EGP247.73 million ($15.8 million) for the family in 11 days.

So far this year, the valuation of GB Auto and the market value of the family’s stake in the company is up by nearly 21 percent.

The company’s stock performance in 2021 can be linked to its robust financial performance during the year.

Figures contained in its first-nine-month financial report for 2021 revealed that its revenue rose by 39 percent to EGP22.4 billion, while its net income increased by 59.8 percent to EgP1.01 billion.

The robust performance can be linked to the benefits that the company reaped from operational efficiency initiatives, operational leverage from higher revenues and the overall improved demand in the period.

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Led by Ivorian banker Tiemoko Yade Coulibaly, Societe Generale Cote d’Ivoire loses $42.6 million in three days

Societe Generale Cote d’Ivoire SA is an Ivory Coast-based bank offering financial products and services.

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Businessman Tiemoko Yade Coulibaly.

Leading Ivorian bank Societe Generale Cote d’Ivoire has accrued XOF24.73 billion ($42.65 million) in losses for shareholders after its shares slumped by nearly seven percent in the past three days.

Societe Generale Cote d’Ivoire SA is an Ivory Coast-based bank offering banking and financial products and services to individuals and corporate institutions.

Under the leadership of its chairman, Ivorian banker Tiemoko Yade Coulibaly, the comapny operates as a subsidiary of the French multinational investment bank Societe Generale, which is headquartered in Paris, France. 

As of press time, Dec. 3, shares in the bank were trading at XOF10,705 ($18.46) per share, 4.5-percent lower than their opening price this morning on the Bourse Regionale des Valeurs Mobilieres, a regional stock exchange for companies in West African countries.

Data gathered by Billionaires.Africa revealed that shares in Societe Generale Cote d’Ivoire at the opening of business and trading this month on Dec. 1 were worth XOF11,500 ($19.83) per share.

Profit-taking activities on the regional bourse, as investors trimmed down their holdings in the bank, caused its share price to slump by nearly seven percent to XOF10,705 ($18.46) per share.

As a result of the decline in the bank’s shares, its market capitalization dropped from XOF357.78 billion ($616.95 million) on Dec. 1 to close the week at XOF333.04 billion ($574.3 million).

This resulted in a total value loss of XOF24.73 billion ($42.65 million) for the bank and its shareholders in just three days.

So far this year, the valuation of Societe Generale Cote d’Ivoire is up by more than 30 percent.

In the first nine months of its current financial year, the bank reported a 40-percent hike in its net income from the XOF34.65 billion ($60 million) that it posted last year to XOF48.44 billion ($82.8 million).

The surge in earnings can be linked to a contained growth in overheads and reasonable control over the net cost of risk despite the impact of the COVID-19 pandemic on its interest-bearing assets.

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