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Nigerian businessman Herbert Wigwe loses $3.14 million as Access Bank shares retreat from record highs

Wigwe nonetheless ranks among the wealthiest investors on the Nigerian Exchange.

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Nigerian businessman Herbert Wigwe.

Nigerian banking mogul Herbert Wigwe has seen the market value of his stake in Access Bank decline by more than N1.29 billion ($3.14 million) in the past 35 days, as shares in the bank slumped by over eight percent from record levels.

Wigwe, the CEO of Access Bank, a pan-African banking group with an operational footprint in more than 12 countries across Africa, holds a significant 4.27-percent stake, or 1,517,850,729 ordinary shares, in the company.

The $3.14-million loss in his stake in the past 35 days can be linked to a fall in the stock price of the Lagos-based financial services group.

Access Bank is Nigeria’s largest banking group by assets. It has a market capitalization of N323.46 billion ($787.14 million), making it one of the most capitalized financial services groups on the Nigerian Exchange.

The decline in its stock price since Oct. 13 can be linked to investor profit-taking actions despite the double-digit growth that it reported in profit from N102.3 billion ($248.9 million) in 2020 to N121.9 billion ($296.6 million) in the first nine months of 2021.

The nine-month results did not do well to impress investors, who paid significant attention to the group’s rising operating costs and its unrealized losses, which soared from N5.72 billion ($13.9 million) in 2020 to N44.17 billion ($107.5 million) in 2021.

The surge in unrealized losses in the nine-month period pressured the group’s comprehensive income downward to N77.72 billion ($189.1 million), compared to the N96.58 billion ($235 million) that was reported last year.

As a result of investor profit-taking and portfolio-rotation activities, Access Bank shares on the Nigerian Exchange fell from a record high of N9.95 ($0.02421) per share on Oct. 13 to N9.1 ($0.02214) per share as of the time of writing. This translates to an 8.5-percent loss for shareholders.

Research conducted by Billionaires.Africa revealed that the market value of Wigwe’s 4.27-percent stake has declined from N15.1 billion ($36.76 million) on Oct. 13 to N13.81 billion ($33.62 million) as of the time of writing, accruing a loss of N1.29 billion ($3.14 million) for the multimillionaire in 35 days.

Despite the recent decline in the value of his stake, he remains one of the richest investors on the Nigerian Exchange.

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African-American billionaire Oprah Winfrey files lawsuit against creators of ‘Oprahdemics’ podcast

As the “Queen of Talk,” Winfrey has built a thriving media empire that includes Harpo Productions.

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Oprah Winfrey.

Oprah Winfrey, a well-known African-American billionaire and talkshow host, has filed a lawsuit against the creators of the “Oprahdemics” podcast through her company, Harpo Productions, claiming that the program misleads the public into believing she sponsored or approved it.

According to Reuters, Winfrey, the wealthiest Black woman in the United States and one of the world’s richest Black billionaires, stated that she is neither seeking profit nor damages from the creators of “Oprahdemics,” and she is not attempting to halt the podcast.

She demanded that the podcast’s name be changed because its live events dilute Harpo’s “Oprah” and “O” trademarks and that the use of the word capitalizes on the goodwill that she has spent decades building, a move she said could cause irreparable harm to Harpo’s reputation.

Many consider Winfrey, who turned her hit talk show, “The Oprah Winfrey Show,” which aired for 25 years, into a media and business empire, to be an institution.

Winfrey returned to the small screen in 2020 on Apple TV+ for an interview show about COVID-19 as part of a multiyear deal with the streamer.

Since the start of the year, her net worth has declined from $2.6 billion to $2.5 billion at the time of writing this report, resulting in a total loss of $100 million for the leading businesswoman.

As the “Queen of Talk,” Winfrey has built a thriving media empire that includes Harpo Productions, which has worked on films like “The Color Purple,” “Beloved,” and “Selma.”

She also has a 25.5-percent stake in the Oprah Winfrey Network, the cable channel that she launched in 2011, and a seven-percent stake in Weight Watchers, a global company that provides weight loss and maintenance services, which is presently worth $492 million.

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These are the four African billionaires whose net worth has increased since start of 2022

Among them are Africa’s richest man Aliko Dangote and Egypt’s wealthiest man Nassef Sawiris.

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Nassef Sawiris.

Only four of the 21 African businessmen on our radar with a net worth of $1 billion or more have seen their fortunes improve since the beginning of the year.

Among them are Africa’s richest man Aliko Dangote and Egypt’s wealthiest man Nassef Sawiris.

The recent surge in the shares of companies in their portfolios has resulted in a combined wealth increase of nearly $2 billion for these four African billionaires since the start of the year.

According to data compiled by Billionaires.Africa, this is how they stand at the moment.

#1 Aliko Dangote

Net worth: $19.8 billion

Year-to-date wealth gains: $670 million

Nationality: Nigerian

Aliko Dangote, the chairman of Dangote Industries Limited, Africa’s most diversified manufacturing conglomerate, has seen his net worth rise by more than $670 million this year, from $19.1 billion at the start of the year to $19.8 billion at the time of writing.

The increase in his net worth can be attributed to a bump in the market value of his 86-percent stake in Dangote Cement Plc, which accounts for $9.06 billion of his $19.8-billion fortune.

Since the year began, shares in Dangote Cement, Africa’s largest cement manufacturer, have increased from N257 ($0.614) per share to N265 ($0.633) per share.

Earlier this week, the company’s share price plummeted to N241 ($0.57) per share, resulting in a staggering $863-million loss for the billionaire in a single day.

However, renewed buying interest among investors on Wednesday saw the billionaire recoup part of the wealth loss and net a year-to-date wealth gain of $670 million.

#2 Nassef Sawiris

Net worth: $7.16 billion

Year-to-date wealth gains: $670 million

Nationality: Egyptian

Egypt’s richest man Nassef Sawiris, a scion of Egypt’s wealthiest family, is one of the four African billionaires who have seen significant increases in their net worth since the beginning of the year.

The leading billionaire, who serves on the boards of Adidas and OCI N.V., a global nitrogen product manufacturer and distributor, has seen his net worth rise by $659 million since the beginning of this year, from $6.5 billion to $7.16 billion at the time of writing this report.

The majority of his fortune stems from his 38.8-percent stake in the Netherlands-based OCI N.V., which is worth $2.52 billion, and his six-percent stake in Adidas, which is worth $2.13 billion.

#3 Abdul Samad Rabiu

Net worth: $5.8 billion

Year-to-date wealth gains: $400 million

Nationality: Nigerian

Thanks to the listing of BUA Foods Plc, Abdul Samad Rabiu, the founder of BUA Group, one of Africa’s fastest-growing conglomerates, has seen positive wealth gains this year.

The market value of his stake in his newly consolidated food conglomerate, which went public on Jan. 5, offset the decline in the market value of his stake in his cement business, BUA Cement Plc, as its share price fell from N71.95 ($0.17) to N58.8 ($0.14) at the time of writing this report.

His net worth has risen by $400 million since the start of the year, from $5.4 billion to $5.8 billion.

#4 Nicky Oppenheimer

Net worth: $8.20 billion

Year-to-date wealth gains: $250 million

Nationality: South African

South Africa’s second-richest man Nicky Oppenheimer, who previously ran the diamond mining firm DeBeers before selling it to Anglo-American a decade ago, has seen his wealth rise by $250 million this year, from $7.95 billion to $8.2 billion, thanks to the revaluation of his private equity investments.

Oppenheimer, who is Africa’s third-richest man and South Africa’s second-wealthiest man, invests the majority of his net worth in private equity in Africa, Asia, the United States, and Europe through London-based Stockdale Street and Johannesburg-based Tana Africa Capital.

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South African billionaire Johann Rupert-linked SEACOM partners with BT Group

Seacom is privately funded and 75 percent African-owned.

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Johann Rupert. ©Billionaires.Africa

SEACOM has announced a strategic alliance with UK telecommunications service provider BT Group as it prepares to enter the African enterprise cybersecurity market.

SEACOM is a leading pan-African telecom services provider linked to South Africa’s richest man Johann Rupert.

The partnership aligns with SEACOM’s plans to expand its portfolio of services targeting African businesses. By leveraging BT Group’s infrastructure and expertise, SEACOM hopes to secure its own infrastructure and deliver new networking and security solutions to African businesses.

“With SEACOM’s global network and local presence and BT’s global reach and expertise, we will be able to deliver a comprehensive portfolio of cloud, security, and connectivity services that are reliable, scalable, and at the cutting-edge of the industry,” Oliver Fortuin, CEO of SEACOM, said.

BT Group, which protects some of the world’s largest organizations from cyber threats through a dedicated network of security operations centers around the world, announced that SEACOM customers will gain access to BT Group’s Cloud Security Incident Event Management (SIEM) platform.

The SIEM platform provides real-time visibility and monitoring across an organization’s entire IT environment, acting as an additional layer of security to SEACOM’s existing ICT solutions.

Seacom, which bills itself as Africa’s most extensive ICT infrastructure provider, is privately funded and 75-percent African-owned, with Rupert’s investment holding Remgro owning 30 percent of the company.

South African mining magnate Patrice Motsepe owns a 15-percent stake in the pan-African telecom services provider through his financial services conglomerate, Sanlam.

Jubilee Holdings, a Kenyan investment holding backed by Aga Khan IV (Shah Karim al-Husayni), increased its stake in SEACOM from 8.8 to 18.8 percent earlier this year after acquiring an additional 10-percent stake in the company.

According to Nizar Juma, chairman of Jubilee Holdings, the transaction will strengthen the company’s ability to diversify its investment priorities across major sectors of the economy.

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