Connect with us

Headline

Dangote Becomes $20m Wealthier, Maintains Spot As Africa’s Richest Man

Published

on

Aliko Dangote, the president of Dangote Group, has added $20.7 million to his wealth as at June 30, 2023, through investments in the industrial sector — cementing his spot as Africa’s richest man.

TheCable had reported that Dangote lost $3.12 billion following Nigeria’s decision to float the local currency and unify its exchange rate system.

According to the latest Bloomberg Billionaires Index, the business mogul remains the richest man in Africa, despite the volatility of the Nigerian naira against the dollar.

In the billionaire listing released on Friday, Dangote, with a wealth of $15.6 billion, topped other Africans on the index.

This means Dangote’s wealth increased by 4 percent compared to his net worth valued at almost $15 billion in 2020, when he moved from 103rd position on the billionaire index to 63.

Hailing from Nigeria’s northern region, the serial investor has been the richest man in Africa for the 12th year running.

According to the index, Dangote is currently the 111th person and the only Nigerian on the list of the top 500 billionaires.

In May 2023, the billionaire inaugurated the Dangote petroleum refinery, an illustrious project expected to catalyse the transformation of Nigeria’s energy sector.

The inauguration came a decade after he announced plans for the refinery in September 2013, when he secured about $3.3 billion in financing for the project.

He also controls sub-Saharan Africa’s biggest cement producer, Dangote Cement, with interests in sugar, salt, fertiliser, and packaged foods.

Alongside Dangote, other Africans listed in the latest top 500 world billionaires index for the year 2023 include; Johann Rupert and family (South Africa, $13.3 billion), Nicky Oppenheimer (South Africa, $9.0 billion), Nassef Sawiris (Egypt, $7.47 billion), Natie Kirsh (South Africa, $7.37billion) and Naguib Sawiris (Egypt, $5.93 billion).

Headline

Job Losses, Factory Closures Loom As Unsold Goods Pile Up — MAN

Published

on

AGAINST the backdrop of sustained pressure in the foreign exchange market and high cost of production, the Manufacturers Association of Nigeria, MAN has indicated that inventory of unsold goods is escalating to levels now threatening the existence of companies operating in the production sector of the economy with attendant job losses.

Findings show that as of the weekend the foreign exchange market had recorded over 254 per cent plunge in the value of the naira since flotation of the currency by the Central Bank of Nigeria (CBN) in June 2023.

Recall that the naira traded for N471 per dollar in the official I&E market on June 13, 2023 before the floatation of the currency, but exchanged for N1,665.50 to a dollar as at February 23, 2024 on the Nigerian Foreign Exchange Market (NAFEM), indicating a depreciation of more than 253.6 per cent over the eight-month period. The forex crisis is also stoking inflation, and coupled with high energy costs, purchasing power has continued plummet, stifling demand for goods.

Speaking on the impact of this development on the manufacturing sector, Director General, MAN, Segun Ajayi-Kadir, said: “There are reports that across the board, many warehouses and plants of many manufacturing firms are stockpiled with unsold goods manufactured last year. “The development is as a result of the devastating effects of the exchange rate crisis, inflation, fake and sub-standard goods, smuggling and other macro-economics challenges.”

Continue Reading

Headline

CBN Lifts Ban On BDCs, Introduces New Operational Mechanism

Published

on

In a major development aimed at financial stability and strengthening the naira, the Central Bank of Nigeria (CBN) plans to resume its weekly intervention in the country’s foreign exchange (FX) market through the Bureau de Change (BDC) operators.

In 2021, the central bank, in a bid to achieve its mandate of safeguarding the value of the local currency, ensuring financial system stability, and shoring up external reserves, announced the immediate discontinuance of foreign currency sales to Bureau de Change (BDC) operators in the country.

However, the resumed intervention, which would reportedly commence today for funding as well as Tuesday for collection, will see the apex bank inject FX into the subsector in a bid to rescue the naira from further depreciation against major currencies, particularly the US Dollar. The collection will be at designated CBN branches in Lagos, Abuja, Kano, and Awka, while details of the naira accounts to be credited for funding bidding will also be made available today.

CBN is also expected to publish the list of eligible BDCs to benefit from its funding using certain compliance criteria.National Executive Council of Association of Bureau De Change Operators of Nigeria (ABCON) hinted on the latest developments through a memo to its members over the weekend.

The association also warned members that it will no longer be business as usual under the new supervisory regime of the central bank, as any infringement or infraction would result in outright revocation of license and prosecution.

ABCON said through the association’s various engagements with the central bank, in conjunction with ABCON’s strategic partners, CBN had agreed to its request, under the bank’s supervision, to inject liquidity into the market through a weekly intervention beginning today.

CBN assured ABCON that the new circular on the Revised Regulatory and Supervisory Guidelines to BDCs, which was introduced over the weekend, was only a draft exposure that required the association’s inputs before the release of the final guidelines by the apex bank.

To that effect, the letters of the guidelines were not cast in stone, the association’s leadership told its members, who had been worried over the sweeping reforms in the document, which, among other things, prescribed N2 billion and N500 million minimum capital for national and state BDCs, respectively.

Continue Reading

Facebook

Trending