Personality in Focus
Bernard Arnault Returns As World’s Richest Man, Dethrones Elon Musk
The CEO of global luxury goods company – LVMH – Bernard Arnault and his family’s net worth snowballed to $207.8 billion after an increase of $23.6 billion on Friday, exceeding Elon Musk’s $204.5 billion mark, according to Forbes real-time billionaires list.
This development trails Tesla suffering a blow in the stock market on Thursday (January 25), plummeting to 13 per cent which made Musk lose more than $18 billion in net worth, according to a Forbes report.
In advantage, LVMH shares rose by over 13 per cent on Friday around 11 am immediately after the news of strong sales surfaced.
LVMH’s market cap reached $388.8 billion on Friday, compared to Tesla’s $586.14 billion market cap, as per Forbes.
Tesla shares on Thursday dropped by over 12 per cent after Musk cautioned that the sales growth would go down despite slashing the prices that have already caused a dent in the margins of the world’s most valuable automaker.
Musk, on Wednesday, said that growth would be “notably lower” as Tesla shifts its focus on making cheaper next-generation electric vehicles at its Texas factory in the second half of 2025.
However, he said that speeding up the production of the new model would pose challenges as it would involve the latest technologies.
“The Tesla headlines have essentially gone from bad to worse,” said TD Cowen analysts, noting that the fourth-quarter revenue and profit were also below expectations.
The Tesla headlines have essentially gone from bad to worse,” said TD Cowen analysts, noting that the fourth-quarter revenue and profit were also below expectations.
“The problem for Tesla is any significant attempt to boost sales from here on will probably need to be achieved at the cost of further falls in operating margin, due to having to compete with BYD in China, as well as increased competition elsewhere,” said Michael Hewson, chief market analyst at CMC Markets.
Writers across Nigeria, under the auspices of the Society of Young Nigerian Writers (SYNW), have united in commemorating the 94th posthumous birthday of one of Africa’s greatest literary icons, Prof. Chinua Achebe. Achebe, renowned globally for his groundbreaking novel *Things Fall Apart*, remains an enduring symbol of literary excellence and cultural preservation.
In a statement issued by Wole Adedoyin, the President of SYNW emphasized Achebe’s unmatched contributions to African literature and his role as a beacon of inspiration for writers across generations. Adedoyin highlighted the Society’s unwavering commitment to honoring Achebe’s legacy through creative and impactful initiatives.
One of the key tributes mentioned is the *Chinua Achebe Annual Literary Festival and Memorial Lecture*, initiated by the Anambra Chapter Coordinator of SYNW, Izunna Okafor. Now in its 9th edition, the festival has become a significant platform for celebrating Achebe’s works and discussing his influence on modern African literature.
Cynthia Maduekwe, the President of the Nigeria Society of Campus Writers, also spearheaded the *Writers Tour*, another initiative aimed at engaging young writers with Achebe’s literary philosophy. This tour exposes aspiring authors to Achebe’s timeless themes of cultural identity, colonialism, and societal transformation, ensuring his legacy continues to inspire future generations.
The Society of Young Nigerian Writers (SYNW) reaffirmed its dedication to Achebe’s memory through these longstanding programs. Writers across the country were encouraged to reflect on Achebe’s life and works, sharing tributes and essays on social media platforms to further propagate his vision of storytelling.
Adedoyin lauded the efforts of writers like Okafor and Maduekwe, whose initiatives keep Achebe’s legacy alive.
He also urged literary organizations and institutions to continue collaborating to sustain Achebe’s impact on African literature and culture.
“Prof. Achebe’s work transcends literature. He gave Africans a voice on the global stage, presenting our stories with authenticity and pride. Celebrating his 94th posthumous birthday is a reminder of the power of storytelling in shaping society,” Adedoyin stated.
The SYNW also used the opportunity to announce plans for a series of upcoming events dedicated to Achebe in the coming year, including essay competitions, poetry readings, and book discussions. These programs aim to further Achebe’s vision of nurturing literary talent and promoting African narratives.
As the literary community celebrates Achebe’s life and achievements, his timeless words resonate: “Until the lions have their own historians, the history of the hunt will always glorify the hunter.”
Achebe’s legacy continues to inspire writers to tell their own stories, preserving the richness of African culture for generations to come.
The Society of Young Nigerian Writers concluded by inviting literary enthusiasts to join in celebrating Achebe’s enduring impact, emphasizing that his legacy is a shared treasure for all who value the power of words.
Personality in Focus
UBA Appoints Henrietta Ugboh Independent Non-Executive Director As Owanari Duke Retires from Group Board
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has announced the appointment of Henrietta Ugboh as an Independent Non-Executive Director.
The appointment has been approved by the relevant regulatory bodies, including the Central Bank of Nigeria.
UBA’s Group Chairman, Tony Elumelu, CFR commenting on the appointment, said, “Henrietta Ugboh brings a track record of professional success, integrity and leadership, which will further strengthen the UBA Group Board, underlining once again the Group’s commitment to robust corporate governance.”
Ugboh holds a degree in Economics and Statistics from the University of Benin, an MBA from ESUT Business School, and is an alumnus of the Harvard Business School’s Executive Management Program. She has over 30 years experience in banking with Citibank and is an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria and a Fellow of the Institute of Credit Administration (FICA).
Elumelu added that with her considerable experience and expertise, which includes commercial banking, credit, and risk management, the UBA Board is delighted to welcome Mrs Ugboh to the Group Board, “We look forward to her invaluable contribution to the Group, as we continue to execute our unique growth strategy across Africa and globally.”
The Board also announced the retirement of Mrs. Owanari Duke, an Independent Non-Executive Director, who joined the UBA Group Board in October 2012.
During her tenure, Mrs. Duke provided distinguished leadership, serving on Committees of the Bank including the Board Governance Committee, Board Audit, Governance, Nomination & Remuneration Committee, Board Credit Committee, Finance & General Purpose Committee and Statutory Audit Committee.
On behalf of the board, Mr. Elumelu expressed UBA’s deep appreciation to Mrs. Duke for her dedication and significant contributions to the Group, wishing her the best in her future endeavour.
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than forty-five million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and related banking services.
Personality in Focus
Tinubu Hails FirstBank’s Immediately Past CEO, Adeduntan on Exceptional Service
By Eric Elezuo
Nigeria’s President, Bola Tinubu, has congratulated the immediate past Chief Executive Officer of the FirstBank of Nigeria Limited, Dr. Adesola Adeduntan as the bank holds a splendid Sendforth party on his behalf for a meritorious service.
The president’s congratulatory message is contained in a statement signed by his Special Adviser, Information & Strategy, Mr. Bayo Onanuga.
The statement reads in full:
PRESIDENT TINUBU CONGRATULATES DR ADEDUNTAN, AS FIRST BANK CELEBRATES EX-GROUP CEO
President Bola Ahmed Tinubu congratulates Dr Adesola Adeduntan, the retired Group Chief Executive Officer of First Bank Nigeria Limited, for his exceptional service at Nigeria’s oldest bank.
In celebration of Adeduntan’s remarkable tenure, the 130-year-old First Bank will host a special send-off ceremony this weekend, expressing gratitude for his contributions over the past nine years.
President Tinubu commends him for steering the bank through transformative growth, which includes expanding customer accounts from 10 million to over 42 million and elevating Profit Before Tax from N10 billion in 2015 to an impressive N300 billion in 2023.
These milestones, the President said, reflected Adeduntan’s visionary leadership and commitment to excellence.
The President expresses his appreciation for Adeduntan’s willingness to serve the nation in various pivotal roles, including his contributions to the Nigerian Economic Summit Group and other prominent institutions. His extensive expertise in the financial sector has significantly bolstered Nigeria’s economic landscape.
President Tinubu also lauds the bank’s solid internal management ethos, which is responsible for the seamless transition from Adeduntan to the current CEO, Olusegun Alebiosu.
President Tinubu wishes Dr Adeduntan continued success in all his future endeavours.
