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Bernard Arnault Returns As World’s Richest Man, Dethrones Elon Musk

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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.

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Personality in Focus

Aare Emmanual-King Celebrates Muslim Faithful, Harps on Peaceful Co-existence

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The Chairman and Group Managing Director of Adron Homes and Properties, Aare Adetola Emmanuel-King has extended warm wishes to the Muslim community as they celebrate the annual Eid-Al-Adha festival throughout the country. He emphasizes the importance of peaceful coexistence, religious tolerance, and prayers for the country’s development, urging all religious leaders to embrace these values.

In a statement signed by His Special Adviser on Media, Oladapo Sofowora; Aare Adetola encouraged all Muslims to stay committed to their faith and utilize the celebration as an opportunity to contribute to Nigeria’s development during these challenging economic times. Additionally, he calls on opinion leaders and religious bodies to use the festival as a platform to pray for our leaders to guide the nation towards prosperity and stability, fostering a flourishing economy and a secure environment.

He said; “ I want to implore opinion leaders and religious bodies in the country to use the occasion of the festival to pray for our leaders to guide us right and put the country on the path of prosperity. When the country is stable, celebration will be seamless and made possible. We need to pray for a more flourished economy and a secure country to ensure we have a smooth sail and bounce back into winning ways.”

The Ilishan-Remo Born Property mogul further advocates for unity among all religions to work towards common goals of development, prosperity, peace, justice, and equity and encourages religious bodies to hold leaders accountable while celebrating in peace. Aare Adetola highlights that peace is fundamental for development and progress, as a nation in distress can breed negative outcomes and hinder growth. He urges everyone to promote positive virtues that will contribute to Nigeria’s greatness.

“I want to use this moment to ask our religious bodies to use this occasion to hold our leaders accountable and also celebrate in peace because when there is peace; development will surely thrive. A country in distress will breed all vices of malevolent and stunted growth. Let’s use this medium to promote all vices that will make Nigeria greater again.” He concluded.

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Tinubu Appoints Yakubu As DG, Budget Office, Drops Akabueze

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President Bola Tinubu has approved the appointment of Mr. Tanimu Yakubu as the Director-General of the Budget Office of the Federation, following the expiration of the tenure of Mr. Ben Akabueze.

This was disclosed in a statement signed by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, on Thursday.

Yabuku is an accomplished economist and Chief Economic Adviser to a former President from 2007 to 2010; Managing Director/Chief Executive Officer of the Federal Mortgage Bank of Nigeria from 2003 to 2007, and Commissioner of Finance, Budget, and Economic Planning in Katsina State from 1999 to 2003.

The new Director-General of the Budget Office of the Federation holds a Master of Business Administration degree in Finance from Wagner College, Staten Island, New York, and a Bachelor of Science degree in Economics from the same institution.

The statement noted that President Tinubu thanked the outgoing Director-General, Mr. Akabueze, for his services and wished him success in his future endeavours.

“The President expects the new Director-General of this pivotal agency to further enhance the provision of efficient and qualitative budget functions, with a view to promoting fiscal sustainability, transparency, and accountability in public finance management for national development,” it added.

Akabueze was first appointed by former President Muhammadu Buhari as a Special Adviser Planning (SAP) to the President on February 15, 2016, and later redeployed and appointed as DG Budget, June 10, 2016.

Buhari renewed Akabueze’s appointment as the DG of Budget Office in 2020.

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Onyeali-Ikpe Makes MIPAD’s List of Global Top 100 Trade Champions of African Descent

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In acknowledgment of her outstanding impact on global trade, Dr. Nneka Onyeali-Ikpe, the Group Managing Director and Chief Executive Officer of Fidelity Bank Plc, has been recognized as one of the honorees in the 2024 Most Influential Global Top 100 Export and International Trade Edition.
Themed, “Championing the Vision of Global Africa as a Unified Economic Block and Single Market,” the initiative which was announced on May 25, 2024 in celebration of Global Africa Day, lists several leaders in the global trade space of African descent, including the President, African Export–Import Bank (Afreximbank), Prof. Benedict Okey Oramah,); Minister of Trade and Export Promotion, Algeria, H.E. Kamel Rezig;  Chairman, World Trade Centre Accra, Ghana, H.R.H Togbe Afede; the Nigerian Minister of Industry, Trade and Investment, Dr. Doris Nkiruka Uzoka-Anite; Executive Director and CEO, Nigerian Export Promotion Council (Nigeria), Nonye Ayeni; Executive Vice President, Intra-African Trade Bank (IATB), Kanayo Awani; Director, Trade Development (Africa & Caribbean), World Trade Centre Miami, US, Kemi Arosanyin; Secretary of State for Business and Trade and President of the Board of Trade (United Kingdom/Nigeria), Kemi Badenoch; President, US-Africa Business Centre at US Chamber of Commerce, Kendra Gaither; and President of the Buenaventura Chamber of Commerce (Colombia), Milady Garces Arboleda.
According to a statement by Most Influential People of African Descent (MIPAD), the organisers of the initiative, “These honorees are recognized for their groundbreaking achievements in Trade & Export and are called upon to champion the vision of a unified Global Africa as an economic block. This recognition aligns with the ethos of the International Decade for People of African Descent, highlighting MIPAD’s ongoing commitment to celebrating individuals, organizations, and governments demonstrating outstanding leadership in advancing people of African descent globally.”
Commenting on the initiative, Dr Onyeali-Ikpe said, “This recognition demonstrates our market leadership in the international trade space at Fidelity Bank and our devotion to helping Nigerian businesses play a more active role in the global trade space.
Since 2022, we have hosted the largest private-sector driven trade expo tagged the Fidelity International Trade and Creative Connect (FITCC) with hundreds of export businesses from Nigeria, off-takers in the UK and USA, investors, regulators, media and other key stakeholder in the trade sector. Through FITCC, we have closed deals totaling $450million. Our commitment as a bank is to do more in this space and we thank MIPAD for the recognition.”
The Most Influential People of African Descent (MIPAD), is a global civil society initiative in support of the International Decade for People of African Descent, proclaimed by United Nation’s General Assembly resolution 68/237, to be observed from 2015 to 2024. MIPAD identifies high achievers of African descent in public and private sectors from all around the world as a progressive network of relevant actors to join together in the spirit of recognition, justice and development.
Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.
The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
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