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Forbes Confirms Dangote Africa’s Richest Man, as Otedola Returns to Billionaire List

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After a six-year hiatus, Nigerian business magnate, Femi Otedola, has returned to the Forbes Africa list of the richest people, landing at No. 20 position with a fortune of $1 billion.

Otedola’s comeback marks a significant milestone. He last graced the Forbes Africa list in 2017 with his controlling stake in fuel distributor – Forte Oil.

However, a strategic shift saw him divest from oil and embrace the energy sector. In 2013, he used a Forte subsidiary to acquire Geregu, a public power generation plant and capitalised on its privatisation.

According to Forbes, Otedola’s 73% stake in Geregu is valued at over $850 million, forming the backbone of his fortune.

“He owned about 90% of Geregu when it was listed on the Nigerian exchange’s Main Board in 2022, but has since sold shares to institutional investors, which include Afreximbank’s Fund for Export Development in Africa and the State Grid Corporation of China,” Forbes said.

“His 73% stake in Geregu is worth more than $850 million, about three-quarters of his $1.1 billion fortune, which puts him at No. 20 on the list.”

Forbes added that despite Otedola’s rise, the overall wealth of African billionaires dipped slightly compared to last year. This reflects the global economic slowdown, but it’s important to note that African billionaires still fared better than their global counterparts, who saw a 4% decline.

“After taking Otedola’s comeback into account, Africa’s billionaires dipped slightly, but still fared better than the decline of 4% last year, when African markets faded in sync with equity values around the world. This year, African equities joined a late-year global rally, with the S&P All Africa index rising 10% in the final two months of 2023 but still ended down more than 9% in the 12 months through January 8, 2024,”

The magazine stated that “the continent remains one of the world’s toughest places to build – and hold onto – a billion-dollar fortune, as global investors remain leery of its stock exchanges, businesses struggle against strained economies, poor infrastructure and volatile exchange rates while changing political winds can make, boost or bust private fortunes.”

Meanwhile, Nigeria’s Aliko Dangote remains Africa’s richest man, with his fortune rising to $13.9 billion from $400 million, claiming the top spot for the 13th year in a row, despite political uncertainty following the February presidential election and a naira devaluation in 2023 that offset Dangote Cement’s rising share price.

The top three spots are rounded out by South African luxury goods magnate Johann Rupert held onto the No. 2 spot with $10.1 billion, down from $10.7 billion in 2023 as shares of his Compagnie Financiere Richemont–maker of Cartier watches and Montblanc pens – slid. South African Nicky Oppenheimer, who formerly ran diamond mining firm DeBeers before selling it to mining firm Anglo American a decade ago, ranks No. 3 with $9.4 billion, up $1 billion from 2023.

Interestingly, 13 of the 20 billionaires on the list saw their fortunes increase, while seven saw their net worth decline. The biggest decline on this year’s list belongs to Algerian industrial magnate Issad Rebrab, who was barred by a court in May from exercising any commercial or management duties at his conglomerate, Cevital.

Rebrab, who denied any wrongdoing, had previously served 8 months in jail on corruption charges until his release in January 2020. Rebrab, who shares the wealth with his wife and five children, including his son, Malik, who took over as CEO in 2022, saw his net worth fall by almost half to $2.5 billion.

The biggest gain belongs to Egypt’s Nasseff Sawiris, who added $1.4 billion to $8.7 billion thanks to a rise in Addidas shares (he owns about 6%), as well as dividends from the German sneaker company and family conglomerate OCI.

This year, South Africa claims six spots on the ranking, followed by Egypt with five and Nigeria with four. Algeria, Tanzania and Zimbabwe each have one billionaire on the list, while Morocco has two.

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Personality in Focus

Tinubu Hails FirstBank’s Immediately Past CEO, Adeduntan on Exceptional Service

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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.

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LG Boss Commends CG Goni for Inclusive, Community-Driven Conservation Efforts

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The Conservator-General (CG) of the National Park Service, Dr. Ibrahim Musa Goni, has received commendation for his inclusive and community-driven efforts in protected area management in Nigeria, particularly at Gashaka Gumti National Park.

The commendation was contained in a letter written by the Executive Chairman of Serti-Baruwa Local Government Area of Taraba State, Honourable Umar Yusuf Allura Gari. The letter conveyed the appreciation of the people of the local government to the Conservator-General for appointing Deputy Conservator of Park (DCP) Jonah Moses, an indigene of the local government, as acting Conservator of Park for Hadejia Wetlands National Park.

Honourable Umar Gari further commended Dr. Goni for the transformative initiatives at Gashaka Gumti National Park under his leadership. These initiatives, according to him, led to the signing of a Memorandum of Understanding with Africa Nature Investors (ANI), which has enhanced the protection of the park, improved internal security, and positively impacted the lives of the local populace through various impactful interventions.

Dr. Goni’s relentless efforts to reposition the Service locally and internationally through strategic collaborations were credited for the park’s recent enlistment as a World Heritage Site by World Heritage Volunteers.

The Chairman expressed gratitude to the CG for honoring their late traditional leader, Lamdo of Gashaka, Alhaji (Dr) Hamman Gabdo Mohammed Sambo, by naming the Administrative Block of Gashaka Gumti National Park after him. This gesture, he said, will continue to endear the park and the entire Service to the Gashaka people.

The Executive Chairman acknowledged the CG’s consistent efforts in providing job opportunities to their youths, stating that they are indeed grateful for that. However, he appealed for more employment opportunities, especially in senior cadres, stressing that such gestures will bolster community involvement in the smooth running and management of conflicts with the Service.

In conclusion, the Executive Chairman assured the CG of his community’s unwavering support for the National Park Service’s efforts to achieve international standards in conservation and sustainable management of Nigerian parks.

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Personality in Focus

Anastiasia’s Springs of Joy Launches, Storms Ogun, Lagos for Widow’s Welfare, Distributes Wholesome Palliatives

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By Eric Elezuo

In furtherance of her activities geared towards affecting lives of the indigents, with special emphasis on widows, the Spring of Joy for Widows Foundation has once again spread its wings of kindness and passion to the widows of Nigeria. This was a follow-up to its earlier reach out conducted in May 2024 where over 250 widows were presented with food items in an event tagged Food Pantry and Medical Checkup for Widows.

In August 2024, the Founder of the Foundation, Mrs Anastiasia Daniel, in company of her husband, arrived Nigeria from their base in the United States of America, and stormed some nooks and crannies of the nation with bags of smiles and hope for widows following a well attended launch of the Foundation in Surulere, Lagos.

It would be recalled that earlier in the year, at a well organized event held at the Redeemed Christian Church of God (RCCG), Christ Disciples Parish, Surulere, Lagos, which the Resident Pastor, Richard Umoren, graciously gave out, the Foundation released diverse and assorted food items to deserving widows, as well as conducted free medical checkups to ascertain the state of the health of the widows, using the best of medical personnels, drawn from the Christian Medical and Dental Association, Lagos University Teaching Hospital (LUTH) chapter.

Kickstarting the avalanche of humanitarian efforts, Mrs Daniel and her team of Spring of Joy for Widows Foundation caregivers embarked on several impactful events to support widows in different parts of Nigeria, thereby furthering its mission of empowerment and care.

At a Food Pantry Event held at Ilogbo, Ogun State, the foundation conducted a food distribution event, where 133 widows were empowered.

According to Mrs Daniel, who consistently told her story of growing up with her widowed mother, each widow received essential food items, including rice, beans, garri, noodles and bags of sachet water.

“This initiative was aimed at addressing the immediate food needs of the widows and providing them with a sense of relief and support during these challenging times,” Mrs. Daniel said.

At the official launch of the Foundation, which was juxtaposed with a Fundraising ceremony in Surulere, Lagos, with about 100 guests in attendance, Mrs. Daniel assured stakeholders and guests of her Foundation’s readiness to spread good tidings to as many Nigerians in need as possible, maintaining that the day was specially designed to raise awareness about the foundation’s cause and generate financial support for its ongoing and future initiatives.

The event drew together notable television personalities, founders of other organizations, and influential individuals, giving it a high-profile status.

As a followup to the Launch, the Foundation undertook a Food Pantry Event at the Assemblies of God Church, Coker Orile, Lagos, where a remarkable 310 widows received free food items, ranging from rice, beans, garri, spaghetti, to bags of sachet water. Each widow present at the event received a generous helping of all the items. This event further extended the foundation’s reach, ensuring that more widows received the support they needed.

ABOUT SPRING OF JOY FOR WIDOWS FOUNDATION 

The Spring of Joy for Widows Foundation is a non-profit organization established to empower and uplift widows by providing them with basic necessities, emotional support, and opportunities for a better future.

Through these empowerment events, the foundation aims to ease the burden of widowhood, provide food security, and foster a sense of community and belonging among widows.

According to the Founder, “Each initiative is a step towards achieving a long-term empowerment opportunity for widows, ensuring they have the resources and support to lead dignified lives.”

The Foundation is an NGO committed to making a profound difference in the lives of widows, addressing their unique challenges, and ensuring they lead lives of dignity, independence, and purpose.

It is further rooted in a deep sense of compassion, equality, and social justice, with the goal of creating a world where widows are not marginalized, but celebrated for their resilience and strength.

Mrs Daniel, a Nigerian citizen of Enugu extraction, is an embodiment of compassion, who has taken it upon herself to contribute to the upliftment of the indigent, using the widows as a starting point.

She strongly believe that the fact that a woman has lost has husband, does not mean that she has lost her purpose, self-will and destiny goal, maintaining that “Every widow is still destined for greatness no matter the circumstances.”

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