On Air Now:
Now Playing:Loading...
site loader
July 3, 2023 ‘I Do Not Own A Holiday Home Anywhere’ – Dangote Homeless Abroad

‘I Do Not Own A Holiday Home Anywhere’ – Dangote Homeless Abroad

Aliko Dangote, the Founder, Chairman, and CEO of the Dangote Group, has made a surprising revelation that he does not own overseas vacation homes, unlike several of his employees.

In an interview with Business Insider Africa, published on the verified Instagram account of the Tonyelumelufoundation, Dangote emphasized the importance of avoiding indulgence in extravagant possessions, as it can distract from one's focus.

Citing his own case, Dangote stated, "Extravagant possessions can also consume your time, preventing you from concentrating on your business. Personally, I do not own a holiday home anywhere or a house for that matter. Nevertheless, I am aware that some of my employees possess residences in London, unlike myself."

The renowned business tycoon highlighted that one of the major obstacles to business growth in Africa, particularly among the youth, is the tendency to spend anticipated earnings prematurely.

Dangote expressed, "Once your business begins to prosper, rather than reinvesting in it, you may be inclined to spend money and assume that profits will continue to pour in."

"However, business ventures experience ups and downs, so it is crucial to maintain unwavering focus."

June 19, 2023 Johann Rupert Surpasses Dangote as Africa’s Wealthiest Man – Forbes

Johann Rupert Surpasses Dangote as Africa’s Wealthiest Man – Forbes

According to Forbes Magazine, South African businessman Johann Rupert has taken over the title of Africa's richest individual from Nigerian billionaire Aliko Dangote.

As per Forbes Real-time Global Billionaires Ranking, Rupert's current net worth stands at $12 billion, while Dangote follows closely with a net worth of $10.8 billion as of Friday.

Dangote's wealth experienced a decline due to recent operational charges in the foreign exchange market implemented by the Central Bank of Nigeria. These charges resulted in the devaluation of the Naira against the US dollar.

As a consequence, Forbes and Bloomberg recalculated the fortunes of all Nigerian billionaires, leading to significant decreases in the wealth of Dangote, Abdul Samad Rabiu (founder of BUA cement), and Mike Adenuga (Chairman of telecommunications giant Globacom Limited).

However, the tide is expected to turn for Aliko Dangote with the anticipated commencement of the $20 billion Dangote refinery, which was commissioned last month. This development is anticipated to contribute to his wealth rebounding in the near future.

June 7, 2023 Bolt, Uber, Other Ride-Hailing Drivers Begin Nationwide Strike

Bolt, Uber, Other Ride-Hailing Drivers Begin Nationwide Strike

On Wednesday, ride-hailing drivers from companies like Uber, Bolt, LagRide, and Indriver initiated a nationwide strike in Nigeria.

Following the directives of the Amalgamated Union of App-based Transport Workers of Nigeria (AUATWON), ride-hailing drivers have been ordered to stay at home until the ride-hailing companies agree to increase their base fares by 200 percent.

Kolawole Aina, the National Vice President of AUATWON for Southwest Nigeria, stated that the drivers plan to stage protests at the offices of Uber in Victoria Island and Bolt in Lekki.

Despite the ongoing strike, which is scheduled to continue until Friday, a correspondent attempting to book a ride on the Bolt app from Inspiration FM Victoria Island in Lagos state to Lekki Lagos was able to find a driver who was reportedly five minutes away. AUATWON's demands include a minimum 200 percent fare increase from ride-hailing companies.

Additionally, the union is calling for a 50 percent reduction in commission fees (Uber and Bolt currently charge a 20 percent commission on each ride) and an end to the deactivation of drivers who refuse to work due to low fares and resulting lack of profitability.

AUATWON is also seeking recognition as the representative body for the interests of ride-hailing drivers.

May 23, 2023 Dangote Refinery Petrol Hits Market July, FG To Save N7tn

Dangote Refinery Petrol Hits Market July, FG To Save N7tn

The Federal Government may save about N35tn in fiscal expenditure within the next five years with the commencement of operations at the Dangote Refinery and Petrochemicals.

The Governor of the Central Bank of Nigeria, Godwin Emefiele, disclosed this on Monday during the ceremony to inaugurate the Dangote Petroleum Refinery and Petrochemical facility in Ibeju-Lekki, Lagos.

The President, Major General Muhammadu Buhari (retd.), who inaugurated the refinery, which is currently the world’s largest single-train petroleum refiner, said his regime had been deliberate about ensuring public-private partnerships.

He described the refinery as a milestone for the Nigerian economy and a game-changer for the downstream petroleum market in the African continent.

Buhari said, “I recall that just about a year ago, I was here to commission your fertiliser (plant) and had the opportunity to briefly inspect this refinery complex which was under construction. The Group Chairman, Aliko Dangote, assured me that the refinery will be ready for commissioning before the end of my tenure.

I’m aware that this is not the first time that the Dangote Group under Alhaji Aliko Dangote’s leadership is putting Nigeria on the global map through his bold investments in key industries. This has helped to transform our economy from heavy import dependence to a net exporter in some critical industries including cement and fertiliser.”

At the inauguration, which had in attendance senior government officials from Nigeria and other African countries, Buhari described the refinery as a game-changer, just as the Founder/Chairman, Dangote Group, Aliko Dangote, declared that the facility would put an end to the inflow of toxic substandard petroleum products into Nigeria.

“Our first products will be in the market before the end of July, beginning of August this year.”

He also said the refinery plans to export to 53 African countries which depend on other countries for petroleum products.

Meanwhile, Emefiele said the Dangote Refinery and Petrochemicals could spare Nigeria about N5tn to N7tn annually in the fiscal expenditures of the federal government over the next five years.

He noted that the project would support the fiscal operations of the government, easing budget constraints of funding fuel subsidy.

The CBN governor added that the cost of fuel subsidy may hit N4.4tn by the end of 2022.

He said, “This project will equally provide support to the fiscal operations of the government as it could help ease budget constraints of funding the petroleum subsidy and engender fiscal savings. Available data indicate that, over a five-year period, fuel subsidy in Nigeria rose more than nine-folds from about N154bn in 2017 to over N1.43tn before another three-fold rise to N4.4tn by the end of 2022.

“A simple straight-line projection suggests that this figure could surpass N7tn within the next three years if we do not tackle it effectively. Thankfully, the Dangote Refinery and Petrochemicals could spare Nigeria about N5tn to N7tn annually in fiscal expenditure of the federal government over the next five years.”

SOURCE: PUNCH

Watch Live

x
PHP Code Snippets Powered By : XYZScripts.com
X