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Subscribe nowWealth Intelligence: Borrowed Billions — How Lebashe Ended Up Sitting on $2.5 Billion of Capitec Shares It Bought With Debt, and Why the Number Misleads
Lebashe sits on $2.5 billion of Capitec shares — bought with borrowed money and pledged to two banks as collateral. The week Dangote's fortune jumped $23 billion on a filing, it's the counter-lesson: a headline number and a real fortune are not the same thing. Gross vs. net.
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Wealth Intelligence: The $16 Billion Question — Why Forbes and Bloomberg Disagree on Aliko Dangote, and How His Refinery IPO Will Settle It
Forbes says $51.7 billion, Bloomberg $35.7 billion. Most of the gap is one asset that has never had a market price: the refinery. Its IPO implies a valuation of about $48 billion, and subscriptions close Tuesday. What Dangote owns, how it is valued, and what listing will settle.
Wealth Intelligence: The Cost of Being Right — Strive Masiyiwa Escaped a Market That Undervalued Him, and the New One Marked Him Down 31% in Four Months
Strive Masiyiwa left an exchange that priced Econet at $239 million against $779 million of revenue, and listed its towers, power and property at $1 billion instead. Four months later InfraCo had lost a third. What the $309 million says about his holdings, and about being right too early.
Wealth Intelligence: The Trader's Loss — How One Counterparty Cost Glencore $480 Million, and What Ivan Glasenberg's 10% Stake Reveals About Hidden Risk
Glencore has just taken a $480 million provision — one of the largest trading losses in its history as a public company — on a single counterparty, and now faces a $2 billion lawsuit from that same former partner.
Wealth Intelligence: The Index Effect — Why Nigeria's Return to FTSE's Frontier Index Rewards Dangote and First HoldCo but Leaves Out BUA, UBA and Seplat
Nigeria rejoins FTSE's frontier index on Sept 21, sending global passive capital to ten giants — Dangote Cement, First HoldCo, MTN. But BUA, UBA and Seplat were left out on free float, not size. The paradox: the concentration that makes these owners rich keeps their companies out.
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