Nigeria’s second-richest man Abdul Samad Rabiu lost $1.8 billion in 2023
Starting 2023 with a net worth of $7.5 billion, Rabiu faced a $1.8-billion wealth decline due to the Central Bank’s implementation of a free float policy.
Nigeria
Johann Rupert reemerges as Africa’s richest man in latest Forbes ranking
While Forbes positions Rupert as the richest man in Africa, with a net worth of $10.2 billion, Bloomberg’s estimations paint a different picture.
Africa’s richest man Aliko Dangote faces $3.6-billion loss amid naira devaluation
This is attributed to the Central Bank of Nigeria’s decision to unify the country’s multiple exchange rates, introducing the FX-managed float system for rate unification.
Billionaire Benedict Peters secures stake in Mozambique’s largest onshore gas block
Aiteo, Africa’s leading oil independent, which is owned by Peters, is now operator of the prolific Mazenga gas block in Mozambique.
Court dismisses Nigerian energy magnate ABC Orjiako’s $101-million bankruptcy claims
The adjournment to Jan. 22, 2024, sets the stage for further legal developments in this high-profile case.
Scottish-born Nigerian exec John Agwunobi earns $8.2-million salary from Herbalife
Agwunobi’s 2022 compensation package reflects a significant 16.89-percent jump from the previous year’s $6.9-million total.
Nigeria’s richest woman Folorunso Alakija secures six oil blocks in Sierra Leone
Sierra Leonean President Julius Maada Bio disclosed that the move is pivotal to stimulating the country’s economy.
Nigerian businessman Dozy Mmobuosi charged by SEC in alleged massive fraud
The SEC accused him of inflating figures and and engaging in billions of dollars’ of fictitious transactions.
Nigerian tycoon Tony Elumelu’s UBA secures $175-million facility from AfDB
The facility will enhance UBA’s capacity to finance crucial projects in Nigeria, with a focus on infrastructure, agriculture, and related value chains.
Nigerian billionaire’s cement firm commences operations at multimillion-dollar plant line
BUA Cement has solidified its position as Nigeria’s second-largest cement producer.
Nigerian banker Herbert Wigwe-led Access Bank ventures into Hong Kong market
Wigwe highlighted the significance of Access Holdings’ presence in the Hong Kong market, emphasizing its potential to boost cross-continental trade.
Nigerian billionaire Aliko Dangote sees wealth surge by $400 million, cements status as Africa’s richest
Dangote’s net worth has risen from $15.8 billion on Dec. 1 to $16.2 billion — the recent uptick has narrowed his year-to-date wealth losses to $2.49 billion.
This Week In Review: A Snapshot of African Wealth Dynamics — Fortune of Swazi Legend Natie Kirsh On The Rise (Dec. 11 to 15)
A concise look at the most significant events in African wealth dynamics over the past week.
U.S.-Nigerian mogul Sam Darwish’s IHS proposes new terms to keep MTN Towers
Founded in 2001 by Darwish, IHS has solidified its position as the largest telecom infrastructure group in Africa, Europe, Latin America, and the Middle East.
Nigerian banker Herbert Wigwe gains $12 million from Access Bank shares
Wigwe, who serves as the group managing director and CEO of Access Holdings, holds a substantial 9.09-percent stake in the leading financial services provider.
Tony Elumelu rakes in $14 million as UBA becomes a billion-dollar bank
The recent 23.73-percent surge in UBA’s shares over the past 48 days has strengthened its position as one of the most valuable companies on the Nigerian Exchange.