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Showing posts with label Aliko Dangote. Show all posts
Showing posts with label Aliko Dangote. Show all posts

RECESSION: Dangote Loses $3b, Drops On 2017 Forbes World Billionaire List, Adenuga, Alakija Too ...See New Rating

RECESSION: Dangote Loses $3b, Drops On 2017 Forbes World Billionaire List, Adenuga, Alakija Too ...See New Rating

ALIKO DANGOTE
Nigeria’s harsh economic climate took a dangerous toll on the fortunes of its leading business executives as only three entrepreneurs made the billionaires’ club list released yesterday by Forbes financial magazine.

According to the magazine, there are only three dollar-billionaires left in Nigeria, which include Aliko Dangote, Africa’s richest man; Folorunsho Alakija, the world’s second richest black woman, and Mike Adenuga, founder of Globacom.

For its 2017 rich list, Forbes upheld Dangote as Africa’s richest man, despite losing nearly $3 billion to devaluation of the Nigerian naira. Among those that dropped off the list are Femi Otedola of Forte Oil, and Abdulsamad Rabiu, founder of BUA Group, who fell off the billionaire list due to the fall in oil prices and devaluation of the naira.


“While Otedola fell off the list as a result of the crash in share price of his oil company, Forte Oil, a devaluation of the Nigerian currency, was blamed for Rabiu’s ousting,” Forbes said.

Alakija and Oprah Winfrey, American media mogul, are the only black female billionaires on the list, as the number of black billionaires shrank from 12 in 2016 to 10 in 2017.

In 2016, apart from Dangote Nigerians who made the list were Adenuga ($10 billion), Otedola ($1.8 billion), Alakija ($1.6 billion) and Rabiu ($1.1 billion), and they came in at 103, 1,011, 1,121 and 1,577 respectively.

The only Nigerians left on the list in 2017, however, include Dangote ($12.2 billion), Adenuga ($5.8 billion) and Alakija ($1.6 billion), who came in at 105, 250, and 1,290 on the global ranking. The rankings also show that Dangote and Adenuga remain richer than US President, Donald Trump, who lost about $1 billion in last year’s rating – three times less than what Dangote lost.

On the other hand Alakija upstaged Mo Ibrahim, Africa’s “leadership” billionaire, and Michael Jordan, one of the world’s finest basket ballers, to the 1,290 spot. With $1.1 billion, Ibrahim came in at 1,795, while  Jordan clinched the 1,567 spot with $1.3 billion.
ALIKO DANGOTE
Nigeria’s harsh economic climate took a dangerous toll on the fortunes of its leading business executives as only three entrepreneurs made the billionaires’ club list released yesterday by Forbes financial magazine.

According to the magazine, there are only three dollar-billionaires left in Nigeria, which include Aliko Dangote, Africa’s richest man; Folorunsho Alakija, the world’s second richest black woman, and Mike Adenuga, founder of Globacom.

For its 2017 rich list, Forbes upheld Dangote as Africa’s richest man, despite losing nearly $3 billion to devaluation of the Nigerian naira. Among those that dropped off the list are Femi Otedola of Forte Oil, and Abdulsamad Rabiu, founder of BUA Group, who fell off the billionaire list due to the fall in oil prices and devaluation of the naira.


“While Otedola fell off the list as a result of the crash in share price of his oil company, Forte Oil, a devaluation of the Nigerian currency, was blamed for Rabiu’s ousting,” Forbes said.

Alakija and Oprah Winfrey, American media mogul, are the only black female billionaires on the list, as the number of black billionaires shrank from 12 in 2016 to 10 in 2017.

In 2016, apart from Dangote Nigerians who made the list were Adenuga ($10 billion), Otedola ($1.8 billion), Alakija ($1.6 billion) and Rabiu ($1.1 billion), and they came in at 103, 1,011, 1,121 and 1,577 respectively.

The only Nigerians left on the list in 2017, however, include Dangote ($12.2 billion), Adenuga ($5.8 billion) and Alakija ($1.6 billion), who came in at 105, 250, and 1,290 on the global ranking. The rankings also show that Dangote and Adenuga remain richer than US President, Donald Trump, who lost about $1 billion in last year’s rating – three times less than what Dangote lost.

On the other hand Alakija upstaged Mo Ibrahim, Africa’s “leadership” billionaire, and Michael Jordan, one of the world’s finest basket ballers, to the 1,290 spot. With $1.1 billion, Ibrahim came in at 1,795, while  Jordan clinched the 1,567 spot with $1.3 billion.

Dangote Loses 32% Of Wealth In 6 months, Now 112 Wealthiest In World; See Full List Latest Ranking Of World's Billionaires

Dangote Loses 32% Of Wealth In 6 months, Now 112 Wealthiest In World; See Full List Latest Ranking Of World's Billionaires

dangote
The consequences of the ongoing recession and the drop in oil price have taken a huge negative effect on Africa’s richest man and President of the Dangote Group, Aliko Dangote, who has reportedly lost 32 percent of his wealth, according to the Bloomberg Billionaires’ Index.

Punch Newspaper detailed that Bloomberg reported on Wednesday that Dangote lost $4.9bn or one-third of his wealth as the combined effect of falling oil prices and the June devaluation of the naira pushed him to No. 112 on the billionaires’ list with $10.4bn. Dangote was the world’s 46th-richest person in June.

Saudi Arabia’s Prince Alwaleed Bin Talal Al Saud fell by $4.9bn, a 20 per cent drop, the report added.


Alwaleed had said in November that all of his stakes in public companies, including Citigroup Incorporated, were potentially for sale, reversing a longstanding policy that some of his most-prized shareholdings were “forever.”

Wealth creation in China turned negative for the first time since the inception of the Bloomberg index five years ago, with the country’s richest losing $11bn in 2016 amid a slump in the Shanghai Shenzhen CSI 300 index and a seven per cent decline for the yuan against the dollar.

Alibaba Group Holding Limited’s founder, Jack Ma, closed the year with $33.3bn, adding $3.6bn in 2016. He dropped in and out of his place as Asia’s richest person for the first four months of the year before claiming it for good in May, after Alibaba’s finance affiliate, which is laying the groundwork for an initial public offering expected as soon as next year, completed a record $4.5bn equity fundraising round.

China has 31 billionaires on the index with $262bn, trailing the US, which has 179 billionaires who control $1.9tn, and Germany, whose 39 individuals have $281bn.

Russian billionaires also began to put the negative effects of the US and European sanctions behind them, reversing the combined $63bn declines for 2014 and 2015, and adding $49bn in 2016.

Wealth managers for the world’s richest are girding themselves for similarly frenetic start to 2017 as the seismic changes that voters demanded this year start to take shape.

“Expect the unexpected,” said Sabine Kaiser, founder of SKadvisory, which advises family offices on venture capital and private equity. “I don’t think family offices are overly concerned or getting too nervous but after Brexit and Trump, they’ve resigned themselves to market volatility.”

In a year when populist voters reshaped power and politics across Europe and the U.S., the world’s wealthiest people are ending 2016 with $237 billion more than they had at the start.

However, the Bloomberg Billionaire index revealed that the world’s richest made $237bn this year.

The gains were led by Warren Buffett, who added $11.8bn during the year as his investment firm, Berkshire Hathaway Incorporated, saw its airline and banking holdings soar after Donald Trump’s surprise victory on November 8. Buffett, who’s pledged to give away most of his fortune to charity, donated Berkshire Hathaway stock valued at $2.6bn in July.

The US investor reclaimed his spot as the world’s second-richest person two days after Trump’s victory ignited a year-end rally that pushed his wealth up by 19 per cent for the year to $74.1bn.

“The year 2016 has been event-driven with global news driving prices rather than fundamentals,” said Michael Cole, president of Ascent Private Capital Management, which has about $10bn of assets under administration.”

dangote
The consequences of the ongoing recession and the drop in oil price have taken a huge negative effect on Africa’s richest man and President of the Dangote Group, Aliko Dangote, who has reportedly lost 32 percent of his wealth, according to the Bloomberg Billionaires’ Index.

Punch Newspaper detailed that Bloomberg reported on Wednesday that Dangote lost $4.9bn or one-third of his wealth as the combined effect of falling oil prices and the June devaluation of the naira pushed him to No. 112 on the billionaires’ list with $10.4bn. Dangote was the world’s 46th-richest person in June.

Saudi Arabia’s Prince Alwaleed Bin Talal Al Saud fell by $4.9bn, a 20 per cent drop, the report added.


Alwaleed had said in November that all of his stakes in public companies, including Citigroup Incorporated, were potentially for sale, reversing a longstanding policy that some of his most-prized shareholdings were “forever.”

Wealth creation in China turned negative for the first time since the inception of the Bloomberg index five years ago, with the country’s richest losing $11bn in 2016 amid a slump in the Shanghai Shenzhen CSI 300 index and a seven per cent decline for the yuan against the dollar.

Alibaba Group Holding Limited’s founder, Jack Ma, closed the year with $33.3bn, adding $3.6bn in 2016. He dropped in and out of his place as Asia’s richest person for the first four months of the year before claiming it for good in May, after Alibaba’s finance affiliate, which is laying the groundwork for an initial public offering expected as soon as next year, completed a record $4.5bn equity fundraising round.

China has 31 billionaires on the index with $262bn, trailing the US, which has 179 billionaires who control $1.9tn, and Germany, whose 39 individuals have $281bn.

Russian billionaires also began to put the negative effects of the US and European sanctions behind them, reversing the combined $63bn declines for 2014 and 2015, and adding $49bn in 2016.

Wealth managers for the world’s richest are girding themselves for similarly frenetic start to 2017 as the seismic changes that voters demanded this year start to take shape.

“Expect the unexpected,” said Sabine Kaiser, founder of SKadvisory, which advises family offices on venture capital and private equity. “I don’t think family offices are overly concerned or getting too nervous but after Brexit and Trump, they’ve resigned themselves to market volatility.”

In a year when populist voters reshaped power and politics across Europe and the U.S., the world’s wealthiest people are ending 2016 with $237 billion more than they had at the start.

However, the Bloomberg Billionaire index revealed that the world’s richest made $237bn this year.

The gains were led by Warren Buffett, who added $11.8bn during the year as his investment firm, Berkshire Hathaway Incorporated, saw its airline and banking holdings soar after Donald Trump’s surprise victory on November 8. Buffett, who’s pledged to give away most of his fortune to charity, donated Berkshire Hathaway stock valued at $2.6bn in July.

The US investor reclaimed his spot as the world’s second-richest person two days after Trump’s victory ignited a year-end rally that pushed his wealth up by 19 per cent for the year to $74.1bn.

“The year 2016 has been event-driven with global news driving prices rather than fundamentals,” said Michael Cole, president of Ascent Private Capital Management, which has about $10bn of assets under administration.”

Why We Angrily Killed Dangote HRM - Kidnappers

Why We Angrily Killed Dangote HRM - Kidnappers

Why We Angrily Killed Dangote HRM - Kidnappers
Three suspected kidnappers, arrested by the police, have told investigators that they killed the Human Resources Manager of Dangote Industries Limited, Mr. Istifanus Bello Gurama because of the company’s failure to pay a N100 million ransom.

Three men, Abubakar Gide (24), Abdullahi Salihu (22) and Babuga Adamu (25), were arrested by detectives attached to the Inspector-General of Police (IGP), Ibrahim Idris, Special Intelligence Response Team (IRT).

Nine gunmen abducted and killed Gurama when he went to negotiate for the release of four expatriates and a Nigerian, employees of Dangote Group. Those arrested explained that a single bullet to Gurama’s head sent him to the grave.


The suspects said they were expecting N100 million ransom but Gurama came with just N5.6 million. The nine men, who carried out the kidnap of the five workers, demanded N100 million and had already divided the money in their heads, with each netting over N11 million before Gurama’s arrival.

But instead of N100 million, the deceased came with N5.6 million. Salihu was said to have angrily shot Gurama in the head. They dragged his body from the point he was killed and dumped it in a river.

The police fished out Gurama’s decomposing body from the river. Investigators have also discovered that Gide was the one who brought the deal on the abduction of the five Dangote workers.

Gide, who resides around the community where Dangote Company is sited, noticed an increased in the number of Indians he was seeing and quickly thought of how he could enrich himself by kidnapping them. After brainstorming on the issue, he went to Kogi State and hired men, to enable him to execute the kidnap plan.

The kidnap was a success. Gurama was also described as the person who used to negotiate with kidnappers on release of kidnapped staff of the company. According to a police source, the suspects were tracked and arrested.

The police recovered three AK47 rifles from the suspects. The police source said: “It all started after four expatriates and one Nigerian working for Dangote Group in Ijebu-Igbo, Ogun State, were abducted on November 9.”

When Gurama was alerted about the kidnap of his colleagues and asked to go and negotiate their release, he had thought it was like other negotiations; fluid, simple and successful. The negotiation turned out to be his last.

On November 13, Gurama went to pay ransom for the five workers to be released. When the kidnappers discovered that the money was not N100 million as they demanded, they held Gurama.

When the IG got the information, he quickly deployed his IRT operatives to Ogun State. The team was led by a Chief Superintendent of Police (CSP), Abba Kyari. It was gathered that the operatives went undercover and embarked on a massive manhunt. The three suspects were eventually arrested.

The suspects were arrested between November 27 and December 3 in Ijebu-Igbo, Epe forest, Lagos State and Ajase-Ipo forest in Kwara State. The source said: “The suspects have confessed to the kidnapping and release of the five Dangote staff after collecting of N5.6 million.

At the same time, they confessed to the kidnapping and murder of Gurama of Dangote Group who brought the N5.6 million to them. According to their confessions, they were annoyed with Gurama for bringing N5.6 million to them, when they were expecting a minimum of N100 million from the company.”

On December 3, the suspects led operatives of IRT and policemen from Ogun State Police Command to the forest in Ijebu- Igbo, Ogun State, where three AK47 rifles, with six magazines and 160 rounds of ammunition used for their operations were recovered.

The suspects also led police operatives to Apoje River, where the decomposing body of Gurama was found, floating with a bullet hole in his skull. Most of his body parts had been devoured by fish.

The police moved the body to Sagamu General Hospital mortuary for autopsy. Police said they were still on the trail of the remaining six members of the gang. Another police source said four of the suspected kidnappers used their share of the N5.6 million to buy cows. “Police know the person keeping the cows and they are already tracking the person and the cows.

They are also trying to recover the remaining ransom,” said the source. A top police officer said it was a wrong move to have used Gurama as a negotiator in releasing his colleagues.

The source said that the kidnappers saw Gurama as a symbol of Dangote and wealth. To them, Dangote Company should be able to afford N100 million.

Friends of Gurama have taken to Facebook, mourning his sudden death. One of his friends, Okeke Ogechukwu, said: “So it’s true? Gurama is really gone? Murdered! I still can’t believe it.” Shatu Gani has this to say:

“Tribute to a friend I have known for some time now. He was a wonderful person. Not up to two months ago, he celebrated his 20th wedding anniversary and today he is lifeless.

What a wicked world? Rest on my friend and may God console madam and the boys.” Babs Oluwabukola Aisha said: “Your sudden murder by kidnappers hurt my heart so deep.

My great counsellor, each moment I scroll through our chat, I imagine someone could just wake me from my sleep; that it’s all dream. You are so amazing to be forgotten so soon.”

Shady Ashafa cursed Gurama’s killer. She said: “I’m in a rude shock! A few weeks ago, we celebrated your 20th wedding anniversary! Whoever kidnapped and cut your life short, will surely die too! And there shall be no peace for the wicked!”

Why We Angrily Killed Dangote HRM - Kidnappers
Three suspected kidnappers, arrested by the police, have told investigators that they killed the Human Resources Manager of Dangote Industries Limited, Mr. Istifanus Bello Gurama because of the company’s failure to pay a N100 million ransom.

Three men, Abubakar Gide (24), Abdullahi Salihu (22) and Babuga Adamu (25), were arrested by detectives attached to the Inspector-General of Police (IGP), Ibrahim Idris, Special Intelligence Response Team (IRT).

Nine gunmen abducted and killed Gurama when he went to negotiate for the release of four expatriates and a Nigerian, employees of Dangote Group. Those arrested explained that a single bullet to Gurama’s head sent him to the grave.


The suspects said they were expecting N100 million ransom but Gurama came with just N5.6 million. The nine men, who carried out the kidnap of the five workers, demanded N100 million and had already divided the money in their heads, with each netting over N11 million before Gurama’s arrival.

But instead of N100 million, the deceased came with N5.6 million. Salihu was said to have angrily shot Gurama in the head. They dragged his body from the point he was killed and dumped it in a river.

The police fished out Gurama’s decomposing body from the river. Investigators have also discovered that Gide was the one who brought the deal on the abduction of the five Dangote workers.

Gide, who resides around the community where Dangote Company is sited, noticed an increased in the number of Indians he was seeing and quickly thought of how he could enrich himself by kidnapping them. After brainstorming on the issue, he went to Kogi State and hired men, to enable him to execute the kidnap plan.

The kidnap was a success. Gurama was also described as the person who used to negotiate with kidnappers on release of kidnapped staff of the company. According to a police source, the suspects were tracked and arrested.

The police recovered three AK47 rifles from the suspects. The police source said: “It all started after four expatriates and one Nigerian working for Dangote Group in Ijebu-Igbo, Ogun State, were abducted on November 9.”

When Gurama was alerted about the kidnap of his colleagues and asked to go and negotiate their release, he had thought it was like other negotiations; fluid, simple and successful. The negotiation turned out to be his last.

On November 13, Gurama went to pay ransom for the five workers to be released. When the kidnappers discovered that the money was not N100 million as they demanded, they held Gurama.

When the IG got the information, he quickly deployed his IRT operatives to Ogun State. The team was led by a Chief Superintendent of Police (CSP), Abba Kyari. It was gathered that the operatives went undercover and embarked on a massive manhunt. The three suspects were eventually arrested.

The suspects were arrested between November 27 and December 3 in Ijebu-Igbo, Epe forest, Lagos State and Ajase-Ipo forest in Kwara State. The source said: “The suspects have confessed to the kidnapping and release of the five Dangote staff after collecting of N5.6 million.

At the same time, they confessed to the kidnapping and murder of Gurama of Dangote Group who brought the N5.6 million to them. According to their confessions, they were annoyed with Gurama for bringing N5.6 million to them, when they were expecting a minimum of N100 million from the company.”

On December 3, the suspects led operatives of IRT and policemen from Ogun State Police Command to the forest in Ijebu- Igbo, Ogun State, where three AK47 rifles, with six magazines and 160 rounds of ammunition used for their operations were recovered.

The suspects also led police operatives to Apoje River, where the decomposing body of Gurama was found, floating with a bullet hole in his skull. Most of his body parts had been devoured by fish.

The police moved the body to Sagamu General Hospital mortuary for autopsy. Police said they were still on the trail of the remaining six members of the gang. Another police source said four of the suspected kidnappers used their share of the N5.6 million to buy cows. “Police know the person keeping the cows and they are already tracking the person and the cows.

They are also trying to recover the remaining ransom,” said the source. A top police officer said it was a wrong move to have used Gurama as a negotiator in releasing his colleagues.

The source said that the kidnappers saw Gurama as a symbol of Dangote and wealth. To them, Dangote Company should be able to afford N100 million.

Friends of Gurama have taken to Facebook, mourning his sudden death. One of his friends, Okeke Ogechukwu, said: “So it’s true? Gurama is really gone? Murdered! I still can’t believe it.” Shatu Gani has this to say:

“Tribute to a friend I have known for some time now. He was a wonderful person. Not up to two months ago, he celebrated his 20th wedding anniversary and today he is lifeless.

What a wicked world? Rest on my friend and may God console madam and the boys.” Babs Oluwabukola Aisha said: “Your sudden murder by kidnappers hurt my heart so deep.

My great counsellor, each moment I scroll through our chat, I imagine someone could just wake me from my sleep; that it’s all dream. You are so amazing to be forgotten so soon.”

Shady Ashafa cursed Gurama’s killer. She said: “I’m in a rude shock! A few weeks ago, we celebrated your 20th wedding anniversary! Whoever kidnapped and cut your life short, will surely die too! And there shall be no peace for the wicked!”

2019: Presidency Cabals Shop For Buhari's Successor, Woos Dangote; Offers Him The President's Daughter As Bait, El-Rufai DROPPED

2019: Presidency Cabals Shop For Buhari's Successor, Woos Dangote; Offers Him The President's Daughter As Bait, El-Rufai DROPPED

Buhari dangote el-rufai
The Authority - With President Muhammadu Buhari barely two years in of­fice, members of his kitchen cabinet, who have constituted themselves into a cabal, are al­ready looking for his successor.

Their actions are prompt­ed by growing questions over alleged governance deficits of President Buhari’s tenure.

The AUTHORITY learnt that members of the cabal run­ning Aso Rock are no longer comfortable with Buhari’s per­formance and are worried that the North could lose the Pres­idency in 2019 if nothing was urgently done.




Leading members of the ca­bal are largely from Adamawa, Borno and Katsina States.

Sources also confirmed to The AUTHORITY that the high-stake game is borne out of the deep knowledge of the Pres­ident’s health, which has fuelled speculations that Buhari may not run for a second term on health grounds.

Age is also not on his side. Born on December 17, 1942, President Buhari would be close to 77 years old by 2019.

Consequently, the North, which fought tooth and nail to re­trieve power from the South, has started looking beyond Buhari.

The AUTHORITY fur­ther gathered that Africa’s rich­est man Aliko Dangote, who like the United States President-elect, Donald Trump, lacks any prior experience in government, has been fingered by the cabal as a worthy replacement for Buha­ri, come 2019.

To give more teeth to this quirky plot, some match-mak­ing by the cabal between Dangote and Buhari’s daughter, Fatima, was fine-tuned but ran into stormy waters.

Dangote, according to sourc­es, was already warming up for the marriage and for a shot at the Presidency.

But Fatima, who, like her stepmother Aisha Buhari, has scant regard for the cabal’s ar­rowhead, “out-rightly” re­jected the choice of Dangote.

She equally rejected the per­suasive pressure of another influ­ential member of the infamous cabal.
The AUTHORITY further learned that as 2017 draws near and in connection with crowning a successor to Buhari, key politi­cal realignments are expected to start taking shape.

A serving minister in the Bu­hari administration had recently shown how fluid the situation is by reportedly sending a text mes­sage to a member of the Peoples’ Democratic Party (PDP), asking about a “post-Buhari” scenario.

Today, Buhari has become very unpopular in the North due to the inability of his government to deliver governance that direct­ly impacts the people.

On the other hand, the na­ture of the appointments he has made, defined by lack of consul­tation and inclusiveness, has al­ienated many.

The wife of the president had recently in a British Broadcast­ing Corporation (BBC) Hausa Service interview lamented that most officials of the government are not known to the President and the first family, adding that they are usurpers who did noth­ing to help the All Progressives Congress (APC) struggle in 2015.

The usurpers she was refer­ring to in that controversial in­terview are the core members of the cabal that call the shots in Aso Rock, notwithstanding Buhari’s claims to the contrary.

The core four-member pres­idency cabal under reference re­portedly didn’t vote in 2015 be­cause they didn’t register to vote.
As the opposition carefully watches the unfolding develop­ment and fine-tunes its plot, the emerging poser is how the cabal hopes to pull off the audacious gamble.

This remains a subject of speculation considering that they lack political skills and are very unpopular.
The AUTHORITY recalls that in her famous interview, Ai­sha Buhari, when asked to name those who had hijacked the gov­ernment, declared: “You will know them if you watch televi­sion.”

One of the key cabal arrow­heads has to-date allegedly cor­nered more than N5 billion school furniture contracts from Kaduna, Katsina and Sokoto States.

The Kaduna State contract has however been terminat­ed over “non-performance” by Governor Nasir el-Rufai, who unilaterally awarded it to Kadu­na Furniture and Construction Company (KFCC) without due process.

The initial sum for the Ka­duna furniture contract was N1 billion.

El-Rufai has never hidden the fact that his ultimate goal is the presidency. He has consist­ently told Kaduna State people that he is a one-term governor. The bad blood between a key member of the cabal, the chair­man of KFCC and El-Rufai, is re­portedly linked to the cabal of­fering the presidency to Dangote.

Sources further revealed that it was the last gasp effort to stop the Dangote-Fatima wedding using the Independent Corrupt Practices and Other Related Of­fences Commission (ICPC) that caused the anti-corruption agen­cy’s chairman to be suspended from office before Buhari inter­vened.

The cabal had sacked the ICPC Chairman, Ekpo Nta, without the President’s knowl­edge - because he did not play ball - over claims that his tenure had expired.

Ekpo was reportedly or­dered by the cabal to arrest Gim­ba Kumo, a former managing di­rector of the Federal Mortgage Bank.

Similar efforts with the Na­tional Security Adviser (NSA) and the Economic and Financial Crimes Commission (EFCC) re­portedly failed.

But the cabal never gave up, hence the reports in the media about the arrest of Kumo.

This Article First Published By The Authority Newspaper


Buhari dangote el-rufai
The Authority - With President Muhammadu Buhari barely two years in of­fice, members of his kitchen cabinet, who have constituted themselves into a cabal, are al­ready looking for his successor.

Their actions are prompt­ed by growing questions over alleged governance deficits of President Buhari’s tenure.

The AUTHORITY learnt that members of the cabal run­ning Aso Rock are no longer comfortable with Buhari’s per­formance and are worried that the North could lose the Pres­idency in 2019 if nothing was urgently done.




Leading members of the ca­bal are largely from Adamawa, Borno and Katsina States.

Sources also confirmed to The AUTHORITY that the high-stake game is borne out of the deep knowledge of the Pres­ident’s health, which has fuelled speculations that Buhari may not run for a second term on health grounds.

Age is also not on his side. Born on December 17, 1942, President Buhari would be close to 77 years old by 2019.

Consequently, the North, which fought tooth and nail to re­trieve power from the South, has started looking beyond Buhari.

The AUTHORITY fur­ther gathered that Africa’s rich­est man Aliko Dangote, who like the United States President-elect, Donald Trump, lacks any prior experience in government, has been fingered by the cabal as a worthy replacement for Buha­ri, come 2019.

To give more teeth to this quirky plot, some match-mak­ing by the cabal between Dangote and Buhari’s daughter, Fatima, was fine-tuned but ran into stormy waters.

Dangote, according to sourc­es, was already warming up for the marriage and for a shot at the Presidency.

But Fatima, who, like her stepmother Aisha Buhari, has scant regard for the cabal’s ar­rowhead, “out-rightly” re­jected the choice of Dangote.

She equally rejected the per­suasive pressure of another influ­ential member of the infamous cabal.
The AUTHORITY further learned that as 2017 draws near and in connection with crowning a successor to Buhari, key politi­cal realignments are expected to start taking shape.

A serving minister in the Bu­hari administration had recently shown how fluid the situation is by reportedly sending a text mes­sage to a member of the Peoples’ Democratic Party (PDP), asking about a “post-Buhari” scenario.

Today, Buhari has become very unpopular in the North due to the inability of his government to deliver governance that direct­ly impacts the people.

On the other hand, the na­ture of the appointments he has made, defined by lack of consul­tation and inclusiveness, has al­ienated many.

The wife of the president had recently in a British Broadcast­ing Corporation (BBC) Hausa Service interview lamented that most officials of the government are not known to the President and the first family, adding that they are usurpers who did noth­ing to help the All Progressives Congress (APC) struggle in 2015.

The usurpers she was refer­ring to in that controversial in­terview are the core members of the cabal that call the shots in Aso Rock, notwithstanding Buhari’s claims to the contrary.

The core four-member pres­idency cabal under reference re­portedly didn’t vote in 2015 be­cause they didn’t register to vote.
As the opposition carefully watches the unfolding develop­ment and fine-tunes its plot, the emerging poser is how the cabal hopes to pull off the audacious gamble.

This remains a subject of speculation considering that they lack political skills and are very unpopular.
The AUTHORITY recalls that in her famous interview, Ai­sha Buhari, when asked to name those who had hijacked the gov­ernment, declared: “You will know them if you watch televi­sion.”

One of the key cabal arrow­heads has to-date allegedly cor­nered more than N5 billion school furniture contracts from Kaduna, Katsina and Sokoto States.

The Kaduna State contract has however been terminat­ed over “non-performance” by Governor Nasir el-Rufai, who unilaterally awarded it to Kadu­na Furniture and Construction Company (KFCC) without due process.

The initial sum for the Ka­duna furniture contract was N1 billion.

El-Rufai has never hidden the fact that his ultimate goal is the presidency. He has consist­ently told Kaduna State people that he is a one-term governor. The bad blood between a key member of the cabal, the chair­man of KFCC and El-Rufai, is re­portedly linked to the cabal of­fering the presidency to Dangote.

Sources further revealed that it was the last gasp effort to stop the Dangote-Fatima wedding using the Independent Corrupt Practices and Other Related Of­fences Commission (ICPC) that caused the anti-corruption agen­cy’s chairman to be suspended from office before Buhari inter­vened.

The cabal had sacked the ICPC Chairman, Ekpo Nta, without the President’s knowl­edge - because he did not play ball - over claims that his tenure had expired.

Ekpo was reportedly or­dered by the cabal to arrest Gim­ba Kumo, a former managing di­rector of the Federal Mortgage Bank.

Similar efforts with the Na­tional Security Adviser (NSA) and the Economic and Financial Crimes Commission (EFCC) re­portedly failed.

But the cabal never gave up, hence the reports in the media about the arrest of Kumo.

This Article First Published By The Authority Newspaper


RECESSION Hits 'almighty' Dangote; Sacks 48 Staff

RECESSION Hits 'almighty' Dangote; Sacks 48 Staff

Dangote
Punch Newspaper - The current recession rocking the Nigerian economy has hit one of the biggest employers of labour in the country outside of the government as the Dangote Group, belonging to Africa’s richest man, Aliko Dangote, has fired 48 members of staff.

Our correspondents gathered that those sacked were made up of 36 expatriate and 12 Nigerian workers from the group’s headquarters and one of the subsidiaries, Dangote Cement Plc.

Though no official of the group was willing to speak on the matter on Sunday, one of our correspondents gathered from highly placed sources that the decision to sack the workers was not unconnected with the current high cost of running business in the country occasioned by the unavailability of foreign exchange and the unprecedented hike in the naira to dollar exchange rate.

It was further gathered that the huge amounts in foreign currencies being paid to the expatriate workers had become a burden on Dangote due to the steady depreciation in the value of the naira and the difficulties of raising enough dollars.

Consequently, the industrialist, according to sources, has decided to replace the expatriates with Nigerians, who have acquired the requisite experience on the job, as paying them in naira will be less problematic.

For the affected Nigerians, it was gathered that most of them had disciplinary issues, which made it easy for the group to do away with their services.

When contacted on Sunday, the Group Head, Corporate Communications, Dangote Group, Tony Chiejina, said he could not speak on the development.

However, in a letter signed by the President/Chief Executive Officer, Dangote Group, Aliko Dangote, dated Thursday, October 20, 2016,the firm stated that it was constrained to take the “tough” decision as economic factors had affected the cost of production.

The letter, which was titled: ‘Recent Retirement Exercise’, however, appreciated those affected for their contributions to the growth of the group.

The letter read in part, “This year has been a very challenging year for us as a business. The unavailability of foreign exchange coupled with an unprecedented hike in the exchange rate has resulted in increased costs across the organisation.

“This called for a proper review and adjustment of our costs across board to ensure efficiency and effectiveness in the deployment of our factors of production in a bid to eliminate redundancies that we know exist, which resulted in some tough decisions, which means losing staff, including some of our colleagues.

“On Friday, October 14, 2016, we began the process of staff cutbacks as it is imperative to review our human capital deployment for the required cutbacks that would ensure efficiency and eliminate redundancies in the allocation of human resources.

“This first phase of this exercise involved the cutback of 36 expatriate staff across the Dangote Cement Plc and Dangote Industries Limited, and 12 local staff members in Dangote Industries Limited.”

As an organisation with international operations, the group promised that it would continue to review and restructure its human capital deployment to ensure “optimal allocation of skill sets and size of the workforce each function requires.”

The group urged the workers to shun lateness, improper dressing and other unsavoury behaviours in the workplace.

Bloomberg had in its latest ‘Billionaire Index’ reported that Dangote had lost $5.4bn of his fortune this year due to the fall in the value of the naira and the decision of the Central Bank of Nigeria to ration dollars to stem huge capital outflows in the wake of Nigeria’s worst economic crisis.

Dangote had recently urged the Federal Government to sell off the Nigerian Liquefied Natural Gas Company and other dormant but huge capital-generating enterprises and reinvest the proceeds in the economy to bring the country out of the current economic recession before the end of the fourth quarter.

Dansa Foods Nigeria Limited, which claims to be a member of the Dangote Group, has reportedly been unable to pay its workers for the past six months.

The company is being run by Alhaji Sani Dangote, a brother of Aliko, who is the Executive Chairman, with Aliko’s shares embedded in the firm.

Multiple sources in the Dangote Group claimed that Dansa Foods was not part of the group but was an independent company owned and run by Aliko’s brother.

However, in a statement announcing its participation at the just concluded Lagos International Trade Fair, the group listed some of its subsidiaries as Dangote Sugar Refinery, Dangote Agrosacks, NASCON Allied Industries Plc (Dangote Salt), Dangote Rice Limited, Dangote Cement Plc and Dansa Foods Limited.

It was reported that the company, which produces Dansa Juice and other goods, had laid off more than half of the workforce following dwindling sales and high cost of production caused by high exchange rate of the naira.

It was gathered that the company had suspended the production of Dansa Juice and other products, and was only producing Mowa Bottle Water.

As a result, the workers have reportedly embarked on a strike to press home their demand.
Dangote
Punch Newspaper - The current recession rocking the Nigerian economy has hit one of the biggest employers of labour in the country outside of the government as the Dangote Group, belonging to Africa’s richest man, Aliko Dangote, has fired 48 members of staff.

Our correspondents gathered that those sacked were made up of 36 expatriate and 12 Nigerian workers from the group’s headquarters and one of the subsidiaries, Dangote Cement Plc.

Though no official of the group was willing to speak on the matter on Sunday, one of our correspondents gathered from highly placed sources that the decision to sack the workers was not unconnected with the current high cost of running business in the country occasioned by the unavailability of foreign exchange and the unprecedented hike in the naira to dollar exchange rate.

It was further gathered that the huge amounts in foreign currencies being paid to the expatriate workers had become a burden on Dangote due to the steady depreciation in the value of the naira and the difficulties of raising enough dollars.

Consequently, the industrialist, according to sources, has decided to replace the expatriates with Nigerians, who have acquired the requisite experience on the job, as paying them in naira will be less problematic.

For the affected Nigerians, it was gathered that most of them had disciplinary issues, which made it easy for the group to do away with their services.

When contacted on Sunday, the Group Head, Corporate Communications, Dangote Group, Tony Chiejina, said he could not speak on the development.

However, in a letter signed by the President/Chief Executive Officer, Dangote Group, Aliko Dangote, dated Thursday, October 20, 2016,the firm stated that it was constrained to take the “tough” decision as economic factors had affected the cost of production.

The letter, which was titled: ‘Recent Retirement Exercise’, however, appreciated those affected for their contributions to the growth of the group.

The letter read in part, “This year has been a very challenging year for us as a business. The unavailability of foreign exchange coupled with an unprecedented hike in the exchange rate has resulted in increased costs across the organisation.

“This called for a proper review and adjustment of our costs across board to ensure efficiency and effectiveness in the deployment of our factors of production in a bid to eliminate redundancies that we know exist, which resulted in some tough decisions, which means losing staff, including some of our colleagues.

“On Friday, October 14, 2016, we began the process of staff cutbacks as it is imperative to review our human capital deployment for the required cutbacks that would ensure efficiency and eliminate redundancies in the allocation of human resources.

“This first phase of this exercise involved the cutback of 36 expatriate staff across the Dangote Cement Plc and Dangote Industries Limited, and 12 local staff members in Dangote Industries Limited.”

As an organisation with international operations, the group promised that it would continue to review and restructure its human capital deployment to ensure “optimal allocation of skill sets and size of the workforce each function requires.”

The group urged the workers to shun lateness, improper dressing and other unsavoury behaviours in the workplace.

Bloomberg had in its latest ‘Billionaire Index’ reported that Dangote had lost $5.4bn of his fortune this year due to the fall in the value of the naira and the decision of the Central Bank of Nigeria to ration dollars to stem huge capital outflows in the wake of Nigeria’s worst economic crisis.

Dangote had recently urged the Federal Government to sell off the Nigerian Liquefied Natural Gas Company and other dormant but huge capital-generating enterprises and reinvest the proceeds in the economy to bring the country out of the current economic recession before the end of the fourth quarter.

Dansa Foods Nigeria Limited, which claims to be a member of the Dangote Group, has reportedly been unable to pay its workers for the past six months.

The company is being run by Alhaji Sani Dangote, a brother of Aliko, who is the Executive Chairman, with Aliko’s shares embedded in the firm.

Multiple sources in the Dangote Group claimed that Dansa Foods was not part of the group but was an independent company owned and run by Aliko’s brother.

However, in a statement announcing its participation at the just concluded Lagos International Trade Fair, the group listed some of its subsidiaries as Dangote Sugar Refinery, Dangote Agrosacks, NASCON Allied Industries Plc (Dangote Salt), Dangote Rice Limited, Dangote Cement Plc and Dansa Foods Limited.

It was reported that the company, which produces Dansa Juice and other goods, had laid off more than half of the workforce following dwindling sales and high cost of production caused by high exchange rate of the naira.

It was gathered that the company had suspended the production of Dansa Juice and other products, and was only producing Mowa Bottle Water.

As a result, the workers have reportedly embarked on a strike to press home their demand.

How CBN Deepening Recession By Reestablishing Dual Forex Rates To Gift Billions To Cabal

How CBN Deepening Recession By Reestablishing Dual Forex Rates To Gift Billions To Cabal

buhari and emefiele
The Nigerian Central Bank has once again silently maintained a dual forex exchange rate, further aggravating Nigeria’s economic recession while festering corruption.

In June of this year, after being implicated in the triggering of the economic collapse, the Central Bank announced the floating (devaluation) of the Naira to allow the interbank rate match up with the parallel market, BDC rate. However since then, while the BDC rate has further dropped to N465/$1 (currently), the interbank rate has been artificially held at around N312/$1. This has thus created and maintained a 50% disparity between the two rates.


Periodically injected CBN announcements and sudden new regulations have targeted the BDC dollar supply thereby deliberately expanding the gap.

The negative impacts of the duality in rates have been recognized and thoroughly criticized by local and foreign experts and entities. This rate-dichotomy does not only drive away investment but also directly promotes corruption while siphoning away billions in government dollars given to cabal at the subsidized rate. With all features implicated in contributing to and exacerbating the recession.

Those with access to CBN-subsidized dollars have been accused of engaging in the sale and supply of this to BDC customers and retailers thereby raking 50% profit on each dollar at the current rates. Large companies with connections to the powers that be and CBN management are enabled to create phony dollar requests used to purchase items for needy BDC customers, thus circumventing the law and immediately making 50% on the dollar; $500,000 on every million dollars round tripped. [See: Sanusi: FG Creates Billionaires through Forex Round Tripping; August 25, 2016]

Nigeria’s government corruption-made billionaire Aliko Dangote was gifted a whopping $100 million via this CBN cabal-funding scheme, according to a report by Reuters this June, which examined just a 3-month span of CBN-released figures. This translates to a staggering gift of as much as half a billion dollars by the Apex Bank to a single cabal in one year and billions of dollars to the handful of cabal for the period. The CBN was found to sell as much as 10% of all government dollars to just Dangote for his personal needs at the official subsidized rate. We are talking about catastrophic loses of Nigeria’s revenue. Millions of Nigerians suffer and die for one man to be pleased.

At the current rate, on every billion subsidized dollars the CBN sells to Dangote, he will immediately make a massive half a billion dollars. This loss of revenue of the masses has been accused of being directly responsible for the deepening economic recession. Small businesses are not given access to dollars and have been folding up leading to job losses in the millions while the cabal are fed fat on Nigeria’s oil earnings, making economic recovery impossible. Femi Kuti asked why Buhari does not simply rename Nigeria “Federal Republic of Dangote?”

The FGN is seeking to borrow $1 billion in eurobond while giving the same and more out in gift to the cabal by maintaining the amphibious forex rates.

The same cabal who in partnership with the Central Bank and successive governments including the present, keep the nation in reverse and got it into a recession, have now coerced the government to sell them its assets as a fallacious “means out of the recession.”

And it’s happening all in the masses’ faces. Someone must have taught the cabal-controlled government that it’s easy to keep the Nigerian masses distracted from noticing dangerous and treacherous manipulations: just show them some money found with Patience and they will be stupidly patient. I resist agreeing.

God will deliver Nigeria.
Peregrino Brimah; @EveryNigerian

Source: NewsRescue
buhari and emefiele
The Nigerian Central Bank has once again silently maintained a dual forex exchange rate, further aggravating Nigeria’s economic recession while festering corruption.

In June of this year, after being implicated in the triggering of the economic collapse, the Central Bank announced the floating (devaluation) of the Naira to allow the interbank rate match up with the parallel market, BDC rate. However since then, while the BDC rate has further dropped to N465/$1 (currently), the interbank rate has been artificially held at around N312/$1. This has thus created and maintained a 50% disparity between the two rates.


Periodically injected CBN announcements and sudden new regulations have targeted the BDC dollar supply thereby deliberately expanding the gap.

The negative impacts of the duality in rates have been recognized and thoroughly criticized by local and foreign experts and entities. This rate-dichotomy does not only drive away investment but also directly promotes corruption while siphoning away billions in government dollars given to cabal at the subsidized rate. With all features implicated in contributing to and exacerbating the recession.

Those with access to CBN-subsidized dollars have been accused of engaging in the sale and supply of this to BDC customers and retailers thereby raking 50% profit on each dollar at the current rates. Large companies with connections to the powers that be and CBN management are enabled to create phony dollar requests used to purchase items for needy BDC customers, thus circumventing the law and immediately making 50% on the dollar; $500,000 on every million dollars round tripped. [See: Sanusi: FG Creates Billionaires through Forex Round Tripping; August 25, 2016]

Nigeria’s government corruption-made billionaire Aliko Dangote was gifted a whopping $100 million via this CBN cabal-funding scheme, according to a report by Reuters this June, which examined just a 3-month span of CBN-released figures. This translates to a staggering gift of as much as half a billion dollars by the Apex Bank to a single cabal in one year and billions of dollars to the handful of cabal for the period. The CBN was found to sell as much as 10% of all government dollars to just Dangote for his personal needs at the official subsidized rate. We are talking about catastrophic loses of Nigeria’s revenue. Millions of Nigerians suffer and die for one man to be pleased.

At the current rate, on every billion subsidized dollars the CBN sells to Dangote, he will immediately make a massive half a billion dollars. This loss of revenue of the masses has been accused of being directly responsible for the deepening economic recession. Small businesses are not given access to dollars and have been folding up leading to job losses in the millions while the cabal are fed fat on Nigeria’s oil earnings, making economic recovery impossible. Femi Kuti asked why Buhari does not simply rename Nigeria “Federal Republic of Dangote?”

The FGN is seeking to borrow $1 billion in eurobond while giving the same and more out in gift to the cabal by maintaining the amphibious forex rates.

The same cabal who in partnership with the Central Bank and successive governments including the present, keep the nation in reverse and got it into a recession, have now coerced the government to sell them its assets as a fallacious “means out of the recession.”

And it’s happening all in the masses’ faces. Someone must have taught the cabal-controlled government that it’s easy to keep the Nigerian masses distracted from noticing dangerous and treacherous manipulations: just show them some money found with Patience and they will be stupidly patient. I resist agreeing.

God will deliver Nigeria.
Peregrino Brimah; @EveryNigerian

Source: NewsRescue

I'm Not Dead - Dangote Cries Out

I'm Not Dead - Dangote Cries Out

I'm Not Dead - Dangote Cries Out
Rumoured death of Africa’s richest man, Nigerian Aliko Dangote has gained his attention on Sunday after the false news spread across several news websites. 

 Dangote tweeted at 14:00 GMT that he is alive and people should disregard the malicious report.

“I am hale, hearty and alive. Please disregard malicious report saying otherwise. Thank you,” he said.  
The rumour is believed to have started from a German website on Sunday morning and later picked up by many websites in Africa. 

 The website reported that Dangote had “died in Germany after a short illness which was confirmed by his family”. Nigerian media are reporting that Aliko Dangote’s lawyers are in the process of taking legal action against the website which still has the story online. 

 Aliko Dangote is the 67th richest person in the world and the richest in Africa with an estimated net worth of US$12.9 billion as at September, according to Forbes. 

This is a decline from $15.4 billion in March due to Nigeria’s recent devaluation of the Naira.
I'm Not Dead - Dangote Cries Out
Rumoured death of Africa’s richest man, Nigerian Aliko Dangote has gained his attention on Sunday after the false news spread across several news websites. 

 Dangote tweeted at 14:00 GMT that he is alive and people should disregard the malicious report.

“I am hale, hearty and alive. Please disregard malicious report saying otherwise. Thank you,” he said.  
The rumour is believed to have started from a German website on Sunday morning and later picked up by many websites in Africa. 

 The website reported that Dangote had “died in Germany after a short illness which was confirmed by his family”. Nigerian media are reporting that Aliko Dangote’s lawyers are in the process of taking legal action against the website which still has the story online. 

 Aliko Dangote is the 67th richest person in the world and the richest in Africa with an estimated net worth of US$12.9 billion as at September, according to Forbes. 

This is a decline from $15.4 billion in March due to Nigeria’s recent devaluation of the Naira.

RECESSION: Hurray!! As Dangote Injects $20b To Wake Nigeria's 'Dead' Economy

RECESSION: Hurray!! As Dangote Injects $20b To Wake Nigeria's 'Dead' Economy

RECESSION: Hurray!! As Dangote Injects $20b To Wake Nigeria's 'Dead' Economy
Despite the ongoing economic recession, Africa’s richest man and President, Dangote Group, Alhaji Aliko Dangote, has restated his promise to invest about $20 billion in the economy in the next five years.

Dangote, who stated this after receiving the 2016 African Business Leader award from a United Statesbased non-governmental organisation, Africa- America Institute (AAI), said the money would go into projects ranging from a petroleum refinery, petrochemicals, fertiliser, gas pipeline and backward integration in sugar and rice production.


“Over the next few years, we will be investing nearly $20 billion in projects ranging from a petroleum refinery, petrochemicals,fertiliser, gas pipeline, and backward integration in sugar and rice production. These projects will create over 250,000 jobs and provide foreign exchange earnings and savings of $16 billion for the country and help diversify our economy.

“Central to this developmental trajectory is the need for capacity building and ramping up of the quality of skills of a fast growing African workforce. “Despite the current economic challenges, we will continue to scale up the value of our investments not only in Nigeria, but also across the entire continent, because we believe in Nigeria and Africa’s potential.

“We believe that it is only by sustained massive investments in infrastructure across the continent, supported with access to education, that Africa can reach its full potential,” he noted. In recognition of his immense contribution to human capital development in Africa through the establishment of businesses across the African continent, the business guru was named and presented the award at a colourful ceremony held on the sideline of the United Nations Congress held in New York.

Reacting to the recognition, Dangote said he was humbled considering the pedigree of the award, which celebrates African achievement at the global stage. At the award Gala themed: “Education: The Key to Africa’s Economic Growth,” Dangote expressed delight that the Institute brought education in Africa to the front burner, noting that he had always been passionate about education because it is a weapon of liberation.

Drawing a reference from a Nelson Mandela quote that: “Education is the most powerful weapon which you can use to change the world,” the Chairman of Dangote Cement said he identified himself with laudable initiatives that seek to promote educational growth and development, particularly in Africa. He said: “As a matter of fact, I am a founding member of the Gordon Brownled Global Business Coalition for Education.

“Education is also one of the cardinal areas that the Aliko Dangote Foundation focuses on. I believe quality and affordable education will address the immense social and economic inequalities that often breed discontent in many parts of Africa. ”

I also believe education will strengthen the human capital that will drive Africa’s development in the 21st Century. “I am happy to note that AAI has been contributing to Africa’s development, through training and education, since it was founded 63 years ago.

This award is coming at a time the Dangote Group is rapidly expanding its footprints across Africa, and into new sectors. “Last year alone, we commenced cement operations in Ethiopia, Zambia, Cameroon, South Africa, Senegal and Tanzania.

By 2019, we will have operations in 18 countries with a total capacity of nearly 80MMTPA, thus making us the largest cement producer in Africa and the 6th largest in the world.” Commending the organisers for the recognition, he said the award would further encourage the group to redouble its efforts as it works towards promoting Africa’s economic renaissance.

RECESSION: Hurray!! As Dangote Injects $20b To Wake Nigeria's 'Dead' Economy
Despite the ongoing economic recession, Africa’s richest man and President, Dangote Group, Alhaji Aliko Dangote, has restated his promise to invest about $20 billion in the economy in the next five years.

Dangote, who stated this after receiving the 2016 African Business Leader award from a United Statesbased non-governmental organisation, Africa- America Institute (AAI), said the money would go into projects ranging from a petroleum refinery, petrochemicals, fertiliser, gas pipeline and backward integration in sugar and rice production.


“Over the next few years, we will be investing nearly $20 billion in projects ranging from a petroleum refinery, petrochemicals,fertiliser, gas pipeline, and backward integration in sugar and rice production. These projects will create over 250,000 jobs and provide foreign exchange earnings and savings of $16 billion for the country and help diversify our economy.

“Central to this developmental trajectory is the need for capacity building and ramping up of the quality of skills of a fast growing African workforce. “Despite the current economic challenges, we will continue to scale up the value of our investments not only in Nigeria, but also across the entire continent, because we believe in Nigeria and Africa’s potential.

“We believe that it is only by sustained massive investments in infrastructure across the continent, supported with access to education, that Africa can reach its full potential,” he noted. In recognition of his immense contribution to human capital development in Africa through the establishment of businesses across the African continent, the business guru was named and presented the award at a colourful ceremony held on the sideline of the United Nations Congress held in New York.

Reacting to the recognition, Dangote said he was humbled considering the pedigree of the award, which celebrates African achievement at the global stage. At the award Gala themed: “Education: The Key to Africa’s Economic Growth,” Dangote expressed delight that the Institute brought education in Africa to the front burner, noting that he had always been passionate about education because it is a weapon of liberation.

Drawing a reference from a Nelson Mandela quote that: “Education is the most powerful weapon which you can use to change the world,” the Chairman of Dangote Cement said he identified himself with laudable initiatives that seek to promote educational growth and development, particularly in Africa. He said: “As a matter of fact, I am a founding member of the Gordon Brownled Global Business Coalition for Education.

“Education is also one of the cardinal areas that the Aliko Dangote Foundation focuses on. I believe quality and affordable education will address the immense social and economic inequalities that often breed discontent in many parts of Africa. ”

I also believe education will strengthen the human capital that will drive Africa’s development in the 21st Century. “I am happy to note that AAI has been contributing to Africa’s development, through training and education, since it was founded 63 years ago.

This award is coming at a time the Dangote Group is rapidly expanding its footprints across Africa, and into new sectors. “Last year alone, we commenced cement operations in Ethiopia, Zambia, Cameroon, South Africa, Senegal and Tanzania.

By 2019, we will have operations in 18 countries with a total capacity of nearly 80MMTPA, thus making us the largest cement producer in Africa and the 6th largest in the world.” Commending the organisers for the recognition, he said the award would further encourage the group to redouble its efforts as it works towards promoting Africa’s economic renaissance.

Nigeria FINISHED If Buhari Sells NLNG - Prof. David-West; ... Says He Should Rather Sell Off The Whole Nigerians

Nigeria FINISHED If Buhari Sells NLNG - Prof. David-West; ... Says He Should Rather Sell Off The Whole Nigerians

Buhari
Photo Credit: VANGUARD NEW
Prof Tam David-West, a former Minister of Petroleum and Energy,  yesterday, flayed those clamouring for the sale of some national assets in order to get more money to inject into the economy with a view to getting out of the current recession.

He described them as unpatriotic and enemies of Nigeria.

In an interview with Daily Sun in Ibadan, David-West said the clamour showed lack of understanding of the current economic quagmire. The former petroleum minister, who described oil and gas sector as the blood of the nation, said the clamour for outright selling of Nigeria Liquefied Natural Gas (NLNG), the country’s shares in the company or the refineries was a wrong way to tackle the economic recession.

Business mogul, Alhaji Aliko Dangote recently called for the sale of the nation’s shares in the NLNG. His suggestion received a buy in from the Senate President, Dr. Bukola Saraki who said the shares, along with other sovereign assets in the oil and aviation sectors be sold to stem the current economic recession.

But while David-West agreed that the country was in a desperate situation, he said the leadership should not be desperate towards providing solution to the challenges.

“It’s madness to say you want to sell NLNG and the refineries. Why not say Nigeria, too, should be sold?

“Yes recession is biting, and it is a desperate situation. But, anyone who acts desperately in a desperate situation will be in more trouble. If you have a desperate situation, don’t act desperately. When you act desperately, you are going to make more mistakes.

“In any case, oil and gas are strategic national assets, so, anyone who talks about selling them is unpatriotic. Oil makes up 90 percent of Nigerian foreign earnings. About 80 percent of our annual budget in this country is from oil. Oil is the life blood of Nigeria. Anyone that says go and sell oil asset, which is a strategic asset, is not patriotic, or does not understand what he’s talking about. If you want to destroy Nigeria, go and tamper with oil industry; we are finished.

“There have been talks about selling of national assets, such as NLNG, refineries and so on. When I read the stories, I shuddered for the lack of basic understanding of what is on ground. You cannot sell NLNG because it is an incorporated company. Nigeria is only a shareholder in that company. If you talk about selling our shares, it is a different thing. No government can sell NLNG. It is a company where Nigeria and other people have assets,” he said.

Nigeria, according to him, can get out of the recession by leasing oil blocs that have not been developed to the maximum and those that have not been touched. He added that Nigeria could get loans that should be repaid with crude oil over a period of time. He recalled that it was done when Buhari was Head of State in 1984, “and it can also be done now.”

David-West noted that in his letter of appointment as a minister in 1984, the military regime of Gen. Muhammdu Buhari gave him three priority areas, namely, revival of the NLNG, revival of petrochemical and reorganisation of the Nigeria National Petroleum Corporation (NNPC). The mandate, he said, was given to him because the NLNG had failed before Buhari’s regime came on board.

“Why did it fail? Nigeria had spent over $80 billion on wasted NLNG projects before the coming of Buhari. Why was it wasted? Every ministry had representatives on the board of NLNG, which had 25 members. “During Buhari’s time, we changed the concept. What they were doing before that time was, ‘NLNG belongs to us’. You can come and join us to develop it. Nonsense! No businessman will invest in a venture that he is not sure his investments are safe and he will make profits. So, we changed the concept,” he said.

David-West, who noted that he appointed the late boardroom guru, Gamaliel Onosode, as chairman of NLNG in 1984, stated that the regime of Buhari restored the confidence of international investors in the company. Part of the transformation introduced to the company, according to him, was the change in the concept. Nigeria was made a partner and it has bigger shares of 49 percent through NNPC; but the country does not have controlling shares in NLNG. The Shell Petroleum, which was taken as principal technical partner has 25 per cent, and other international companies like the AGIP, Total and so on own 26 percent.

He further said the word ‘sales’ should not come into the question. Instead, he suggested that the country should think about leasing some of the national assets to reliable investors. He sug-gested that the leases should be for a period of 20 years.

“There is difference be- tween freehold and lease- hold. When you sell your property, it is freehold; you will lose your ownership and the buyer will now be

the owner. But in leasehold, you can start the lease for 20 years. At the end of 20 years, it goes back to the owner; you can re-negotiate. You are still the owner of your property. I don’t want the use of the word ‘sell’ at all. Sell is completely out of the question. Nobody sells his crown jewel.

Daily Sun   
Buhari
Photo Credit: VANGUARD NEW
Prof Tam David-West, a former Minister of Petroleum and Energy,  yesterday, flayed those clamouring for the sale of some national assets in order to get more money to inject into the economy with a view to getting out of the current recession.

He described them as unpatriotic and enemies of Nigeria.

In an interview with Daily Sun in Ibadan, David-West said the clamour showed lack of understanding of the current economic quagmire. The former petroleum minister, who described oil and gas sector as the blood of the nation, said the clamour for outright selling of Nigeria Liquefied Natural Gas (NLNG), the country’s shares in the company or the refineries was a wrong way to tackle the economic recession.

Business mogul, Alhaji Aliko Dangote recently called for the sale of the nation’s shares in the NLNG. His suggestion received a buy in from the Senate President, Dr. Bukola Saraki who said the shares, along with other sovereign assets in the oil and aviation sectors be sold to stem the current economic recession.

But while David-West agreed that the country was in a desperate situation, he said the leadership should not be desperate towards providing solution to the challenges.

“It’s madness to say you want to sell NLNG and the refineries. Why not say Nigeria, too, should be sold?

“Yes recession is biting, and it is a desperate situation. But, anyone who acts desperately in a desperate situation will be in more trouble. If you have a desperate situation, don’t act desperately. When you act desperately, you are going to make more mistakes.

“In any case, oil and gas are strategic national assets, so, anyone who talks about selling them is unpatriotic. Oil makes up 90 percent of Nigerian foreign earnings. About 80 percent of our annual budget in this country is from oil. Oil is the life blood of Nigeria. Anyone that says go and sell oil asset, which is a strategic asset, is not patriotic, or does not understand what he’s talking about. If you want to destroy Nigeria, go and tamper with oil industry; we are finished.

“There have been talks about selling of national assets, such as NLNG, refineries and so on. When I read the stories, I shuddered for the lack of basic understanding of what is on ground. You cannot sell NLNG because it is an incorporated company. Nigeria is only a shareholder in that company. If you talk about selling our shares, it is a different thing. No government can sell NLNG. It is a company where Nigeria and other people have assets,” he said.

Nigeria, according to him, can get out of the recession by leasing oil blocs that have not been developed to the maximum and those that have not been touched. He added that Nigeria could get loans that should be repaid with crude oil over a period of time. He recalled that it was done when Buhari was Head of State in 1984, “and it can also be done now.”

David-West noted that in his letter of appointment as a minister in 1984, the military regime of Gen. Muhammdu Buhari gave him three priority areas, namely, revival of the NLNG, revival of petrochemical and reorganisation of the Nigeria National Petroleum Corporation (NNPC). The mandate, he said, was given to him because the NLNG had failed before Buhari’s regime came on board.

“Why did it fail? Nigeria had spent over $80 billion on wasted NLNG projects before the coming of Buhari. Why was it wasted? Every ministry had representatives on the board of NLNG, which had 25 members. “During Buhari’s time, we changed the concept. What they were doing before that time was, ‘NLNG belongs to us’. You can come and join us to develop it. Nonsense! No businessman will invest in a venture that he is not sure his investments are safe and he will make profits. So, we changed the concept,” he said.

David-West, who noted that he appointed the late boardroom guru, Gamaliel Onosode, as chairman of NLNG in 1984, stated that the regime of Buhari restored the confidence of international investors in the company. Part of the transformation introduced to the company, according to him, was the change in the concept. Nigeria was made a partner and it has bigger shares of 49 percent through NNPC; but the country does not have controlling shares in NLNG. The Shell Petroleum, which was taken as principal technical partner has 25 per cent, and other international companies like the AGIP, Total and so on own 26 percent.

He further said the word ‘sales’ should not come into the question. Instead, he suggested that the country should think about leasing some of the national assets to reliable investors. He sug-gested that the leases should be for a period of 20 years.

“There is difference be- tween freehold and lease- hold. When you sell your property, it is freehold; you will lose your ownership and the buyer will now be

the owner. But in leasehold, you can start the lease for 20 years. At the end of 20 years, it goes back to the owner; you can re-negotiate. You are still the owner of your property. I don’t want the use of the word ‘sell’ at all. Sell is completely out of the question. Nobody sells his crown jewel.

Daily Sun   

Why I'll Buy Arsenal By 2019 - Dangote

Why I'll Buy Arsenal By 2019 - Dangote

Why I'll Buy Arsenal By 2019 - Dangote
Africa’s richest man, Nigerian businessman Aliko Dangote, has reiterated his plans to buy Premier League club Arsenal.

Dangote, worth $10.9 billion according to the Bloomberg Billionaires Index, had said last year he would make a bid for the top English club but has now said he will wait for his business prospects to improve before putting his plans into fruition.

“Maybe three to four years. The issue is that we have more challenging headwinds. I need to get those out the way first and start having tailwinds. Then I’ll focus on this,” Dangote told Bloomberg Television in New York on Wednesday night.




Bloomberg reports that Dangote, an Arsenal fan, has lost $4.4 billion this year, the fourth most of anyone globally, due mainly to the depreciation of the naira.

An acquisition of the team would make him the first African owner of a team in England’s Premier League.
“It’s not about buying Arsenal and just continuing with business as usual,” he added.

“It’s about buying Arsenal and turning it around. I’ve run a very successful business and I think I can also run a very successful team. Right now, with what we’re facing, over $20 billion of projects, I cannot do both.”

Arsenal’s majority shareholder is currently American billionaire businessman Stan Kroenke who owns 67 per cent of the club..
Why I'll Buy Arsenal By 2019 - Dangote
Africa’s richest man, Nigerian businessman Aliko Dangote, has reiterated his plans to buy Premier League club Arsenal.

Dangote, worth $10.9 billion according to the Bloomberg Billionaires Index, had said last year he would make a bid for the top English club but has now said he will wait for his business prospects to improve before putting his plans into fruition.

“Maybe three to four years. The issue is that we have more challenging headwinds. I need to get those out the way first and start having tailwinds. Then I’ll focus on this,” Dangote told Bloomberg Television in New York on Wednesday night.




Bloomberg reports that Dangote, an Arsenal fan, has lost $4.4 billion this year, the fourth most of anyone globally, due mainly to the depreciation of the naira.

An acquisition of the team would make him the first African owner of a team in England’s Premier League.
“It’s not about buying Arsenal and just continuing with business as usual,” he added.

“It’s about buying Arsenal and turning it around. I’ve run a very successful business and I think I can also run a very successful team. Right now, with what we’re facing, over $20 billion of projects, I cannot do both.”

Arsenal’s majority shareholder is currently American billionaire businessman Stan Kroenke who owns 67 per cent of the club..

Dangote Offers FG Solutions That Will Ease Out RECESSION By December, Exchange Naira N250 To A Dollar

Dangote Offers FG Solutions That Will Ease Out RECESSION By December, Exchange Naira N250 To A Dollar

Aliko Dangote
Aliko Dangote has prescribed ways through which Nigeria can get out of recession before the end of 2016.

In an interview with CNBC Africa, the billionaire said: “The only way for us to get out of this recession is to make sure we move into action quickly; action by diversifying the economy quickly.NL

Here  are the details of Dangote’s prescription:

SELL STAKE IN NLNG AND AFRICAN FINANCE COOPERATION

“If I had challenges in my company, I would not hesitate to sell assets, to remain afloat, to get to the better times, because it doesn’t make any sense for me to keep any assets and then suffocate the whole organisation.


“What we need to do now in my own thinking… we have a lot of assets to sell. We can sell part of the joint venture; part of the shares. You know government normally owns 60 percent.

“We can sell in an open tender be it Chinese. We can change the term and make it an operating one, just like what we have in NLNG. We also have another asset I think we don’t really need.

“The African finance corporation; it can fetch them $800million easily. My own suggestion before was that they should even sell 100 percent of NLNG. I don’t think government should be in any business of investing in sectors of LNG.

“A company like that, with earnings of $1.5 billion on the average, they should get anywhere between $12 billion and $15 billion.”

SHORE UP RESERVES WITH NLNG SALE PROCEEDS

“You will not believe that the crisis that we have today, if we have $15 billion, adding it to our $25 billion, that is $40 billion reserves. That will give confidence, confidence will come back, then government will back it up with proper economic policy, where people can see the roadmap.

“Latest by fourth quarter we will be out of recession. It should be a partnership between government and private sector. We have all the answers, Nigeria falling into recession does not really scare me, if we take action.”

NAIRA AT 250 TO THE DOLLAR

The businessman said if the government boosts reserves as suggested, the naira may fall to 250 to the dollar and help the economy.

“Once we can sell assets, and put $15 billion together, you’d be very shocked at how much the dollar will actually drop, you can easily see 250. What is happening today is mere speculation.

“To currency, everybody will speculate, banks will speculate, companies will speculate,  individuals will speculate, because if you have money you want to send in from abroad you will keep sending in trickles.

“If you know that CBN has $40 billion in reserves today, if you have $100,000, you might even sell it forward because you know that this rate is going to crash and you must quickly sell it.”

OTHER THINGS WE LEARNT FROM DANGOTE’S INTERVIEW

  • India has no oil, yet has over 2 billion tonnes in refining capacity
  • Nigeria imports poverty and export jobs
  • We do not produce up to five percent of the clothes we wear
  • Government should not be in the business of building factories, but just collecting taxes
  • China has more than 500 billionaires on the Forbes list and over three million millionaires
  • If I have to build a road of 1,000 kilometres in Nigeria, I don’t have to waste years talking about it. I raise money and build it, and hand over to government after 20 to 25 years.
  • If not for Dangote Cement, government will have to put down $2.5 billion dollars in 2016 to import cement.
  • We need 65 million cubic metres of sand for Dangote refinery.
  • Dangote Refinery mechanical completion will finish by 2018, but oil will flow into the refinery by first quarter of 2019.
Aliko Dangote
Aliko Dangote has prescribed ways through which Nigeria can get out of recession before the end of 2016.

In an interview with CNBC Africa, the billionaire said: “The only way for us to get out of this recession is to make sure we move into action quickly; action by diversifying the economy quickly.NL

Here  are the details of Dangote’s prescription:

SELL STAKE IN NLNG AND AFRICAN FINANCE COOPERATION

“If I had challenges in my company, I would not hesitate to sell assets, to remain afloat, to get to the better times, because it doesn’t make any sense for me to keep any assets and then suffocate the whole organisation.


“What we need to do now in my own thinking… we have a lot of assets to sell. We can sell part of the joint venture; part of the shares. You know government normally owns 60 percent.

“We can sell in an open tender be it Chinese. We can change the term and make it an operating one, just like what we have in NLNG. We also have another asset I think we don’t really need.

“The African finance corporation; it can fetch them $800million easily. My own suggestion before was that they should even sell 100 percent of NLNG. I don’t think government should be in any business of investing in sectors of LNG.

“A company like that, with earnings of $1.5 billion on the average, they should get anywhere between $12 billion and $15 billion.”

SHORE UP RESERVES WITH NLNG SALE PROCEEDS

“You will not believe that the crisis that we have today, if we have $15 billion, adding it to our $25 billion, that is $40 billion reserves. That will give confidence, confidence will come back, then government will back it up with proper economic policy, where people can see the roadmap.

“Latest by fourth quarter we will be out of recession. It should be a partnership between government and private sector. We have all the answers, Nigeria falling into recession does not really scare me, if we take action.”

NAIRA AT 250 TO THE DOLLAR

The businessman said if the government boosts reserves as suggested, the naira may fall to 250 to the dollar and help the economy.

“Once we can sell assets, and put $15 billion together, you’d be very shocked at how much the dollar will actually drop, you can easily see 250. What is happening today is mere speculation.

“To currency, everybody will speculate, banks will speculate, companies will speculate,  individuals will speculate, because if you have money you want to send in from abroad you will keep sending in trickles.

“If you know that CBN has $40 billion in reserves today, if you have $100,000, you might even sell it forward because you know that this rate is going to crash and you must quickly sell it.”

OTHER THINGS WE LEARNT FROM DANGOTE’S INTERVIEW

  • India has no oil, yet has over 2 billion tonnes in refining capacity
  • Nigeria imports poverty and export jobs
  • We do not produce up to five percent of the clothes we wear
  • Government should not be in the business of building factories, but just collecting taxes
  • China has more than 500 billionaires on the Forbes list and over three million millionaires
  • If I have to build a road of 1,000 kilometres in Nigeria, I don’t have to waste years talking about it. I raise money and build it, and hand over to government after 20 to 25 years.
  • If not for Dangote Cement, government will have to put down $2.5 billion dollars in 2016 to import cement.
  • We need 65 million cubic metres of sand for Dangote refinery.
  • Dangote Refinery mechanical completion will finish by 2018, but oil will flow into the refinery by first quarter of 2019.

CHANGE?: Cement Price Soars FROM N1700 To N2300 Within 24hrs; Dangote Others Keep Mum

CHANGE?: Cement Price Soars FROM N1700 To N2300 Within 24hrs; Dangote Others Keep Mum

CHANGE?: Cement Price Soars FROM N1700 To N2300 Within 24hrs; Dangote Others Keep Mum
New Telegraph: Cement manufacturers yesterday shocked home seekers and builders by suddenly increasing the price of a 50 kilogramme bag of cement by 35.2 per cent from N1,700 to N2, 300 in 24 hours. As at Monday, the product was still sold at N1,700 per bag.

The major price increase is coming at a time when Nigerians are passing through a difficult economic situation and when everybody believes that the country is self-sufficient in cement production.

Homebuilders who bought some bags of cement on Monday at N1,700 in Lekki, Lagos, could not understand happenings in the building materials market, as they were told by traders that cement price had increased to N2,300.

A survey by New Telegraph further revealed that while the product is sold at N2,300 in Lekki  corridor, it is being sold between N2,150 and N2,200 in Ikeja, Mowe and Ibafo axis of Ogun State. When this newspaper made enquiries, a cement retailer in Ibafo, Mrs. Ibidun Oke, said: “That is how we see it.

My supplier just told me yesterday (Monday) that cement price has gone up from the factory. You know we are in change period and many things have happened since this government came on board.”

Efforts to get spokespersons of Cement Manufacturers’ Association of Nigeria (CMAN) and Dangote Cement Plc., Mr. Salako Salako, and Tony Chiejina, respectively to commend on the situation proved abortive as the duo did not pick their calls or respond to text messages sent to them.

Lamenting over the situation, Managing Director of Megamound Investment Limited, developer of Lekki County Homes, Mr. Olumide Osunsina, said he foresees massive job loss and dearth of affordable housing in the sector if the situation persists. He said that he got to know about the price increase on Tuesday morning.

Osunsina said that the increase in cement price was too much, adding that developers may have no option than to limit housing construction activities and also increase house price to stay afloat.

Effects of construction activities, Osunsina said, would lead to sack of construction workers, high cost of housing units and increase homelessness among Nigerians.

Former President of the Nigerian Institute of Building (NIOB), Mr. Chuks Omeife, said that the latest hike in cement price was confusing. “We don’t know what is going on here. We are confused because there is no explanation adduced for it,” he said.

However, he blamed the situation on foreign exchange and monopolistic nature of cement manufacturers in Nigeria. If the situation persists, Omeife stated that housing projects are going to be delayed with increase in cost of delivering affordable units.

He said: “If the price increase in cement remains for a long time, it is going to compound the problems of affordable housing in the country because it will trickle down to block manufacturers and artisans.”

Cement is a major component used for building production process, especially in Nigeria. Dangote Cement Plc. and Larfarge Africa are major manufacturers of the product in Nigeria.

The major issue raised recently by cement manufacturers was about lack of gas supply owing to the blowing up of oil and gas pipelines by militants in the Niger Delta region.

Nigeria is currently facing one of its worst financial crisis in decades, coupled with inflation rising, the economy weakening and production of oil, which provides the bulk of export earnings, down since last February as militants attack pipelines.

Economic output will probably shrink 1.8 per cent this year, the first contraction in more than two decades, the International Monetary Fund (IMF) said recently.

Besides, pressure is also building, with bank loan books – nearly half of them in dollars – hammered by a shrinking economy, a plunging currency and acute foreign exchange shortages in Africa’s biggest oil producing nation following the slump in oil prices.

As at yesterday, the naira had slumped further at the parallel market to N418 per dollar, while it traded on the interbank at N305. These developments have raised the cost of living in the country without any corresponding increase in wages of citizens.

How I Increase My Blokos Size & Stopped Premature Ejaculation Issues That Scattered My Relationship For 2years.. Click HERE for Details

CHANGE?: Cement Price Soars FROM N1700 To N2300 Within 24hrs; Dangote Others Keep Mum
New Telegraph: Cement manufacturers yesterday shocked home seekers and builders by suddenly increasing the price of a 50 kilogramme bag of cement by 35.2 per cent from N1,700 to N2, 300 in 24 hours. As at Monday, the product was still sold at N1,700 per bag.

The major price increase is coming at a time when Nigerians are passing through a difficult economic situation and when everybody believes that the country is self-sufficient in cement production.

Homebuilders who bought some bags of cement on Monday at N1,700 in Lekki, Lagos, could not understand happenings in the building materials market, as they were told by traders that cement price had increased to N2,300.

A survey by New Telegraph further revealed that while the product is sold at N2,300 in Lekki  corridor, it is being sold between N2,150 and N2,200 in Ikeja, Mowe and Ibafo axis of Ogun State. When this newspaper made enquiries, a cement retailer in Ibafo, Mrs. Ibidun Oke, said: “That is how we see it.

My supplier just told me yesterday (Monday) that cement price has gone up from the factory. You know we are in change period and many things have happened since this government came on board.”

Efforts to get spokespersons of Cement Manufacturers’ Association of Nigeria (CMAN) and Dangote Cement Plc., Mr. Salako Salako, and Tony Chiejina, respectively to commend on the situation proved abortive as the duo did not pick their calls or respond to text messages sent to them.

Lamenting over the situation, Managing Director of Megamound Investment Limited, developer of Lekki County Homes, Mr. Olumide Osunsina, said he foresees massive job loss and dearth of affordable housing in the sector if the situation persists. He said that he got to know about the price increase on Tuesday morning.

Osunsina said that the increase in cement price was too much, adding that developers may have no option than to limit housing construction activities and also increase house price to stay afloat.

Effects of construction activities, Osunsina said, would lead to sack of construction workers, high cost of housing units and increase homelessness among Nigerians.

Former President of the Nigerian Institute of Building (NIOB), Mr. Chuks Omeife, said that the latest hike in cement price was confusing. “We don’t know what is going on here. We are confused because there is no explanation adduced for it,” he said.

However, he blamed the situation on foreign exchange and monopolistic nature of cement manufacturers in Nigeria. If the situation persists, Omeife stated that housing projects are going to be delayed with increase in cost of delivering affordable units.

He said: “If the price increase in cement remains for a long time, it is going to compound the problems of affordable housing in the country because it will trickle down to block manufacturers and artisans.”

Cement is a major component used for building production process, especially in Nigeria. Dangote Cement Plc. and Larfarge Africa are major manufacturers of the product in Nigeria.

The major issue raised recently by cement manufacturers was about lack of gas supply owing to the blowing up of oil and gas pipelines by militants in the Niger Delta region.

Nigeria is currently facing one of its worst financial crisis in decades, coupled with inflation rising, the economy weakening and production of oil, which provides the bulk of export earnings, down since last February as militants attack pipelines.

Economic output will probably shrink 1.8 per cent this year, the first contraction in more than two decades, the International Monetary Fund (IMF) said recently.

Besides, pressure is also building, with bank loan books – nearly half of them in dollars – hammered by a shrinking economy, a plunging currency and acute foreign exchange shortages in Africa’s biggest oil producing nation following the slump in oil prices.

As at yesterday, the naira had slumped further at the parallel market to N418 per dollar, while it traded on the interbank at N305. These developments have raised the cost of living in the country without any corresponding increase in wages of citizens.

How I Increase My Blokos Size & Stopped Premature Ejaculation Issues That Scattered My Relationship For 2years.. Click HERE for Details

Nigeria's Poor Economy Still Africa's Number One - Dangote

Nigeria's Poor Economy Still Africa's Number One - Dangote

Nigeria's Poor Economy Still Africa's Number One - Dangote
The continent’s richest man; Aliko Dangote has averred that Nigeria remains the number one economy in Africa despite the widely reported story yesterday that South Africa had overtaken Nigeria as Africa’s biggest economy.

Speaking today  at the Lagos Chamber of Commerce and Industry 2016 presidential policy dialogue session, the president of the Dangote Group spoke on Thursday argued that the problem with the economy did not start with the present administration.

After over two years in the position, Nigeria lost the enviable position to South Africa owing to the appreciation of the rand, South Africa’s currency, and the devaluation of the Nigerian naira following the introduction of a flexible foreign exchange rate regime. 

However, Dangote was resolute that Nigeria’s place in the African economy has not yet been overtaken.

How I Increase My Blokos Size & Stopped Premature Ejaculation Issues That Scattered My Relationship For 2years.. Click HERE for Details









Nigeria's Poor Economy Still Africa's Number One - Dangote
The continent’s richest man; Aliko Dangote has averred that Nigeria remains the number one economy in Africa despite the widely reported story yesterday that South Africa had overtaken Nigeria as Africa’s biggest economy.

Speaking today  at the Lagos Chamber of Commerce and Industry 2016 presidential policy dialogue session, the president of the Dangote Group spoke on Thursday argued that the problem with the economy did not start with the present administration.

After over two years in the position, Nigeria lost the enviable position to South Africa owing to the appreciation of the rand, South Africa’s currency, and the devaluation of the Nigerian naira following the introduction of a flexible foreign exchange rate regime. 

However, Dangote was resolute that Nigeria’s place in the African economy has not yet been overtaken.

How I Increase My Blokos Size & Stopped Premature Ejaculation Issues That Scattered My Relationship For 2years.. Click HERE for Details









Naira's Fall Falls Dangote, Crumbles Off World Top 100 Rich List

Naira's Fall Falls Dangote, Crumbles Off World Top 100 Rich List

Naira Crash Makes Dangote Poorer, Crumbles Off Top 100 Rich List I The World
President of Dangote group, Aliko Dangote, has dropped off the list of the 100 richest people in the world.

Ranked richest African/black person in the world, Dangote was the 51st richest man in the world as at March 2016, but has dropped to 101 as at the start of business on Monday.The drop is reported to be as a result of the naira crash which has placed a huge dent on his business ventures.

Dangote, who owns the second largest sugar-refinery in the world, remains richer than Donald Trump, American billionaire presidential candidate, and Oprah Winfrey, US TV personality, who dubs as the second richest black woman in the world.

Dangote is now worth $11.1 billion, while Trump and Oprah are estimated at $4.5 billion and $3.1 billion, respectively.

The fall in the naira, as against the dollar, from about 198 to about 300, has eroded about a quarter of Dangote’s wealth, as he commits to investing heavily in Africa’s largest economy, Nigeria.

At the launch of the new foreign exchange regime on June 23, 2016, Dangote fell from 46 on the world billionaire list to 71, and has continued in that manner with the naira plunge.

According to Bloomberg billionaires, Dangote, who was worth $15.4 billion (N3.05 trillion) in March, is now worth $11.1 billion (N3.3 trillion) —richer in naira, but poorer in dollars.

The launch of Dangote refinery, the biggest greenfield refinery in the world, billed for 2018/2019 is expected to propel him into top 20 by 2019.

Dangote Cement, one of Dangote’s major investments in Nigeria, is the biggest company on the Nigerian Stock Exchange, by market capitalisation, and the biggest cement producer in sub-saharan Africa.

According to Fortune 500,the company however missed out of the 100 biggest companies in the world





Naira Crash Makes Dangote Poorer, Crumbles Off Top 100 Rich List I The World
President of Dangote group, Aliko Dangote, has dropped off the list of the 100 richest people in the world.

Ranked richest African/black person in the world, Dangote was the 51st richest man in the world as at March 2016, but has dropped to 101 as at the start of business on Monday.The drop is reported to be as a result of the naira crash which has placed a huge dent on his business ventures.

Dangote, who owns the second largest sugar-refinery in the world, remains richer than Donald Trump, American billionaire presidential candidate, and Oprah Winfrey, US TV personality, who dubs as the second richest black woman in the world.

Dangote is now worth $11.1 billion, while Trump and Oprah are estimated at $4.5 billion and $3.1 billion, respectively.

The fall in the naira, as against the dollar, from about 198 to about 300, has eroded about a quarter of Dangote’s wealth, as he commits to investing heavily in Africa’s largest economy, Nigeria.

At the launch of the new foreign exchange regime on June 23, 2016, Dangote fell from 46 on the world billionaire list to 71, and has continued in that manner with the naira plunge.

According to Bloomberg billionaires, Dangote, who was worth $15.4 billion (N3.05 trillion) in March, is now worth $11.1 billion (N3.3 trillion) —richer in naira, but poorer in dollars.

The launch of Dangote refinery, the biggest greenfield refinery in the world, billed for 2018/2019 is expected to propel him into top 20 by 2019.

Dangote Cement, one of Dangote’s major investments in Nigeria, is the biggest company on the Nigerian Stock Exchange, by market capitalisation, and the biggest cement producer in sub-saharan Africa.

According to Fortune 500,the company however missed out of the 100 biggest companies in the world






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