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Billionaires list: Dangote, Adenuga, Rabiu’s wealth rises by $5.7bn

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The combined net worth of three of Nigeria’s richest persons increased by $5.7bn in one year to $22.

5bn, according to Forbes’ 2021 World’s Billionaires list.

The list, which was released on Tuesday, includes 14 African billionaires, with the President/Chief Executive of Dangote Group, Aliko Dangote, leading the pack.

Dangote, Africa’s richest person, saw his net worth jump to $11.5bn from $8.3bn in 2020, making him the 191st wealthiest person in the world.

The Chairman of Globacom and Conoil Plc, Dr Mike Adenuga, who is Nigeria’s second richest person and the fifth on the continent, was ranked 440th as his fortune rose to $6.1bn from $5.6bn last year.

The wealth of the founder of BUA Group, Abdulsamad Rabiu, surged to $4.9bn from $2.

9bn in 2020, making him the 574th richest person in the world and the sixth in Africa.

The other Africans on the list comprise five South Africans, five Egyptians and one Algerian.

The second richest African, Nassef Sawiris, was ranked 297th on the list with a net worth of $8.3bn.

He is an investor and a scion of Egypt’s wealthiest family, with his most valuable asset being a nearly six per cent stake in sportswear maker Adidas, according to Forbes.

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Other Egyptians are Naguib Sawiris (worth $3.2bn and ranked 956th); Mohamed Mansour ($2.5bn, 1,249th); Youssef Mansour ($1.5bn, 2,035th), and Yasseen Mansour ($1.1bn, 2,524th).

The South Africans are Nicky Oppenheimer and family (worth $8bn and ranked 308th); Johann Rupert and family ($7.1bn, 358th); Koos Bekker ($3bn, 1,008th); Patrice Motsepe ($2.9bn, 1,064th); and Michiel Le Roux ($1.1bn, 2,524th).

The founder and Chief Executive Officer of Cevital, Algeria’s biggest privately-held company, Issad Rebrab, and his family were ranked 589th with a net worth of $4.8bn.

The founder and CEO of Amazon, Jeff Bezos, is the world’s richest for the fourth year running, worth $177bn, while Elon Musk, co-founder and CEO of Tesla, rocketed into the number two spot with $151bn, as their shares surged.

“It’s been a year like no other, and we aren’t talking about the pandemic. There were rapid-fire public offerings, surging cryptocurrencies and skyrocketing stock prices,” Forbes said.

According to the American business magazine, the number of billionaires on Forbes’ 35th annual list of the world’s wealthiest exploded to an unprecedented 2,755 – 660 more than a year ago.

“Of those, a record high 493 were new to the list — roughly one every 17 hours, including 210 from China and Hong Kong. Another 250 who’d fallen off in the past came roaring back. A staggering 86 per cent are richer than a year ago,” it said.

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Altogether, the billionaires are worth $13.1tn, up from $8tn in 2020.

“The United States still has the most, with 724, followed by China (including Hong Kong and Macao) with 698. We used stock prices and exchange rates from March 5 to calculate net worth’s,” Forbes added.

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Dangote: Cement price from Factories is between N2,450 and N2,510 per Bag, VAT inclusive

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  …says Nigeria price is in line with or lower than prices across the West African coast 

Management of Dangote Cement Plc has clarified that the price of a bag of cement from its factories and plants across Nigeria (as at 12th April, 2021) is N2,450 in Obajana and Gboko, and N2,510 in Ibese inclusive of VAT.

The clarification was made in view of recent insinuations that the company sells cement in Nigeria at significantly higher prices relative to other countries, particularly Ghana and Zambia.

Dangote’s Group Executive Director, Strategy, Portfolio Development & Capital Projects, Devakumar Edwin revealed that, while a bag of Cement sells for an equivalent of $5.

1, including VAT in Nigeria, it sells for $7.2 in Ghana and $5.95 in Zambia ex-factory, inclusive of all taxes. He said that though the company has direct control over its ex-factory prices, it cannot control the ultimate price of cement when it gets to the market. He advised that it is important to distinguish Dangote’s ex-factory prices from prices at which retailers sell cement in the market.

He, therefore, frowned at intentional misinformation or demarketing, allegedly sponsored by some individuals, that Dangote sells its cement at higher prices in Nigeria relative to other African countries at the expense of Nigerians. He described the allegation as false, misleading, and unfounded, while giving the media persons present at the press conference copies of invoices from Nigeria and some other African countries (Cameroun, Ghana, Sierra Leone, Zambia), and urging them to conduct independent investigations on the price of cement across the West African coast.

Also Read:  Cement cheaper in Nigeria than Ghana, Zambia, others ― Dangote Cement

Edwin further explained that while Dangote cement has 60% share of the market, other companies have the remaining 40%. DCP has no control over neither the prices charged by other cement manufacturers nor the prices charged by retailers in the markets.

He further explained that “Demand for cement has risen globally as a fallout of the COVID crisis. Nigeria is no exception as a combination of monetary policy changes and low returns from the capital market has resulted in a significant increase in construction activity. To ensure that we meet local demand, we had to suspend exports from our recently commissioned export terminals, thereby foregoing dollar earnings. We also had to reactivate our 4.5m ton capacity Gboko Plant which was closed 4 years ago and run it at a higher cost all in a bid to guarantee that we meet demand and keep the price of Cement within control in the country.”

He said: “Over the past 15 months, our production costs have gone up significantly. About 50% of our costs are linked to USD so the cost of critical components like: gas, gypsum, bags, and spare parts; has increased significantly due to devaluation of the Naira and VAT increase. Despite this, DCP has not increased ex-factory prices since December 2019 till date while prices of most other building materials have gone up significantly. We have only adjusted our transport rates to account for higher costs of diesel, spare parts, tyres, and truck replacement. Still, we charge our customers only N300 – 350 per bag for deliveries within a 1,200km radius. We have been responsible enough not to even attempt to cash in on the recent rise in demand to increase prices so far” he said.

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Cement cheaper in Nigeria than Ghana, Zambia, others ― Dangote Cement

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The management of Dangote Cement Plc has clarified that the price of a bag of cement from its factories and plants across Nigeria (as at 12th April, 2021) is N2,450 in Obajana and Gboko, and N2,510 in Ibese inclusive of VAT.

The Company in a statement stated that the clarification was made in view of recent insinuations that the company sells cement in Nigeria at significantly higher prices relative to other countries, particularly Ghana and Zambia.

Dangote’s Group Executive Director, Strategy, Portfolio Development & Capital Projects, Devakumar Edwin according to the statement revealed that, while a bag of Cement sells for an equivalent of $5.1, including VAT in Nigeria, it sells for $7.2 in Ghana and $5.95 in Zambia ex-factory, inclusive of all taxes.

He said that though the Company has direct control over its ex-factory prices, it cannot control the ultimate price of cement when it gets to the market.

He advised that it is important to distinguish Dangote’s ex-factory prices from prices at which retailers sell cement in the market.

He, therefore, frowned at what he described as intentional misinformation or demarketing, allegedly sponsored by some individuals, that Dangote sells its cement at higher prices in Nigeria relative to other African countries at the expense of Nigerians.

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He described the allegation as false, misleading, and unfounded, while giving the media persons present at the press conference copies of invoices from Nigeria and some other African countries (Cameroun, Ghana, Sierra Leone, Zambia), and urging them to conduct independent investigations on the price of cement across the West African(W/A) coast.

Edwin further explained that while Dangote cement has 60% share of the market, other companies have the remaining 40%.

He further explained that “Demand for cement has risen globally as a fallout of the COVID crisis. Nigeria is no exception as a combination of monetary policy changes and low returns from the capital market has resulted in a significant increase in construction activity.“To ensure that we meet local demand, we had to suspend exports from our recently commissioned export terminals, thereby foregoing dollar earnings.

“We also had to reactivate our 4.5m ton capacity Gboko Plant which was closed 4 years ago and run it at a higher cost all in a bid to guarantee that we meet demand and keep the price of Cement within control in the country.”

 

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Pension assets dropped by N 51.30bn in February – PENCOM

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The total value of pension assets in the country dropped by N51.30 billion in February, the National Pension Commission (PENCOM) has said.

In a figure obtained by Ripples Nigeria from the commission on Sunday, the pension assets dropped from N12.299 trillion in January to N12.247 trillion in February.

The figure was N12.306 trillion in December last year.

However, PENCOM blamed the development on the depreciation in the prices of Fixed Income Securities (FISs).

Fixed-income securities provide investors a return in the form of fixed periodic payments and the eventual return of principal at maturity.

The regulator pointed out that the trading portfolios of the Approved Existing Schemes (AES), Retirement Savings Account (RSA) Funds II & IV and Closed Pension Fund Administrators (CPFA) fluctuated based on the supply and demand of the underlying securities.

It said: “The values of the bonds in the trading portfolios fluctuate based on the supply and demand of the underlying securities as well as the outlook of the financial market.”

Analysis of the fund showed that the bulk of PENCOM’s investment continued to be invested in the Federal Government’s securities.

Despite the decline, the regulator revealed that there was an increase in the number of registered contributors from 9.237 million in January to 9.265 at the end of February.

Also Read:  Pension assets dropped by N 51.30bn in February – PENCOM
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