The Chairman of United Bank for Africa (UBA), Mr Tony Elumelu, has been in good spirits lately. And it’s not hard to see why this is the case. As an accomplished businessman as well as a proven philanthropist, he has every reason to feel good about himself.
Therefore, whether he is sharing Instagram pictures of himself working out, hanging out with his billionaire friends and global leaders, or at movie premiers, he’s always made it very known that he is currently at a really good place in his life.
Now, Mr Elumelu is also hanging out with young professionals and giving them important pointers to accomplishing success in life.
In a recently shared lengthy post, he said he hung out with five outstanding and young bankers, rubbing minds with them on a whole lot of issues ranging from family, career, and the Nigerian economy.
“It was so much fun to share stories and trade perspectives with them, while gaining insights and useful suggestions from their experiences working with us. In order to build to last, an organisation must cultivate systems and feedback mechanisms to encourage this type of dialogue. Open, frank discussions to listen, learn, inform, engage and educate.” – Elumelu
Writing further, Mr Elumelu said he had to answer questions that were asked by the young bankers. These questions bothered around childhood, early banking days, his family, faith, exercise routine, and more.
He also gave them very important career tips. These important tips he felt compelled to share publicly because it will most definitely benefit people. So here we go – Mr Elumelu’s career tips just for you.
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#TOEWAY: 5 Tips for Young Professionals . Still in a great mood from the UBA #RedTv rave over the weekend, I spent my Monday with five outstanding young men and women – Daniel, Ifenlota, Francess, Olaoluwa and Nnamdi from the United Bank for Africa. I’d like to think of them as part of the next generation of young leaders at the bank. Throughout our informal session and our open conversation over lunch, I listened to them talk about themselves, their families, their careers and ambitions, and some of their concerns as young people in today’s Nigeria. We spoke about work, the economy, their futures and even migration overseas! Lol. It was so much fun to share stories and trade perspectives with them, while gaining insights and useful suggestions from their experiences working with us. In order to build to last, an organisation must cultivate systems and feedback mechanisms to encourage this type of dialogue. Open, frank discussions to listen, learn, inform, engage and educate. As I answered their questions around my childhood, my days as a young banker, the merger experience between STB and UBA, and how I balance work, family, faith, exercise and my love-hate relationship with food (lol), I recognised in their eager faces myself thirty years ago, keen on beginning my career and buying my very first car. . Read more of this honest and open conversation with these outstanding @ubagroup professionals. . link in my bio #Africapitalism #entrepreneurship #AfricasGlobalBank #UBAGroup
You need to start out right
For him, young professionals should always ensure to start out their careers working in well-structured organisations that offer them immense learning growth opportunities. Such work environments should be able to inculcate needful work ethics and skills.
Now, while this is very necessary, it is important that not every young professional gets this opportunity. This is because such well-rounded work environments are very scarce in Nigeria.
Your dreams as a young professional are valid
This couldn’t be truer than true. After all, everyone wants to accomplish more set goals and be successful. Even Mr Elumelu himself was, at one point in his life, desirous of the time in his life when he would “finally earn my first N100,000.” Today, he is worth billions upon billions.
But he worked hard because dreams alone cannot get you what you want. Therefore, young professionals must be willing to put in the work in order to actualise their dreams.
Strive to be the best version of yourself
Mr Elumelu said young professionals should constantly upgrade themselves by making use of the numerous resources available to them, including the internet. According to him, the digitised nature of our world today makes it easy for young people to access information.
People management is highly important
Whether you are starting out as an entrepreneur or as an employee, Mr Elumelu said it is essential for young professionals to make people management a priority. This is because as an entrepreneur, the difference between the success or failure of your business can be dependent on how well you are able to hire and treat your staff. Therefore, it is important for young entrepreneurs to properly relate with those who work for them. After all, there is a good reason why there is a saying that the workforce is any organisation’s best asset.
In the same vein, young professionals must endeavour to understudy those above them. There is no better way to become an expert other than learning from the best.
He said you don’t have to emigrate from Nigeria
While many young people may disagree with him on this one, read this perspective first in his own words:
“You don’t have to check out, to travel out of the country to become successful. I hear of many young people traveling abroad as a way to escape the economic challenges. What I often say to them is that yes, challenges are real on the continent, but so are the opportunities. Of course, I did not always think so. As a young teenager, I also wanted to ‘checkout’ to America in pursuit of what was sold to us as the better life. Luckily for me, but unluckily for me at the time, my parents could not afford it. That seeming lack of opportunity opened me up to a future in Africa that I could not have had anywhere else. This is not to say there is anything wrong with aspiring to live abroad or relocating for studies, but never forget that there are immense opportunities available to you right here on the continent. If someone like me, from an ordinary background could make it, what makes you think you can’t?”
Elon Musk now the third-richest person in the world
Musk has seen a meteoric rise in his wealth, with his net worth growing by $87.8 billion this year.
The recent surge in many leading U.S technology stocks have unsurprisingly created wealth for their founders, investors and stock traders.
What we know: Elon Musk just surpassed the co-founder of Facebook, Mark Zuckerberg to become the third richest person in the world. Shares of Tesla Inc. continued its unrelenting surge after the recent stock split of Tesla stocks. Musk is now estimated to be worth about $115.4 billion, according to the Bloomberg Billionaires Index.
Musk is the present chief executive officer of Tesla, a maker of electric vehicles.
The Palo Alto, California-based company sells sedans, sport utility vehicles, and is the state’s largest automotive employer. He’s also CEO of Space Exploration Technologies, a rocket manufacturer tapped by NASA to resupply the space station.
Musk, 49, has seen a meteoric rise in his wealth, with his net worth growing by $87.8 billion this year as Tesla shares surged almost 500%.
Also helpful: an audacious pay package – the largest corporate pay deal ever struck between a chief executive officer and a board of directors – that could yield him more than $50 billion if all goals are met.
On Monday, Nairametrics reported how Tesla’s share price rose to almost $500 following a 5-for-1 split. Nearly 70 million shares had changed hands as at then, two-thirds of the daily average over the past year.
Tesla’s $464 billion market value now exceeds that of retail behemoth Walmart Inc., the largest company in the U.S. by revenue.
Recall Nairametrics, about two weeks ago highlighted major reasons why Nairametrics believed the stock was a strong buy and could surpass the present most valuable listed technology company.
Tesla was founded in 2003 by a group of engineers who wanted to prove that people didn’t need to compromise to drive electric – that electric vehicles can be better, quicker, and more fun to drive than gasoline cars.
Today, Tesla builds not only all-electric vehicles but also infinitely scalable clean energy generation and storage products. Tesla believes the faster the world stops relying on fossil fuels and moves towards a zero-emission future, the better.
Jeff Bezos becomes first person to cross $200 billion net worth, as Zuckerberg crosses $100 billion
The 56-year-old world’s richest man was worth $205 billion as at the close of trading on Wednesday.
Amazon founder and CEO, Jeff Bezos, has become the first person to ever cross $200 billion in net worth. This happened after Amazon’s stock edged up 2% on Wednesday.
According to Forbes, the edging increased Bezos’ net worth by $4.9 billion, making him the first person to ever amass a $200 billion fortune in the nearly four decades that Forbes has been tracking the net worths of the world’s richest individuals.
This happened in spite of the fact that Bezos recently donated 7,548 of his Amazon shares –worth about $26 million– to an undisclosed nonprofit organization, as contained in a regulatory filing on Wednesday.
The 56-year-old world’s richest man was worth $205 billion as at the close of trading on Wednesday.
Why this matters
This development now puts Bezos almost $90 billion ahead of the world’s second-richest person, Bill Gates, who is currently worth $116.1 billion.
Gates was the first person in the world to ever cross the $100 billion in 1999 when Microsoft reached its then-peak.
Even after adjusting the figures for inflation, Forbes still estimates Bezos net worth to be over $200 billion, almost 80% up from the $115 billion he was worth on January 1, 2020.
This increase in net worth is said to be connected to the change in consumer habits resulting from the coronavirus pandemic and the lockdown in major cities across the world. Since then, Amazon stock has gone up almost 80%.
Note that Bezos owns roughly 11% stake in Amazon which makes up more than 90% of his net worth, while his stakes in the Washington Post, aerospace company Blue Origin, and other private investments make up the rest.
Zuckerberg becomes a centibillionaire
In a similar development, Facebook founder Mark Zuckerberg, at the end of trading on Tuesday, became a centibillionaire with $103.1 billion in net worth.
Sequel to Facebook’s stock gains, His fortune went up by $6 billion again on Wednesday putting his worth at $109.1 billion.
Chairman and CEO of LVMH Moët Hennessy, Bernard Arnault, has also claimed the position of the third-richest person, with net worth of $115 billion, recovering from the slip earlier in the year at the peak of the pandemic.
In July 2019, Jeff Bezos parted away with 25% of his Amazon stake (now worth $63 billion), in what was tagged the “most expensive divorce settlement in history”. His ex-wife, MacKenzie Scott, who was the beneficiary of this settlement, is currently the world’s 14th-richest person and second-richest woman, behind L’Oréal heiress Françoise Bettencourt Meyers; even after giving away $1.7 billion in charitable gifts earlier this year.
More gains than losses for Nigeria’s billionaires in Q2, 2020
The reasons for this could be the crisis that we saw in the global oil sector.
After a dramatic first quarter which ended with the declaration of a nationwide lockdown, Nigeria’s billionaires and entrepreneurs entered Q2 2020 uncertain of what the pandemic held for them.
The lockdown and restrictions on inter-state movement had lots of implications for all sectors of the economy, including the consumer goods sector which was allowed inter-state movement. The cost of transportation increased, with implications on the end-cost of the goods.
Amidst all of these, stock trading continued with the usual rise and fall which characterises the bourse. This article looks at the gains and losses of Nigerian billionaires in the midst of the drama that became a feature of the new normal.
Interestingly, there are major gains across the different sectors except for the oil and gas sector where we see a dip. The reasons for this could be the crisis that we saw in the global oil sector. Let’s see the millions lost and gained.
Jim Ovia is not only the founder of Zenith Bank Plc, he is also the largest individual shareholder with 3,546,199,395 direct shares and 1,513,137,010 indirect shares.
His net worth is not quite easy to ascertain, although the shares which he holds and controls in the listed bank are not hidden; hence our ability to ascertain his losses in the quarter.
The stock market opened on April 1 with a share price of N11.40 for Zenith bank shares. At this time, Ovia’s total 5 billion shares were worth N57 billion (N57,676,435,017).
After an interesting and highly positive quarter, the share price ended at N16.1 at the close of trading on June 30. With this, the worth of Ovia’s shares rose to N81.45 billion (N81,455,316,120.50).
The Delta-born billionaire gained an impressive N23.78 billion in the quarter.
Group MD/CEO of Access Bank, Herbert Wigwe directly owns 201,231,713 shares and indirectly controls 1,157,082,349.75 shares with the bank, summing up to 1,323 billion shares.
As at April 1, a unit of Access Bank share was worth N5.75, putting the worth of Wigwe’s 1.32 billion shares at N7.97 billion (N7,607,381,738.25).
When there was a dip in share price in June, Wigwe purchased shares amounting to 7,546,458 shares, and this brings his indirect shares to 1.129 million shares.
In addition to the 201,231,713 shares which he directly owns, Wigwe now has a total of 1.33 billion shares under his control.
At the close of the quarter, on June 30, Access Bank shares closed the trading day with a unit share price of N6.55.
The market value of Wigwe’s 1.33 billion shares (both direct and indirect) grew to N8.7 billion (N8,715,229,367).
Within the three-month period, Wigwe gained N1.1 billion (N 1,107,847,628.75) in his Access bank shares, from the appreciation in share price and gains on the additional shares he purchased.
Founder and Chairman of United Bank for Africa Plc, Tony Onyemaechi Elumelu (TOE) had a total of 2.3 billion (2,304,211,118) units of shares – 190,100,234 direct and 2,114,110,884 indirect shares, valued at N11.4 billion (11,405,845,034.10) at the unit price of N4.95 on April 1.
He made a purchase of 45,378 additional shares between May and June to slightly increase his direct shares to 190,145,612, and total shares to 2,304,256,496 units.
UBA’s share price was N4.95 on April 1 and N6.25 at the close of trading on June 30; a major growth for TOE and his 2.3 billion shares.
The total worth of Elumelu’s shares grew significantly from N11.4 billion on April 1 to N14.4 billion (N14,401,603,100) on June 30.
The billionaire gained N2.9 billion (N2,995,758,065.9) by the end of the second quarter, from the increase in share price and gains on the additional units bought.
This does not take into cognisance, other gains or losses he may have in other listed companies where he holds some shares.
Standing odd among the billionaires is co-founder of Seplat, Austin Avuru, the only one who recorded a loss for the quarter.
Avuru indirectly owns about 58,970,463 indirect shares in the oil and gas company, after selling off his direct shares.
However, the company awarded Avuru some shares under the Long-Term Incentive Plan for Directors, as well as some under the deferred bonuses, totaling to 1,774,436 units of shares. This addition now brings his shares to 60,744,889 units.
A stock price of N544.5 as at April 1 showed that these stocks were worth N33 billion (N 33,075,597,506) at the start of the quarter.
On June 30, unit share price had plummeted to N386 and Austin Avuru’s shares were worth N23.44 billion (N 23,447,531,014).
He lost N9.6 billion (N 9,628,066,492 loss) in the quarter.
Chairman of Conoil Nigeria Plc, Mike Adenuga directly controls 516,298,603 units of shares, as well as 103,259,720 units of shares controlled through Conpetro Limited, making for about 74.4% of Conoil’s issued share capital.
Conoil’s stock prices started the period at N13.15 on April 1, and closed at N21.00 at the end of trading on June 30.
This trend puts the value of Adenuga’s 619.55 million shares at a market value of N8.14 billion (N8,147,191,947.45) on April 1, and N13 billion (N13,010,724,783.00) at the close of the quarter.
Adenuga gained N4.86 billion (N4,863,532,835.55) in the second quarter of 2020.
Nigeria’s richest man, Aliko Dangote owns both direct and indirect shares in the companies that make up the Dangote Group.
For Dangote Sugar, the share price opened the quarter at N8.90 and appreciated through the quarter to close at N12.00 on June 30.
The billionaire directly owns 653,095,014 shares and indirectly owns 8,122,446,281 shares through the Dangote Industries Limited in Dangote Sugar, summing up to 8.77 billion shares.
The upward trend in share price caused the worth of his shares in the company to rise from N78 billion (N78,102,317,525.50) on April 1 to N105 billion (N105,306,495,540.00) on June 30, 2020.
Aliko Dangote gained N27 billion (N27,204,178,014.50) in his investments in Dangote sugar in the period under review.
Dangote Cement share price also had an upward trend from N116.80 on April 1 to N127 at the end of June 2020.
As head of the Dangote Group, Aliko Dangote has 14.5 billion direct shares in the company and another 27 million share units which he indirectly controls through Dangote Industries Limited.
This brings the total shares under his control to N14.5 billion (14,527,958,138) units.
As at the beginning of the period, all 14.5 billion shares were worth N1.69 trillion (N1,696,865,510,518.40) at the market share price of N116.80. By the end of the period, the value had grown by N148 billion to N1.84 trillion (N1,845,050,683,526.00).
Adding his gains in Dangote sugar with that of Dangote Cement, we can see that the billionaire grew richer to the tune of N175 billion (N 175,389,351,022.10).
NASCON share price went up from N8.50 to N10.50 at the end of the period. However, the number of shares that Aliko Dangote owns in NASCON are not publicly available, so whatever gains he might have made from NASCON are not included in this figure.
Abdulsamad Rabiu owns 19 billion (19,044,995,225) direct shares and 12,225,657,356 indirect shareholdings through 3 companies, totalling to 31.2 billion (31,270,652,581) units in BUA Cement.
BUA Cement stocks sold at N35.3 for a unit on April 1, and closed at N38.7 on June 30.
At the beginning of the quarter, Rabiu’s 31.27 billion shares (direct and indirect) were worth N1.1 trillion, and by the end of Q2, the value of the shares had risen well above N1.2 trillion.
Rabiu gained over N106 billion (N 106,320,218,775) in Q2, 2020.
Summary: Gains/losses (N’billion)
- Austin Avuru – 9.628
- Aliko Dangote – 175.389
- Mike Adenuga – 4.863
- Elumelu Tony – 2.995
- Jim Ovia – 23.778
- Herbert Wigwe – 1.107
- Abdulsamad Rabiu – 106.32
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Note: Although these billionaires also have other private assets, and hold shares in some other listed companies, this article focuses on the major companies where they have recorded gains or losses.