Nigerians have dominated the latest Forbes’ list of wealthiest black billionaires in the world, with the likes of Aliko Dangote and Mike Adenuga occupying top spots.
The list has thirteen billionaires on it, most of whom are either from Nigeria or the United States of America. Specifically, Nigeria and the United States accounted for four billionaires each, while Zimbabwe, Angola, South Africa, Canada and Britain had one representative each on the list which was published on March 5th, 2019.
Nigerian Billionaires on the list
Aliko Dangote, who retained his position as the richest man in Africa, topped the list with a net worth of $10.9 billion, according to Forbes. He made his fortune from Sugar, Cement and flour production. Africa’s richest man is building an oil refinery to produce 6500,000 barrels a day when it comes on stream.
Mike Adenuga follows closely with an estimate of $9.1 billion. Adenuga is the founder and Executive Chairman of Globacom, a Nigerian mobile phone network, Conoil, one of Nigeria’s first indigenous oil exploration companies in the early 90s and Cobblestone Properties, with hundreds of prime residential and commercial property all over Nigeria.
The third Nigerian on the list is Abdul Samad Rabiu, the Founder and Executive Chairman of BUA Group. BUA Group is a Nigerian conglomerate with interests in sugar refining, cement production, real estate, steel, port concessions, manufacturing, oil gas and shipping.
Mr Rabiu was named as the continent’s 16th richest billionaire with estimated wealth of $1.6 billion. He recently merged his privately owned 1.5 million metric tonnes Kalambaina Cement Company with listed firm the 500,000 mtpa Cement Company of Northern Nigeria (CCNN), which he controlled as Chairman of the Board of Directors in a $1.1billion transaction in 2018.
Also on the list is Nigeria’s first female billionaire Folorunsho Alakija with a net worth of $1.1 billion. Alakija is the founder of Famfa Oil, a Nigerian company that owns a lucrative oil block on the Agbami deep-water oilfield in Nigeria.
Other billionaires on the list
United States: Robert Smith, $5 billion; David Steward, $3 billion; Oprah Winfrey, $2.5 billion, Michael Jordan, $1.9 billion.
Other countries: Strive Masiyiwa, $2.4 billion, Zimbabwean; Isabel Dos Santos, $2.3 billion, Angolan; Patrice Motsepe, $2.3 billion, South African; Michael Lee-Chin, $1.9 billion, Canadian and Mohammed Ibrahim, $1.1 billion, British.
Alakija of Nigeria and Oprah Winfrey of the US and Angolan investor Isabel dos Santos are the only black female billionaires in the world.
Restructuting: Plans must pass through legal process from the National Assembly – Tambuwal
Tambuwal has insisted that plans to restructure Nigeria and the Constitution must pass through due process from the National Assembly.
The Governor of Sokoto State and Former House of Reps Speaker, Aminu Tambuwal, has said that any plan to restructure Nigeria and the Constitution must pass through legal due process from the National Assembly.
Tambuwal disclosed this at a plenary session of the 26th Nigerian Economic Summit, titled: “Building partnerships for resilience” in Abuja on Monday.
Tambuwal warned that Nigeria must learn from mistakes 0f 2015 when the last attempt to amend Nigeria’s constitution was rejected after the first reading.
He added that any plan to restructure must be done after amending the constitution, which must pass through the assembly.
“As it were at the moment, whatever you are going to do about the constitution, has been prescribed by the constitution and how you are going to do it.
“The constitution has prescribed how a word in that constitution is going to be amended.
“Except of course we are saying we are going to jettison the National Assembly and the State Assemblies in getting it done, which is not possible,” he said.
“So you cannot go outside of the constitution to amend the constitution. We better come to terms with this realization and to come together and agree on how best we can work together to achieve what the nation desires,” he added.
What you should know
The agitations from the October protests in Nigeria have revived talks about restructuring in Nigeria. Earlier this month, the Governors of Ekiti and Kaduna State, Kayode Fayemi and Nasi El-Rufai argued that restructuring was a means to end Nigeria’s economic troubles.
“In essence, our desire to build a more perfect union should be anchored on the principle of devolution of powers – that is, re-allocation of powers and resources to the country’s federating units.
“The reasons for this are not far-fetched. First, long years of military rule have produced an over-concentration of powers and resources at the centre to the detriment of the states. Two, the 1999 Constitution, as has been argued by several observers, was hurriedly put together by the departing military authority and was not a product of sufficient inclusiveness.
“All points considered, the fiscal burden of maintaining a largely inefficient and over-bloated bureaucracy is a metaphor for shooting oneself on the foot,” Fayemi said.
28 million merchants to be granted crypto usage on PayPal
PayPal CEO, Mr. Schulman recently hinted the company will allow the usage of crypto funding for 28 million merchants.
PayPal CEO, Mr. Schulman, recently hinted that the company would allow the usage of crypto funding for the 28 million merchants on its payments platform.
In a report credited to CNBC, the CEO of the payment juggernaut company elaborated further by saying, “Early next year, we’re going to allow cryptocurrencies to be a Funding Source for any transaction happening on all 28 million of our merchants and that will significantly bolster the utility of cryptocurrencies.”
The Chief Executive also disclosed that it was just a matter of time for digital currency to replace the old traditional forms of fiat currencies (paper money).
“As paper money slowly dissipates and disappears from how people are using transactions; Central banks, especially on the retail side, will need to replace paper money with forms of digital fiat currency.”
"As paper money slowly dissipates and disappears from how people are using transactions, central banks especially on the retail side will need to replace paper money with forms of digital fiat currency," says @PayPal CEO Dan Schulman. pic.twitter.com/pLuvc2RxPY
— Squawk Box (@SquawkCNBC) November 23, 2020
What this means
About a month ago, Nairametrics reported on PayPal Holdings Inc’s announcement that it would provide its users the opportunity to buy, hold, and sell cryptos directly from their PayPal accounts by early 2021.
It also hinted at a strategy to significantly boost its crypto’s utility capability, by making it readily available as a funding source for purchases with its 28 million clients globally.
In a press statement seen by Nairametrics, Dan Schulman, President and CEO, PayPal, gave key insights on why the global payment company was going crypto:
“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access, efficiency, speed, resilience of the payment system, and the ability for governments to disburse funds to citizens quickly.”
COVID-19 Update in Nigeria
On the 23rd of November 2020, 56 new confirmed cases and 1 death was recorded in Nigeria
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 66,439 confirmed cases.
On the 23rd of November 2020, 56 new confirmed cases and 1 death was recorded in Nigeria, having carried out a total daily test of 4,083 samples across the country.
To date, 66,439 cases have been confirmed, 62,241 cases have been discharged and 1,168 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 743,298 tests have been carried out as of November 22nd, 2020 compared to 739,215 tests a day earlier.
COVID-19 Case Updates- 23rd November 2020,
- Total Number of Cases – 66,839
- Total Number Discharged – 62,076
- Total Deaths – 1,166
- Total Tests Carried out – 743,298
According to the NCDC, the 56 new cases were reported from 10 states- Kaduna (18), FCT (17), Lagos (6), Plateau (5), Kano (3), Kwara (2), Yobe (2), Ekiti (1), Niger (1), Rivers (1).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 22,968, followed by Abuja (6,515), Plateau (3,805), Oyo (3,703), Rivers (2,957), Kaduna (2,913), Edo (2,694), Ogun (2,153), Delta (1,823), Kano (1,773), Ondo (1,727), Enugu (1,332), Kwara (1,093), Ebonyi (1,055), Katsina (1,007), Osun (945), Gombe (938). Abia (926), Bauchi (753), and Borno (745).
Imo State has recorded 662 cases, Benue (493), Nasarawa (485), Bayelsa (445), Ekiti (354), Jigawa (328), Akwa Ibom (319), Niger (296), Anambra (285), Adamawa (261), Sokoto (165), Taraba (156), Yobe (94), Kebbi (93), Cross River (90), Zamfara (79), while Kogi state has recorded 5 cases only.
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.