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Billionaire Watch

Dangote mentioned in ‘milk ban’ controversy

@AlikoDangote is currently a subject of discussion on social media, as FG is reportedly considering banning milk importation.

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Aliko Dangote, Milk importation, CBN, You probably wouldn't know Dangote dances until you watch this video  , Aliko Dangote’s net worth falls by $1.3 billion in a week

Business magnate, Aliko Dangote is currently a subject of discussion on social media, as the Federal Government is reportedly considering banning the importation of milk.

The controversy: The Governor of the Central Bank of Nigeria, Godwin Emefiele was quoted to have said the Federal Government would soon put restrictions on the importation of milk, and other dairy products in the country.

Emefiele reportedly made this known on Tuesday, July 23, 2019, while addressing newsmen after the Monetary Policy Committee (MPC) meeting in Abuja.

[READ MORE: Aliko Dangote is the only African among the world’s 100 richest people]

While lamenting that the importation of milk stood between $1.2 billion dollars and $1.5 billion dollars annually, Emefiele said that he was convinced that milk was one of the products that could be produced in this country, hence there would not be a need for importation.

The CBN later denied the claim and said it has no legal power to carry out such an act. The apex bank’s denial, however, came after Emefiele’s disclosure.

Dangote’s involvement: Dangote had reportedly disclosed his plans to invest $800 million in dairy production in Nigeria. According to the report, the plan is part of Dangote’s diversification plans into the Nigerian agricultural sector.

[READ ALSO: Dangote gets African leaders’ support on health sector plan]

What Nigerians are saying: Since the news of the alleged restriction surfaced on the internet, Nigerians have taken to the social media to air their views, tagging the business magnate as an economic saboteur.

Below are the reactions from Nigerians.

 

 

 

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Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

2 Comments

2 Comments

  1. Arinze C Onwuteaka

    July 31, 2019 at 9:43 am

    It seems most of the comments are coming from poor knowledge of the facts as they were ie Dangote”s dairy intentions were announced last year or so and not just now as some posited.

    It is also in bad light to say he is a threatening monopoly when the likes of Friesland, Dano etc have the capacity to have set up their farms years back but rather sat back just contented with importing as a fast way of making money just like a great number of Nigerians. we seem to shy away from real production in favor of merchandise business.

    So my thoughts are, basically nothing stops anyone including the current milk importers from going into backward integration and I dear say that the CBN policy on restricting FX for milk importation is one of the best things that have happened in this country and a huge plus for the current Govt.

    One can imagine the value chain that ordinarily would spring forth from this policy drive apart from savings in FX, we would have labour demand expand, technology transfer, export potentials, organic fertiliser inputs, feed business increased market, ancillary business boom etc.

    Perhaps I should throw more light on this as the current backlash is claiming that there would be reduction of labour as a result of layoffs. The fact is that the backward integration would bring in additional labour whilst the current staff would remain as the milk produced would be used to service the existing rebagging lines(that ia what it is currently as they are not producing) and currently the staff of the milk re bagging companies would be needed to continue to rebag into their normal tins, sachets etc as they were doing before whilst the farms would now recruit labour for the different strata of the process flow ie farming, milking the cows, milk processing, cheese production, yoghurt and bagging for the rebagging companies that we currently have.

    Then the value chain of course like what you have in the other productive sectors would come to be ie Local retailers, Equipment sellers, fabricators for the various equipment, Maitenance Engineers, whole sellers, meat processors, vet doctors, vet drugs, the possibility of exporting the product is also there and so FX earnings, the fertilizer business also benefits as the horns of cow and their dung are organic manures etc so one can go on and on

    i think the real challenge is the dearth of communication when policies are thrown up for the generality of people to have a better understanding of what it entails as this would even be a bigger industry than what you currently have.

    Also like abroad where we have natural liquid milk that you can drink becomes a norm in the country, the resultant effect is that dairy products would become more available at cheaper prices to the common man, recall also that animals reproduce and so the multiplier effect reduces our dependence on the imported cows which many do not know that we currently indulge in as they think they are just coming from the north whereas we are importing most of the cows we eat from neighbouring countries.

    The only challenge i see here is communication communication communication

    Dangote as an industrialist has done Nigeria more good than harm and has put us on the international map of producing countries whilst also ensuring that we are no longer only dependent on Oil, so it would be nice if we acknowledge the good things and refrain from commenting when we do not have the facts.

    Thank you

  2. Mukaila Kareem Adebayo

    July 31, 2019 at 1:42 pm

    May god continue to bless Alh Dangote with good health, We can’t continue to be importing what we can produce localy and also putting pressure on our naira, let us encourage those that have resources to set up factories in our country, that’s only way we can reduce crisis in Nigeria

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Billionaire Watch

Dangote’s net worth declines by $1.2 billion in February

Africa’s richest man, Aliko Dangote lost $1.2 billion of his estimated net worth.

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Dangote finally addresses how he amassed his wealth without father’s money, Dangote talks about when he will buy Arsenal , Aliko Dangote defends border closure, reacts to Dangote Cement result, Can Nigeria's King Cement maker Dangote Cement withstanding COVID-19?, Aliko Dangote and his slide from $25 billion to $7 billion

Aliko Dangote, the founder of Africa’s most diversified manufacturing conglomerate, Dangote Industries, has seen his net worth decline by a whopping $1.20 billion in the month of February alone.

Africa’s richest man whose wealth peaked at $18.4 billion this year, saw his wealth declined by $1.20 billion, to $16.6 billion from $17.8 billion recorded on the 31st of January 2021, data retrieved from Bloomberg Billionaire Index reveals.

Source: Bloomberg Billionaire Index

The fall in Dangote’s net worth is partly attributable to the decline in the share price of his flagship company, Dangote Cement Plc (DCP), as well as the share price of his integrated sugar business, Dangote Sugar Refinery Plc (DSR).

The decline in the share price of these companies which impacted their market capitalization was occasioned by profit-taking activities by investors in February, across the market spectrum.

Facts about Dangote’s networth valuation

The majority of Dangote’s fortune is derived from his 86% stake in the publicly-traded Dangote Cement, as the billionaire holds the shares of the company directly and through his conglomerate, Dangote Industries.

He holds stakes in Nascon Allied Industries and United Bank for Africa, directly and through Dangote Industries, a conglomerate that also owns closely held businesses operating in food manufacturing, fertilizer, oil and other industries.

Dangote’s most valuable closely held asset is his fertilizer plant with a capacity to produce up to 2.8MT of urea annually. The $2.5 billion fertilizer plant owned by Africa’s richest man Aliko Dangote, is expected to commence operation in the first quarter of 2021.

The billionaire also owns a $12 billion oil refinery which is expected to be completed this year. However, the plant is not included in his net worth valuation, for some reason.

What you should know

  • The shares of Dangote Cement at the close trading activities for the month of February declined by 6.78%, extending the YTD loss on the shares of the cement behemoth to over 10%.
  • On the flip side, shares of Dangote Sugar Refinery also declined by 15.29% to close the month lower at N18 per share, thus correcting the YTD gains of its shares to 2.27%.

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Billionaire Watch

Battle of Titans: Elon Musk, Jeff Bezos share world’s richest title

Stiff competition prevails as both Jeff Bezos and Elon Musk share the world’s richest title.

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The battle for the worlds richest has suddenly become so intense that both Elon Musk and Jeff Bezos both share the world’s richest man title on the account they both have a net worth of $184 billion.

 

Bezos, the man behind the world’s most valuable retail company, Amazon, has steadily been seeing his wealth valuation appreciate amid high market volatility currently prevailing at global financial markets.

The 49-year-old self-made billionaire, Elon Musk is sharing, the world’s richest when recent data revealed Tesla recorded impressive gains of about $9.75 at the end of Monday’s trading session.

Investors are currently increasing their buying pressure on Tesla as they weigh reports that the electric vehicle industry is expected to grow into a $5 trillion market over the next decade, thereby giving the world’s most valuable car company room for more upside.

READ: China’s richest man worth $94.1 billion earned a fortune from selling bottled water

It’s important to note that both mega billionaires have in recent times focused their considerable brainpower on space technology as Bezos recently accelerated his space-travel efforts through his firm popularly known as Blue Origin.

Recent reports suggest SpaceX founded by Musk raised another $850 million this month from a group of leading institutional investors led by Sequoia Capital.

Such investment now puts SpaceX’s valuation at $74 billion, a 60% jump from August, and helped boost Musk’s net worth by about $11 billion, according to the index.

Bezos who is now the Chairman of the $1.58 trillion valued company, Amazon has about $9.63 billion cash in the bank.

READ: Apple’s market value cross $ 2 trillion

The online retail giant returns have under his tenure as the chief executive officer of the e-commerce giant actually ranked second among all S&P stocks since the IPO in May 1997.

The 57-year-old billionaire is the founder of Amazon, the world’s biggest online retailer company on earth. The American-based company sells books, household goods, and other retail products through its flagship platform.

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His company also controls the Whole Foods grocery chain and offers video streaming services and remains the biggest cloud computing provider worldwide.

READ: Billionaires worth over $100 billion made $270 billion in 2020

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That being said, both Elon Musk and Jeff Bezos’s wealth valuation would currently buy 107 million troy ounces of gold or 2.91 billion barrels of crude oil.

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