Some social media users were seen debating the net worth of the Nigerian billionaire, Tony Elumelu, as a picture he took with the singer, Ayo Balogun popularly known as “Wizkid”, alongside others, during the just concluded UBA Marketplace that was held in Abuja, surfaced on the internet.
The controversy: The debate started after a social media user shared the picture, and insinuated that if Wizkid was standing on his money in the picture, others, including Elumelu would be like dwarfs beside him.
— Suzzette (@queensuzzette) July 28, 2019
The post by @queenzuzzette, however, didn’t go down well with some Nigerians, as they took to the cyberspace to debate Elumelu’s wealth.
Lol. WizKid won’t pass for 8 million dollars. Forget the hype, he no even get money pass Ahmed Musa.
— Daddy Efua|UROMI|Okojie|Chevening (@Dr__C_Okojie) July 28, 2019
This girl obviously doesn’t know the difference between being rich and being wealthy…
Lemmi epp you dear…
Wizkid is rich, those pple there that sign his cheque (Eg, Tony Elumelu) are wealthy….
But she will not hear because she got expensive wig covering her brain!
— Sømębödy’s Sõn (@nonsookongwu) July 28, 2019
LMAO, Tony elumelu’s 6 months earnings can buy Wizkid, Starboy Records and Terri combined
— AGENT 47🦅⚔️ (@killz09) July 28, 2019
Tony elumelu @TonyOElumelu will use wizkid net worth to do giveaway and even forget he did giveaway sef.
You people need to equip yourselves with real time knowledge oo.
— OloyeJagunIbadan (@itsneeyoo) July 28, 2019
Is wizkid financially taller than #Africapitalist & Chairman of Transnational Corporation Nig. @Heirs_Holdings ,UBA @UBAGroup & Founder @TonyElumeluFDN, Tony O.Elumelu, @TonyOElumelu CON, worth $700M.Wizkid is just worth $22M. Don’t be unfortunate like #simplytacha tonight. #bb9ja
— limmion (@limmion) July 28, 2019
Elumelu used $100 million to set up his TEF (Giveaway) and someone is comparing Wizkid to him🤦🏽♂️.
You see why it is foolish to argue with some people on SM🤷🏾♂️.
— A.K Stephen (@Stephendeals) July 29, 2019
Nairametrics understands that this is not the first time people would be debating Elumelu’s wealth. Some months ago, the billionaire was dragged into a competition with Wizkid, as the duo posed for a picture before the launch of UBA Group in Mali.
Meet Nassef Sawiris of Egypt, the second richest man in Africa after Dangote
The Sawiris family is the richest family in Egypt with vast investments and companies in nearly all sectors of the nation’s economy.
We are all familiar with Alhaji Aliko Dangote, the richest man in Nigeria and the whole of Africa, whose current worth is estimated at $16.4 billion according to Bloomberg.
He is followed by Nassef Sawiris, an Egyptian billionaire and business magnate who runs the most lucrative part of his family’s business Empire. According to Forbes, Nassef Sawiris is worth $8.5bn and is currently the 297th richest man in the world.
Meet the Sawiris family
The Sawiris family is the richest family in Egypt with vast investments and companies in nearly all sectors of the nation’s economy. The patriarch of the Sawiris family is Onsi Sawiris. The 90 years old business magnate started the business in 1950 and has successfully transferred it to his two sons, Nassef and Naguib.
Nassef is the younger of the sons and also the richest.
Nassef Sawiris ($8.5bn)
Nassef Sawiris owns and runs Orascom construction, the construction arm of the Sawiris family business. He also has several personal investments and dealings aside from the family business. Here is a brief outline of his major business portfolios and investments according to Forbes.
- He runs OCI, one of the world’s largest nitrogen fertilizer producers, with plants in Texas and Iowa.
- He runs Orascom construction, one of the biggest construction companies in Egypt.
- He has a 5% stake in Adidas and sits on the supervisory board of the company. This is his biggest and most lucrative investment according to Forbes.
- Nassef Sawiris has a huge stake in West African Cement Company, Lafarge Holcim.
- His latest acquisition is a 5% stake in New York-listed firm, Madison Square Garden Sports, owner of the NBA Knicks and the NHL Rangers teams.
What you should know
Nassef Sawiris and Aliko Dangote share similarities in the sense that they both enjoy immense support from the Egyptian and Nigerian government respectively.
Google founders earn $42 billion in 100 days
Impressive growth in the US economy boosted buying pressure on Google shares as its founders saw their wealth valuation surge.
Google founders Larry Page, 48 and Sergey Brin, 47 have earned more money collectively than the total foreign cash reserve holdings of Africa’s biggest economy.
Larry Page, currently worth $104 billion, has earned $21.2 billion in 100 days; while Sergey Brin, with a wealth valuation of $100 billion, earned $20.4 billion in the same period. Collectively, both men have earned $41.6 billion, dwarfing Nigeria’s foreign cash reserve which currently stands at a gross valuation of $35 billion.
The majority of Larry page’s wealth comes from his stake in Alphabet, the parent company of Google. The Standford trained entrepreneur currently holds $12.6 billion in cash.
Sergey Brin’s wealth valuation is also derived from his stake in the world’s most popular search engine and presently, his cash holding is valued at $12.7 billion.
Impressive growth from the world’s most powerful economy boosted buying pressure on Google shares and its founders saw their wealth valuation surge. Global investors are increasingly holding on the tech juggernaut’s shares as amazing economic data from America’s service industries coupled with an advance in the tech sector fueled the hike in Google shares seen in recent months.
Consequently, investors are piling significant amount of funds into Alphabet Inc., the parent company of Google, with reports saying it won its most recent supreme court case against Oracle, a case that has lingered for about 3 years.
Recent price action reveals the stock is presently trading at $2,285.88 nearing its 52-week high of $2,289.04 with a yearly return on investment currently pegged at 89%.
Stock pundits are surprised by such record gains in Google shares despite a swift move seen lately by some institutional investors into utility, energy-based stocks and of late U.S Treasury bonds.
The company currently has a market value of about $1.54 trillion.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Cornerstone Insurance Plc notifies stakeholders of late submission of financial statements.
- NSE approves delisting of 11 Plc shares.
- Berger Paints Nigeria Plc reports a 67% decline in Profits in FY 2020.
- MTN Nigeria raises N73.5 billion from CP Issuance to finance operations.
- Jaiz Bank proposes dividend worth N884 million for shareholders.