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Billionaire Watch

Femi Otedola is having a Gelato experience with his billionaire friends

So, Femi Otedola took a break and hung out somewhere nice with some of his billionaire friends. They even ate some ice cream.
Guess the name of the ice cream? It’s #Gelato

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Femi Otedola

While the rest of us were on Twitter venting over the Central Bank of Nigeria’s recent implementation of its rather polarising cashless policy, Femi Otedola and some of his billionaire friends were hanging out somewhere nice and eating ice cream. It’s not just any kind of ice cream, by the way, it’s the Gelato kind of ice cream.

A clip shared by Femi Otedola on his personal Instagram page relieved the experience. He excitedly wrote in the description of the video that his good friend and Nigeria’s only known trillionaire, Aliko Dangote, has finally been caught by the “Gelato bug”.

Four other notable men (including Access Bank’s Herbert Wigwe) could be seen in the clip laughing heartedly while eating their ice creams. Femi Otedola recorded the video himself and was heard in the background laughing while saying “Gelato”.

 

Popularising Gelato: A few months ago, a large segment of the Nigerian population did not know what Gelato is. All it took to popularise the ice cream in Nigeria is for Femi Otedola and his celebrity daughter (DJ Cuppy) to release a video of the two of them eating Gelato. Since then, Gelato has become a subject matter for Nigerian pop culture, even as a popular song has been released based on Gelato. With this latest video courtesy of Mr Otedola, it doesn’t seem like Nigerians will be forgetting about this Italian ice cream anytime soon.

[READ: Dangote fulfills $50,000 pledge to Super Eagles for AFCON heroic]

In the meantime, let us quickly talk about the really nice bromance between Femi Otedola and Aliko Dangote. The two are very accomplished in their respective businesses. And despite their understandably busy schedules, they always make out time to occasionally hang out with each other. Good to see how they are occasionally joined by the likes of Herbert Wigwe, Tony Elumelu, and sometimes even Jim Ovia.

What is even nicer is the fact that while they fly to some exotic locations to hang out and eat Gelato, their business empires keep thriving even as their fortunes keep accumulating.

Femi Otedola

Zenith Bank’s Chairman, Jim Ovia, standing beside Aliko Dangote during an inspection tour of Dangote Refinery

Earlier today, Dangote Cement Plc traded at N155 while Access Bank Plc traded at N7.45 on the Nigerian Stock Exchange.

[READ: Why Dangote thinks provision of consumer credit facility is necessary]

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Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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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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Jeff

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.

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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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