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Billionaire Watch
Femi Otedola gives situation report on Dangote Refinery and the other projects
Femi Otedola said that construction works Dangote Refinery is 70% completed, even as the fertiliser plant is all ready for commissioning.
Femi Otedola just recently got back to Nigeria, after being away from the country for five months. Following his return, one of the first places he visited was Aliko Dangote’s multi-billion-dollar refinery and fertiliser projects in the Lekki Free Trade Zone. As you can expect, he shared the situation report with us.
Writing on Instagram, the billionaire revealed that construction works on Dangote Fertiliser Plant are complete and that the facility is ready for commissioning.
For the benefit of those who haven’t been keeping up, the fertiliser plant is the second largest in the world and it is expected to become a major boost for the Nigerian agriculture sector. Perhaps the facility will be commissioned just in time for the farming season in Nigeria which starts off in April.
[READ MORE: Dangote Industries targets $30 billion turnover by 2022]
Also writing about the current state of the Dangote Refinery, Femi Otedola said the project is now 75% completed. In the same vein, the petrochemical unit is also 60% completed. Recall that the facility was initially projected to be ready by 2020. However, the completion date was shifted to H1 2021.
When it eventually becomes operational, Dangote Refinery is expected to be the biggest in the world. Some 650, 000 barrels of crude will be refined there on a daily, even as its products will be supplied across Africa, after meeting local demands.
In the meantime, Femi Otedola believes that these massive projects by his friend should be the 8th Wonder of the World. Perhaps he is not wrong. The sheer size of the refinery, which sits on some 6, 180 acres (2,500 hectares) of land, is worthy of admiration. Now, when you think about how this could transform the Nigerian economy, it begins to dawn on you that it is really the 8th Wonder of the World.
Billionaire Watch
Top 5 billionaires lost $8 billion in a day
The top 5 billionaires, as a group did not do well at the last trading session of the week amid an era showing the U.S dollar rebounded.
The top 5 billionaires on planet earth had an unimpressive showing at the most recent trading session.
The top 5 billionaires most recent daily loss stood at $7.754 billion
Elon Musk
The world’s richest person printed the highest wealth loss for the day as Elon’s wealth dropped by $4.28 billion. His wealth is now estimated to be worth $197 billion.
Tesla suffered significant losses at Friday’s trading session, on recent reports revealing its Model 3 is now only the fourth-best selling pure electric vehicle (EV) in Europe.
READ: Elon Musk’s wealth jumps in 2021, more than top 5 billionaires combined
Investors got alarmed that Tesla got outpaced by Renault and Volkswagen in an important car market like Europe.
- Elon Musk, who a few weeks ago, surpassed Jeff Bezos to become the world’s richest person, is now the first person in modern history to ever surpass a wealth valuation of over $200 billion.
- However, for the long term, Stock experts anticipate that a Democratic-controlled U.S Senate is bullish for Tesla, on the bias that there would be more pro-renewable investments, at least for the next few years.
Jeff Bezos
Jeff Bezos, the current CEO, and founder of Amazon is presently valued at about $182 billion, printing a wealth drop of $1.26 billion for the day.
- Investors went short on the trillion-dollar valued company at its most recent trading session, taking into consideration that the tech company had become too powerful, particularly when Amazon dropped Parler, a social network that gained President Trump’s die-hard supporters after Twitter suspended his account.
READ: 5 habits of Nigeria’s business billionaires you should emulate
Bill Gates
In the third position is another popular tech genius, Bill Gates, the founder of the most valuable software company, Microsoft.
For many years, Gates had been the world’s richest man. He now has a wealth fortune of $132 billion, as recent data revealed it dropped by $814 million for the day.
READ: World richest man, Jeff Bezos holds 5% of his wealth in cash
Bernard Arnault
Europe’s top entrepreneur and French celebrated fashion icon, Bernard Arnault, is fourth on the list with a fortune now estimated to be around $109 billion, with its most recent drop by $3.55 billion.
- He is the only billionaire on the top 5 that isn’t from the tech ecosystem.
- Most of his wealth comes from his controlling stake of LVMH, controlled through his holding known as Christian Dior.
READ: Billionaires worth over $100 billion made $270 billion in 2020
Mark Zuckerberg
Facebook’s founder, Mark Zuckerberg is fifth on the list, with a fortune estimated to now be valued at $95 billion, on the account, he was the only billionaire in the top 5 list that had a wealth gain for the day.
- His most recent wealth daily gain stood at $2.15 billion amid an era of reports revealing global investors are weighing significantly on Facebook amid antitrust and privacy concerns.
READ: Facebook founder, Mark Zuckerberg, worth $104 billion keeps $2.3 billion in cash
Bottom line
The top 5 billionaires, as a group, infamously did not do well at the last trading session of the week amid an era showing the U.S dollar rebounded strongly.
Growing concerns that the leading global technology brands have grown too powerful has led some investors to trim their bullish bets cumulatively on the top 5 billionaires’ businesses.
Billionaire Watch
Elon Musk’s wealth jumps in 2021, more than top 5 billionaires combined
Elon Musk has made more gains in 2021 than Jeff Bezos, Bill Gates, Bernard Arnault, Mark Zuckerberg, and Warren Buffet combined.
Stock holdings of Tesla recorded impressive gains on the NASDAQ and it is looking good for Tesla Founder and Chief Executive Officer, Elon Musk, whose fortune has gained $31.6 billion in 2021 alone.
What you should know
Elon Musk, now worth $201 billion, has made more gains in 2021 than Jeff Bezos, Bill Gates, Bernard Arnault, Mark Zuckerberg, and Warren Buffet combined.
READ: Nigeria’s GDP growth to rebound between 1.7% and 2.0% in 2021 – United Capital report
- This takes to account that Jeff Bezos is down by $6.86 billion, Bill Gates’s wealth has grown by only about $712 million, and Bernard Arnault – a french-born billionaire’s wealth is down by $2.25 billion in 2021.
- Facebook’s Founder, Mark Zuckerberg has lost about $10 billion in value this year alone, as investors have reduced their stake in Facebook on privacy concerns and Warren Buffet printed a wealth gain of $1.25 billion.
- Elon Musk, who a few weeks ago, surpassed Jeff Bezos to become the world’s richest person, is now the first person in modern history to ever surpass a wealth valuation of over $200 billion.
READ: Why You Should Not Invest Like Warren Buffet
Specifically, the world’s celebrated engineer and philanthropist had led the revolution of electric cars which is showing great potential to replace fossil-based combustion engine-driven vehicles.
- Electric-car maker, Tesla Inc’s share settled at $845 after the close of its most recent trading session.
- Now worth $801 billion, Tesla has increased the concentration of heavyweight companies within the S&P 500.
READ: Tips that will help you win in business – Amazon Founder
Today, Tesla builds not only all-electric vehicles, but also infinitely scalable clean energy generation and storage products. Tesla believes that the faster the world stops relying on fossil fuels and moves towards a zero-emission future, the better.
Musk’s wealth gain is largely attributed to Tesla, the electric car automaker, which has gained about 700% in 2020 and has become by far the world’s most valuable automaker in the world, despite producing far less than Volkswagen, Toyota, or General Motors.
READ: Tesla’s market value bigger than any African country
What to expect
Stock experts anticipate that a Democratic-controlled U.S Senate is bullish for Tesla, on the bias that there would be more pro-renewable investments, at least for the next few years.
Tesla has gained more than 23,900% since its 2010 initial public offering, including a 5-for-1 stock split in 2020.
Billionaire Watch
Aliko Dangote’s net worth falls by $840 million
The net worth of Africa’s richest man declined by $840 million as the share price of his flagship company, Dangote Cement Plc drops.
Aliko Dangote, Africa’s richest man and the founder of Africa’s manufacturing conglomerate, Dangote Group Plc, saw his net worth fall by $840 million to $17.5billion between January 7 and 8.
This is according to the information obtained by Nairametrics from Bloomberg’s billionaire tracker.
READ: Facebook founder, Mark Zuckerberg, worth $104 billion keeps $2.3 billion in cash
The decline in Dangote’s net worth can be attributed to decline in the share price of his flagship company, Dangote Cement Plc (DCP), as the market capitalization of the company lost N339 billion on the Nigerian Stock Exchange (NSE), following the completion of the first tranche of the Cement behemoth’s share buyback programme.
READ: World richest man, Jeff Bezos holds 5% of his wealth in cash
It is important to know that 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.
READ: Elon Musk posts best annual wealth gain ever, makes $140 billion in 2020
What you should know
- Nairametrics reported on Friday, 8th January 2021, that the Shares of Dangote Cement Plc lost N339 billion, following the completion of the first tranche of the Cement behemoth’s share buyback programme.
- The report revealed that the market capitalization of the company, in just a week, declined from N4,173,220,263,484.50 at the open of trade on Monday 4th of January to N3,834,114,166,125.00 at the close of trade today the 8th of January 2021.
- This development comes a week after the company successfully completed the first tranche under the Share Buy-Back Programme, as the company bought back 40,200,000 DCP shares in the open market between 30th and 31st December. The unit bought represents 0.24% of the entire current issued shares of 17,040,507,404 ordinary shares.
Folabi Awojobi
February 11, 2020 at 11:07 am
It is indeed a game changer for our nation and i’m excited about the prospects of this refinery with the multiplier effects it has on the economy.
Ayodeji apejua
February 15, 2020 at 12:01 pm
This project as the capacity to the rebrand Nigeria’s immage in the global business community