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Billionaire Watch

Top Nigerian billionaires and their contributions to the fight against COVID-19

Nigeria’s top billionaires have donated billionaires to support the fight against the Covid-19 pandemic.

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Folorunso Alakija,Top 10 Nigerian Billionaires and their contributions to the fight against COVID-19

When Chinese billionaire and co-founder of Alibaba, Jack Ma, announced his intention to support Africa’s fight against Covid-19 by donating essential medical supplies, Nigerians reacted with immense gratitude.

And then almost immediately, the attention shifted to Nigeria’s own billionaires. Nigerians wanted to know what the country’s top business elites were doing to support their country which, unfortunately, is one of those hat have been plagued by the pandemic.

A couple of days later, the Nigerian Private Sector Coalition Against COVID-19 was announced as the umbrella body under which industrialists and corporate organizations would donate funds to support efforts in combating the contagious virus.

Fast-forward to a fortnight later, the donations have grossed N15.325 billion, thanks to the magnanimity of almost 40 donors comprising of individuals and corporate bodies.

Let’s now focus on some of the top Nigerian billionaires who rose to the occasion and contributed to the good cause.

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(READ MORE: COVID-19: CIBN supports Lagos with N20million)

Aliko Dangote

The successful businessman rose to the occasion by collaborating with the Central Bank of Nigeria to lead the Private Sector Coalition Against COVID-19. The purpose of the coalition was to mobilise private sector leadership and resources to increase general public awareness and provide support to healthcare facilities during the crisis.

He also teamed up with Access Bank Plc to provide treatment, testing, training and isolation centers across the country.

Aliko Dangote then made a personal donation of N2 billion to support the cause.

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The famous industrialist has consistently maintained his position on top of Forbes Africa’s list of richest Africans. As the majority owner of Dangote Industries Ltd, Aliko Dangote is a force to reckon with in the business world.

Aliko Dangote rallies private sector operators against COVID-19,Top 10 Nigerian Billionaires and their contributions to the fight against COVID-19

Alhaji Aliko Dangote

Femi Otedola

Mr. Otedola announced his donation of N1 billion to the relief fund via his Instagram and Twitter handles. According to him, “We must all do what we can to flatten the curve.”

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Femi Otedola was the Chairman of Forte Oil Plc (now Ardova Plc) until early 2019 when he divested his stakeholding in the oil and gas company.

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With an estimated net worth that is close to $1 billion, Femi Otedola is known for his generosity. Not too long ago, he donated N5 billion to the Save the Children Foundation to support destitute children in Nigeria’s Northeast region.

Abdulsamad Rabiu

Rabiu made a cash donation of 1 billion Naira through the BUA foundation and took it a step further by placing orders for additional equipment and medical supplies including testing kits and protective gear to nine states across the country: Lagos, Kano, Adamawa, Edo, Kwara, Rivers, Abia, Akwa-Ibom and Sokoto.

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“Each of these nine states will receive about 100,000 protective facemasks, 1000 high-grade medical protection and isolation gear, 2000 protective goggles, 1000 gloves and 1000 testing kits among other things,” Rabiu stated.”

Abdulsamad Rabiu is the founder of BUA Group, a conglomerate that engages in the sugar refining, cement manufacturing, real estate, and port operations.

He is the third richest man in Nigeria, according to Forbes with $3.13 billion net worth.

Note that BUA Group also made a separate donation of N300 million to Sokoto, Edo and Ogun States to help trigger a coordinated response in the fight against COVID-19. BUA Cement has its major operations in the beneficiary states, even as Ogun State was selected as a beneficiary due to its proximity to Lagos, the epicenter of the Coronavirus in Nigeria. 

CCNN, Top 10 Nigerian Billionaires and their contributions to the fight against COVID-19

Abdulsamad Rabiu, Chairman CCNN

(READ MORE: Covid-19 Update in Nigeria)

Folorunsho Alakija

Africa’s second richest woman donated the sum of N1 billion. The donation was made through Famfa oil, which she owns, and with the name Modupe and Folorunsho Alakija.

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Her tweet provided a breakdown of how the money is to be allocated:

  • N250 million to the Nigerian Centre for Disease Control (NCDC) and the Lagos State Government each.
  • The remainder of the funds is to be shared among African Centre of Excellence for Genomics of Infectious diseases, frontline health workers in Lagos and Abuja, the supply of medical equipment to the relevant organizations and the Dr. Ameyo Stella Adadevoh (DRASA) health trust.

Folorunsho Alakija is the founder of Famfa Oil. She also has business interests in fashion and printing, and is estimated to be worth $1 billion according to Forbes.

(READ MORE: COVID-19: Figure hits 190 as Nigeria records 6 new cases)

 

(READ MORE: COVID-19: MTN promises 300 free SMS per month)

Tony Elumelu

This successful businessman and Chairman of United Bank for Africa Plc made a personal donation of N1 billion to support the fight against COVID-19.

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This is besides the N5 billion which was donated by UBA Group. While commenting on these donations, Elumelu said:

“We commend the efforts of governments and we are keen to partner and contribute our resources to the collective effort, that will ensure the response to the pandemic is swift and effective.”

The businessman is an economist and entrepreneur with investments in Heir Holdings, United Bank for Africa Plc, and Transcorp. He is also the founder of the Tony Elumelu Foundation. He has a net worth of about $900 million as of January 2020.

(READ MORE: COVID-19: Lagos discharges 11 patients)

Jim Ovia

This billionaire also donated the sum of N1 billion. He is the founder of Visafone Communications Ltd which was later acquired by MTN. He currently serves as the Chairman of Zenith Bank Plc and has a net worth of $870 million.

Oba Otudeko

The chairman of FBN Holdings Plc and founder of Honeywell Group donated the sum of N1 billion to the CACOVID relief fund. The man has a net worth of over half a million dollars.

Segun Agbaje of Guaranty Trust Bank  Plc and Herbert Wigwe of Access Bank have also donated N1 billion each.

Ruth Okwumbu has a MSc. and BSc. in Mass Communication from the University of Nigeria, Nsukka, and Delta state university respectively. Prior to her role as analyst at Nairametrics, she had a progressive six year writing career.As a Business Analyst with Narametrics, she focuses on profiles of top business executives, founders, startups and the drama surrounding their successes and challenges. You may contact her via [email protected]

26 Comments

26 Comments

  1. Bunmi obakoya

    April 8, 2020 at 11:46 pm

    God bless you all

  2. Esomchi

    April 9, 2020 at 7:03 am

    Now the office has been burnt by fire.Thank God that none of my Brother’s sweat is among,south east be wise.

  3. OBORAKORE SAMUEL ABRAHAM

    April 9, 2020 at 4:12 pm

    What really happened to the money, that our good citizen had donated to help our country,

  4. Anonymous

    April 12, 2020 at 1:36 pm

    Thanks may God pay you people double upon double. Amen

  5. Matthew

    April 13, 2020 at 3:53 pm

    God bless you all in Jesus name

  6. Anonymous

    April 13, 2020 at 3:56 pm

    But we’ve not really seen the effect of this generosity, please what is happening to the money, Nigerian’s need an explanation.

  7. Matthew

    April 13, 2020 at 4:00 pm

    But we’ve not really seen the effect of this generosity, please what is happening to the money, Nigerian’s need an explanation.

  8. Amao opeyemi

    April 13, 2020 at 4:04 pm

    pls kindly save nigeria, we are hungry

  9. Fortune

    April 14, 2020 at 5:51 pm

    All I see is AUDIO DONATIONS..

  10. E.M George

    April 14, 2020 at 10:27 pm

    Pls where are the billions of Naira donated by our billionaires? People are hungry, the monies not getting to the people. What is happening?

  11. Mike Olaleke

    April 15, 2020 at 10:28 am

    Kindly give us something to eat from all this donations we’re hungry

  12. Ismail Abdur Razaq Arikeusola

    April 15, 2020 at 1:55 pm

    I’m still worried about nigerian’s hunger despite all these huge amounts donated….!

  13. Anonymous

    April 15, 2020 at 4:15 pm

    Abeg oo oo oo na to go rub na wetting remain be dat

  14. Ojochona Sunday Godwin

    April 15, 2020 at 6:53 pm

    Good bless you abundantly as you assisting the peoples of Nigeria,this are the good leaders

  15. MUktar umar kanya

    April 17, 2020 at 9:08 pm

    Comment:Thnk u all for ur donation,but u ar advs 2 giv to those needed.but not govt,they prepare 2 liv themselve nd their childreen.but not we the citizen.

  16. Mustapha shaibu

    April 20, 2020 at 3:57 pm

    Thanks you all for your donate to help Nigerian may Almighty God bless you all.
    Am use this opportunity to plead you all no any amount is too small please am very hungry 2218357718

  17. panas Denis

    April 20, 2020 at 8:42 pm

    Comment:please nigeria leaders hungry will kill us not covid-19 please help

  18. Anonymous

    April 20, 2020 at 10:48 pm

    Thanks you all, let me not hide my feelings my fellow Nigeria, help hungry Don finish my family, no amount is small,, 0028133066 access, Jon ogb i

  19. Concerned citizen

    April 20, 2020 at 10:52 pm

    There is something I want to tell our so-called billionaires and banks. If you people don’t pay attention to the people’s cries of hunger, they will keep coming out and the virus will keep spreading, and guess what- your businesses will fail! Bet me.

  20. Friday N Stanbic

    April 22, 2020 at 7:55 pm

    A man who act is likely to excel.From your benevolent spirit and generosity push in mind to contribute big in our government account to combat covid19,God will through…

  21. thomas dennis

    April 23, 2020 at 10:09 am

    Comment: thank us for our people in nigeria d almight god we bless us double double.

  22. Okodi pretty

    April 25, 2020 at 9:47 am

    God bless you all and keep you.

  23. Femi Omodara.

    April 26, 2020 at 6:25 pm

    The donated money should be spent on provision of medical infrastructure to enable people receive treatment in Nigeria.lt should not be put where snakes and rats will swallow.
    Kudos to our public spirited men and ladies who helped the Masses.
    Femi Omodara.

  24. DARA

    May 2, 2020 at 11:37 pm

    DO YOU NOT THINK YOU SHOULD GIVE MORE INFO BECAUSE IT SUCKS A LOT

  25. Chuks

    May 12, 2020 at 10:37 pm

    If Oba has a net worth of half a million dollar, then where did he get the N1 billion he donated?

  26. T M Mathai

    May 16, 2020 at 1:26 pm

    We comment policies of CBN Governor not allocating forex for importation of about 42 items which can be produced in this country. FG should encourage local production. So many items like Pharmaceutical products, food, sanitizer, mask etc. can be produced locally. Nafdac as a regulatory body has failed to encourage local manufacturers. There is so much delay in Nafdac for processing by manufacturers. We should not depend on other countries like China n India for finished goods. Only raw materials should be allowed to be imported. Now rice is produced locally bec of CBN initiative in time. Why not extend this to other products like Pharmaceuticals to generate employment and saving foreign exchange.

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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.

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Elon Musk needs $20 billion wealth gain to clinch world's richest man title

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.

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  • 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

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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.

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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.

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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

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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.

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Billionaire Watch

Elon Musk, first billionaire ever to be worth over $200 billion

Elon Musk is now the first person in modern history to ever surpass a wealth valuation of over $200 billion.

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Elon Musk needs $20 billion wealth gain to clinch world's richest man title

Elon Musk, who some days 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.

What you should know: Data retrieved from Bloomberg Billionaire Index affirmed Elon Musk is now worth $209 Billion.

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

  • It’s crucial to note that the fastest rising billionaire keeps 8.9% of his wealth ($18.7 billion) in private assets and most of his wealth comes from Tesla, the most valuable car company he founded over a decade ago.
  • Elon Musk’s Tesla holdings are presently worth $15o billion.
  • Elon Musk’s present net worth of $209 billion can buy 113 million troy ounces of gold or 3.74 billion barrels of crude oil.

READ: Tesla hit a lifetime high, market value now $659 billion

That said, Elon Musk is passionate about contributing as much of his wealth into colonizing Mars, and he’s selling most of his material possessions to attain such a goal.

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In fact, I’ll have basically almost no possessions with a monetary value, apart from the stock in the companies,” Elon Musk told Business Insider in an interview with Axel Springer CEO Mathias, many months ago. “If things are intense at work, I like just sleeping in the factory or the office. And I obviously need a place if my kids are there. So, I’ll just rent a place or something.

READ: Nigeria, other African oil-producing countries will lose $1tn oil revenue in 20 years – PWC

Also, Elon Musk’s wealth gain in 2020 marks the fastest surge to the top of the rich list in modern history— and marks a dramatic turn around from a business riddled with debt less than two years ago as Tesla’s rapidly burnt cash to stay in operation.

READ: How to climb the Wealth Pyramid with speed

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  • Stock experts anticipate 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.

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