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Billionaire Watch

Atedo Peterside resigns as Chairman of Cadbury Nigeria’s Board of Directors 

NSE announced the resignation of Mr. Atedo Peterside which took effect on the 30th of June 2020.

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Atedo Peterside resigns as Chairman of Cadbury Nigeria’s board of directors 

Chairman of the Board of Directors of Cadbury Nigeria Plc, Mr. Atedo Peterside, has resigned.

In a notification signed by Cadbury Nigeria’s Company Secretary, Fola Akande, and sent to the Nigerian Stock Exchange, it was announced that the resignation took effect immediately. In other words, Mr Peterside resigned from the board effective 30th June 2020. He resigned in order to concentrate on other interests.

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Note that this brings to an end Atedo Peterside’s ten-year reign as the Chairman of Cadbury Nigeria’s board of directors. He took over leadership of the board on the 21st of April 2010 after joining the company in 2009 as a director.

“The Board of Directors of the Company acknowledge and sincerely express their gratitude to Mr. Peterside for his leadership, service and immense contributions to Cadbury Nigeria Plc while he was on the Board and wish him all the best in his future endeavours” part of the statement by Cadbury Nigeria said.

READ MORE: Atedo Peterside resigns from Flour Mills’ board to focus on NGO

Recall that back in April this year, Mr Peterside resigned his position as a Non-Executive Director of Flour Mills Nigeria Plc, to focus on ANAP Foundation, a non-governmental foundation he founded.

Also in April, he resigned from the board of Nigerian Breweries Plc as well as Unilever Nigeria Plc for the same reasons.

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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]

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Billionaire Watch

Bernie Madoff, mastermind of the historic $65bn investment fraud dies at 82

Bernie Madoff passed away today at the Federal Medical Center in Butner, North Carolina.

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The man behind what has been described by many as the biggest fraud attempt in US history has passed away in government custody.

Bernie Madoff was the architect of the biggest Ponzi scheme attempt in the United States. He was a famous Wall Street fellow who at a certain time was the Chairman of Nasdaq and CEO/Founder of the Wall Street firm, Bernard L. Madoff Investment Securities LLC.

Bernie Madoff defrauded about 37,000 people in 136 countries over 4 decades according to US investigators. Included in his victim list are prominent Americans like movie director Stephen Spielberg and former New York Mets owner Fred Wilpon.

READ: Anti-virus creator, John David McAfee charged for U.S tax evasion

Bernie Madoff and the US Govt

Bernie Madoff was arrested on December 11, 2008, following tip-offs. He pleaded guilty to 11 federal crimes and admitted to operating the largest private Ponzi scheme in history. He was sentenced to 150 years in prison with restitution of $170bn.

Death 

Bernie Madoff passed away today at the Federal Medical Center in Butner, North Carolina. His death was confirmed by the Federal Bureau of Prisons.

Madoff died apparently from natural causes, the AP reported, citing an unidentified person familiar with the matter. He would have turned 83 on April 29.

What you should know 

  • Restitution is a payment made to compensate a victim for financial losses related to a crime.
  • Bernie Madoff’s family was badly affected by his fraud case. His older son Mark committed suicide according to CNBC.
  • JP Morgan Chase, the primary bank of Bernie Madoff was forced to pay $2.6bn to the US government in settlements.

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Billionaire Watch

Elon Musk gains $19bn in 3 days, gap with Jeff Bezos shrinks to $4bn

Elon Musk’s wealth jumped from $175bn as of last week Saturday to $194bn this morning.

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Elon Musk, Tesla, SEC, Stock, Twitter, COVID-19: Tesla’s Elon Musk to produce ventilators as fast-spread of disease lingers

Elon Musk has witnessed an eventful past three days as his wealth leapt from $175 billion (as of last week Saturday) to $194 billion this morning.

The eccentric businessman has now closed the gap between himself and Jeff Bezos to just about $4bn according to Bloomberg Billionaires Index.

Nairametrics is quickly going to highlight the reasons for the recent massive surge of dollars for Elon Musk.

Tesla share price increase

According to Market Watch, Tesla stocks ended yesterday at their highest value in 8 weeks. The electric car company stock price increased by 8.6% and sold at $762.32.

According to Motley Fool, the reason for this increase is a generally upbeat mood in the market about growth stocks. It also believed the increase was driven by optimistic comments about Tesla stocks by trusted analysts.

A surge in Tesla car sales

According to Nairametrics finance department, Tesla delivery of new cars in the last 3 months of the year exceeded Wall Street expectations. Tesla delivered 184,800 new cars from January to March. This number exceeded Wall Street expectations pegged at 177,000 cars.

What you should know

  • Jeff Bezos only gained $1bn in the last 3 days, the same duration of days Elon Musk gained $19bn according to the Bloomberg Billionaire’s index.
  • Tesla is currently being portrayed and compared to Apple. The EV carmakers are modelling their vehicles and branding them to fit the “Apple of electric cars” persona. This was made public by Canaccord Genuity analyst Jed Dorsheimer. This also played a role in the surge of stock prices.
  • Tesla is currently the most valuable car company in the world with a market capitalization of $593.8 billion according to Yahoo Finance.

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