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Aliko Dangote Is Selling Dangote Flour Mills For N130bn ($361.11m) |The Republican News

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Aliko Dangote is reportedly selling his loss-making business unit, Dangote Flour Mills to Olam International for N130 billion ($361.11 million). The sale of Dangote Flour Mills Plc for N130 billion ($361.11 million), was announced in a corporate disclosure posted on the Nigerian Stock Exchange (NSE) on Tuesday. According to Thabo Mabe, director at Dangote Flours, Olam International has indicated interest to acquire all the outstanding and issued shares of the flour mills company that are not currently owned by Ola through its subsidiary, Crown Flour Mills Limited.
 
“The total consideration offered by Olam and being considered by the Board of Dangote Flour Mills for the entire 5 billion issued shares of the company is N130 billion.
 
“The consideration represents the enterprise value on a debt-free, cash-free basis, payable in cash at the closing of the proposed transaction. This consideration will be adjusted for net working capital and net debt as of 31 March 2019 or any other later date that may be agreed by Olam and the Board of Dangote Flour Mills to arrive at the final price payable to equity shareholders.”    (Nairaland)
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Dangote, Africa’s Richest Man To Bid For Chelsea FC, If Kroenke Fails To Sell Arsenal

Africa’s richest man, Aliko Dangote

by MhizMuna

Is Dangote offering to buy Chelsea? Africa’s Richest man drops a hint, Nigeria’s richest man and Arsenal FC supporter, Aliko Dangote has revealed he might be interested in owning another football club if his offer to buy the London club yet again fails.

Dangote expressed his interest to acquire Arsenal back in 2017 and has continued to make open advances for a deal should majority shares owner Stan Kroenke be willing to listen.

Arsenal is worth $2.5billion and are the most profitable football team in the world behind Manchester United, but it shouldn’t be a problem for the Fulani Business Magnate whose current net worth is put at $10.4 billion, per Forbes.comIn an interview last year in Singapore, Dangote restated his desire to make another bid to buy the Gunners because ‘I am very attached’ to the club.

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Dangote, Adenuga, Rabiu, Alakija Make Forbes’ Black Billionaire List |RN

Uche Usim, Abuja

 

Executive Chairman of Dangote Group Alhaji Aliko Dangote, the Executive Chairman of Globacom, Mike Adenuga, Abdulsamad Rabiu, and Mrs. Folorunsho Alakija are among the 13 black billionaires on the 2019 Forbes’ list of world’s billionaires.

According to Forbes, Dangote is still the richest black person in the world with a fortune estimated at $10.9bn. He’s rivaled by Nigeria’s oil and telecoms mogul, Mike Adenuga, with $9.1bn.

Nigerian businessman, Abdulsamad Rabiu, also made a return to the club after he last featured in 2014.
Forbes in its report noted that Rabiu merged his privately owned Kalambaina Cement Company with listed firm, Cement Co. of Northern Nigeria, which he controlled in December 2018.

This merger meant that Rabiu owned 90 per cent of the new, larger company with a market capitalisation of more than $800m. He’s currently worth $1.6bn.

For oil magnet, Alakija, her $1.1bn wealth comes from her company which owns a substantial participating interest in OML 127, a lucrative oil block on the Agbami deep-water oilfield in Nigeria.

Others on the list of black billionaires are Michael Jordan, Michael Lee-Chin, Oprah Winfrey, Patrice Motsepe, Isabel Dos Santos, Strive Masiyiwa, Robert Smith, David Steward, and Mohammed Ibrahim.    (The Sun)

 

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Dangote, Kalu, Elumelu, Seven Others Make Forbes Billionaire List In Africa

Our Reporter

Dangote, Adenuga, Alakija, seven others on richest list

Aliko Dangote

Forbes, a website renowned for ranking of richest people in the world, has made available the list of richest people in Nigeria in 2017.

In the latest release, nine others made the billionaires club to join Africa’s Richest man Aliko Dangote with a net worth of $12.5 billion.  In 2014, Dangote ranked as the 24th richest man in the world but has since then fallen to positions below 100 due to Naira’s depreciating value.

Others on the rich men’s list, according to Forbes ranking, are: Gbobacom and ConOil Chairman Mike Adenuga with a net worth of $10.5 billion, with interest in oil and gas and telecoms and Zenon Oil and Gas and Forte Oil Plc Chief Executive Officer Femi Otedola, who has interest in real estates amongst other sectors with a net worth of $2.3 billion.

Also in the club are: business tycoon Mrs. Folorunsho Alakija, who has interest in fashion, oil and printing industries. Mrs Alakija, who is the richest African woman has a net worth of $2.1 billion; former Chief of Army Staff (COAS) Gen Theophilus Danjuma, who is the Chairman of Atlantic Petroleum with a net worth $1.7 billion and BUA Group Founder Abdusalam Rabiu, who has interest in sugar refining, cement production, real estate and port operations.

In September 2015, the BUA Group signed a $600 million deal with a Chinese cement equipment service provider Sinoma International Engineering to construct a second production line in Edo State. He is worth $1.5 billion.

The others are: United Bank for Africa and The Tony Elumemu Foundation Chairman Mr. Tony Elumelu. The philanthropist is worth $1.4 billion. There is also former Abia State Governor Orji Uzor Kalu. The Slok Holding founder and Chairman runs a conglomerate with interest in shipping, banking, oil, trading, manufacturing and the media. He is worth $1.1 billion.

Zenith Bank Founder and Chairman Jim Ovia is the largest shareholder with a stake of almost 10 per cent.  Ovia is worth $1 billion.

The Chairman and Founder of the Honeywell Group, Oba Otudeko is said to worth $650 million. He is the chairman of FBN Holdings Plc. His operations spread across oil and gas, flour milling, real estate and marine transportation.      (The Nation)

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Forbes Rich List: Dangote, Adenuga’s Net Worth Drop By $7.4bn, Otedola, Rabiu Out

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Aliko Dangote

’Femi Asu

The President of the Dangote Group, Alhaji Aliko Dangote; and Chairman of Globacom, Dr. Mike Adenuga, saw their net worth declined by $3.2bn and $4.2bn, respectively in the past year, according to Forbes 2017 World’s Billionaires list.

Dangote retained his position as Africa’s richest person in the latest ranking, with a fortune of $12.2bn, although he was ranked 105th as against 51st last year.

The Chairman of Forte Oil, Mr. Femi Otedola; and the Chairman/Chief Executive Officer, BUA Group, AbdulsamadRabiu, were missing on the list. They were worth $1.8bn and $1.1bn, respectively last year.

In 2015, Otedola re-joined the list of African billionaires after a five-year hiatus, with a $1bn fortune.

The net worth of the Founder and Executive Chairman, Famfa Oil Limited, Mrs. FolorunshoAlakija, was unchanged at $1.6bn, coming in the 1,315th position, down from 1,121st last year.

This year, the number of billionaires jumped by 13 per cent to 2,043 from 1,810 in 2016, the first time ever that Forbes has pinned down more than 2,000 10-figure-fortunes.

Their total net worth rose by 18 per cent to a record $7.67tn, with the increase in the number of billionaires described as the biggest in the 31 years that Forbes has been tracking billionaires globally.

Bill Gates is the number one richest for the fourth year in a row, and the richest person in the world for 18 out of the past 23 years. He has a fortune of $86bn, up from $75bn last year.

Amazon’s Jeff Bezos had the best year of any person on the planet, adding $27.6bn to his fortune, and is now worth $72.8bn, moving into the top three in the world for the first time, up from number five a year ago.

Warren Buffett had the second-best year, and the biggest gain since Donald Trump was elected United States President in November 2016. His $14.8bn jump in 12 months was enough for him to grab back the number two spot from Amancio Ortega, founder of Spanish clothing chain, Zara.

Ortega’s fortune was up by $4.3bn since last year, but he still fell to fourth in the world, unable to keep up with the outsize gains of others.

The founder of Facebook, Mark Zuckerberg, moved up to number five for the first time, after his fortune rose by $11.4bn in 12 months.

Carlos Slim of Mexico fell to number six, the first time he’s been out of the top five in a dozen years.

President Trump saw his net worth decline by $1bn to $3.5bn. His position on the Forbes’ ranking dropping 220 spots, leaving him tied with 19 others as the 544th richest person in the world.

There were 195 newcomers, including 26-year-old John Collison, who is now the world’s youngest self-made billionaire, just two months younger than Snapchat’s Evan Spiegel.

There are 56 billionaires under age 40, down from 66 last year, after some aged out and others dropped below the $1bn mark.

The Forbes billionaires list is a snapshot of wealth taken on February 17, and stock prices and exchange rates from around the world were used to calculate their net worth. (Punchng.com)

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Dangote Sets Up Truck Assembly Plant In Lagos |The Republican News

 Our ReporterImage result for Dangote Truck

Dangote Group is establishing a multi-million dollar vehicle assembly plant project in Lagos.

The firm is partnering a leading Chinese Company, National Heavy Duty Truck Group Company Limited, SINOTRUCK, to produce several thousands of trucks used mainly for haulage business from its newly promoted assembly plant at Ikeja, Lagos.

The deal, worth $100 million and expected to have an assembly plant to produce 10,000 trucks per year, was signed in May 2014 in China, making it the eighth of Shandong, China (SINOTRUK), to be built abroad.

According to the deal agreement, the plant is 60 per cent owned by Dangote Group, trading under Dangote Industries Limited, leaving SINOTRUK with the remaining 40 per cent equity stake.

The plant is expected to generate jobs for 3,000 workersl.

The Group’s Chief Corporate Communication Officer, Anthony Chiejina, said the project  when fully operational would spare the nation the huge amount of forex spent on importation. (The Nation)

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