RB expected in Monze on weekend: Aliko Dangote, Dangote Group


SDA university graduates during the last ceremony

President Banda is this Sunday expected to be in Monze to officiate at the Zambia Adventist University (ZAU) graduation ceremony.

Highly placed sources within government have revealed that President Banda will officiate at the graduation ceremony and later in the day have closed door meetings with the university senate.

The agenda of the closed door meeting is not yet known.

On Thursday, president Banda was in Masiaiti where he said that the decision by the Dangote Group of Nigeria to invest in Zambia confirms that Zambia is an ideal investment destination.

Speaking in Masaiti when he officiated at a ground-breaking ceremony for the Dangote Cement Manufacturing Plant, the President told the crowds in attendance that the envisaged plant represented the largest-ever investment into Zambia by a Nigerian company.

“This investment is a clear indication of the confidence you have in this country,” the President told listeners who included Nigerian High Commissioner to Zambia Mrs Marcus Bello Folake, President and Chief Executive of the Dangote Group Mr Aliko Dangote, Senior Chief Chiwala and other guests.

He added: “I am glad to note also that besides the employment opportunities being created, the project will greatly benefit the people of Masaiti and the surrounding districts through transfer of skills, technology and business linkages.”

The President noted that “the company will spend significant amounts of money on community development activities such as provision of water supply, construction of a school, a hospital and other social amenities. This is as it should be. These jobs and skills are what will allow our people to participate in the building of a strong Zambian economy.”

Zambia has also witnessed a steady rise in trade activities between our two countries from US$900,000 in 2009 to US$ 1.6 million last year. However, the President noted, these levels of trade still remain very low. “I believe that with the coming of the Dangote Group, other Nigerian investors will follow this multi-national company and begin to invest in Zambia and export back to Nigeria and other countries on the continent and beyond,” he said.


5 Responses to RB expected in Monze on weekend

  1. Thak you for bringing the igwes from Nigeria. We want cement to come down to K18,000 thats when we can vote for MMD.

    Chandale - July 28, 2011
    3:43 pm

  2. Keep dreaming

    O is it that u just dull.

    Ni donchi - July 28, 2011
    4:18 pm

  3. Are the trade figures between Nigeria and Zambia correctly quoted? $1.6m between two countries?????????????? Weird!!!!!

    Yambezhi - July 28, 2011
    4:26 pm

  4. Pipo think, how much more prosperous Zambia would have been if we did not have lost 20 years of mismanaged economy, theft and vindictiveness!

    Copper prices at historic high, peaceful people, conducive investment environment MINUS good governance has cost us billions of dollars lost in taxes, plunder and externalisation of resources. If Chinese, Nigerians and Libyan regime look for investing in Zambia, how good our climate is, one wonders, why we do not vote for future leaders?

    vote wisely.

    norman - July 28, 2011
    4:31 pm

  5. Thats good any way!!!!

    Socretes Aristltle - July 28, 2011
    4:31 pm

RICHEST AFRICAN: Adenuga or Dangote?

RICHEST AFRICAN: Adenuga or Dangote?

on JULY 15, 2011 · in BUSINESS

By UDUMA KALU
WHO is richer, Mike Adenuga or Aliko Dangote? a debate from Forbes making the round in economic circles asks.

Last March, Forbes published its annual rankings of the world’s richest people. Debutant Mike Adenuga was ranked second richest Nigerian, with a net worth of $2 billion, while Aliko Dangote netted $13.8 billion.

According to Forbes, Dangote’s fortune surged 557% last year, making him the world’s biggest gainer in percentage terms and Africa’s richest individual for the first time. The catalyst was listing Dangote Cement, which integrated his investments across Africa with his previously public Benue Cement; it now accounts for a quarter of the Nigeria Stock Exchange’s total market cap.

Adenuga and Dangote

Already, the continent’s biggest cement maker, he has plants under construction in Zambia, Tanzania, Congo and Ethiopia and is building cement terminals in Sierra Leone, Ivory Coast and Liberia, among other places. Dangote, who recently bought himself a $45 million Bombardier aircraft for his birthday, has been shuttling back and forth to London for months, in anticipation of a public offering there later this year. Dangote began his career as a commodities trader; built his Dangote Group into conglomerate with interests in sugar, flour milling, salt processing, cement manufacturing, textiles, real estate, and oil and gas.

However, shortly after the list was published, controversy erupted in Nigerian media circles, questioning the Dangote’s ranking. According to Mfonobong Nsehe, aForbes researcher who writes for Forbes, Forbes annual rankings of the world’s richest are based on conservative estimates. “We would rather be too low than too high.

When working on the 2011 list of the world’s richest, a Forbes reporter tried to reach Dr. Adenuga’s representatives to verify his assets, but Adenuga, a chronically reclusive tycoon, did not respond. As a result, our valuation of the man was based solely on his stake in his telecom company Globacom Holding, which at the time was worth $2 billion.”

Nsehe’s report now posted on forbes website said, fresh findings from a variety of sources including staff from some of his offices, the Nigerian Corporate Affairs Commission and analysis from professionals in the energy and telecom sectors indicate that the reclusive telecoms and energy tycoon is easily worth more than $2 billion, and could be richer than Aliko Dangote, last worth $13.8 billion.

Apart from his 74% stake in Conoil PLC, a Nigerian-listed oil marketing firm he founded (the stake is held through ConPetro Limited, a holding company he fully owns) and his holding in Equitorial Trust Bank, Adenuga owns 100% equity in all his other businesses. Of those, the major assets include Conoil Producing, Nigeria’s largest indigenous oil exploration and production company, which operates six producing oil blocks and holds a 25% stake in Joint Development Zone Block 4, an oil prospecting licence which has proven reserves of close to 1 billion barrels of oil and close to a trillion cubic feet of gas.

According to sources at Conoil Producing, the company produces 100,000 barrels of oil per day – much more than any other indigenous exploration firm in the country. In April, Adenuga spent $650 million acquiring Shell’s stake in Oil Mining License (OML) 30, Shell’s most profitable onshore oil block in Nigeria, which is located in the western swamps of the Niger Delta. Adenuga currently controls total equity of Conoil Producing, which analysts estimate could be worth as much as $10 billion. (My calculations are not yet final.)

Among his other assets: mobile telecom firms Globacom Holding and Globacom West Africa, two distinct companies with a combined subscriber base in excess of 30 million people and operations in Nigeria, Ghana, and Benin. Adenuga also single-handedly owns Globacom – at least on paper.

Adenuga also owns equity in Equitorial Trust Bank, one of the few privately-held commercial banks in the country. I haven’t been able to establish Adenuga’s stake in the bank, or its market value. However, Equitorial Trust Bank is one of Nigeria’s less popular banks, so I reckon it won’t be worth so much. The man also owns extensive real estate holdings in some of Nigeria’s most expensive neighborhoods, including the Mike Adenuga Towers, a landmark building in Victoria Island, Lagos. He also owns property in Banana Island – Nigeria’s most expensive neighborhood – and several other properties in Abuja, London, the U.S and Dubai.

Tracking down Adenuga’s net worth is tough work, involving intensive research, series of meetings, conversations and consultations with analysts, journalists, and Adenuga employees. The man himself continually refuses to talk. Speculations are rife in Nigeria that Adenuga might be a front for Nigeria’s former military president, Ibrahim Babangida. So in a real sense, Adenuga might not own it all. However, Adenuga’s people have denied a business relationship between their boss and the former Nigerian ruler.

“A couple of weeks ago, I had a lengthy conversation with Chief Dele Momodu, one of Africa’s most legendary publishers, a former Nigerian presidential candidate, and a protégé of billionaire Mike Adenuga. I was doing research for one of our Forbes lists, and I was seeking his insight into the wealth of some of Nigeria’s richest people. Speaking on Adenuga, he said: “No one in Africa is as rich as Mike Adenuga.”

Comments are moderated. Please keep them clean and brief.

Showing 10 of 14 comments

Sort by Subscribe by email Subscribe by RSS
  • Government made riches. None of them will survive in a free enterprise economy.
  • To hell with the both of them. They pay nothing to their staff and come out here tosay they are rich.dont be deceived, they stole their money from the Govt. Abeg make man go get correct sleep. Allow these criminals
  • Mark Zuckerberg, the 26-year-old founder of Facebook gave the sum of $100 (over N15 billion) million to some high schools in one American state. Have you heard either Adenuga or Dangote giving and helping Nigerians in such a big way? Pls, who is wealthier between them means nothing to us. They should learn from the young Zuckerberg. After all, Nigerians need more help than the Americans he helped with his money.
  • TIMMING 6 hours ago
    Let the common people feel the impart of their riches, that is what i know of being called a rich person.
    All this paper riches are at the expense of the common man.
  • pazzy123 6 hours ago
    Am Happy that you people are rich.But try and help the needy and God will Bless you.
  • God has blessed Aliko Dangote and Mike Adenuga, they should in return help their poor society.
  • Well i don't know what they are doing in our society, helping the poor or not, you re only reach in the present of God if you can do that... But God is great in their life and He will make a way for the rest of us that want good things in life (expecially me) .count urself worthy now.
  • richest man who stole from public and who is a stooge to corrupt nigerian polithievecians' both military and civilians dangote is an example of a parasite...frankly, there re thousand of nigerians richer than dangote but wat is the need for useless showbiz? this is not a news finally!
    make i go drink beer
  • obidede 7 hours ago
    who cares how rich they are,we are all Africans,Nigerians as a matter of fact.we all know their secrets.how they made their so called money.its either they did 419,rituals or they stole from the Government. to hail with their fuckin Juju money.
  • Richest African is the one who thinks about his fellow humans...
Related Posts Plugin for WordPress, Blogger...