General
Dangote’s Net Worth Swells by $3bn in One Year
By Sodeinde Temidayo David
The President and Chief Executive of Dangote Group, Mr Aliko Dangote, has again been named the richest man in Africa by Bloomberg, a position he has occupied for the eighth time in a row, with his net worth rising by $3 billion in one year.
According to the index, which polls the net worth of the richest 500 people in the world released on Monday by Bloomberg in its yearly billionaires’ list, Mr Dangote’s net worth moved up to $17.8 billion from last year’s $14.8 billion.
Mr Dangote was also the only Nigerian on the list of the top 120 billionaires, positioned in 117th on the rank index.
The Bloomberg billionaires index is a daily ranking of the world’s richest people, usually updated at the close of every trading day in the New York stock exchange.
The Nigerian businessman owns sub-Saharan Africa’s biggest cement producer, Dangote Cement Plc. He also has interests in sugar, salt, fertiliser and packaged foods.
Recently, Mr Dangote was also named as the sixth most charitable man in the world by Richtopia, a digital periodical that covers business, economics, and financial news, based in the United Kingdom.
This recognition came after he endowed his foundation, the Aliko Dangote Foundation (ADF), to the tune of $1.25 billion.
The primary focus of the foundation is health and nutrition, supported by wrap-around interventions in education, empowerment and humanitarian relief.
According to the Bloomberg index, Tesla’s founder, Mr Elon Musk and Amazon’s founder, Mr Jeff Bezos, topped the list of the billionaires’ index with a combined $194 billion worth of fortunes.
While Mr Bernard Arnault and Mr Bill Gates followed with $174 billion and $148 billion respectively.
Recognised as the owner of Facebook, Mr Mark Zuckerberg, emerged as the fifth richest in the world with $135 billion on the billionaires’ chart.
Other Africans on the list of top 500 world’s billionaires are three South Africans; the managers of the Swiss-based luxury-goods company Richemont and the South Africa-based company Remgro, Johann Rupert and family had their place on the billionaire index with the worth of $10.1 billion.
A member of the Oppenheimer family from South Africa, also the world’s diamond producer, Mr Nickholas Oppenheimer, was placed at rank 353 with a worth of $7.80 billion.
Also, the CEO of Krish Group, Mr Natie Kirsh, also from SouthAfrica, had a place in the billionaire index, reputed to be worth $7.15 billion and Nassef Sawiris from Egypt is also among African billionaires with a worth of $6.93 billion.
By Adedapo Adesanya
The United Kingdom–Nigeria Infrastructure Advisory Facility (UKNIAF), established in 2019 as part of a 16-year legacy of UK-funded infrastructure support to Nigeria, convened over 100 senior stakeholders on Tuesday, December 2, to review its progress and formally close out its current phase of operations.
The event brought together representatives from federal and state governments, development partners, development finance institutions, and the private sector to reflect on UKNIAF’s work across the power, infrastructure finance, and roads sectors. Discussions focused on institutional reforms, capacity development, and the sustainability of tools and processes introduced over the past six years.
Since inception, UKNIAF has delivered targeted technical assistance designed to embed evidence-based reforms, data-driven decision-making, and improved institutional performance. Its interventions have mobilised significant financing, strengthened regulatory and planning systems, and enhanced investor readiness across multiple infrastructure markets.
In the power sector, participants highlighted landmark achievements including the development of Nigeria’s first Integrated Resource Plan, which outlines a least-cost and low-carbon pathway for expanding electricity supply. UKNIAF also supported the Nigerian Electricity Regulatory Commission (NERC) in building advanced real-time data capabilities for tariff monitoring, grid management, and outage tracking. The programme enabled pioneering states to establish their own electricity markets following constitutional reforms.
In infrastructure finance, UKNIAF was recognised for strengthening project preparation systems and enabling access to capital. Notable accomplishments include supporting the mobilisation of $75 million from the African Development Bank to the Special Agro-Industrial Processing Zone (SAPZ) programme in two states, and accelerating mini-grid and solar deployment through improved technical standards at the Rural Electrification Agency (REA).
UKNIAF also designed a national project preparation facility, for which N21 billion was allocated in both the 2024 and 2025 budgets to build a pipeline of bankable projects.
Speaking on this, Mr Frank Edozie, UKNIAF Team Lead, described the programme’s close-out as a “handover for sustained delivery,” emphasising that strengthened institutions now hold tools that make Nigeria’s infrastructure landscape more transparent, climate-smart, and investor-ready.
On his part, the Minister of Power, Mr Adebayo Adelabu, commended the programme, noting that its technical assistance and advisory services had helped lay the foundation for a sustainable and inclusive electricity supply industry.
Mrs Cynthia Rowe, Head of Development Corporation at the UK Foreign, Commonwealth and Development Office (FCDO) in Nigeria, praised the partnership, highlighting achievements ranging from state-level electricity market reforms to unlocking major financing and designing Nigeria’s Climate Change Fund.
Enugu State Secretary to the State Government, Professor Chidiebere Onyia, underscored the lasting influence of the programme, stating that UKNIAF’s impact continues through the expertise and leadership transferred to national and sub-national institutions.
The close-out event reaffirmed stakeholders’ commitment to sustaining tools, reforms, and knowledge products developed under UKNIAF, while strengthening collaboration among public, private, and development actors in the infrastructure ecosystem.
Participants included federal and state agencies such as the Nigeria Governors’ Forum, Federal Ministry of Power, Ministry of Finance, NERC, REA, and the Transmission Company of Nigeria, alongside development partners including the African Development Bank, World Bank, and IFC, as well as private sector and civil society stakeholders.
By Aduragbemi Omiyale
The gantry price of Premium Motor Spirit (PMS), otherwise known as petrol, has been slashed by the Dangote Petroleum Refinery.
The Lagos-based oil facility brought down the ex-depot price of the petroleum product by 15.58 per cent or N129 per litre to N828 per litre.
Though the company had yet to release an official statement on this development, real-time market data on Petroleumprice.ng on Friday showed the new price.
Punch reports that data from the platform also showed fresh reductions across several private depots following the refinery’s latest review.
Sigmund Depot cut its ex-depot price by N4 to N824 per litre, Bulk Strategic dropped its price by N3, and TechnoOil slashed its by N15.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has inaugurated a new board for the Agricultural Credit Guarantee Scheme Fund (ACGSF) with a renewed push to expand agricultural lending through technology, innovation and deeper financial inclusion.
Speaking at the inauguration in Abuja, Mr Cardoso said the scheme, established in 1977, remains a critical instrument for de-risking credit to farmers nationwide.
“The ACGSF has demonstrated enormous value in supporting Nigeria’s food system. With repayment rates consistently between 90 and 98 percent, it is clear that farmers can deliver when given access to credit,” he said.
The CBN Governor stressed the need for a more modernised approach to agricultural finance.
“We must scale up innovation, deepen inclusion and deploy technology to ensure that more farmers, especially women and youth, can benefit from this scheme,” Mr Cardoso stated, charging the new board to strengthen collaboration with financial institutions while ensuring real-time tracking and monitoring of loans to improve productivity and safeguard the fund’s integrity.
The newly inaugurated Board is chaired by Dr Olusegun Oshin, with members including Professor Murtala Sabo Sagagi, Dr Nneka Onyeali-Ikpe, Mr Frank Satumari Kudla, Ms Olusola Sowemimo, Ms Adetoun Abbi-Olaniyan and Mr Wondi Philip Ndanusa.
Mr Cardoso expressed confidence in the team’s ability to reposition agricultural credit delivery.
“This Board comes at a crucial time. We expect stronger oversight, improved efficiency and a renewed focus on rural livelihoods,” he said.
According to a statement from the apex bank, Deputy Governors, Directors and senior officials of the bank were present at the ceremony.
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