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Mike Adenuga: The man, his role in Africa’s telecommunications industry

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With ownership of the third largest telecommunications business in Nigeria boasting about 55million subscribers (according to Forbes), Mike Adenuga sealed his place in the sands of time and forever revolutionised operations in the Nigerian telecommunications space.

Globacom received its first license in 1999. Later revoked, the company was re-issued another license in 2003 after a government auction. Globacom introduced the per-second billing in voice calls at a time when many called it impossible and that has today become the model for all telecoms industry players in Nigeria.

The telecoms giant also launched services into Benin Republic in 2008 and has continued its spread across West Africa (into Ghana and Côte d’Ivoire), with more licences currently being prospected in other West African countries. In 2015, Mike Adenuga made a takeover bid to purchase Ivorian mobile telecom’s operator Comium Côte d’Ivoire for $600 million.

Nigeria’s second-richest man, Mike Adenuga built his fortune in oil and telecoms. Today, Globacom Limited or Glo as it is fondly called operates as a telecommunications service provider, offering international and voice calling, SMS, high-speed internet, ADSL for homes, and fixed landline services, as well as other telecoms solutions. Globacom, as of the time of writing this article, serves customers in the United Kingdom, Nigeria, Benin Republic and Ghana.

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BILLIONAIRE WATCH

Amancio Ortega: Zara’s founder is worth $72 billion, with $10.2 billion in cash

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Amancio Ortega, the founder of Spanish fast-fashion brand, Zara, currently has a net worth of $72 billion, posting year to date gains of about $5.5 billion.

The Spanish billionaire owns 59% of Inditex, the world’s biggest clothing retailer. Inditex is the parent company of Zara, Massimo Dutti and other leading retail brands and it operates over 7,400 stores, posting revenue of about $23.5 billion in the year to January 31, 2021.

Amancio Ortega is also known for owning premium office and retail properties worldwide.  The father of three has invested his earnings, primarily dividends into real estate in prime locations such as Barcelona, Madrid, London, Miami, Chicago and New York.

His current net worth can buy 39.6 million troy ounces of gold or 978 million barrels of crude oil.

The European billionaire holds about $10.2 billion in cash and has earned about $10 billion in dividends since his company got publicly listed in 2021.

The 85-year-old billionaire is also known to have a stake of about 5% in Spanish energy company, Enagas, and he also purchased a minority stake in Telefonica SA’s tower unit for $440 million three years ago.

The world’s largest clothing brand is enjoying some form of price stability in equity, posting yearly gains of about 26%. The company rebounded from its first loss on record to post better-than-expected Q1 earnings, as the easing of COVID-19 lockdowns allowed it to reopen most shops.

Though like major clothing brands, the most destructive pandemic of the past year meant that the global clothing company had to face huge uncertainty surrounding inventories which saw its clothing stockpiles in Q1 surge by 5% from a year earlier, though they were down 5% from 2019.

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BILLIONAIRE WATCH

Dangote’s net worth declines by $1.2 billion in February

Africa’s richest man, Aliko Dangote lost $1.2 billion of his estimated net worth.

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Aliko Dangote, the founder of Africa’s most diversified manufacturing conglomerate, Dangote Industries, has seen his net worth decline by a whopping $1.20 billion in the month of February alone.

Africa’s richest man whose wealth peaked at $18.4 billion this year, saw his wealth declined by $1.20 billion, to $16.6 billion from $17.8 billion recorded on the 31st of January 2021, data retrieved from Bloomberg Billionaire Index reveals.

Source: Bloomberg Billionaire Index

The fall in Dangote’s net worth is partly attributable to the decline in the share price of his flagship company, Dangote Cement Plc (DCP), as well as the share price of his integrated sugar business, Dangote Sugar Refinery Plc (DSR).

The decline in the share price of these companies which impacted their market capitalization was occasioned by profit-taking activities by investors in February, across the market spectrum.

Facts about Dangote’s networth valuation

The 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.

He holds stakes in Nascon Allied Industries and United Bank for Africa, directly and through Dangote Industries, a conglomerate that also owns closely held businesses operating in food manufacturing, fertilizer, oil and other industries.

Dangote’s most valuable closely held asset is his fertilizer plant with a capacity to produce up to 2.8MT of urea annually. The $2.5 billion fertilizer plant owned by Africa’s richest man Aliko Dangote, is expected to commence operation in the first quarter of 2021.

The billionaire also owns a $12 billion oil refinery which is expected to be completed this year. However, the plant is not included in his net worth valuation, for some reason.

What you should know

  • The shares of Dangote Cement at the close trading activities for the month of February declined by 6.78%, extending the YTD loss on the shares of the cement behemoth to over 10%.
  • On the flip side, shares of Dangote Sugar Refinery also declined by 15.29% to close the month lower at N18 per share, thus correcting the YTD gains of its shares to 2.27%.
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BILLIONAIRE WATCH

World’s richest man, Elon Musk says Ethereum and Bitcoin is looking expensive

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In a tweet released some hours ago by Elon Musk, the world’s richest man, he has disclosed that the price of the leading two cryptos seems to be in overbought territory.

The leader of the world’s most valuable electric car maker was replying to Peter Schiff — a highly revered gold hedge fund manager that is popularly known for his strong bias against crypto assets and has always believed gold was much better than Bitcoin and fiat money.

“Money is just data that allows us to avoid the inconvenience of barter,” Musk said. “That data, like all data, is subject to latency & error.”

In the following post, he added, “that said, BTC & ETH do seem high lol.”

The world’s most demanded crypto-asset, some hours ago, broke a very important milestone. With the price of Bitcoin breaching $55,000, Bitcoin’s market value has now breached $1 trillion.

Some leading traditional finance experts are also not buying into the flagship crypto bullish run as they see little value in the digital currency on the account that they believe Bitcoin, and other leading Cryptos are just part of a larger speculative bubble.

However, many crypto experts argue that this could be Bitcoin’s most important milestone to date, as it is now the sixth most-valuable asset worldwide.

At the time of writing this report, Bitcoin traded at $57,207.44 with a daily trading volume of $67.6 billion and is up 4.61% for the day. It is currently valued at $1.067 trillion.

Also, the world’s utility crypto, Ethereum, at press time traded at $1,999.67 with a daily trading volume of $31.4 billion. Ethereum is up 1.88% for the day.

With a trillion dollars to its name, Bitcoin has now joined the highly prestigious club of trillionaires, which includes the likes of Apple, Saudi Aramco, Microsoft, Amazon, and Alphabet A.

Still, many crypto pundits are dueling with skeptics for the dominant narrative around the surge, some crypto experts are also of the bias that these popularly known crypto assets are being embraced for their ability to hedge risks such as inflation, while others sense a precarious mania riding atop waves of monetary and fiscal stimulus.

There is no doubt, 2021 continues to shape up as a very exciting year for Bitcoin. The flagship crypto has gotten more credibility in recent days due to blue-chip companies like Mastercard and America’s oldest bank, BNY Mellon, showing support for it.

Mastercard had earlier disclosed that it would open up its network to some cryptocurrencies including Bitcoin.

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