Tag: Billionaire

I walked away from compromising situations that could have easily made me billionaire – Omotola

Nollywood actress and filmmaker Omotola Jalade-Ekeinde has disclosed that she walked away from several opportunities that could have easily made her a billionaire because they required her to compromise her values.

The award-winning actress said that throughout her career she encountered situations where she could have made enormous financial gains, but chose to protect her principles instead.

Speaking on the Afropolitan Podcast, Omotola explained that her faith and personal convictions have guided many of the major decisions she has taken in life.

“God has tested me many times. I used to tell people that if I wanted to be a billionaire, I would have been one easily. I had been in situations where no one would have known. I would have taken things and compromised my stand, but I would say no and walk away,” she stated.

She indicated that the experiences happened repeatedly during her career and noted that some of the individuals involved in those offers still follow her journey.

“This happened many times and some of these people are even watching me today,” she noted.

Omotola also revealed that some of the offers came from political circles, where she could have received significant financial rewards if she had agreed to compromise her beliefs.

“Even sometimes in politics, where I could have compromised my stand or what I believe in and got paid handsomely for it, but I said no,” she said.

According to her, not all the opportunities were necessarily illegal or outright wrong, but she believed accepting them would have weakened the message and values she stands for.

“Sometimes, they’re not even bad things. They’re just things that could rock your foundation or belief system. Those thoughts start coming that it’s not so bad, but in the long run, you know it would dilute your message and I would have to walk away,” she added.

Veteran actress Omotola Jalade Ekeinde has opened up about trust in her marriage, stating that her husband showed no insecurity after an admirer gifted her a car.

She said on Naija FM, “Women have admirers,” she explained. “Me, who is married, I know how many people have gifted me things, women and men. They’ll just see me and say, ‘Omotola, I’m sending you this.’ They’ve gifted me a car before.”

Responding to the question of whether she attempted to return the gift, Omotola confidently said, “No, why would I return the car?”

She attributed the ease with which such situations are managed to her husband’s self-assurance, noting that he is exceptionally secure in himself.

“Think about it, how would you marry an Omosexy if you’re not secure?” she quipped.

However, the actress rejected suggestions that women do not lead in Nollywood, maintaining that women form the real backbone of the industry.

“Women are the ones who hold Nollywood,” she said, stressing that many female actors are not just performers but also business owners, influencers, producers, and entrepreneurs.

She explained that many actresses she is familiar with operate several businesses in addition to acting, while others also hold full-time jobs.

Last year on social media, Omotola Jalade-Ekeinde celebrated two special milestones—her husband, Captain Matthew Ekeinde’s birthday and their 29th wedding anniversary.

To mark the occasion, she shared a heartfelt video capturing a tender moment between them.

In the clip, Captain Ekeinde showered her with praises, affectionately calling her Nigeria’s hottest.

Omotola, filled with love and gratitude, wrote a touching tribute to her husband, referring to him as “Big Kohuna” and “HoneyBoy.”

Reflecting on their nearly three decades together, she expressed pride in calling Captain Ekeinde her own, describing him as a humble, joyful, and honorable man.

She also appreciated the years of support, laughter, and peace they have shared, looking forward to many more to come.

Her post has since attracted a wave of congratulations from fans and fellow celebrities, who admire the couple’s enduring love and commitment.

In 2024, she s “Omosexy,” celebrated her 46th birthday today, February 7, 2024, with joy and gratitude.The celebrated actress shared a heartwarming snapshot from her recent birthday photoshoot on Instagram, accompanied by a thoughtful caption expressing her excitement.

In her post, Omotola reflected on the unpredictable nature of life, stating, “The race is not to the swift, nor the battle to the strong, nor bread to the wise, nor riches to men of understanding, nor favour to men of skill. But time and chance happen to them all. Thank you, Lord for +1.”

The actress received an outpouring of congratulations and well-wishes from fans, followers, and fellow celebrities.Actor Chidi Mokeme showered her with praise, saying, “Oh My Goodness!!! Who let this goddess out of the fortress? O’Sexy! Happy Birthday My Love. Keep blazing the trails. Have Fun and Enjoy Ur Moments Queen.”

Other celebrities, including Osas Ighodaro, Chizzy Alicia, and Adesua Etomi, joined in the birthday celebrations with heartfelt messages.

Leading up to her special day, Omotola had been sharing her excitement on social media. On February 4, 2024, she posted a humorous video, exclaiming, “The way I’m looking at Everyone Acting like they Don’t know my Birthday is on the Moses Crossing, 7th of FEBRUARY!!! It’s Aquarius Season! Who’s got Gifts for meh!”

In 2023, Omotola shared the secret of the success of her marriage in an interview with Potpourri and some other news outlets.

Omotola has been married to Captain Matthew Ekeinde for 27 years, having been married at the age of 18. Unlike many of her colleagues who could not hold together in a marriage, Omotola’s has become a model from which many entertainers could borrow a leaf.

She preaches tolerance, submission, and understanding, adding that the greatest mistake a woman can make is to claim equality with her man.

“A woman must know her place and submit to her husband. The greatest mistake a woman can make is wanting to stand shoulder to shoulder with her man. When you show submission your man will respect and adore you for it, she echoes.

Omotola also gave a picture of the understanding that exists between her and her husband, which to many African couples and parents would have seemed inappropriate.

“I always tell people that women are stronger than men, psychologically. Let me tell you something more, my husband is actually the one who goes to the market. I don’t go to the market because I can’t. Because of my status, I can’t. But my husband didn’t say you know traditionally, a man is not supposed to go to the market, I’m not gonna go, no. My husband actually goes to the market, she has revealed much to the disbelief and outrage of so many.

“Earlier in my career, I used to go with him but I’d stay in the car, because our cars are tinted, so I’d stay in the car. But then, one time we went to Tejuosho and someone found out I was in the car. It became a major security risk, so he said don’t ever go with me again. He goes and he has fun and he comes back home, and I do the cooking, so you see we strengthen each other,” she had added.

Omotola had also confessed that not many men would have been able to stand her personality, adding she probably wouldn’t have married if she had not been so lucky to have had somebody like Captain Ekeinde.

She said, “ I don’t think there is a man that can handle me apart from my husband. Not because I am a bad person, it is because I have a very strong personality. I can understand why a lot of female artists find it very difficult to find the right person. When you achieve some kind of success, you become really confused as to who really loves you for who you are. It’s not really easy, you know, so it is very hard finding those people who really love you. If you are not a very grounded person ,you too can contribute in some kind of way to your own problems and so I might have contributed to my own problems.”

“Of course, many men have walked the altar with actresses and oftentimes have found out it is not the heaven it promised to be. The time spent away from home on locations is just too much for some spouses to bear. And so is the limelight that comes with all forms of temptations and vices of life. “

When Omotola was asked if her husband had ever complained about her career, it was another revelation moulded in love and understanding.

“No. Never. When I met him I was already an actress. I wasn’t a big star then, if anything, he was the one even encouraging me. To be honest with you, he’s my biggest movie fan. I don’t even watch most of my own movies, he’s the one who buys and watches them. There’s no one movie of mine he has not bought or watched. He doesn’t just watch them, he frames the posters. Most of the posters he framed them in wood and they are all over the house. The posters are framed into wood,” she told Potpourri in an interview.

Interestingly, the mother of four is fondly called by all as Omosexy. But few know the origin of the name. It is another product of long years of love and romance as the actress also revealed in another past interview.

March 10, 2026
Ghanaian billionaire’s bank in Liberia almost ‘bankrupt’

SIB Liberia Limited (SIBL), a financial institution owned by a prominent Ghanaian billionaire, is teetering on the brink of insolvency, as reported by FrontPage Africa.

The bank’s financial troubles have escalated due to the burdensome liabilities it inherited from the now-defunct First International Bank Liberia Limited (FIBLL), severely hampering its operations.

The crisis traces back to 2020 when SIBL took on approximately US$23 million in liabilities from FIBLL. While the bank managed to settle US$14.7 million of these legacy debts, it has struggled to clear the remaining US$8.5 million, creating significant financial strain.

In a bid to resolve the crisis, SIBL requested assistance from the Central Bank of Liberia (CBL), arguing that the outstanding debt should be covered by the Liberian government and the central bank.

Following a two-year review, the CBL’s board of governors approved a payment of US$8 million on May 17, 2024. However, this payment had not been disbursed at the time of the report, leaving the bank in a precarious position.

The uncertainty surrounding the bailout has led to a surge in customer withdrawals, further destabilizing the bank’s financial position. Despite efforts by the central bank to restore stability, public confidence remains low, with many customers rushing to withdraw their funds.

SIBL’s management has sought intervention from the Liberian presidency, warning of severe repercussions for the country’s financial sector if the situation remains unresolved.

The bank’s leadership is focused on maintaining public trust and keeping operations afloat during this crisis.

Concerns about SIBL’s liquidity were amplified by the Green Revolution of Liberia, a pro-democracy group, which highlighted the bank’s staggered payment of withdrawals as a sign of deeper financial troubles. The group uncovered documentation of an US$8 million bailout, but customers reportedly continue to face difficulties in accessing their funds.

SIBL is not alone in its struggles; International Bank Liberia Limited (IBLL) is also reportedly facing significant financial challenges.

The growing turmoil has raised alarm among government officials and economic experts, who fear a potential collapse of the broader banking sector.

With pressure mounting, the Central Bank of Liberia is being urged to take decisive action to prevent further instability and restore confidence in the banking industry. The future of SIB Liberia Limited and IBLL now hangs in the balance, depending on the effectiveness of the measures taken by the central bank and other financial stakeholders.

August 12, 2024
Dangote continues to hold title of billionaire despite state of economy

For 13 years in a row, Aliko Dangote of Nigeria is named the wealthiest person in Africa by Forbes magazine, even through the tough times in the country’s economy.

The 20 richest people on the list have a total of $82. 4 billion

The magazine says that it is very difficult to make and keep a billion-dollar fortune in the continent.

It shows who the richest people in Africa are and where they live or do business.

Forbes said that Mr. Dangote’s money increased by $400 million in the last year, and now he is worth $13. 9 billion

The 66-year-old man made a lot of money from selling cement and sugar. Last year, he also opened a place where oil is made in Lagos, Nigeria’s main city for business.

Since Bola Tinubu became president in May after a controversial election, the value of the local currency, the naira, has dropped a lot and the cost of fuel has gone up a lot because the government stopped giving a subsidy for it.

Forbes said Mr Dangote is still the richest in spite of the naira losing value, which made Dangote Cement’s share price go up.

South African businessman Johann Rupert is still the second richest person, followed by former diamond miner Nicky Oppenheimer in third place.

South Africa has four rich people, Egypt has five, Nigeria has four, and Morocco has two. Algeria, Tanzania and Zimbabwe all have one very rich person.

January 23, 2024
Son of a South African billionaire takes sole control of Nigeria’s biggest beverage can manufacturer

Jonathan Oppenheimer, son of South African billionaire Nicky Oppenheimer, has acquired complete control of GZ Industries Ltd., Nigeria’s largest beverage can manufacturer, in a strategic move to capitalize on the potential revival of Africa’s largest economy.

Oppenheimer Partners Ltd., the investment firm, purchased the remaining shares from Affirma Capital (formerly Standard Chartered Private Equity), which previously held a 37.5% stake in GZ Industries. The financial details of the transaction were not disclosed.

This acquisition positions Oppenheimer to influence GZI’s growth in the sub-Saharan African region, where research indicates high consumption of sugary drinks among urban, educated adults.

The Oppenheimer family, known for founding mining giant Anglo American Plc and transforming De Beers into the world’s largest diamond producer, initially invested in GZI in 2018 when the canmaker established a factory in South Africa, achieving a 20% market share.

GZI competes with Nampak Ltd., which has faced losses, leading to asset sales and debt restructuring. Affirma Capital had initially invested in GZI in 2012.

GZ Industries Ltd. produces 3 billion aluminum cans annually in Africa. The Oppenheimer family’s investment aligns with Nigerian President Bola Tinubu’s 2024 spending plans of 27.5 trillion naira ($34 billion), focusing on job-rich economic growth, macroeconomic stability, and an improved investment environment.

Affirma Capital, with investments in 11 African companies since 2008, has successfully exited eight, delivering over $800 million in returns to investors.

The Oppenheimer family holds a combined net worth of $9.4 billion, primarily from the 2012 sale of their De Beers stake for approximately $5 billion, according to the Bloomberg Billionaires Index.

November 30, 2023
Third richest person in Africa close to making $10b net worth – Report

South African billionaire Nicky Oppenheimer has experienced remarkable financial success this year, witnessing a surge in his net worth by over $1.3 billion, inching closer to the $10-billion milestone.

Currently ranking as Africa’s third-richest person and the second-richest man in South Africa, trailing behind Johann Rupert, Oppenheimer’s net worth has soared by a significant $1.38 billion since the beginning of the year.

According to Bloomberg Billionaire Index, his net worth has risen from $8.03 billion to an impressive $9.4 billion, elevating him to the 237th spot among the world’s wealthiest individuals.

The driving force behind Oppenheimer’s wealth gains lies in his private equity investments, particularly through his ventures, Stockdale Street in London, and Tana Africa Capital in Johannesburg. These shrewd investments have capitalized on lucrative opportunities, generating substantial returns and solidifying his position among the continent’s few billionaires who have witnessed substantial growth in their fortunes this year.

Oppenheimer’s financial success reflects his astute approach to wealth management and diversification of investments, which include stakes in various companies, notably Integrated Diagnostics Holdings (IDH), a healthcare services provider based in Cairo, led by Egyptian businesswoman Hend El-Sherbini.

Beyond his business interests, the billionaire is renowned for his unwavering commitment to wilderness conservation. Oppenheimer owns and operates Tswalu Kalahari, South Africa’s largest private game reserve, in partnership with his son Jonathan. The reserve serves as a sanctuary for wildlife, playing a crucial role in preserving the country’s natural heritage.

Additionally, Oppenheimer owns the Shangani Ranch, a sprawling 65,000-hectare property known for its wildlife sanctuary status. The ranch boasts a robust cattle operation and employs 400 workers, exporting beef to the United Kingdom since 1937. Moreover, it serves as a vital corridor for migrating animals, underscoring Oppenheimer’s dedication to wildlife preservation and ecological balance.

With a year-to-date wealth gain of $1.38 billion, Oppenheimer is poised to join the ranks of the few African billionaires with a fortune surpassing $10 billion. His impressive financial achievements and commitment to wildlife conservation have solidified his status as a prominent figure in the business and philanthropic spheres.

August 1, 2023
South Africa’s World Cup pay dispute resolved by a billionaire

The president of the Confederation of African Football (Caf), Patrice Motsepe, has stepped in to resolve a salary dispute between the South Africa women’s football team and the national federation.

The team’s preparations for the upcoming Women’s World Cup were thrown into disarray ahead of their final warm-up game against Botswana. In protest, the Banyana Banyana team boycotted the match and refused to sign contracts due to concerns over bonuses.

While FIFA had guaranteed each player $30,000 (£24,000) for their participation in the tournament, this amount was not included in the contracts provided to the players.

Patrice Motsepe, a wealthy South African businessman who also serves as the president of Caf, and his wife Precious Moloi, played a pivotal role in mediating an agreement between the two parties. Their foundation made a donation towards the players’ bonuses, helping to resolve the issue.

The Women’s World Cup is scheduled to commence later this month, with Australia and New Zealand as the host countries.

July 6, 2023
Africa’s first Black billionaire Patrice Motsepe gains $200m in 19 days

Patrice Motsepe, a billionaire from South Africa, has seen a nice improvement in his financial situation, recovering some of the losses he sustained earlier this year.

Thanks to an increase in the market value of his private investments, including his stakes in the digital-only bank TymeBank, Motsepe’s net worth has surged by $200 million in the past 19 days from $2.3 billion to $2.5 billion, according to data tracked by Forbes.

Motsepe, who made history in 2008 as the first black African billionaire on the Forbes list, saw his net worth decline by $100 million between May 12 and June 2, resulting in year-to-date losses of $900 million.

However, the recent $200-million uptick in his fortune has narrowed his losses to $700 million, making him one of the few African billionaires to witness a decline of over half a billion dollars this year.

Despite the setback, Patrice Motsepe remains one of Africa’s wealthiest businessmen and retains the title of the richest Southern African black billionaire.

His 39.7-percent stake in ARM, a South African mining and minerals company with strategic positions in various metals, including iron, coal, copper, gold, and platinum, contributes significantly to his wealth.

Although ARM’s share price has fallen by more than 28 percent since the start of the year, Motsepe’s stake is still valued at a substantial R19.33 billion ($1.05 billion).

Motsepe’s success extends beyond mining, as he also controls TymeBank, South Africa’s leading digital bank, through his investment firm African Rainbow Capital (ARC).

TymeBank recently celebrated a major milestone, surpassing more than 7 million customers. Bolstering its expansion plans, the bank four weeks secured a significant investment of $77.8 million during its pre-Series-C funding round.

Motsepe’s multimillion-dollar recovery demonstrates his resilience in navigating volatile markets and highlights the potential of digital banking in Africa.

With his diverse portfolio, the billionaire is poised to capitalize on future opportunities, reaffirming his status as a prominent figure in South Africa’s business landscape.

June 21, 2023
Zimbabwe: Richest man sees his net worth fall by $100m

Zimbabwe’s richest man Strive Masiyiwa, who recently regained his status as one of Africa’s billionaires with a net worth exceeding $2 billion, has experienced a significant setback in his fortune over the past two weeks.

Masiyiwa, renowned as the founder of Econet Wireless Zimbabwe, the country’s largest telecom conglomerate, has seen his net worth decline by $100 million in the past two weeks, marking a noteworthy downturn.

Just two weeks ago, Masiyiwa’s net worth reached an impressive $2.2 billion, which propelled his year-to-date wealth gains to $1 billion.

The ascent placed him in a position to potentially surpass current holder Patrice Motsepe as the richest Black billionaire in Southern Africa.

However, recent developments have led to a decline in Masiyiwa’s net worth, which now stands at $2.1 billion. The decline in his net worth can be attributed to a significant pullback in the share price of one of his publicly listed companies, EcoCash Holdings.

EcoCash Holdings, an intelligent technology firm focusing on digital and financial solutions to promote financial inclusion and shared economies, has witnessed an 8.93-percent slump in its shares on the Zimbabwe Stock Exchange since May 17.

This decline has resulted in the company’s market capitalization falling below $1.2 billion and Masiyiwa’s 30-percent stake dropping to a value below $340 million.

Despite the recent setback, Masiyiwa’s net worth is still up by a remarkable $900 million since the start of the year. This places him among the many African billionaires who have experienced significant wealth growth in 2023.

In other news, last week, U.S. President Joe Biden announced a remarkable $300 million credit facility provided by the U.S. International Development Finance Corporation for Africa Data Centres, a leading network of interconnected data facilities owned by Masiyiwa.

The funding, made possible by the U.S. government’s Partnership for Global Infrastructure and Investment initiative, aims to establish a cutting-edge data center in Ghana, reinforcing Africa’s position in the ongoing digital revolution.

June 1, 2023
Femi Otedola speaks on Transcorp saga and ties with Elumelu

A billionaire from Nigeria, Femi Otedola, has claimed that his choice to purchase Transcorp shares was only motivated by his desire to uncover the true value of a firm that was grossly undervalued by the Nigerian investing public and the company’s top shareholders.

Otedola, 60, explained this in a written statement he issued to selected media outlets. It is his first commentary on the saga that shook the Nigerian stock market to its foundations weeks ago

In his statement, Femi Otedola explained that he offered to acquire Transcorp Plc for N250 billion ($543 million), but Tony Elumelu, the company’s chairman, rejected his offer.

Otedola recently sold off his entire shares in Transcorp to Elumelu, the company’s chairman and largest shareholder, two weeks after he had amassed up to a 6.3-percent stake in the company, thereby ending the race for the group’s top ownership. Elumelu had previously increased his stake from 2.07 to 25.9 percent within days after news of Otedola’s acquisition of Transcorp shares had been made public.

According to sources familiar with the situation, Femi Otedola’s move to take the top seat in the conglomerate’s ownership upset the Transcorp chairman, causing him to initiate negotiations. According to accounts, he eventually agreed to compensate the businessman with millions of dollars and pay Otedola off for the value of his shares.

In his statement, Otedola revealed for the first time that in 2005, he backed Tony Elumelu’s acquisition of a controlling stake in the United Bank for Africa from Nigerian businessman Hakeem Belo-Osagie. Otedola says he provided Elumelu with $20 million, N2 billion then. Hakeem Belo-Osagie sold his controlling stake to Elumelu for $100 million, but Elumelu struggled to raise the money. Otedola and other wealthy Nigerians rallied around and supported Elumelu.

Despite this generous act of friendship, Otedola says Elumelu would go on to stab him in the back.

Otedola noted that when he informed Elumelu of his interest in acquiring the Ughelli Power Plant in 2012, the Transcorp chairman “quietly went ahead” to outbid him.

Otedola further claimed that the UBA chairman had previously taken advantage of his (Otedola’s) business difficulties and eventual bankruptcy to purchase interests in several firms, including Transcorp Hotel.

Full Statement by Mr. Femi Otedola, Chairman of Geregu Power PLC

In 2005, while Tony was the Managing Director of Standard Trust Bank he approached me to get funds to acquire UBA. I enthusiastically gave him $20million, which was N2 billion at that time to buy the necessary shares in UBA for the acquisition. After a short period of time the share price moved up and I decided it is was a good moment to sell and get out of the bank. However, Tony appealed to me to hold on to the shares as he was convinced that there were future prospects – so I kept the shares.

I became Chairman of Transcorp Hotel in 2007 with a shareholding of 5% and unknowingly Tony gradually started buying shares quietly.

By the following year in 2008 I went bankrupt in Nigeria. Tony proceeded to take my shares in UBA to service the interest on my loans and he also took over my shares in Africa Finance Corporation, where I was the largest shareholder.

Shortly after, Albert Okumagba informed me that an American firm wanted to acquire my shares in Transcorp, which I then agreed to sell. However, this supposed American firm turned out to be Tony Elumelu. The revelation of this prompted me to resign as Chairman of the hotel.

Years later in 2012 Tony said he wanted to see me so we met in my office where I had previously had a meeting with foreign investors who had not yet departed the premises. Curious to know, he asked what sort of meeting I had had and I disclosed that I wanted to go into the power business, specifically Ughelli Power Plant. Tony quietly went ahead to bid for Ughelli and he outbidded me by offering to buy the plant for $300million.

And as a some would say: the rest is history.

Fast forward to the present…

I offered to buy Transcorp Plc for N250 billion, but unfortunately, my offer was rejected. My goal was to maximize the company’s potential as a Nigerian conglomerate with a market cap of at least N2 trillion instead of the current N40 billion, but it seems some shareholders have a different vision.

As a businessman, I believe in healthy competition and market dynamics. Two captains cannot man a ship, and I respect the majority shareholder’s decision to buy me out. This is the nature of the game.

But let me be clear: my offer was made with the best intentions for Transcorp Plc and its shareholders. I saw an opportunity to unlock the company’s full potential and create value for everyone involved.

It’s important for investors to understand that free entry and free exit are crucial to healthy markets. The scramble for shares after my acquisition is a testament to the value that Transcorp Plc can offer, and I hope the company continues to thrive under new leadership.

My message to Transcorp Plc and its shareholders is this: I remain committed to the growth and success of Nigerian businesses, and I will always be looking for ways to create value for all stakeholders. Stakeholders are unfortunately always shortchanged by getting stipends while the owners and managers of the business live a jet set lifestyle, which is detrimental to the stakeholders. Thank you for the opportunity to engage in this exciting chapter of Transcorp’s history.

May 12, 2023
Firm of Nigerian billionaire Mike Adenuga dragged to court over alleged $775,000 debt

An oil and gas conglomerate, Conoil Producing Limited, owned by Nigerian billionaire Mike Adenuga, has been sued by Eastline Energy Resources Limited, a Nigerian-owned oil and gas servicing company, for failing to pay its debts to the former.

Managing Director of Eastline Energy Resources Limited Obioma Chimechefulem disclosed in a recent statement that Conoil owes his company the sum of $774,789.00 for services rendered on its behalf, for which payment has yet to be made despite repeated requests.

“Eastline is categorically owed the sum of $774,789.00 (Seven Hundred and Seventy-Four Thousand, Seven Hundred and Eighty-Nine US Dollars only) for works carried out on behalf of Conoil & for which payment, even after repeated pleas, has still not been made. We have suffered immeasurably working for Conoil to the point where our equipment was seized by another contractor in order to force Conoil to pay them,” the statement reads.
The company, which h0as been a contractor of choice to Conoil thanks to its industry-leading skill sets and competence in the areas of surface well testing, brine filtration, well completion, flow back, and early production services, among many others, emphasized that its inability to access high-quality equipment has resulted in significant financial losses.

Right now, it is seeking no more than what it is rightfully owed for services rendered.

The lawsuit follows allegations made against Conoil in March 2022 by a group of local oil contractors, who accused the oil and gas conglomerate owned by Nigerian billionaire Mike Adenuga of defaulting on its debt obligations amounting to millions of dollars.

In separate letters addressed to Ibrahim Gambari, the chief of staff to Nigeria’s president, and Timipre Sylva, the minister of state for petroleum resources, the contractors called for an investigation into what they describe as the “tragic state” of Conoil Producing Limited.

According to the contractors, the board and senior management of Conoil Producing Limited have been involved in various unethical business practices to avoid paying contractors’ fees.

April 2, 2023
Photos: Davido honours invitation to Tony Elumelu’s residence for his daughter’s 21st birthday party

On Wednesday, Tony Elumelu, a multibillionaire businessman and the Group Chairman of United Bank for Africa, hosted Davido to his mansion to celebrate the birthday of his daughter Oge.

Mr Elumelu’s daughter Oge has attained the age of 21 on March 29, 2023.

The moment the musician arrived and was welcomed by Elumelu was caught on camera and posted to the businessman’s Instagram feed.

Another slide showed the DMW label boss in a conversation with Elumelu as the businessman revealed in a caption that they spoke about the singer’s 4th studio album Timeless set to drop on Friday, March 31 and his plans for the year.

The birthday celebrant, who appears to be a fan of the singer, also posed for a selfie with him.

The OBO crooner’s visit has generated reactions on social media as it comes days after Wizkid performed at the billionaire’s 60th birthday party.

March 30, 2023
Porsche billionaire divorces his 74-year-old wife over dementia

The elderly wife of a billionaire from the Porsche family dynasty has filed for divorce, citing a ‘dementia-like condition’ as the cause of their split.

Claudia Porsche, 74, is said to have filed for divorce from Wolfgang Porsche, 79, who claims that her illness has caused significant behavioral changes.

Since 2007, Wolfgang and Claudia have been dating. They got hitched in 2019.
The assets owned by the Porsche family are worth approximately £18 billion.

Claudia Porsche, a grandmother and former adviser to the German government, has been unable to move independently for months and has reportedly been living with her daughter for almost two years.

Wolfgang Porsche married his wife Claudia in 2019 after getting together in 2009 (Picture: Getty)

Four housekeepers are employed to make sure they have everything they need around the clock.

Her mental awareness is said to have undergone a rapid decline during this period, which sources close to the family claim has made living together impossible for the couple.

German media reports that following the split, Wolfgang has been getting closer to his friend of 25 years, 59-year-old Gabriela Prinzessin zu Leiningen, in recent months.

Born in Austria, Wolfgang is the youngest son of Ferry Porsche, who founded the sports car brand in Stuttgart in 1930.

As an executive and member of the supervisory board, he played a key role in the development of the Porsche company.

His oldest brother is Ferdinand ‘Butzi’ Porsche, who designed the first Porsche 911 in 1964.

Wolfgang currently lives in Zell am See, Austria, and has four children- two to director and screenplay writer Susanne Bresser, whom he married in 1988 and divorced in 2008.

March 22, 2023
Meet the 7 richest South African billionaires in 2023

South Africa, ranked as one of Africa’s “Big 5” wealth markets alongside Egypt, Nigeria, Morocco, and Kenya, collectively holds more than one half of the continent’s total wealth.

With a total private wealth exceeding $650 billion, South Africa maintains its position as Africa’s largest wealth market and most industrialized economy.

Many individuals within the country have seized the opportunities within and outside its economy to create wealth for themselves while simultaneously contributing value to society.

Johann Rupert is a prime example.

As a prominent luxury mogul and billionaire businessman, he holds the notable distinction of being South Africa’s wealthiest individual, and the second-richest man in all of Africa.

This is largely attributed to his diverse business interests, spanning from luxury ventures in Switzerland under Richemont, to private investments in South Africa through Remgro Limited.

With numerous other ultra-wealthy individuals vying for a spot on the coveted richest list, it has become increasingly crucial to keep an eye on the top seven wealthiest South African billionaires and track the growth of their fortunes since the beginning of the year.

This is especially vital as global equities undergo a rebound after a lackluster performance in 2022.

#1 Johann Rupert

Net worth: $12 billion

Source: Diversified

Johann Rupert is South Africa’s wealthiest man, with a net worth of $12 billion stemming from his investments in luxury goods companies Compagnie Financiere Richemont, Reinet Investments, and Remgro, a South Africa-based investment vehicle.

His net worth has risen by $1.04 billion from $10.9 billion at the start of the year to $12 billion due to the performance of his 9.14 percent stake in Richemont, a Swiss luxury goods company with a diverse portfolio of premium brands including Chloe, Dunhill, Alaa, Cartier, and Delvaux.

#2 Nicky Oppenheimer

Net worth: $8.5 billion

Source: Diversified

Nicky Oppenheimer is the second-richest South African billionaire and the third-richest billionaire in Africa, with a net worth estimated to be around $8.5 billion.

His fortune is held in private equity investments in Africa, Asia, the United States, and Europe through the London-based Stockdale Street and Johannesburg-based Tana Africa Capital.

In 2012, the billionaire sold his family’s 40-percent interest in De Beers to Anglo-American for $5.2 billion in cash, bringing his family’s 80-year ownership to an end.

Since the start of 2023, Oppenheimer’s net worth has increased by $475 million.

#3 Patrick Soon-Shiong

Net worth: $8.5 billion

Source: Healthcare

Patrick Soon-Shiong, the Chinese-South African transplant surgeon, bioscientist, and biopharma billionaire, is the 24th richest person in the world, with a reported net worth of $8.81 billion, according to the Bloomberg Billionaires Index.

He became a billionaire through his development of the cancer treatment Abraxane and the subsequent sale of his pharmaceutical companies, APP Pharmaceuticals, and Abraxis BioScience, for a combined $7.5 billion.

He now holds a 76-percent stake in late-stage immunotherapy firm ImmunityBio, which has contributed an additional $811 million to his net worth.

#4 Patrice Motsepe

Net worth: $2.8 billion

Source: Mining, Investments

Patrice Motsepe, a South African billionaire mining tycoon and the founder of African Rainbow Minerals (ARM), is one of the most successful entrepreneurs in the country.

Established in 1997 as South Africa’s first Black-owned mining corporation, ARM has extensive holdings in iron, coal, copper, gold, platinum, and other precious metal mines.

Motsepe’s current ownership of ARM stands at 39.7 percent, and the company is now worth more than $1.3 billion.

Despite his net worth declining by $400 million since the start of 2023, from $3.2 billion to $2.8 billion, Motsepe continues to be a powerful force in the African mining industry.

#5 Koos Bekker

Net worth: $2.4 billion

Source: Media, Investments

Koos Bekker, a renowned entrepreneur whose smart investments and business acumen have propelled the success of companies like Naspers, a multinational holding company based in Cape Town, and Amsterdam-based Prosus N.V., an investment group, has established himself as one of Africa’s wealthiest individuals.

His impressive net worth of $2.4 billion is derived mainly from his stakes in Naspers (0.96 percent) and Prosus NV (0.89 percent), with his shareholding in Naspers alone being worth R13.53 billion ($740 million).

#6 Christoffel Wiese

Net worth: $1.1 billion

Source: Retail

Christoffel Wiese, a South African billionaire, built his fortune through his Pepkor retail empire, which expanded into other African countries.

After Steinhoff International acquired Pepkor in 2015, Wiese lost his billionaire status when the company disclosed accounting irregularities in 2017.

In 2022, Wiese regained his wealth through a settlement with Steinhoff, which included a five-percent stake in Pepkor. His main asset is Shoprite, along with holdings in Tradehold, Brait, and Invicta Holdings.

#7 Michiel Le Roux

Net worth: $1 billion

Source: Banking

Michiel Le Roux, who founded Capitec Bank, one of South Africa’s leading retail banks, roughly 21 years ago, derives the majority of his $1 billion net worth from his 11.41-percent shareholding in Capitec Bank, a Stellenbosch-based banking company.

His net worth has declined from $1.9 billion to $1 billion, mainly due to a $160-million surge in the market value of his equity position in Capitec Bank.

February 27, 2023
South African billionaire Nicky Oppenheimer gains $800 million in 36 days

South African billionaire Nicky Oppenheimer, whose wealth increased only modestly in 2022, is off to a terrific start this year after his private equity interests in Africa, Asia, the US, and Europe recently enjoyed a rise in market value of $800 million

Oppenheimer’s net worth has risen by $800 million since the start of the year, from $8.03 billion to $8.83 billion, according to the Bloomberg Billionaires Index, which tracks and compares the fortunes of the world’s 500 wealthiest people.

The $800-million increase in his net worth, which surpassed the $75-million wealth gains he recorded in 2022, placed him among the African billionaires whose wealth has increased by more than $500 million since the year began, despite concerns about a global slowdown in corporate earnings.

Nicky Oppenheimer, South Africa’s second-richest man, after luxury goods magnate Johann Rupert, derives the majority of his $8.83-billion fortune from private equity investments, which he manages through Stockdale Street in London and Tana Africa Capital in Johannesburg.

For decades, the leading South African businessman has been a private equity investor, with many of his investments taking place after he sold his family’s 40-percent stake in De Beers, the world’s largest diamond producer, to mining conglomerate Anglo-American in a $5.2-billion deal in 2012.

His private equity investments span Africa, Asia, the United States, and Europe, and have proven to be a sound strategy for the billionaire, allowing him to profit from market fluctuations and generate significant wealth gains.

Aside from private equity investments, Oppenheimer, a supporter of wilderness conservation, co-owns Tswalu Kalahari, South Africa’s largest private game reserve, with his son Jonathan.

He is also the owner of the 65,000-hectare Shangani Ranch, which employs 400 people and has kept at least 8,000 cattle for beef export to the United Kingdom since 1937. It is known as a wildlife sanctuary because it serves as a migration route for animals.

Source: billionaires.africa

February 7, 2023
Here’s how Africa’s first woman millionaire lost $1 billion in a single day

As sought by Angola’s Public Ministry, the Supreme Court of Angola has authorized the preventive seizure of $1 billion in assets owned by José Eduardo Dos Santos’s daughter.

Isabel Dos Santos, the first female billionaire in Africa, often referred to as ‘Princess’, is under investigation for embezzlement of state funds, influence peddling, and money laundering, of which she has denied the accusations as a politically-induced witch-hunt.

Since 2018, Isabel has been in a legal battle with the Angolan government for corruption. On January 19, 2020, the New York-based International Consortium of Investigative Journalists (ICIJ) published a detailed report on how Isabel made her fortunes.

On Monday, November 28, 2022, Angop, the Angola Press Agency reported that the Attorney General’s office (PGR) in Angola issued an international arrest warrant against Isabel Dos Santos with Interpol.

A court order signed by Justice Daniel Geraldes, dated December 19, 2022, stated “all the balances of the current accounts with title or co-title, headquartered in all the banks, including term deposit accounts, other financial applications that are associated to those, including dossiers of securities in the name of the defendant Isabel Dos Santos, are seized.”

Some of the affected accounts are said to be in Mozambique, Sao Tome and Principe, and Cape Verde.

The Supreme Court also ordered the seizure of 70% of Isabel’s shares in Upstar Communicação, the freezing of 70% of shares in Mozambique telecom company Mstar, and the seizure of 100% of shares of Unitel T+ in Cape Verde and Unitel STP in Sao Tome and Principe. Other companies mentioned in the court order are Embalvidro, Unitel International Holdings, and Unitel International.

49-year-old Isabel was born in Baku, Azerbaijan Soviet Socialist Republic. She is the eldest child of José Eduardo Dos Santos and was among the family members appointed by their late father to head key government positions.

Isabel, was seen as the public face of the Dos Santos business network and was appointed the head of the state oil firm Sonangol in June 2016. But she was removed in November 2017 by the new Angolan President who succeeded her father.

Isabel was in Forbes‘ 2020 billionaires list as Africa’s richest woman with a wealth valued above $1.4 billion. However, she dropped from the Forbes list in January 2021 after her assets were confiscated in Angola, Portugal, and the Netherlands.

According to the Forbes’ Inside Story on how Isabel Dos Santos made $3 billion “between 2007 and 2010, at least $32 billion of oil revenue went missing from the federal ledger, according to the International Monetary Fund, which later tracked most of the money to ‘quasi-fiscal operations. It was against this backdrop that his daughter, Isabel Dos Santos, became Africa’s richest woman, worth $3.7 billion at her peak in 2014. Her empire began to unravel after her father retired from office.”

Her father and former Angolan President, José Eduardo Dos Santos, died on Friday, July 8, 2022, after 38 years of dictatorial rule in Angola (1979 – 2017). He was the longest-serving president in Angola and the second longest-serving president in Africa after Teodoro Obiang Nguema Mbasogo of Equatorial Guinea. He was the leader of the People’s Movement for the Liberation of Angola (MPLA), the ruling party in Angola since the country’s independence in 1975.

Source: face2faceafrica

January 3, 2023