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Forbes 2017: See The Top 10 Richest Men In Nigeria



The World renowned ranking organization, Forbes, has released its list of richest people in Nigeria for 2017.

Full list below:

1. Aliko Dangote (Net Worth: $12.5 billion)
Aliko Dangote is the richest man in Nigeria, Africa and of course the richest black man in the world. In 2014, he ranked as the 24th richest man in the world but has since then fallen to positions below 100 due to Nigeria’s poor Naira.

2. Mike Adenuga (Net Worth: $10.5 billion)
Mike Adenuga is the second richest man in Nigeria with interest in Oil and Gas and telecoms. He is the owner of Globacom, Nigeria’s second biggest telecom operators and the chairman of Conoil.

3. Femi Otedola (Net Worth: $2.3 billion)
He is the CEO of Zenon Oil and Gas and Forte Oil Plc. He has interest in real estates amongst other sectors.

4. Folorunsho Alakija (Net Worth: $2.1 billion)
Folorunsho is a business tycoon who has interest in fashion,oil and printing industries. She is the richest Woman in Nigeria and the richest woman of the African descent in the world.

5. Theophilus Danjuma (Net Worth: $1.7 billion)
Former Nigerian Chief of Army staff between 1975 to 1979. He is the current chairman of Athlantic Petroleum.

6. Abdusalam Rabiu (Net Worth: $1.5 billion)
Abdusalam is the founder of the famous BUA Group. A conglomerate active in sugar refining, cement production, real estate and port operations. In September 2015, his Group signed a $600 million deal with a chinease cement equipment service provider Sinoma Internation Engineering to construct a second production line located in Edo State Niger Delta, Nigeria.

7. Tony Elumelu (Net Worth: $1.4 billion)
A philanthropist and founder of the Transcorp and Heirs Holdings. He was the chairman of United Bank for Africa.

8. Orji Uzor Kalu (Net Worth: $1.1 billion) 
The former governor of Abia State. He is the founder and chairman of Slok Holding. A conglomerate with interest in shipping, banking, oil, trading, manufacturing and the media. He became a real business man at the age of 19 after being expelled from a Nigerian University for allegedly spearheading a series of student riots.

9. Jim Ovia (Net Worth: $1 billion)
Jim Oviah is the founder of Zenith Bank. He is the chairman and the largest shareholder with a stake of almost 10%. He also manages a mobile telecom Visafone which has over 3 million subscribers.

10. Oba Otudeko (Net Worth: $650 million)
Oba Otudeko is the Chairman and founder of the honey well group. He is also the chairman of FBN Holdings Plc. His operations spread across oil and gas, flour minning, real estate, and marine transportation.

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Why African Youths Are Finding It Hard, Tony Elumelu



The chairman of the Tony Elumelu Foundation, Tony Elumelu, has said that government policies have become major hindrances to successes of endeavors of youths in Africa.

He spoke at the spring meetings of the International Monetary Fund and World Bank Group.

According to him, youths in Africa are “determined, energetic, hungry to succeed and make a difference and are extremely intelligent,” but he noted “the environment makes it difficult for them to succeed.”Tony Elumelu

Elumelu said African governments must make the youths a priority in their various endeavors.

He said “Governments need to understand that if we prioritize the young ones and make the operating environment conducive, they would be able to optimize the required intellects, they would do well and we would be able to solve some of the problems in the continent

“So, regulation is major, intellectual property is very important, incentivizing investors are all factors that will help us address these issues.

“Digital connectivity is a major issue in Africa and you can’t fix it if you don’t have reliable access to electricity. So, if we want to truly address the issue of the digital economy in Africa, these challenges have to be fixed.”

He added that if the issues of policy were dealt with investors would rush down to Africa.

This is coming two days after Nigerians faulted President Buhari on a comment he made saying a lot of Nigerians are lazy and are relying on the fact that Nigeria is an oil-rich country to get things from the government for free.

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Globacom, Chief Marketing Officer Hit With $6.7m Fraud Charge



The Economic and Financial Crimes Commission has arraigned leading Nigeria telecommunication firm, Globacom Nigeria Limited and its Indian Chief Marketing Officer, Ashok Israni, before Justice A.O. Williams of the Lagos State Special Offences Court Ikeja, over an alleged fraud of $6,786,674.61.

In the one count charge against the company and its chief marketing officer, EFCC said, “Ashok Israni and Globacom Limited, sometime in 2008 in Lagos, within the Ikeja Judicial Division, with intent to defraud, induced Emitac Mobile Solutions LLC, Dubai, United Arab Emirates to confer a benefit on you by permitting Emitac Mobile Solutions LLC to provide you with Blackberry solutions services, valued at USD 6,786,674.64 on the understanding that the benefit will be paid for, which pretense you knew to be false.”

The prosecuting counsel for the EFCC, Mr. A.B.C. Ozioko, said Globacom and Israni acted contrary to Section 1(2)(3) of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14 of 2006.

The defendants did not show up in court on Monday, leading to the presiding Judge adjourning the case till May 15, 2018, for the arraignment of the defendants.

The prosecutor pointed out that EFCC has made efforts to produce Israni, who had been granted an administrative bail by the anti-graft agency.

“My lord, we are sorry we are not able to produce the defendants.mAs part of efforts to ensure that trial commences, we brought the complainants all the way from Dubai. We have no choice but to seek a date for arraignment,” the EFCC prosecuting counsel said before the adjournment of the suit.


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Tips and Advice on Investment decisions.




Investment is a reasonable decision that can help you achieve your long term financial expectations, but in the process of this feat many pitfalls and risk are involved which can be averted.

Investment is a long term project with the anticipation of getting benefit and reward on the long run, it requires a lot commitment, discipline and resources .a wise investment decision may seems trivial most times because there are several risk attached to it especially for new investors, but with diligence, proper research and analysis you can make a reasonable and successful investment decision. Here are tips and advice concerning how to make wise investment decisions.


Know your current position

When diving into investment options it is better to know and understand the principles of what it entails, knowing your strength capacity before venturing helps you understand what is needed to make such decision. This decision could be in terms of financial resources needed for the project, the duration of the investment, why you should invest in such particular option and importantly if it is wise enough.


How much risk involved

Investment involves risk and certain amount of uncertainty,risk in terms of result and other downsides. Understanding the risk level of any business decision gives you foresight of the risk and pitfalls it contains as it also gives you consciousness should in case the risks are getting critical. Any investment tagged high risk: high reward is a totally bad investment strategy to follow as there are lots of complications involved.

READ ALSO: Emefiele projects $40bn external reserves,stronger reserves in 2018


Ability to forecast outcome/result

Any business decision you can’t foresee the outcome is a risky one, any investment based on wild guess is totally wrong and more reason you shouldn’t consider it. This is a reason people lose money because their investment is based on faith and not fact.


Avoid investing all funds

It is very essential to avoid putting all your eggs in one basket. It is an unwise investment decision to make regardless of the certainty or reward the investment declares. solid investment decision are 60/70% risk proof. Investing all available funds into any investment could be a major disaster if things should go sideways.

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