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Dangote Makes History, Becomes First African to Enter Top 25 Richest List

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Alhaji Aliko Dangote, self-made business magnate,
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Alhaji Aliko Dangote, Nigerian business magnate and owner of the Dangote Group can’t just stop making money. His reported wealth now is $25 billion from $16.1 billion in 2013 and enough to help him break into the rank of top 25 richest people in the world.

He is like the most famous King Midas, popularly remembered in Greek mythology for his ability to turn everything he touched with his hand into gold.

According to the recently released Forbes Magazine lists of the richest people in the world, Dangote now occupies 23rd position in the list of the world’s richest people.

And for the fourth year running, Dangote also retained his position in Africa as the richest man on the continent.

Dangote who was number 43 on the top 100 world billionaires list in 2013 made a quantum leap as he moved up 20 spots to retain his position in Africa.

According to Forbes, the Africa’s richest man is looking beyond cement, sugar and flour–the three commodities that built his fortune–to the oil business.

In April, he announced $9 billion in financing from a consortium of local and international lenders to construct a private oil refinery, fertilizer and petrochemical complex in the country.

His publicly traded Dangote Cement is also grabbing new markets in Africa, with $750 million in new plants planned for Kenya and Niger.

He made his first fortune more than three decades ago when he started trading commodities with a loan from his powerful uncle.

Elsewhere, Mike Adenuga was next to Dangote on the lists with a wealth of $4.6 billion, maintaining 325 positions in the world, while Folorunsho Alakija with $2.5 billion was 687 in the world and Abdulsamad Rabiu ranks 1,372 in the world with $1.2 billion.

But Bill Gates came back on top after a four-year hiatus, reclaiming the title of world’s richest person from telecom mogul Carlos Slim Helu of Mexico, who ranked No. 1 for the past four years.

Gates, whose fortune rose by $9 billion in the past year, has held the top spot for 15 of the past 20 years.

Spanish clothing retailer, Amancio Ortega (best known for the Zara fashion chain), retains the No. 3 spot for the second year in a row, extending his lead over Warren Buffett, who is again No. 4.

The year’s biggest dollar gainer was Facebook’s Mark Zuckerberg, whose fortune jumped from $15.2 billion, to $28.5 billion, as shares of his social network soared. Tech. and more specifically, Facebook, helped propel numerous fortunes lately.

The company’s COO, Sheryl Sandberg, joins the ranks for the first time, as does Facebook’s longtime Vice President, Jeff Rothschild. Also, thanks to a $19 billion deal (including restricted stock) with Facebook, WhatsApp founders, Jan Koum and Brian Acton, join the ranks of Silicon Valley’s wealthiest for the first time. 
They are four of 26 newcomers whose fortunes come from technology, 10 of whom are American, including Dropbox CEO, Drew Houston and Workday cofounder, Aneel Bhusri.

US once again leads the world with 492 billionaires, as a result of the tech boom, and strong stock market, then followed by China with 152 and Russia with 111. But wealth is spreading to new places.

Also for the first time in the history of Forbes rating, billionaires were found in Algeria – Issad Rebrab, who is into food business, with $3.2bn worth; Rostam Azizi from Tanzania with $1 billion and Sudhir Ruparelia from Uganda with $1.1 billion worth of assets.


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FG Plans N50m STEEM Grant to Support Student Innovation in August

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In a giant stride to support innovation, entrepreneurship and economic transformation, the Federal Government is set to unveil a N50 million grant for Science, Technology, Engineering, Mathematics and Medical Sciences (STEEM) students in Nigeria’s tertiary institutions.

The project, which is referred to as the Student Venture Capital Grant (S-VCG), is a pioneering initiative designed to empower the students towards building the next generation of scalable, job-creating ventures.

According to a statement by the Director of Press and Public Relations in the Ministry of Education, Folashade Boriowo, Friday, the initiative will be formally unveiled in August by the Minister of Education, Dr. Tunji Alausa.

Boriowo stated that the minister made the disclosure during a stakeholders’ engagement session held in Abuja in the presence of vice-chancellors, provosts, rectors, student leaders, academic staff, and development partners, and will chart a collective course for nurturing student-led innovation.

The statement noted that the grant targets full-time undergraduate students in STEMM disciplines (Science, Technology, Engineering, Mathematics and Medical Sciences), specifically those in 300 level and above.

“Each selected student-led project will be eligible to receive startup funding of up to N50 million, along with access to mentorship, incubation services and business development support.

“The initiative will be implemented in partnership with the Bank of Industry (BoI) to ensure financial transparency, impact measurement and effective project execution.

“S-VCG is not just a grant. It’s a launchpad for bold, young innovators to lead Nigeria’s industrial and technological transformation,” said Alausa.

Speaking at the session, the Minister of State for Education, Prof. Suwaiba Sa’id Ahmad, described the grant as a strategic investment in Nigeria’s knowledge economy.

“We’re building a stronger, more competitive future by supporting innovation from the ground up,” she said, adding that the programme’s design was informed by months of consultation with students, faculty and institutional leaders.

Participants at the event welcomed the STEMM-Up Grant as a timely, strategic and high-impact initiative that will drive youth innovation, tackle graduate unemployment, and position Nigeria as a hub for student-led entrepreneurship in Africa.

 


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UK Businesses Look to Africa As Strategic Growth Partners

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New research by UK-based Strategy Management Partners reveals that a growing number of British businesses are identifying Africa as a key strategic growth region – drawn by structural reforms, demographic momentum, and rapid digital transformation across the continent.

The research, based on a survey of senior decision-makers from 250 large UK-based companies, finds that 50% are already active in African markets and planning to expand further.

An additional 28% are considering entry, signalling a clear uptick in long-term interest from international businesses with the resources to scale regionally.

The findings challenge outdated perceptions of Africa as a high-risk or secondary market. Instead, they highlight key drivers behind renewed commercial interest: • 61 per cent of UK leaders cited Africa’s large and growing consumer markets as a major draw. • 61 per cent pointed to the continent’s rapid pace of digital and technological adoption. • 50 per cent highlighted the potential of Africa’s young, skilled, and digitally native population.

The study also suggests that Africa is no longer viewed simply as a market for philanthropic initiatives or shortterm gain. Only 20 per cent of respondents cited philanthropic motives, while most are focused on building commercially viable, long-term operations.

Initiatives like the African Continental Free Trade Area (AfCFTA), are also laying the groundwork for significant economic growth.

With 23 countries already implementing preferential tariffs, the framework is expected to facilitate smoother intra-regional trade, enable market scale, and support more efficient supply chains.

These structural improvements are making Africa more attractive to global firms with the ambition to operate at scale.

However, despite rising optimism, significant operational and policy challenges remain. The top four barriers to investment cited by UK business leaders were: political and country risk (68%); safety and security issues 66.4%); regulatory barriers and tariffs (60.4%); and the complexity of cross-border transactions (60%).

Addressing these issues will be crucial to unlocking Africa’s full potential for UK investment. UK companies are showing the most interest in sectors that align with Africa’s core strengths, such as natural resources, agriculture, a young and expanding population, and infrastructure development.

These areas are seen as the backbone for long-term commercial growth, offering opportunities to build local supply chains, expand digital services, scale manufacturing, and meet rising consumer demand.

However, for companies looking to invest or expand into Africa, success also depends on key enabling conditions. According to business leaders surveyed, the top factors supporting investment are: • The size of market and consumer demand (49.6%) • Reliable and consistent energy supply (48.4%) • Access to affordable, educated and capable talent (44.8%) • Efficient transportation networks, such as roads, ports, airports (38%) • A favourable macroeconomic environment: low interest rates, low inflation, stable exchange rates, and seamless cross-border transactions and repatriation of earnings(38%).

“UK businesses are increasingly seeing Africa as a strategic growth market, driven by structural reforms, digital adoption, and the momentum behind the African Continental Free Trade Area (AfCFTA),” says Muibat Ijaiya, Partner at Strategy Management Partners.

“But real progress will depend on practical cooperation with African governments. The AfCFTAis a pivotal step forward – what’s needed now is a deeper alignment between public policy and private investment to address trade, regulatory and infrastructure barriers, and unlock long-term, sustainable growth.”

 


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Experts Champion Sustainability at Lagos Green Economy Forum

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Lagos State’s transition to a greener economy is gaining momentum, with female leaders from top corporations taking the lead and the state government beginning to record early wins from its plastic bag policy.

At the Lagos Green Economy Forum held on July 23, senior executives from MTN Nigeria, IHS Towers, TechnoServe, and other large organisations highlighted the role of corporate innovation in advancing sustainability.

The all-female panel also emphasised the urgent need to integrate Nigeria’s thousands of small and medium enterprises (SMEs) into the country’s green transition.

“We’re not just here to share strategies,” said Temilade Olabanji, Senior Manager, Sustainability and Shared Value, MTN Nigeria. “We are here to build local resilience. Our Project Zero is not only helping us cut emissions but also equipping our suppliers with the knowledge to do the same.”

MTN’s Project Zero aims for net-zero emissions by 2040, with a 50% reduction target by 2030. The company is already powering base stations and data centres with renewables, while training suppliers to understand carbon footprints and adopt circular practices. MTN has pledged that by 2026, 80% of its top suppliers will align with its sustainability goals.

Titilope Oguntuga, Director of Sustainability, IHS Towers, reinforced this approach, noting that the company’s Project Green is decarbonising its over 16,000 tower sites across Nigeria by switching to renewable energy. “Project Green is enabling all sites to run effectively with more renewable sources of energy rather than the typical fossil fuels,” she said. IHS also runs Clinic Without Walls, a free micro-health insurance scheme for underserved communities.

From the nonprofit sector, Juliet Ezeani, Senior Business Advisor of TechnoServe, explained how the organisation supports vendors through environmental impact assessments, sustainability training, and responsible procurement.“For all our projects, we look at how the project runs and especially how it affects the environment,” she said.

Meanwhile, the Lagos State Government provided an update on its green policy efforts, especially the plastic bag ban introduced two months ago.

“All of what we have done so far is towards making the economy of Lagos or the quality of life of the average Lagosian much better,” said Dr. Babatunde Ajayi, General Manager of the Lagos Environmental Protection Agency (LASEPA), who represented the Honourable Commissioner, Mr. Tokunbo Wahab.

On the plastic bag ban, he added: “What that [the ban] has also done is to free up our drainage from the plastic waste. In some way, we have reduced flooding, reduced pollution, and reduced the headache and the cost of maintaining drainages and labourers.”

Dr. Ajayi emphasised that green transition is not just a compliance issue for SMEs but an economic opportunity. “It helps them drive their engines, their entire businesses in a more sustainable manner.”

As Lagos accounts for nearly 30% of Nigeria’s GDP, the increasing alignment between corporate leaders and public policy towards a greener economy is positioning the state as a model for inclusive, environmentally responsible development.


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