Ecobank Group has appointed Arunma Oteh, former treasurer of the World Bank, to its board of directors as a non-executive director.
The bank made this public on Friday via a notice to the Nigerian Stock Exchange, as mandated by law.
Oteh, research areas of focus are capital markets, development, and financial technology, recently joined Oxford University as an academic scholar at St. Antony’s College and an executive-in-residence at SAID Business School.
She was Treasurer of the World Bank from 2015 to 2018 where she led a team that managed the World Bank’s $200 billion debt portfolio as well as an asset portfolio of $200 billion for the World Bank and 65 central banks and other public sector clients.
She was also responsible for an extensive public sector financial advisory business and back office operations, administering payments of over $7 trillion.
Prior to joining the World Bank, Oteh was director general of the Securities and Exchange Commission (SEC), Nigeria from 2010 to 2015.
During this period, she led the rebuilding of the Nigerian capital markets after the global financial crisis and served on Nigeria’s economic management team.
Previous to SEC Nigeria, she worked at the Africa Development Bank for 17 years in a variety of roles including Group Vice President, Corporate Services (2006 to 2009) and Group Treasurer (2001 to 2006).
Her career in finance started at Centre Point Investments Limited, Nigeria in 1985.
Through her 33-year career, Oteh also served on several Boards, notably, the International Organization of Securities Commissions (2010 to 2015), which regulates 95% of the world’s securities markets and the pioneer Board of the International Financing Facility for Immunization (2006 to 2011).
She also served on the Board of the Nigerian Pension Commission, the World Economic Forum Agenda Council on Institutional Governance, and the Africa Advisory Council for World Women’s Banking. In 2011, in recognition of her contribution to the economic development of Nigeria and role in transforming the Nigerian capital markets, she was awarded the Officer of the Order of the Niger (OON) National Honor.
In 2014, she was named the Africa Investor Capital Market Personality of the Year and in 2016 received the New African Woman Award in Finance and Banking. In 2018, she was honored as the Ai Global Institutional Investment Personality of the Year.
Oteh holds a Masters degree in Business Administration from Harvard Business School and a First Class Honors Bachelor of Science Degree from the University of Nigeria, Nsukka.
Arunma Oteh left the World Bank on December 1, 2018 to resume at Oxford University.
The presidential candidate of the Peoples Democratic Party, Atiku Abubakar, said on Wednesday that he would privatise the Nigerian National Petroleum Corporation if elected, describing the state-owned oil firm as a “mafia organisation.”
Atiku was quoted as saying at an interactive session with the business community in Lagos that he would take the step even if doing so would cost him his life.
He explained that he sold the idea to President Olusegun Obasanjo whom he worked with as a deputy between 1999 and 2007 but that the former president did not approve of it.
Atiku said he was convinced that the NNPC would run better if not managed by the government.
He said, “Let me go back to my experience. When we got into office, I walked up to my boss and said, “Sir, there are two mafia organisations in government: one is the Nigerian National Petroleum Corporation while the other one is the National Electricity Power Authority.
“I said unless we dismantle these mafia organisations, we cannot make progress. Let’s privatise them… the long and short of this is that I am committed to privatisation as I have said. I swear even if they are going to kill me, I will do it (privatise NNPC).”
Atiku also spoke on how an expert in the petroleum sector influenced his stance on the privatisation of the NNPC.
The former Vice President said, “I asked a Nigerian professor based in America; I said, ‘Prof, do you have a ministry of petroleum in America?’ He said no. I said, ‘Do you have an organisation like the NNPC over there?’ He said no. And America produces oil more than any country? He said yes.
“So I asked him, ‘How do they do it in America?’ and he said taxation, and I decided that I will go by taxation too.”
Atiku criticised the current administration for the delay in passing the Petroleum Industry Governance Bill.
He noted that the level of unemployment in the country was worrying, saying that the lack of adequate jobs could create a bigger problem if left unchecked.
It is no doubt that one of the financial institutions huge bad loans is First Bank Nigeria Limited, a subsidiary of FBN Holdings Plc.
However, the management of the lender is working tirelessly to ensure the non-performing loan (NPL) ratio of the company is cut from double-digits to a single digit.
Managing Director/CEO of First Bank, Mr Adesola Adeduntan, in an interview, said the company plans to achieve this goal by the end of this year.
“First Bank is a big entity within FBN Holdings and the largest. Part of the work stream I earlier mentioned is one that focuses on safeguarding our assets. We have done a lot of work around our risk management.
“For example, when we started this journey about three years ago, we recruited a new Chief Risk Officer (CRO), we revamped the credit risk system, we have implemented a new risk management solution and in fact we have also implemented one now that has reached a very advanced stage.
“And what you see if you have been monitoring the NPL ratio for FBN holdings, of which FirstBank is substantial contributor to that, you would see that it is a dropped materially.
“We still have some wave but we are quite optimistic that by the time we are wrapping up our current strategic cycle by December 2019, we would be single digit which is quite significant,” Mr Adeduntan said.
Speaking on other expectations of the company in 2019, the banker said, “As we move into 2019, the expectations are that things may be a bit slow on the back of the elections and given the fact that naturally, key players, especially on the fiscal side of the economy, would be focussing on re-elections.
“But post that, the projections that I have seen are all quite positive and they all speak to the fact that the expected growth should be higher than what we recorded in the course of 2018.
“For First Bank, we started a massive transformation program in 2017 and 2019 is the end of that strategic cycle. That plan is focused on transforming the entire business with the work stream focusing on the way we serve our customers and around innovation.
“There are projects around reigniting the passion of our people, there are projects around strengthening our technology platform and there are projects also around save guarding our assets which is essentially risks management.
“We are quite delighted from the progress we have made over the last two years and we believe that in the course of 2019, we would have accomplished all the critical components 2017-2019 strategic agenda.
“We are also looking forward to 2019 because with what we are doing; we have basically built a new foundation to enable our bank to run more as digital bank rather than a branch led institution.
“Today, based on what we are doing, more than 80 per cent of our customer-initiated transactions are actually carried out on alternative channels.
“That means 80 per cent of our transactions happen on Firstonline which is done online, Firstmobile which is done with your mobile phones and USSD which is done on both smart and basic phone. That for us is our star product because today we are the clear leader in that segment of the economy.
“We currently have almost 6.3 million customers processing transactions on our USSD platform. If you look at Firstmobile, we are a very close to number two, with over 2.5 million of our customers processing transactions. We process very close to 25 percent of the industry volume in terms of transactions. We are quite delighted with what we have achieved so far.
“We are basically building the foundation and we believe our next cycle would be around significant growth on the back of the fact that we have fixed the foundation and we trust the foundation that we have built that it would enable to grow rapidly and we are going into 2019 with that highly optimistic mode.”
The last may not have been heard on a case of alleged fraud involving Sterling Bank Plc and one of its customers, Providence Heights Secondary School Staff Welfare Association, as the latter has petitioned the Economic and Financial Crimes Commission to wade into the crisis. The Witness learnt.
The customer had accused Sterling Bank of defrauding it to the tune of N1.2 million at the bank’s branch on Iju Road, Iju, in Ifako-Ijaiye Local Government Area of Lagos State.
According to the customer, on two occasions within a period of five months, millions of naira were withdrawn from its saving accounts with numbers 0000886683 and 0068955741.
Findings further revealed that on Thursday, 6 July 2018, the sum of N1,200, 000 was stolen from the saving account number 0000886683 by fraudsters probably working in tandem with some staff of the bank. The leadership of the association reported the theft to the bank management.
This newspaper gathered that after the official complaint on the theft by the association’s leadership, the bank refunded N500,000 to the association. When the association sought for the balance of N700,000, the bank management refused saying the N500,000 it refunded was the one intercepted from the N1, 200, 000 initially stolen.
While the association was struggling to recover the N700,000 balance, The Witness learnt that there was an election to usher in new executive members for the association and to prevent another theft saga, the new executive members opened a new savings account, 0068955741 with the same branch of Sterling Bank with new signatories.
But to the utter surprise of members of the association, we learnt that on Thursday, 1st November 2018, another N1, 700, 000 was stolen in several illegal withdrawals from the account.
Responding to The Witness’ inquiry, Sterling Bank’s spokesperson, Mr. Olubukola Adejokun, however, denied the allegations, stressing that the confidentiality and security of financial information tied to the association’s accounts were compromised by its executives.
The statement reads: “Sterling Bank is not in a fix over the fraudulent transaction referenced. It was investigated with the outcome indicating that confidentiality and security of financial information tied to the association’s accounts were compromised by its executives. We take the protection of the financial information of our customers seriously by always updating policies and procedures to stay ahead of new strategies used by fraudsters. The bank also understands that customers have a role to play in keeping their financial information safe out of the reach of fraudsters, and are consistently educating them to protect their identity, smartphones, accounts, avoid suspicious emails, text or phone calls.
“The ex-chairman of the welfare account reported a case of N1.2 million after his phone was stolen and fraudulent transactions done through USSD, Flutterwave and mobile app on the 6th of July 2018. He, however, reported to the bank on 9th of July 2018 after the fraud had happened. We were able to salvage the sum of N500,000.00 and deactivated the account across our e-channel platforms.
“Immediately the issue was reported, we contacted the respective banks where the funds were transferred if we could still salvage the funds. We were able to salvage the sum of N500,000.00 and this had been credited to the customer’s account and was acknowledged by the customer.
“The custodian of the account (ex-chairman of the welfare account) failed to report incidence of stolen phone to the bank immediately it happened which would have ensured the deactivation of his account across all our e-channel platforms and ultimately prevent the fraud.
“The account was linked to one of the signatories’ personal account after his account had been profiled on Sterling Mobile platform using his registered mobile line and personal debit card details (PAN, CVV, expiry date & PIN). The customer’s account was debited with the sum of N1,746,000.00 and funds transferred to two banks and also used for virtual top-up. We contacted the beneficiary banks with the sum of N129,000 salvaged.
“The association’s executive who had his personal account profiled on Sterling Mobile and linked to the welfare account, confirmed that he was called by someone who claimed to be from the bank and in the process, divulged his card details – PAN, CVV, expiry date and PIN to this supposed staff. The divulged card details were subsequently used for the fraudulent transactions,” the bank concluded.
The Witness further learnt that the EFCC has begun investigation into the matter.
Though, Sterling Bank recently unveiled a new logo aimed at driving its mission to be Nigeria’s foremost bank, delivering highly impactful and valuable solutions to its customers, depositors have continued to wonder how safe their monies are with the lender as the financial institution has allegedly become a haven for fraudulent officials.
Recall, a staff, one Ebenezer Alonge, a cashier with Sterling Bank’s Ado-Ekiti branch, alongside his wife, Isakunle Oyinlola and his mother-in-law, Isakunle Moradeke, were recently arraigned by the EFCC for allegedly diverting N2.4m deposited by a customer.
One of the charges preferred against them read: That you Ebenezer Adeolu Alonge ‘M’, Isakunle Olamide Oyinlola ‘F’ and Isakunle Eunice Moradeke ‘F’ between the month of January 2017 and March 2017, at the premises of Sterling Bank PLC Ado-Ekiti branch, did steal the sum of N2,400,800.00 (two million, four hundred thousand and eight hundred naira) only, property of Sterling Bank, by diverting same to the personal account of Isakunle Olamide Oyinlola with account number, 0047750660 and the personal account of Isakunle Eunice Moradeke with account number 0064222881, all with the Sterling Bank, Ado-Ekiti branch, being money for Ekiti State primary and secondary education development levy, and thereby committed an offence.”
According to a statement by the EFCC acting spokesman, Tony Orilade in Abuja, it was alleged that sometime in February, Sterling Bank received a complaint bordering on financial impropriety involving N62,400 belonging to a customer.
“The incident was investigated and another sum of N2,400,800 belonging to a customer was found to have been diverted by Alonge to his wife’s account.
“Further investigation revealed that there was a turnover of over N21m deposit from other customers in Alonge’s wife’s account.
“Other sums were reportedly traced to his mother-in-law’s account,” said EFCC.
Source: The witness
The highly anticipated MultiChoice Talent Factory (MTF) Masterclasses, the flagship Corporate Shared Value project of MultiChoice Nigeria, will begin on Friday.
This was announced in a statement by the video entertainment company.
According to the statement, the Masterclasses will present the industry with “Best in Class” workshops to increase MTF’s up-skilling outreach to established film and television industry professionals and are aimed at developing technical skills in cinematography, audio and storytelling to improve the quality of local productions. The Masterclasses will be powered by various industry partners as part of the shared value initiative’s three touch points alongside the MTF Academy and the soon-to-be launched industry networking portal.
The workshop is open to invited members of the film and television industry, who aspire to take their craft to the next level. Participants will be drawn from across the spectrum of the industry, with delegates from the Nigeria Television Authority (NTA), Lagos Television, independent television production companies and leading Nollywood professionals.
These will be led by well-respected experts. Among these are South African director and producer, Bobby Heaney; accomplished sound consultant from Dolby India, Vikram Joglekar; pan-African storytelling and creative consultant, Allison Triegaardt; award-winning Kenyan film producer Appie Matere; and Jonathan Kovel, the cinematographer behind the award-winning South African film Ayanda. Additionally, a special MTF Masterclass on Nollywood will be facilitated by Femi Odugbemi, Nigerian film/television expert and Academy Director for MTF Academy West Africa.
“We are excited about the launch of this next touch point of MTF, as it reaffirms our commitment to supporting the industry and promoting sustainability by creating shared value across the business through quality programming for our customers,’’ said John Ugbe, Chief Executive Officer, MultiChoice Nigeria.
The MTF Masterclasses will be presented with support from Dolby Laboratories and FOX Portugal, which both play a crucial role in priming the MTF Academy students as key players in the growth and sustainability of Africa’s creative film and television industry.
Speaking about the workshop Odugbemi said: “The success of these MTF Masterclasses will, over time, deliver a more professionalized, networked film and television industry across Africa and an expanded community of highly- skilled professional who are passionate about creating quality home-grown content.”
Access Bank and Diamond Bank Plc have obtained approval in principle from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) on proposed merger plans.
￼Mr Victor Etuokwu, Access Bank Executive Director, Personal Banking, said in Lagos that CBN and SEC had granted both banks’ approval in principle for the merger process.￼
￼Etuokwu said that the banks were awaiting the final approval which would be granted after convening shareholders meeting.
“So far, we have gotten approvals up to approval in principle. There are three approvals that we need for this process.
“The first one is the pre-order approval which is like the first approval, the next approval is the approval in principle.
“The final approval comes after approval in principle and it will come after you have convened your shareholders meetings,’’ Etuokwu said.
He said that the banks would convene shareholders meetings in February, noting that the approval would be taken to court once approved by the shareholders.
Etuokwu said all the processes including final approval would be completed in the next 60 days.
He said that the new bank would remain committed to retail and corporate banking to drive financial inclusion for desired growth and development.
“We need to invest in retail market to drive economic growth. This is what the new bank will do, a strong corporate and a strong retail bank,’’ he said.
On staff retrenchment, Etuokwu said that members of staff would be retrained for different roles in case of overlapping.
“Staff will be retrained for new roles where there are overlaps, one of the branches can be converted to an e-branch or Automated Teller Machine (ATM) gallery,’’ he added.
Mr Robert Giles, in charge of Retail, Diamond Bank said that integration of both banks had commenced for seamless service delivery.
Giles said that ATMs of both banks could be used by customers at no cost, noting that they were committed at taking costs away from customers.
Mr Herbert Wigwe, Access Chief Executive Officer, at a joint news conference recently, said the bank had already finalised terms and obtained regulatory approvals for a Tier II capital issuance to raise 250 million dollars available for draw down in January 2019.
He said that the bank had also obtained “No Objection’’ from the CBN to undertake a Rights Issue to raise up to N75 billion or 207 million dollars in the first half of 2019.
Wigwe said that shareholder approvals and other regulatory approvals to that effect would be obtained before the offer opens.
He noted that the fund raising exercise would accelerate the capital management plan to support retail growth previously set out in the bank’s five-year strategy.
Wigwe said that the bigger entity was ready to absorb the staff of Diamond Bank at the completion of the deal by end of June, without any disengagement. (Vanguard)
Managing Director, Ecobank Nigeria, Patrick Akinwuntan has reaffirmed the bank’s commitment to the use its wide and versatile digital capacity to transform the entire value chain for micro, small and medium enterprises (MSMEs) in Nigeria.
This according to him would engender more activities in the sub sector leading to the overall growth of the economy. Akinwuntan disclosed that it was part of the overall strategy of the Ecobank Group to deploy its products with digital appeal to support business development. He listed some of these products to include Omnilite, EcobankPay. It should be recalled that Ecobank is also providing Xpresspoints – which is agency banking in your neighbourhood.
“Omnilite is an Ecobank internet banking platform that allows entrepreneurs perform transactions, payments over the Internet through the Bank’s secure website. With Omni Lite, customers have easy access to their account(s) from anywhere in the world; Online real-time account monitoring facility; Convenience of conducting banking transactions from comfort of home/office; Secured online transactions; Easy Access to bank information and products; Effective, cheaper and easier way for our customers to communicate with the bank on a 24/7 basis,” he stated.
Speaking on the EcobankPay, Mr Akinwuntan said “EcobankPay, is a digital QR code that enables payments using the mobile phone, without the need for a plastic card. It is really veryconvenient as it is a one stop platform of Ecobank across 33 countries in Africa. The uniqueness of our EcobankPay is that it has MasterPass, MVisa and Mcash options with a single merchant identity for each customer to transact across the three platforms.
‘Our merchants on EcobankPay have a QR code that accepts all the three. Therefore, if the person that wishes to buy goods from you is coming from a bank that has MVisa, or Mastercard or Mcash, the same QRcode would accept your funds and vice versa. That creates interoperability and convenience for the merchants and as you know, the QRcode is much cheaper than having a point of sale (PoS). It also provides immediate credit to your bank account and not a day after as is on other acceptance platforms. Our products assist entrepreneurs achieve their goals whether it be payments or collections with more ease. We have the payment platform; we have e-portals that would transform the SMEs in Nigeria.”
Mr Akinwuntan, who also spoke on the need to support and grow the intellectual economy, pointed out that Nigeria is gradually becoming a major hub in Africa on intellectual economy with the influx of Fin-tech companies and social media channels.
He noted that Ecobank is already partnering with them to offer banking services. “As you know if you look at the intellectual economy, Nigeria is becoming a major hub in Africa. We had Facebook come here to see what was going on, and a number of Fin-tech companies becoming major players globally, attracting investments for the big IT companies and startups.
Ecobank is seeking to become the partner that provides the banking services for the intellectuals and the economic growth that they are fostering. We partner with Fin-techs, we do not compete with them, we understand that they have their value and we now have a digital platform that makes us the platform of choice and we have physical locations that guarantee distribution to the last mile.”
As schools reopen for another session following the Christmas and New Year festivities, Stanbic IBTC Bank PLC, a member of Stanbic IBTC Holdings PLC, has reassured parents and guardians of the bank’s readiness to help minimize the financial burden of paying their children/wards fees as well as maximize a stress free payment process through its e-solution offering.
The bank said it has a bouquet of educational payment solutions which includes Short Term Loans that are quick and easy to get, Salary Advance (SALAD) for salaried workers as well as its credit cards that parents can take advantage of at minimal cost. Others are its international money transfer solutions for payment of school fees and allowances abroad and the digital payment options. It added that its prepaid cards are available to load pocket money for children/wards, while the credit cards, which currently offer a 55-day interest moratorium, can be used to seamlessly pay school fees. The school fees payment solutions according to the bank, underlines the importance it attaches to education.
Executive Director, Personal and Business Banking, Stanbic IBTC Bank PLC, Mr. Wole Adeniyi, said a prosperous future for the family and the nation is hinged on the educational development of children, and that the bank is keen to offer the needed support to parents/guardians to ensure they bequeath their children this important legacy. “Stanbic IBTC appreciates the fundamental role education can and do play in transforming a society, which is why we have developed these products tailored to the needs of our customers to help them provide quality education for their children/wards,” Adeniyi said.
“Stanbic IBTC will continue to develop products and services to support the attainment of quality education. The array of personal loan products is a fast, simple and convenient way by which customers can meet their short term financial obligations to educate their children. And the repayment terms are very convenient,” he added.
Other benefits of the school fees loans, according to Adeniyi, include low interest rates, access to a revolving line of credit, flexible repayment terms, and the opportunity to access credit up to 100% of the customer’s income. With schools resuming for a new term, the school fees loans will help to alleviate the financial burden parents and guardians may face in paying school fees.
To access the loan solutions from the bank, according to Adeniyi, the beneficiary only needs to be a salary account holder with Stanbic IBTC Bank or a customer who has investments with any of the group subsidiaries and then he/she can walk into any branch of the bank and apply for any of the smart loans in a few easy steps. The application is then processed and the customer is contacted with feedback.
For customers with children/wards studying overseas, he disclosed that the bank is ready to assist them access the needed foreign exchange, which it offers at very competitive rates, in making school fees payment seamless and painless. “Stanbic IBTC Bank will continue to leverage the expertise of the Stanbic IBTC Group to provide services and develop products that address the specific needs of our customers,” Adeniyi said.
As a way of demonstrating its commitment to promoting fitness and healthy living amongst Nigerians, Keystone Bank Limited, has announced its partner,ship with Orange Island Development, a real estate investment firm, to host the maiden edition of ‘The Orange Island/Keystone walk’ with the theme: ‘Invest in your health’.
According to the organizers, the initiative which will mobilise people to walk a distance of 5km will hold on Saturday January 19, 2019.
Speaking on the initiative, the Chief Executive Officer of Orange Island, Ms. Yinka Ogunsulire said: “We are excited to welcome everyone to Orange Island’s 5k Walk. This is the perfect way to kick start the year on a positive and healthy note and gives us the opportunity to show you our progress so far.”
Commenting on their involvement in the event, the Group Managing Director/CEO of Keystone Bank Limited, Dr. Obeahon Ohiwerei said Keystone Bank recognises the importance of health to nation building, stressing that “a healthy workforce is considered the most productive workforce. Good Health is critical to economic development and therefore, health remains one of our core CSR pillars in the Bank. Keystone Bank will continually strive to promote advanced healthcare in Nigeria.”
“The health walk showcases the Bank’s commitment to community investment and project financing. Keystone was the only Bank in Nigeria willing to partner with the Orange Island project at the initial stage after recognising the viability of their vision. And today we remain their sole Bankers, catering to all their needs.
“Sponsoring the Orange Island Walk is in line with our vision to promote a healthier nation as a whole and we also expect that the walk would provide opportunities for non-formal networking for all participants.
“We look forward to seeing you there and starting this New Year on a healthy note”, Ohiwerei concluded.
Keystone Bank is a technology and service-driven commercial bank offering convenient and reliable solutions to its customers.
Becoming an entrepreneur extraordinaire is not mere lip service; it takes consistent effort and focus to grow from just being an entrepreneur with interest in a particular business to becoming a respected and renowned empire builder. Think Dr. Mike Adenuga, GCON, CSG, CLH, the Chairman of the telecoms giant, Globacom. Frequently likened to a champion and sometimes, a business genius, Adenuga effortlessly depicts the image of a modern-day General of Commerce.
Interestingly, however, nothing excites Adenuga as much as his octopoidal conglomerate. Yes, very few of members of Nigeria’s affluent club can achieve every great feat in their youth and remain quiet and self-effacing, like an avatar of the Himalayan thrust. While some are busy pushing status and their immense bulk in a desperate dash for socio-economic and political acclaim, Adenuga affects tact and humility, without ostentation or pretence. Adenuga is a force of nature. A rare factor on the African continent.
You could be forgiven for ascribing to him, superhuman smarts. For a man who has learned and mastered intricate business as the genius conductor assimilates Mozart’s aria, you can never ornament the words enough to describe his unparalleled verve and genius. If Adenuga were a lab scientist, he would have reordered groups in organic chemistry and calculated the anti-derivatives of functions that he will effectively deploy in real life—all with a modest amount of energy.
Some would liken him to ‘The Factor’ on the African continent, a towering force of hope and entrepreneurial depth. Little wonder, he and others are still standing firm on the Forbes list of billionaires for 2018, released a few days ago. The rankings also show that Dangote, Adenuga and Abdusamad Rabiu top Forbes’ African Billionaires. Curiously, Dangote saw his wealth drop by $2bn from $12.2bn in January 2018 to $10bn in 2019. But Dangote retained his position as Africa’s richest man for the eighth consecutive time. Adenuga, with interests in oil exploration and real estate, moved up to be Africa’s second richest man. The American magazine said Adenuga’s net worth dramatically increased from $5.3bn to $9.2bn because he provided more detailed information about his assets. Yes, it’s often said Adenuga covets no vanities thus unlike many of other billionaires; he demands no free verses, heroic couplets or ornamental rhymes to glorify his personage as a man. Adenuga is hardly given to such infectious vanities.
Interestingly, Abdulsamad Rabiu, chief executive officer of BUA Group, featured on the list for the first time since 2015. Folorunsho Alakija, whose net worth dropped to $1.1 billion from $1.3 billion, was ranked 19th. The rank was a tie with South African banker, Michiel Le Roux. Commenting on the reduced net worth of the personalities, Forbes said, “Buffeted by plunging stock prices and weaker currencies, the number of African billionaires has shrunk to just 20, down from 23 a year ago. “Four people fell off Forbes’ annual list of the continent’s richest since last year while one returned to the ranks after a four-year absence. All but four members of the list have smaller fortunes than a year ago.” (Thisday)