Jerry Douglas' Blog

Move over Oprah, Nigerian oil tycoon Folorunsho Alakija is now the richest black woman in the world with an estimated fortune of $7.3 billion. Africa boasts 55 billionaires - far more than previously thought - and they're worth a staggering $143.88 billion in total, according to pan-African magazine Ventures Africa. Starting her career as a secretary in a bank in the mid 1970s, Alakija, 62, then studied fashion in London and returned to Nigeria to start a label, Supreme Stitches. But her biggest break came in oil. In 1993, her company, Famfa Oil, was awarded an oil prospecting license, which later became OML 127, one of the country's most prolific oil blocks, by then-president Ibrahim Babangida. The company owned a 60 per cent stake in the block until 2000 when the Nigerian government unconstitutionally acquired a 50 per cent interest without duly compensating Alakija or Famda Oil. In May 2012, Alakija, a married mother-of-four, challenged the acquisition and th

Bishop David Oyedepo, Alhaji Aliko Dangote and Dr. Mike Adenuga are among the top 10 Nigerian billionaires who will pay hundreds of millions of naira annually as luxury tax due to the imposition of a whooping $4,000 luxury tax by Aviation Ministry on private jet owners and operators per departure. According to Encomium magazine   According to our sources, among the four jets owned by Bishop Oyedepo (Gulfstream V and G550, Bombardier and Gulfstream G430), he uses three regularly personally and for his missionary work. Thus, his luxury tax annually will be an average of N399 million.  Alhaji Aliko Dangote who has three private jets in his hanger will also pay an average of N399 million per annum.    Dr. Mike Adenuga, Jnr, whose Falcon 7x and Bombardier jet are used for personal and business purpose should pay an average of N266 million.  Governor Rotimi Amaechi and his Akwa Ibom counterpart, Governor Godswill Akpabio would shell out an average of N166.4 million annually.  Pa

More Nigerians have joined the continent’s billionaire league, according to a new study by Ventures Africa. The new rich list names Abdulsamad Rabiu, Jim Ovia, Jide Omokore, and Bode Akindele amongst Africa’s billionaires. Africa, world’s fastest growing emerging market, is home to 55 billionaires, up from a previous estimate of 25, with an average net worth of $2.6bn, the new research says. The price of oil, which topped $100 a barrel this year, up from $20 a barrel in early 2000, is adjudged to be at the root of this new crop of African billionaires. These super rich are worth a combined total of $143.88bn (£89.27bn), in contrast to the UK, which is home to 84 billionaires who are worth nearly £250bn, according to 2013 Sunday Times Rich List. With 55 billionaires, Africa is comparable to Latin America, which has 51 at the last count, according to Forbes . However, Africa has some way to go if it is to top the super-rich tally in Asia, which is home to 399 billionaires

The Federal Government has slashed the costs of registering businesses in Nigeria by 50 percent, in its bid to encourage investment in the country. The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, disclosed this, Tuesday, in Abuja during the signing of a Memorandum of Understanding between his ministry and Brazil’s Ministry of Development, Industry and Foreign Trade on the promotion of trade and investment. He said the Corporate Affairs Commission had, since October 1, 2013, reduced capital registration costs by 50 per cent for equity registration of N500m or lower, and by 25 per cent for equity registration above N500m. The initiative, he explained, was in line with the ministry’s investment climate reform programme, aimed at strategically repositioning Nigeria as the preferred destination for both local and foreign investments. According to him, “Following the directive from the President, the CAC has since October 1, 2013, slashed fees for busines

One hundred and thirty-eight Chief Supervising Principals, CSPs, recently appointed by Enugu State Government for various schools in the 17 local government areas of the state have been compulsorily retired for allegedly falsifying their ages. The list of those retired was released yesterday and pasted on the notice board of state Post Primary School Management Board, PPSMB. Some of them were said to have spent between five years and above after attaining their official retirement age due to falsification of records. Vanguard gathered that most of those elevated to chief supervising principals by the PPSMB on the directive of the state Ministry of Education, were so reluctant accepting their new positions and postings because of the huge income they expected to rake in from new students’ admission this term. But the PPSMB insisted that they must comply with the directive and compelled them to update their records but in doing so, the affected persons falsified their ages

The Super Eagles Head Coach Stephen Keshi has said that the refurbished pitch of the National Stadium in Abuja was not good for football. Keshi said this on Tuesday evening when he spoke to newsmen after 18 Super Eagles players had their first training session on the refurbished pitch ahead of the crucial World Cup final round qualifier against Ethiopia. He expressed displeasure with the state of the pitch, saying that it would be dangerous for the Eagles to play on it. “From what I saw, it is a sandy pitch and it is hard; it will be very difficult for the players to play on it, especially the goalkeepers because it is sharp sand. “If it rains, I think, the pitch will be water-logged,’’ Keshi said. Criticism has trailed the renovation of the pitch since September 17 when the contractor, Julius Berger, handed over the stadium to the government. During their oversight visit to the stadium, members of the House of Representatives Committee on Sports had expressed dissatisfact