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While 499 other billionaires have struggled to add to their fortunes this year, the world’s third richest man has made a whopping $60 billion. With a total net worth of $137 billion, Indian-born Gautam Adani’s extraordinary wealth gain in 2022 has far surpassed that of any other billionaire, many of whom have seen their fortunes drop this year, according to Bloomberg’s running tally. And that’s as billions have evaporated for his wealthy colleagues this year. The world’s richest, Tesla TSLA, -2.62% Chief Executive Officer Elon Musk, has seen a loss of $18.9 billion this year to bring his fortune to $251 billion, while Amazon.com’s AMZN, -1.07% executive chairman Jeff Bezos and No. 2 on the wealthy list, has seen his fortune tumble $39 billion this year, to $153 billion. Bloomberg reported that Adani, a college dropout, vaulted into the top three on Monday, the first time a person from Asia has made it that high into the rankings. That puts his billionaire status above that of the CEO of luxury goods giant LVMH MC, -0.17% Bernald Arnault, Microsoft MSFT, -1.10% co-founder Bill Gates, and Berkshire Hathaway’s CEO BRK.A, -1.06% Warren Buffett. Adani is the founder of Indian multinational conglomerate, Adani Group, the country’s biggest port operator. The company’s other businesses include electric power generation and transmission, renewable energy, natural gas, infrastructure, airport operations and mining. Adani Solar, for example, has a goal of generating 450 GW of renewable energy by 2030. TotalEnergies TTE, -3.62% entered a deal earlier this month to acquire a 25% stake in Adani New Industries, to produce and commercialize green hydrogen in the country. Its flagship entity, Adani Enterprises 512599, +1.62%, saw a 73% jump in consolidated net profit for the first quarter ended June, and a 225% surge in consolidated revenue. Shares have surged 86% so far this year, while India’s S&P BSE Sensex 1, +2.70% is up around 2.2%. But the tycoon’s expansion spree has also raised concerns over debt in some corners. According to media reports, debt research group CreditSights last week described Adani’s empire as “deeply overleveraged” and at risk of sinking into a “massive debt trap,” owing to growth plans funded by debt. Bloomberg recently pointed out that Adani Green Energy 541450, +4.28% has seen its debt-to-equity ratio surge to 2,021%, the second-highest in Asia behind China’s Datang Huayin Electric Power Co. 600744, -1.65%.
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obyrich:Tinubu na idiot, Jonathan was indeed clueless. |
Rozross:Mumu agbero has gone to beg for endorsement from the same person he vilified less than 8 year ago? Useless Hypocrite, this Tinubu Criminal is the true analogy of No Honor Amongst Crooks. |
https://m.youtube.com/watch?time_continue=35&v=2eRSte3vxVw&feature=emb_title Officials of Nigeria’s ruling All Progressives Congress (APC) have alleged that Lagos State is the third-largest economy in Africa. The claim spread after an influential ex-governor of the state, Bola Ahmed Tinubu, was nominated as the APC’s candidate for the presidential election set for February 2023. His running mate, Kashim Shettima, made the same assertion at a recent lawyers’ conference. But AFP Fact Check found this to be false: official data shows that, though the state is Nigeria’s biggest economy, it is not among the top five economies on the continent. Formerly the seat of the government, Lagos is Nigeria’s economic capital. It tops the list of the best African cities for tech startups and is home to Nigeria’s busiest seaport and the country offices of tech giants like Google and Microsoft. “Lagos is the third largest economy in Africa,” Shettima said at the annual general meeting of the Nigerian Bar Association in Lagos on August 22, 2022. He made the comments while listing Tinubu’s achievements when he was state governor between 1999 and 2007. Festus Keyamo, the spokesman for Tinubu’s election campaign and Nigeria’s junior minister for labour and employment, made the same claimduring an interview with Nigerian broadcaster Arise TV in early August. Nigeria’s biggest economy Lagos state is Nigeria’s biggest economy and was responsible for 15.3 percent of the country’s gross domestic product (GDP) in 2021. Figures from the National Bureau of Statistics (NBS) showed that the state had the highest internally generated revenue (IGR) in 2020, with 419 billion naira (US$1.1 billion at the time) collected in taxes and dues. That amount is more than triple the revenue of the second-best state, Rivers, which collected 118 billion naira during the same period. Meanwhile, NBS’ half-year report for 2021 revealed that Lagos collected some 267 billion naira in taxes -- more than triple the 69 billion naira reaped by Nigeria’s capital city, Abuja. Tinubu is credited with changing the way taxes and levies are collected in the state, which has seen its IGR steadily increase. But the claim that the state has the third largest economy in Africa is false. Ninth, not third-largest economy AFP Fact Check searched the website of the state’s ministry of economic planning and budget and found a document that shows the GDP figures of the state between 2013 and 2021. The report was issued by the Macro Economic Statistics Division of the Lagos Bureau of Statistics (LBS). The agency confirmed to AFP Fact Check that the document was authentic and could have only been published on the website after the approval of the commissioner in charge of the ministry. According to the official document, Lagos’s GDP was 26.587 trillion naira in 2021 (US$75.965 billion at the time). That figure represents about 15.3 percent of Nigeria’s GDP, which stood at 173.527 trillion naira during the same period. In terms of percentage contribution to the national GDP, the 2021 figure was the lowest contributed by the state over a five-year period between 2017 and 2021. The document cited the COVID-19 pandemic as a key reason for the decline. World Bank data shows Lagos State is not Africa’s third-largest economy - whether it is subtracted from or counted as part of Nigeria's national gross domestic product. According to the report, the country's GDP was the largest on the continent in 2021 at US$440 billion. Eight biggest economies in Africa in 2021 ( World Bank data / ) The value of Lagos State for the same year was US$75.965 billion. This places it behind the economies of five countries in sub-Saharan Africa (Nigeria, South Africa, Ethiopia, Kenya and Ghana) and three in North Africa (Egypt, Algeria and Morocco). If Lagos State were to be deducted from the national value, Nigeria would simply slump to the third position in Africa behind South Africa and Egypt. Meanwhile, the state’s GDP remains larger than that of West African neighbours Niger, Benin, Togo, Chad, Sierra Leone, Liberia and the Gambia put together. |
anonymous1759:True Talk |
Yoruba1stson:Unstoppable derailed train of rail, hijacked by bandits, heading for the rocks. |
GreatBoss:Shut up you this ijaw boy, for years you have been reiterating this nonsense, don’t ever in your life compare Ijo & Igbo people again. Mumurist. |
Teewonders:Which one, the Court you were happy with for awarding the compensation, or the one you are angry with for annulling it? |
seunmsg:Afonja from Cotonou is that all you have to exclaim? |
Testimony1988:So Nigeria should come to a standstill because useless ASUU is on strike? |
OluKhayode:What did Mumu Jonathan do in Bayelsa State before he exited Aso Rock? |
Obidatti2023s:Peter Obi your messiah that said he will not probe anyone? It is quite obvious that most you so called Obidient are blind followers. |
yinkus6750:With all due respect, only mumus for 1 second will imagine to think that the Federal Government will extradite Abba Kyari a serving force officer. You these children in Nigeria have been watching too many western movies. |
FatherOfJesus:Illiterates. |
EMPEROROFDONBAS:Just like Peter Obi. |
NaijaRoyalty:What of Peter Obi? APGA, PDP, now The Labor Party. |
Michelle70:He is in on his last leg, soon Nyesom Wike will be the hunted. |
Enny8:Where is Tinubu’s Waec? |
highchief1:Irrelevant, could careless, it is who Delta Central supports that will win, it is Urhobo’s turn, we will choose the next Governor of Delta State, you cannot know our kinsmen more than us. |
tonyuny12:Tompolo that APC Federal Government has given pipe line contract? |
Aiel123:Who did Sheriff defeat to get to the State House of Assembly? Mention the name, to see if anyone as heard of the being. |
ken6488:Just imagine a governor that doesn’t win his own Local Government, does that sound logical to you? Isn’t that a Governor rejected by his own people? How can that kind of person win, who gave Okowa the authority to choose a Governor of Urhobo ethnicity for us? |
CyberWolf:The Supreme Court looks at a case holistically, this must be a setup to hand power to Omo Agege on a platter, because it doesn’t make any sense why of all people it is this semi illiterate Sheriff, that Okowa wants to foist on Delta State? |
ogbonti:Omo Agege Ughelli North, Sheriff Okpe Local Government. More than likely, Ughelli Urhobo will win. |
rolexino:What concerns APC & Delta State, with the highest allocation from the Federal Allocation Committee for 5 straight years can pdp Delta State, show you any 21st century urban infrastructural development from 1999-date? |
Ayosman1:This Delta State pdp self inflicted implosion, will usher under servants APC to power, both @ State & Federal level. Pdp has had their 15 minutes of fame, a house divided amongst itself cannot stand. Abubakar Atiku, The Rilay Odinga of Nigerian politics, is just a cursed person for choosing Okowa as his running mate, Okowa that is fighting his mentors in Delta State, is who wants to become Vice President? Sorry for Pdp & Atiku, Ibori & Wike will make sure that they lose. Who the Gods Want To Destroy, They First Make Mad. |
vicdom:How is discrepancies in your qualifications a pre electoral issue? It would have been better, if he had just filed his waec result, whether pass or fail, instead of forging. Whenever the Court establishes that the documents he put forward are inconsistent, his victory will be null & void ab initio. Mind you it is a criminal matter, and under the law, there is no statute of limitations. Delivering judgment in the appeal on Monday, Justice Ige agreed with the appellant that the suit filed by David Edevbie was wrongly initiated because allegations of criminal offences must be proven beyond affidavit evidences. The court held that failure of Edevbie to call relevant witnesses was fatal to the case. |
ken6488:If you read what I wrote, Let Sheriff win the election, the Supreme Court of Nigeria will remove him based on this same allegations. Did the Appeal Court say that there where no discrepancies in sheriff’s results? Sheriff won on a technicality, not on merit, I am sorry for pdp Delta State, they will fight themselves to a loss. Delivering judgment in the appeal on Monday, Justice Ige agreed with the appellant that the suit filed by David Edevbie was wrongly initiated because allegations of criminal offences must be proven beyond affidavit evidences. The court held that failure of Edevbie to call relevant witnesses was fatal to the case. |
Milljack:Confused man, Sheriff won his case on a technicality, not based on merit against the facts, let him sail all the way to victory, APC will remove him, they know where them Ibori made their mistake in the filing. |
ken6488:That is why we no support Okowa, maybe Sheriff is Itsekiri, & David Edevbie & Omo Agege are Urhobo. |
ken6488:Quite obvious you no go school then. |
ken6488:What concerns me with who wins the presidency, I cannot point to anything that Okowa did in 8 years as Governor, only a fool will believe he will do anything as Vice President for Urhobo people. |
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when we get to the bridge we will cross it...if omo agege wins more than 4LGA out of 25lga remind me...all politics is local... DSP omo agege (obarisi of urhoboland) would have fasted and prayed for edevbie to win at the court because agege will defeat him in his Afiesere ward,they both share the same LGA agege will trash edebvie Silly.. edebvie is just money money money..he ain't popular and acceptable