davodyguy:

I'm saying same thing. There's no verification, just whatever I say verbally or my auditors provide.

I've seen many doctored Financial Statements

You really think Forbes guys are foolish. Like they don't know what they are doing. Yet, they are a global brand!

davodyguy:

Lol.

In financial world, they're assets and not liabilities. We are talk professional here and not some sentimental feelings. I'm a certified Appraiser and Chartered Valuer by profession. Learn from professionals in public forum.

Have you seen a Balance Sheet before or audited financial statement of any publicly quoted company? If you've not, run a search on the internet to educate yourself.

We have Tangible and intangible assets

Tangible are the assets you can touch like cars, houses, machines, aircrafts etc, intangible are Goodwill, Patent, Trade Mark, intellectual property
Enough, before I render free service

that is school definition of asset, the one you see in book, so when you said you are appraisal by profession, I know u will bring school analogy. these folks sees houses as a liability, I like them, I read a lot of their books, I download videos of their teachings, they think a lot diff from us, read "rich dad poor dad" u will understand. Financial literacy is not taught in any book else Liberians will be the richest on earth

dukeprince50:
that is school definition of asset, the one you see in book, so when you said you are appraisal by profession, I know u will bring school analogy. these folks sees houses as a liability, I like them, I read a lot of their books, I download videos of their teachings, they think a lot diff from us, read "rich dad poor dad" u will understand. Financial literacy is not taught in any book else Liberians will be the richest on earth

This discourse is not about theory or some principles. It's about actuality abeg. We are talking Forbes here and what brings you to Forbes are what you own in terms assets (Tangible and intangible) end of story.
Mike Adenuga owns so many properties (land and buildings) he owns luxury cars, he has gas stations, he has stake in Sterling Bank. He has stake in Glo, He has license to export crude. All these were added by Forbes to arrive at the $9.2billion they published. That the subject at hand. I'm not interested in the BS in any book.

He owns that Plaza on Adeola Odeku in VI. By valuation, that plaza is worth over ₦50billion. Quote me any where.

He owns Bella's Place on ligali Ayorinde. That property is worth over ₦10billion

Conoil is there as well

saajus:
Dangote got many oil blocks from Babaginda. Go and read about how he made his wealth. Most of our wealthy people in Nigeria are not that smart. They didn't create anything. They invented nothing. If a fool got oil block, he will become a billionaire. Just find a foreign company, lease it to them and watch ur bank account. If the dullest man in the world got a sole importation right for rice, he will become a Billionaire. I have zero respect for all those Naija Billionaires. Do you know how many people Dangote trucks have killed. Dangote killed Nigeria Railways so that his trucking biz can thrive. Dangote has lot of blood in his hands. Our foolish artistes in their stupidity will be using them to sing. Praising ur oppressors in songs.

It is easy to think that Dangote would benefit more from railway construction than anyone else in the country. His company is not into logistics. What would be his rational for frustrating railway construction. He was outsourcing the distribution but many delivering failure and huge cost made him created his own truck line. There are many accident and carnage on Nigeria roads because the road is primarily bad added to untrained drivers. Running a small scale business is not beans let alone multinational companies. Dangote moved from trading commodities to owning large manufacturing industries. That is no fluke!

BluntBoy:


Really?

So, you mean to tell me that Dangote's wealth is measured with amounts invested in his refinery that is yet to open?

How would you measure money thrown into the business that has not begun to yield?

Oga, don't argue this. Investment is an asset and part of wealth.

greatface:
Tell me also how you can measure the worth of private cars and living houses which are recorded as assets by this ranking medias but in other platforms are been regarded as liabilities?

Tell me the platform that turns finance/accounting upside down and records houses and cars as liabilities.

Gerrard59:


Mistake #1: Assuming that it's a media company, then she doesn't conduct research or has no research team.



Mistake #2: If you had read the entire article, you will see that sources of data collection also includes lawyers, bankers, estimates of valuation if it's a private firm etc.

Mistake #3: We should disregard information from a firm that's authoritative on the subject for more than THREE DECADES.

which lawyer and banker on earth will tell you their client worth, those are private and confidential

as i have written all their data are gotten from public information and data.

just because it is an authoritative company doesn't mean they can not create news for your entertainment,

Sincinnati:
What’s his net worth?

We can only determine that if we know his liabilities.

Aderewah:
Where's davido's father now??

People be using the word billionaire anyhow in this country. Shebi you hear now. There are only four billionaires in the country. I don't think davido's father is worth more than $200m

atleast still richer than everyone in ur lineage
ur own father $100

Oladipo1166:

atleast still richer than everyone in ur lineage
ur own father $100

I didn't say it with malice. My dad is dead tho. Was not a millionaire in dollars but much more than $100

tiger28:
adenuga is wealthier than any of these guys... He is just too low key with his finances.

So you mean Adenuga is wealthier than Dangote?

Oluvico007:
Where is Gilbert Chagoury

They don't consider him a Nigerian/African, even though he holds a Nigerian passport.

davodyguy:

Who told you that it means they're that liquid? It's a combination of fixed, movable and current assets, not only cash in hand or in bank.

If I have 10 cars with each valued at ₦10million
And I ha e only ₦3milion cash in bank.

My total assets would be ₦103 million

Aren't cars liabilities?

hedonistic:

They don't consider him a Nigerian/African, even though he holds a Nigerian passport.

Actually he is, his network is about a billion dollars, so go figure.

Oladipo1166:

atleast still richer than everyone in ur lineage
ur own father $100

You do know the one you're referring to wouldn't hesitate to snub you if you met in RL

KiZiie:


Actually he is, his network is about a billion dollars, so go figure.

His net worth is actually well over a billion dollars (multiple billions), and he holds a Nigerian passport. But like I said, the likes of Forbes rate him as a Lebanese, not a Nigerian. You'd see him in the list of richest Lebanese, not Nigerians.

KiZiie:



Aren't cars liabilities?

No, they're not. A lot of people needs to be educated and stop following the Nigerian mentality

thebosstrevor:


do you read what i wrote? if they make their real worth public, the tax collector will come knocking at their doors. even with all the manipulation and loopholes, they won't still go public with their real worth

yes, you can exploit the laws and send your money to tax heavens, use shell companies and many more, but once the government knows your real worth, you will be in trouble for Tax evasion

Sigh. Firstly, if you know exactly how much you are worth, chances are, you aren't as rich as you would like to imagine. Secondly, there is a difference bwtween 'tax evasion' and 'tax avoidance'. When you get to a certain tax bracket, it becomes far more effective to do tax avoidance. At this point, you would probably have Private Wealth Advisors telling you things like setting up trusts for easy transfer of assets to the next generation, how to allocate your wealth to various investment classes to match your risk tolerance, and avoid taxes etc.

hedonistic:


His net worth is actually well over a billion dollars (multiple billions), and he holds a Nigerian passport. But like I said, the likes of Forbes rate him as a Lebanese, not a Nigerian. You'd see him in the list of richest Lebanese, not Nigerians.

It's clearly their ignorance to be honest. it's just like calling adiche–hopefully is spelt that correctly– and American than Nigerian. I know it's a loosely based analogy but hopefully you get my point.

Jarus:


Oga, don't argue this. Investment is an asset and part of wealth.

Investment is an asset only if you have subtracted liabilities.

What if Dangote's presently nonfinancial investment (refinery) is financed heavily by bank loans (liabilities).

Explain how that should increase and not make his wealth dip in the meantime?

greatface:
Tell me also how you can measure the worth of private cars and living houses which are recorded as assets by this ranking medias but in other platforms are been regarded as liabilities?

Car is an asset. It is a depreciating asset. Car loan however is a liability.

I wouldn't agree with anyone who thinks cars are liabilities.

famouscargo4u:
Most of you don't understand. Dangote expended a lot in the his refinery which would begin operation in the second quarter of this year and being the largest refinery in Africa with 650,000 barrel per day. Even Otedola had to divest from Forte oil for a stake in Dangote Refinery. Dangote's income to soar this year, you can take that to the bank!

lies from the pit of hell!
Refinery will start functioning maybe by 2025, I'm a rig operator on that same refinery. Piling is yet to be completed let alone structuring ..maybe fertilizer plant you meant to say.

thebosstrevor:




which lawyer and banker on earth will tell you their client worth, those are private and confidential

as i have written all their data are gotten from public information and data.

just because it is an authoritative company doesn't mean they can not create news for your entertainment,

African expert.

Lots of billionaires have opened up their books for Forbes willingly . Many of them also have publicly quoted shares and other assets. Your tax argument is baseless as countries do not tax wealth they tax income. That someone is worth billions does not mean he would suddenly have to pay billions in taxes. Warren Buffett hardly pays a serious amount in taxes and his wealth is 100 percent confirmed since his holdings are entirely public.

Dismissing the research of a serious media company as mere entertainment says a lot about your level of knowledge. One should have sound reasons before being a cynic

einsteine:


African expert.

Lots of billionaires have opened up their books for Forbes willingly . Many of them also have publicly quoted shares and other assets. Your tax argument is baseless as countries do not tax wealth they tax income. That someone is worth billions does not mean he would suddenly have to pay billions in taxes. Warren Buffett hardly pays a serious amount in taxes and his wealth is 100 percent confirmed since his holdings are entirely public.

Dismissing the research of a serious media company as mere entertainment says a lot about your level of knowledge. One should have sound reasons before being a cynic

Nigerian expert

this is the most ignorant statement i have ever read on NL. have you ever heard about capital tax or wealth tax, this is the reason why those wealthy guys move their assets to tax heavens.

so billionaires open their books willingly for forbes, it seems you dont know what you are writing.

what Forbes is doing is using publicly available data to estimate their wealth. all those billionaire lists are gossips to feed your ears.

Bagehot:


Sigh. Firstly, if you know exactly how much you are worth, chances are, you aren't as rich as you would like to imagine. Secondly, there is a difference bwtween 'tax evasion' and 'tax avoidance'. When you get to a certain tax bracket, it becomes far more effective to do tax avoidance. At this point, you would probably have Private Wealth Advisors telling you things like setting up trusts for easy transfer of assets to the next generation, how to allocate your wealth to various investment classes to match your risk tolerance, and avoid taxes etc.

it is illegal and a crime to avoid tax in many countries. to reduce your tax, you can transfer your earning to tax heavens, in tax heavens they pay tax but very low.

Private Wealth Advisors are just managers of wealthy people money. Wealth managers develop plans to maintain and increase the wealth of their clients.they also prepare your tax and tax returns that is why many of them offer tax services, for trust, taxable income includes all income earned by the trust, including capital gains

all billionaires know their real worth because it is their asset which they manage by setting up a family office or using wealth managers and lawyers. No billionaire will come to the public to tell you how much they are really worth.

Who should be responsible for his drivers' training? His drivers lack of training killed more than Naija roads. They are so reckless. In a sane country, law suits would have finished him. He's not doing all his businesses on level playing field with others.

Mayflowa:


It is easy to think that Dangote would benefit more from railway construction than anyone else in the country. His company is not into logistics. What would be his rational for frustrating railway construction. He was outsourcing the distribution but many delivering failure and huge cost made him created his own truck line. There are many accident and carnage on Nigeria roads because the road is primarily bad added to untrained drivers. Running a small scale business is not beans let alone multinational companies. Dangote moved from trading commodities to owning large manufacturing industries. That is no fluke!

Aderewah:
Where's davido's father now??

People be using the word billionaire anyhow in this country. Shebi you hear now. There are only four billionaires in the country. I don't think davido's father is worth more than $200m

Dude... That's Forbes list and check again the currency is in dollars not our down-falling naira.

To get 1 billion dollars is not a child's play...
That's 365 billion naira...

So if DAVIDO'S father has 2 billion naira, is he not a Nigerian billionaire?

Get your facts right, man before you throw shades next time.

Keep swallowing their lies. Many Naija in oil industries use proxies. Most of these Naija rich guys are even richer but a lot of them use proxies because they can't fully explain their wealth. He might pay some dues but 90% of his wealth is OUR MONEY. To be honest, if you are closer to these guys, u will know their secrets. I've been privileged few times. If many Nigerians truly know what is going on behind the scene, they will be stoning the likes Dangote, Otedola, Adenuga, Rabiu, Alakija, Dantata instead of praising them. These guys have caused more damage to our society. Most of them killed functioning Naija system so that they can thrive. When we have less of these guys in the 60's, 70's and 80's, many Government sectors are working.

Ugosample:


Dangote got an oil block

Do you even know what you are saying?

Dantata his cousin has been involved with oil, but not him.

He has said it again and again

He did not get rich via direct connections to oil


Instead he has made some impact in the Nigerian economy

Making NIGERIA a net sugar refiner from being one of the biggest importers of sugar

From building cement factories across the country from just being an importer

and now we are talking about refining oil from being one of the world's biggest importers of petrol.

He has paid his dues and deserve some respect

If he was the typical rent seeker in oil in Nigeria, do you think he would have come this far

BluntBoy:


Investment is an asset only if you have subtracted liabilities.

What if Dangote's presently nonfinancial investment (refinery) is financed heavily by bank loans (liabilities).

Explain how that should increase and not make his wealth dip in the meantime?

You are talking of net assets (not assets).

Investment is indisputably an asset. But you have a point that wealth should be measured by net assets (i.e assets minus liabilities).

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Drsavage:


Dude... That's Forbes list and check again the currency is in dollars not our down-falling naira.

To get 1 billion dollars is not a child's play...
That's 365 billion naira...

So if DAVIDO'S father has 2 billion naira, is he not a Nigerian billionaire?

Get your facts right, man before you throw shades next time.

Get it. It's not throwing shade it's talking facts. A person with 2 billion naira isn't a billionaire. The American dollar is used for international money standard. Or else, every body in Zimbabwe is a billionaire