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“Forbes” Richest Men List is Bad Copy of Original

The recent ranking of the richest men in Nigeria reportedly credited to Forbes has stirred a varied assortment of comments not just for the controversial listing of some of greatest debtors in the country but for revealing some golden fishes that have hid in the background for some time.
But for what it was worth, that list was a bad photocopy of the original: it was original to a blog called Strategic Business Team.
Anyways, Forbes Africa has cleared the air on the purported list saying “The information that was published in a recent article that made reference to a list of the wealthiest Nigerian businessmen was not created nor produced by Forbes Africa or its parent company, Forbes”
“Forbes Africa, its parent company in the United States, its affiliates and subsidiaries including staff, hereby unequivocally disassociates itself from the article, the content, thereof and any information that is related to it” it said.
But at the risk of maligning the list, Aliko Dangote was justifiably ranked as the richest African in the world just as “Forbes “ was spot on with Mike Adenuga who has hands in every profitable pie.
There are a few others where “Forbes “got it right after looking at the shares they held in quoted companies; the size; and market share of their companies; the number of companies they own; and its assumed value; the market value of their company’s brand; and the impact of their companies on the Nigerian economy.
But one name that stood out in the Forbes list is Leonard Stanley Nnamdi Ekeh generally known as Leo-Stan, a man who nearly lost his head selling international commodities.
Leo-Stan, a first rate economist, risk manager and digital entrepreneur has built an enviable business empire with his bare hands and special God’s favour.
Nigeria CommunicationsWeek assumes that “Forbes did not contemptibly rank its list in the order it appeared because Leo-Stan and his companies are arguably the only ones in the country not trading with banks’ or other peoples’ money.
He is a solid digital entrepreneur and an Icon of Hope, who has given Nigeria IT identity in the international community.
Leo-Stan is a motivational leader whose vision to “Computerize Nigeria” has reshaped the history of information Technology in the Nigeria in particular and the Third World in general.
He pioneered Desktop Publishing and Computer Graphics in Nigeria, with his first company, Task Systems Ltd in 1989.
Through Task Systems Ltd, he succeeded in computerizing 95% of the Print Media, Advertising Agencies and Publishing Houses in Nigeria! This was just the first step in a journey that would revolutionize the Nigerian Media and Multi – Media sector.
Following his success with his first company, he pioneered the distribution of ICT products in West Africa with Technology Distributions Ltd.
This company is now the No.1 ICT distribution company in Sub Saharan Africa. Under his leadership, Technology Distributions Ltd. has become one of the most recognized and decorated distribution companies in Nigeria and Africa as a whole.
For years, TD has consistently won awards for outstanding performance in areas such as market penetration, revenue generation and preferred partner status.
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EFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud


EFCC
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AfDB Supports Francophone Africa Start-ups with €6.5M

The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.

The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
News
Nigeria Inks $1.3bn MoU with AFC for Alumina Refinery, Mining Push

Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.

Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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