Nigerian billionaire and industrialist, Aliko Dangote, has maintained his position as the wealthiest man in Africa, with his fortune rising to an impressive $28 billion.

This makes him the 65th richest person in the world, according to the latest Top 500 Billionaires Index released by Bloomberg.

Dangote’s significant increase in wealth is largely attributed to the successful commencement of operations at his new petrochemical refinery, which is valued at over $20 billion.

The refinery, a major project for the African continent, is expected to boost the Nigerian economy by providing jobs and reducing the country’s reliance on imported petroleum products.

Dangote’s business empire continues to grow, and this latest milestone marks the highest point he has reached on the global billionaires list, having moved up from 83rd place in 2022.

While Dangote dominates the African billionaire landscape, no other individual from the continent comes close to his new ranking.

Johann Rupert, a South African luxury goods tycoon, holds the 174th spot on the global list, with a wealth of $13.6 billion.

Rupert is the chairman of Swiss-based luxury group Richemont, which owns prestigious brands like Cartier and Montblanc.

Nicky Oppenheimer, another prominent South African, is ranked 224th worldwide, boasting a fortune of $11.6 billion.

The Oppenheimer family is well known for its deep roots in the diamond industry, having sold its stake in De Beers, the world’s largest diamond producer, to Anglo American.

Other African billionaires featured on the list include Natie Kirsh of South Africa, ranked 297th with a net worth of $9.25 billion.

Kirsh’s fortune comes from his investments in real estate and distribution businesses across the globe.

Egypt’s Nassef Sawiris ranks 302nd with $9.16 billion, with interests spanning construction, chemicals, and sports, as he holds a significant stake in the English football club Aston Villa.

His brother, Naguib Sawiris, another Egyptian billionaire, is listed 407th with a net worth of $7.37 billion.

Naguib Sawiris is a prominent investor in telecommunications and media, as well as other industries.

At the top of the global billionaires list, American tech moguls continue to dominate.

Elon Musk, the CEO of Tesla and SpaceX, holds the top position with a staggering fortune of $242 billion, making him the wealthiest person on the planet.

Musk’s ventures in electric vehicles and space exploration have catapulted him to the pinnacle of the wealth hierarchy.

Following closely behind is Amazon founder Jeff Bezos, who holds $210 billion in wealth.

Bezos, known for revolutionizing the e-commerce industry, stepped down as Amazon’s CEO but remains one of the richest individuals worldwide.

Other notable names include Mark Zuckerberg, the founder of Meta (formerly Facebook), who ranks third with a net worth of $204 billion.

Zuckerberg’s social media empire continues to be a major force in global communications.

Larry Ellison, the co-founder of Oracle Corporation, is fourth on the global list with $185 billion.

Ellison’s software company has made significant strides in cloud computing and enterprise technology, ensuring his place among the world’s wealthiest.

Dangote’s rise to global prominence highlights the success of African entrepreneurs on the world stage.

His business empire spans across various sectors, including cement, sugar, and now petrochemicals, making him one of the most influential businessmen not only in Nigeria but across the continent.

His refinery project, in particular, is expected to have a transformative impact on Nigeria’s economy, reducing the country’s dependence on fuel imports and boosting local production.

As Dangote continues to break new ground, his success story serves as an inspiration to many, demonstrating the potential of African businesses to compete on a global scale.

His journey from humble beginnings to becoming a global powerhouse showcases the opportunities available in Africa’s growing markets.

With investments in multiple industries, Dangote’s influence is set to expand even further, solidifying his position as a leader in Africa’s economic transformation.

World Bank President Ajay Banga introduced a new, streamlined “scorecard” on Thursday to better track the institution’s progress. The updated system reduces the number of indicators from around 150 to just 22, making it easier to measure and evaluate outcomes. Banga emphasized that the change sharpens focus rather than lowering ambitions.

As the World Bank and IMF prepare for their upcoming meetings in Washington, Banga highlighted reforms made since he took office last year. These include cutting the average time to launch new projects from 19 months to 16, with a goal of reaching 12 months, and improving internal collaboration across the Bank’s operations.

Kunle Olubiyo, the President of the Nigeria Consumer Protection Network, has expressed serious concerns regarding the frequent collapses of the national power grid, emphasizing that these incidents highlight the deficiencies within the Transmission Company of Nigeria (TCN).

His comments come in response to the sixth grid failure of 2024, which occurred on Monday at approximately 6:48 PM, leaving many parts of the country plunged into darkness once again.

While the TCN characterized this collapse as partial and assured that restoration efforts were underway, many Nigerians remained without power hours later.

Olubiyo criticized TCN for its history of responding to such crises with mere platitudes rather than effective solutions.

He stated that the repeated failures of the national grid, along with ongoing challenges related to its stability and reliability, stem from a lack of genuine commitment to addressing these issues.

He remarked, “The repeated occurrences of system collapses and challenges to the National Grid’s stability are largely due to the management’s insincerity and their tendency to pay lip service to a broad range of problems while misplacing priorities over the years.”

Olubiyo pointed out that inadequate investment in necessary network improvements, insufficient protective systems, and a near-total lack of vegetation control have all contributed to the ongoing crises.

He emphasized that these issues have been recognized for some time but have received little attention from TCN’s leadership.

The pattern of grid collapses is alarming, with previous failures recorded on February 4, July 6, August, and September 19 of this year alone.

According to TCN data, the national grid has suffered over 227 collapses in the last 14 years, underscoring a chronic problem in the country’s electricity supply system.

This situation is particularly troubling given that electricity tariffs were increased by 240 percent in April, further straining the financial burdens on Nigerian households and businesses.

As power outages continue to affect daily life, the call for accountability and effective management within TCN becomes increasingly urgent.

Olubiyo’s insights reflect the frustrations of many Nigerians who are tired of empty promises and inadequate responses to a crisis that has persisted for far too long.

The need for immediate, substantial reforms in the management of Nigeria’s electricity supply is clearer than ever, as citizens hope for a stable and reliable power system that meets their needs.