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.

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.

Residents of Lagos State are expressing concerns about the government’s proposed ban on single-use plastics (SUPs) and sachet water, warning that it could lead to widespread unemployment and disrupt key economic activities.

In various interviews, locals have called on the Lagos State Government to reconsider this decision, fearing the long-term effects on businesses and livelihoods, particularly in low-income communities.

The Lagos State Commissioner for the Environment and Water Resources, Tokunbo Wahab, recently announced the state’s intention to enforce the ban by January 2025 during a stakeholder workshop.

The policy aims to address the environmental hazards caused by plastic waste, which takes centuries to degrade.

The state is working in collaboration with private-sector organizations to identify alternatives to single-use plastics, such as styrofoam containers, and is also promoting research into eco-friendly technological solutions.

While environmentalists praise the move for addressing Lagos’ growing waste management problem, industry players, small business owners, and workers fear that the ban may lead to massive job losses, particularly in the manufacturing, distribution, and retail sectors.

Thousands of people depend on the production and sale of sachet water and plastic packaging for their income. Many are now uncertain about their future.

Akinyemi Bolaji, Sales Manager at Aremson Water Ltd. in Ojo First Gate, noted that many workers would be impacted by the ban.

He urged the government to explore alternative strategies that won’t lead to mass unemployment.

Bolaji questioned the rationale behind the ban, given the widespread reliance on sachet water as an affordable water source.

He called for better options for managing plastic recycling rather than an outright ban.

He also suggested that the government invest in education campaigns on proper waste disposal and provide more public trash bins to tackle Lagos’ drainage problems, which are often exacerbated by plastic waste.

For many Lagosians, sachet water, commonly referred to as “pure water,” is not only convenient but also vital for addressing public health concerns like cholera outbreaks.

A retail water seller, Mrs. Vera Osiyemi, expressed skepticism over the practicality of the ban, arguing that sachet water has been essential in combating diseases caused by unclean water.

According to her, a ban would likely force the city back to less hygienic practices like selling iced water in uncovered bowls.

Instead of a ban, she recommended the government focus on educating the public on proper disposal methods and reintroducing the widespread availability of bins, much like in past years.

Mrs. Afusat Ajibola, another seller, echoed these concerns, stressing that without adequate access to clean, affordable water, the ban could exacerbate health issues in Lagos.

Ajibola warned of a potential cholera outbreak if sachet water is banned without an effective alternative in place.

She doubted that the government’s efforts would succeed without addressing broader public health concerns tied to water accessibility.

Similar sentiments were shared by Miss Joy Okafor, a retailer who pointed out that plastic sachets are not the only source of blocked drainage systems in Lagos.

She noted that other types of disposable packaging also contribute to the problem.

Okafor raised concerns about whether the government would be able to provide sufficient clean water for every household and street in Lagos if the ban goes through.

She believes the government should tackle the issue of plastic disposal more directly rather than implement a full ban, which would likely result in job losses for many Lagosians who depend on selling sachet water.

Chinedu Eze, a long-time water distributor, said he is unsure what the future holds for his business if the ban takes effect.

For many like Eze, sachet water is more than just a product; it’s a critical source of income.

He emphasized that the ban could have devastating effects on the water distribution industry and the broader economy, particularly for those who have built their livelihoods around this trade.

A street vendor, identified as Mummy Boma, highlighted how selling sachet water allows her to feed her children and pay for their school fees.

She stressed that bottled water is too expensive for many consumers, as well as for small-scale sellers like herself who rely on high turnover to make a living.

Instead of banning sachet water, she recommended that the government enforce stricter regulations on manufacturers to ensure better quality control and hygiene standards.

From a public health perspective, medical professionals are also weighing in.

Dr. Olufemi Adeyemi, a Lagos-based physician, warned that an abrupt ban on sachet water could lead to reduced access to potable water for many residents.

While acknowledging that some sachet water may be contaminated due to poor regulation, Adeyemi emphasized that the government needs to provide alternative safe water sources before implementing such a ban.

He suggested that instead of banning sachet water outright, the state should invest in public water systems, ensuring clean and reliable water in both urban and rural areas.

According to him, such infrastructure could reduce the population’s dependency on sachet water and prevent the unintended health crises that could follow the ban.

Although the proposed ban is part of Lagos State’s broader environmental strategy, it is clear that the implementation will have far-reaching consequences for various sectors of the economy.

The key challenge now is finding a balance between environmental sustainability and economic survival for the thousands of Lagosians whose lives are tied to the production, sale, and consumption of sachet water and other single-use plastics.

Many residents hope that the government will take a more measured approach, exploring solutions that address both environmental and social concerns, such as improving waste management systems and ensuring access to clean, affordable water for all.