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Former Vice President, Atiku Abubakar has suggested that the increasing spate of hunger and poverty is fueling insecurity in Nigeria.
Reacting to the recent increase in insecurity across the country, the former vice president, in a tweet via his official X account on Monday, lamented that he was distressed by the escalating violence and lawlessness in the nation.
Naija News reports that he called on the President Bola Tinubu led government to urgently address the dire security situation to regain the trust of Nigerians.
He wrote, “The escalating violence and lawlessness in our nation deeply distresses me as bandits and kidnappers continue their reign of terror unchecked. Our youths and innocent citizens are being murdered daily. Just last Saturday, we lost Nabeeha to her captors. Yesterday, the tragedy deepened with the murder of more victims, including Folorunsho Ariyo, a 13-year-old student. Folorunsho was one of ten people kidnapped from Sagwari Estate Layout in Dutse, Bwari Area Council of the FCT, on January 7th, 2024.
“It is obvious that the worsening poverty and hunger in the land is escalating the level of kidnapping and insecurity in Nigeria, particularly in Abuja, the federal capital.
“When the government fails to fulfil its constitutional obligations of protecting the lives and property of citizens, it is an invitation to kidnappers and other criminal elements to have a free rein visiting houses and hotels in and around the capital city, kidnapping citizens without resistance. This is a sad development.
“It is imperative that the authorities address this dire security situation urgently to regain the trust of the Nigerian people.
“While I mourn with the deceased families, I pray to the Almighty to comfort them, grant the dead eternal peace and protect our nation.”
[STATE HOUSE PRESS RELEASE] Education and Healthcare Will Receive More Attention, President Tinubu Assures Nigerians
AdminPresident Bola Tinubu says his administration will give more attention to education and healthcare, as well as provide the enablements for industrialization and investments in consonance with his vision of creating an economically stable and prosperous country.
Speaking at the second-term inauguration of Governor Hope Uzodinma of Imo State, in Owerri, on Monday, President Tinubu said he is well-attuned to the concerns of citizens, assuring them that the challenges brought on by very essential reforms are being addressed.
"In the past 40 years, a few people were cornering our common wealth, and calling it subsidy, but I call it wasteful. Right now, we are all bearing and sharing that pain. But things are looking up. Things will get better for the good of all Nigerians. With me, there is hope.
"I assure you that there will be substantial development in education for your children; priority on industrialization; healthcare will receive more allocation and attention. We will train more health workers," the President said.
President Tinubu commended Governor Uzodinma for his stewardship in Imo State, describing him as the "real hope" of the state.
"It is a great honour for me to be here in Imo State. And to congratulate the people of Imo for being discerning and determined to vote into a second term, a very unique individual who resonates with a progressive agenda, Senator Hope Uzodinma," he said.
The President said he is committed to building a united and secure country, noting the peace and security in the state, adding: "Before now, people were afraid of coming to Imo state, but today Imo is safe and open for business. What we have learned from this experience is the importance of unity, cooperation, and a focus on our internal security."
President Tinubu implored the governor to work even harder for the people, emphasizing that hard work is the reward for a re-election.
"I assure you that your hopes are renewed. Be assured of the support of the federal government to ensure rapid development of your state," he concluded.
Speaking after the administration of oaths of office by the Imo State Chief Judge, Justice Theresa Chukwuemeka-Chikeka, Governor Uzodinma pledged that his second tenure would be an uncommon tenure in the execution of policies.
"We have been able to lay a solid foundation for accelerated economic growth and development of our state. We also addressed the decay we met in the civil service, the decay we met in the education sector, and the health sector. In addition, we addressed the lingering problem of unemployment through the variety of youth empowerment initiatives.
"We carried out a digital version of dealing with the unemployment market, which included the provision of digital and other portable skills, including artificial intelligence to our teeming young men and women," he said.
Unfolding his priorities, the governor said the next four years of his administration would focus on deepening the shared prosperity mantra through massive infrastructural expansion, adding that the vision of his government is anchored on a 10-year development plan which has the capacity to make the state self-sufficient.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
January 15, 2024
Political economist, Professor Pat Utomi, has said the presidential candidates of Peoples Democratic Party, PDP; Alhaji Atiku Abubakar, Labour Party, LP, Mr Peter Obi, and New Nigeria People’s Party, NNPP, Rabiu Musa Kwankwaso, have agreed to form a mega party that would wrestle power from the ruling All Progressives Congress, APC, in 2027.
Utomi disclosed this in an interview on Channels TV on Sunday night.
Asked if Atiku Abubakar, Rabiu Kwankwaso, Peter Obi and Okey Nwosu have agreed to come together, Utomi simply said “yes.”
On what name they had decided to call the coalition. Utomi said: “We’re not talking about names yet. Besides, these politicians I mentioned, I’m talking about leaders of social movements, the labour movement and so on.
“I have even been part of creating a new tribe, Nigerians who are committed to certain values, who say I will not give a bribe; I will not take a bribe. And you can then create a set of values that can lead to progress in the country.
“The way we are today, a few people in the world are willing to engage with Nigeria. They think there’s a collapse of culture and values in Nigeria. You can’t trust Nigerians. All kinds of things are here. It’s a clean start.
“It’s a really clean start. You have to start from the premise that Nigeria has not had a political party since 1999.
“Let’s be very honest with ourselves, what we have managed is to create platforms that enable machine politics from which to grab power, usually for state capture.
“If you want to test that, check how much the quality of life of a Nigerian has improved since 1999.
“It’s frightening but the truth of the matter is that in 1999, a political class managed to build a certain coalition of accommodation to keep the military out and share the spoils of power.
“Somehow, they did not manage to create an alignment with the Nigerian people to improve the quality of their lives. This is why you can see Nigeria deteriorating, becoming the poverty capital of the world, becoming the centre of widespread violence.”
The Nigerian National Petroleum Company Limited (NNPCL) has announced its intention to hand over the operation and maintenance of the Port Harcourt Refining Company to private entities.
This strategic move aims to boost the refinery’s reliability and contribute to Nigeria’s fuel supply and energy security.
The NNPCL, in a statement published on its website on Monday, detailed its search for reputable and credible operations and maintenance companies to take over the refinery’s management.
The selected company will be responsible for various aspects of refinery business processes, including production and operations planning, execution, health and safety management, environmental management, and overseeing minor projects.
Prospective companies interested in this opportunity are required to demonstrate a significant financial capability, with a minimum average annual turnover of at least $2 billion USD for the financial years ending 2019, 2020, 2021, and 2022, respectively.
This requirement is set to ensure that the chosen operator has the necessary financial stability and resources to manage the refinery effectively.
Recently, the NNPCL commenced the supply of crude oil to the Port Harcourt refinery as part of a test-run, signaling a revival of the facility’s operations.
On December 21, 2023, the Federal Government announced the mechanical completion of rehabilitation work on the Area-5 Plant of the refinery, located in the Niger Delta region of Nigeria.
The first phase of the plant’s renovation has been completed, allowing it to refine 60,000 barrels of crude oil daily after the Christmas break.
The decision to involve private operators in the management of the Port Harcourt Refinery, operational since 1965, aligns with the Nigerian government’s broader strategy to modernize and enhance efficiency in the nation’s oil sector.
In March 2021, the government approved a significant budget for the renovation and modernization of the refinery complex, marking a substantial investment in the nation’s energy infrastructure.
The move to privatize the refinery’s operations is expected to improve management, increase production capacity, and reduce reliance on imported refined petroleum products.
The former Minister of Communications and Digital Economy, Isa Pantami, expressed disappointment over security agencies’ failure to use the National Identity Number linked to Subscriber Identity Module data to combat crime, especially kidnappings and phone-related offences.
This criticism follows the 2020 directive by then-President Muhammadu Buhari’s administration, mandating the linking of SIM cards to the NIN of every citizen.
In a Sunday tweet, the Media Aide to President Buhari, Bashir Ahmad, raised the alarm about the ongoing surge in kidnappings for ransom, calling for new legislation or the revision of existing laws to enforce the death penalty as punishment for banditry and kidnapping.
In reaction to the tweet, Pantami blamed security agencies for not utilising the NIN-SIM data to tackle rising kidnapping for ransom and banditry.
“NIN-SIM policy has been working,” said Pantami. “However, the relevant institutions fighting criminality are to be requested to ensure they utilise it effectively when a crime is committed.
“Lack of utilising it is the main problem, not the policy,” Pantami said.
The former minister, who decried the non-utilisation of the policy, claimed criminals threatened his life for reintroducing it.
He said, “On the lack of utilisation, I am more worried than anyone, as my life was threatened by criminals for reintroducing it, including on BBC Hausa and national dailies; I resisted and ensured its implementation.
“If it is not being utilised by the relevant institutions in charge of securing lives and property, then I am more frustrated than any person, as I sacrificed my life and ignored all the threats to my life. This is just a point out of 100 on the policy,” the former minister added.
He championed the NIN registration policy under Buhari’s administration.
He vowed that linking citizens’ NIN to their SIMs would be a crucial tool in combating banditry, kidnapping, and phone-related crimes.
An international human rights organisation, Global Rights, has said the administration of the former president, Muhammadu Buhari, was characterised by threats or intimidation of journalists and protesters.
The organisation added that Buhari made frantic efforts to suppress access to information, curtail freedom of expression, and monitor how and for what purposes citizens assembled.
Global Rights stated this in its report titled, “Shege! A scorecard on the Buhari administration’s impact on Nigeria’s civic space,” which was published on January 13, 2024.
The organisation said in the report, “In the eight-year term of President Buhari’s administration, Nigeria witnessed a notable decline on all frontiers of the civic space and basic freedoms. The administration was characterised by a suspicious relationship with the media, a frosty relationship with civil society organisations, and a clear desire to control access to information, curtail freedom of expression, and monitor how and for what purposes citizens assembled.
“There were also several legislative attempts made by the administration with regard to the civic space. If all these attempts made it into law, it is safe to say Nigeria would have emerged as one of the most repressive democracies globally.”
The report added that no fewer than 69 protesters were killed during the Buhari-led administration.
The organisation also said that an estimated 250 protesters and 189 journalists were arrested, detained, or harassed under the former president.
“The number of peaceful protesters killed: at least 69. Number of arrests made during peaceful protests: 250 (estimated based on available data)
“Instances of government interference in the activities of CSOs: At least four. Number of journalists arrested, detained, or harassed: more than 189,” it said.
When contacted, the spokesperson for the former President, Garba Shehu, declined comment on the issue, saying former Minister of Information, Lai Mohammed, was the appropriate person to speak.
Efforts to reach the ex-minister were unsuccessful as calls to his mobile line did not connect.
Commenting on the report, the Executive Director, Civil Society Legislative Advocacy Centre, Auwal Rafsanjani, said, “Under Buhari, there were a lot of unlawful arrests and detentions of journalists and civil society activists. Do not let us forget the atrocities committed against the Shiite, that alone is enough to send him packing. Buhari also came up with legal frameworks to gag the civil society.”
He urged President Bola Tinubu not to toe that path.
President Bola Tinubu has performed the wreath-laying ceremony with other dignitaries to mark the 2024 Armed Forces Remembrance Day celebration in Abuja.
All services chiefs led by the Chief of Defence Staff Gen Christopher Musa, and heads of other security agencies among others also took part in the ceremony.
They also laid wreaths during the event.
The programme, which is organised yearly to commemorate Nigerians’ fallen heroes, also witnessed other activities such as prayers, gun salutes, and the releasing of pigeons at the National Arcade, Eagle Square, Abuja.
President Bola Tinubu goes through the wreath-laying ceremony at the tomb of the unknown soldier during the Armed Forces Remembrance Day. pic.twitter.com/elYgYgbMPO
— Channels Television (@channelstv) January 15, 2024
In attendance to witness the ceremony were members of the Federal Executive Council, members of the diplomatic corps, and other dignitaries.
Highlights:
Armed Forces Remembrance Day Celebration 2024. #ThankASoldier???? pic.twitter.com/dJGKTkQbx2— DEFENCE HQ NIGERIA (@DefenceInfoNG) January 15, 2024
On the sidelines of the event, Senate President Godswill Akpabio assured that the lawmakers will work for better welfare for the country’s military.
Govs Remember Fallen Heroes
Across the country, state governors and other dignitaries also performed several rites to mark the day.
In Kaduna State, members of the Kaduna State Executive Council, led by Governor Uba Sani and his deputy Hadiza Balarabe, attended the wreath-laying ceremony at the Ahmadu Bello Stadium.
A similar thing also played out in Taraba State when Governor Kefas Agbu led other dignitaries in a wreath-laying to honour the fallen heroes. That was at the Jolly Nyame stadium in Jalingo, the state capital.
Governor Godwin Obaseki also inspected a guard of honour at the cenotaph in Benin City, the Edo State capital to mark the day.
Governor of Lagos State, Mr @jidesanwoolu today at the 2024 Armed Forces Remembrance Day Parade and Laying of the Wreaths Ceremony at the Remembrance Arcade, Tafawa Balewa Square Lagos. #ArmedForcesRemembranceDay #ArmedForcesRemembranceDay2024 @DefenceInfoNG @HQNigerianArmy… pic.twitter.com/mF8cwNYIoN
— Jubril A. Gawat (@Mr_JAGs) January 15, 2024
At the Tafawa Balewa Square in Lagos, Governor of Lagos State Babajide Sanwo-Olu also laid wreaths in remembrance of the fallen heroes.
‘Paid Ultimate Sacrifice’
On this Armed Forces Remembrance Day, I join other Nigerians in appreciating our military men who, in order to ensure peace and security within our borders, are willing to pay untold sacrifices.
— Peter Obi (@PeterObi) January 15, 2024
Aside from governors, political top shots in the country including Peter Obi of the Labour Party (LP) paid glowing tributes to the fallen heroes.
Obi, a former Anambra governor and the presidential candidate of the LP in the 2023 election, lauded military men and women for their sacrifices to ensure a safe Nigeria.
“On this Armed Forces Remembrance Day, I join other Nigerians in appreciating our military men who, in order to ensure peace and security within our borders, are willing to pay untold sacrifices,” he wrote on his X account early Monday.
“Today, we encourage them to remain resolute in their resolve to conquer the ugly monster of insecurity currently ravaging our dear nation. We remember especially our fallen heroes who have paid the ultimate sacrifice while defending the peace, unity, and territorial integrity of our dear nation. We appreciate and honour them for their heroic deeds while showing love and support to their bereaved families. Great nations are built by rulers, citizens, and the protectors of freedom – the military.
“Our story as a nation, therefore, will not be complete, without their courageous sacrifices which take them away from the comfort of their homes and the embrace of their loved ones.
“With the country going through very challenging times in its war against terrorism, violence, crime, and all manner of insecurity, we show our support and solidarity to our military men, and urge them not to be despirited, even when they feel overstretched by the war.
“May this day renew their love, zeal, and courage to remain firm in their struggles for a peaceful and crime-free Nigeria. May we the leaders, ensure that the welfare of our armed forces and their families are well taken care of, as they graciously serve our nation. “
In a bid to stop criminality among herders, Miyetti Allah Kautal Hore has announced a schedule for the launching of a Nomad Vigilante Group in Nasarawa State.
The President of the Fulani socio-cultural association, Abdullahi Bello Bodejo, confirmed the arrangement in a statement made available to journalists on Monday, Naija News reports.
Miyetti Allah Kautal Hore had last year declared its commitment to assist the Federal Government in its endeavours to tackle the escalating security challenges faced by the nation.
Bodejo emphasized that this quasi-security outfit would identify and apprehend criminal elements among the cattle herders in the community, thereby reducing false accusations against those who are unjustly treated for crimes they did not commit due to the actions of a few bad individuals.
With a strength of 2,140 members, the vigilante group aims to complement the efforts of conventional security agencies in addressing insecurity and fostering peaceful coexistence in Nasarawa State.
The announcement was made by Bodejo, highlighting the necessity for additional security measures to ensure the safety of the state’s residents.
The statement issued through the association’s Publicity Secretary, Mallam Suleiman Tasiu, announced that the launch will take place on Wednesday, January 17, 2024, at the City Square in Lafia, starting at 11 am.
According to the statement, the association has cordially invited Governor Abdullahi Sule, along with other high-ranking government officials and stakeholders, to grace the occasion as distinguished guests.
Additionally, notable Fulani figures in the state have been extended invitations to partake in this momentous event.a
The National Bureau of Statistics (NBS) on Monday disclosed that the inflation rate in Nigeria gained 7.58 percentage points in 2023 when it increased to 28.92 percent in December 2023 from 21.34 percent reported in December 2022.
The Consumer Price Index (CPI) reported by NBS showed that 28.92 percent in December 2023 is relative to the November 2023 headline inflation rate which was 28.20 per cent.
According to NBS, “Looking at the movement, the December 2023 headline inflation rate showed an increase of 0.72 per cent points when compared to the November 2023 headline inflation rate.
“On a year-on-year basis, the headline inflation rate was 7.58 percentage points higher compared to the rate recorded in December 2022, which was 21.34 per cent.
“This shows that the headline inflation rate (year-on-year basis) increased in December 2023 when compared to the same month in the preceding year (i.e., December 2022).
“Furthermore, on a month-on-month basis, the headline inflation rate in December 2023 was 2.29 percent, which was 0.20 percent higher than the rate recorded in November 2023 (2.09 percent).
“This means that in December 2023, the rate of increase in the average price level is more than the rate of increase in the average price level in November 2023.”
NBS stated that the percentage change in the average CPI for the 12-month ending December 2023 over the average of the CPI for the previous twelve-month period was 24.66 percent, showing a 5.81 percent increase compared to 18.85 percent recorded in December 2022.
On urban inflation, the NBS report stated that “On a year-on-year basis, in December 2023, the Urban inflation rate was 31.00 percent, this was 8.98 percentage points higher compared to the 22.01 percent recorded in December 2022.
“On a month-on-month basis, the Urban inflation rate was 2.42 percent in December 2023, this was 0.19 percent points higher compared to November 2023 (2.23 percent).”
“The corresponding 12-month average for the Urban inflation rate was 26.22 percent in December 2023. This was 6.83 percentage points higher compared to the 19.38 percent reported in December 2022.”
For rural Inflation, it said, “The Rural inflation rate in December 2023 was 27.10 percent on a year-on-year basis; this was 6.38 percent higher compared to the 20.72 percent recorded in December 2022. On a month-on-month basis, the Rural inflation rate in December 2023 was 2.17 percent, up by 0.18percentage points compared to November 2023 (1.99 per cent).
“The corresponding 12-month average for the Rural inflation rate in December 2023 was 23.25 per cent. This was 4.91per cent higher compared to the 18.34 per cent recorded in December 202.”
Hope Uzodimma has been sworn in for a second term as the governor of Imo State months after he was re-elected as the state’s leader.
The governor took the oath of office at around 3:24 pm at the Dan Ayiam Stadium in Owerri, the Imo State capital.
His inauguration came just minutes after Lady Chinyere Ekomaru took her oath of office as the deputy governor of Imo State.
Monday’s event had in attendance thousands of Imo residents and guests within and outside the state.
President Bola Tinubu; ex-president Olusegun Obasanjo; the Senate President Godswill Akpabio; the Speaker of the House of Representative Tajudeen Abbas, and other All Progressives Congress (APC) chieftains were among those in attendance.
In his speech at the event, Uzodimma promised to exceed his performance in the first term, thanking the people of the state for their support.
Citing Apostle Paul in the Bible, Uzodimma said his quest for a better Imo will see him do more for them in his second term in office.
He also thanked President Tinubu for attending the event and praised him for always supporting him and the state.
More...
A prominent member of the opposition party, the Peoples Democratic Party, who has been critical of President Bola Tinubu, Daniel Bwala, has expressed his willingness to accept an appointment from Tinubu, should it be offered to him.
He said he would accept an appointment if it contributed to the development of Tinubu’s development agenda.
The lawyer and politician, who met with Tinubu at the Presidential Villa last week, made this known on Channels Television’s Sunday Politics programme on Sunday.
“If the President makes an offer of a position that I see that will contribute to the development of his agenda because I say I will support his agenda, I will more than anything else appreciate it.
“But it is not the appointment that I am looking for to support him. Eight years, I supported Buhari, I was a public official. You have to separate between those who do not have value and are cringing and crying for an appointment and those who believe the value and what they will contribute has nothing to do with whether you’re
appointed or you’re not appointed,” he stated.
Last week, there was a strong reaction towards Bwala for his decision to back Tinubu, considering his previous role as the spokesperson of the PDP Presidential Campaign Council for the 2023 elections, where Atiku Abubakar was the presidential candidate.
As a previous member of the APC, Bwala left the party after Tinubu named Kashim Shettima, the former governor of Borno, as his running partner.
He criticised Tinubu’s decision to select a Muslim running mate, despite being a Muslim himself. He then joined the campaign of the PDP and showed his support for Atiku, who chose a Christian as his running mate, former Delta governor Ifeanyi Okowa.
During Sunday’s interview, the PDP chieftain compared his role as the PDP presidential candidate’s spokesman during the previous campaign to that of a salesman. He described his responsibility as promoting their product and highlighting its strengths while also downplaying the competition.
“As a spokesman, that was my duty. I exhibited what I believe to be the quality to the best of my knowledge,” Bwala said.
He noted in the interview that meeting Tinubu at the Presidential Villa was known to Atiku
“I informed Atiku Abubakar I was going to see the President. After I had seen the President, I informed him (Atiku) that I had just seen the President and he replied me that, ‘Thanks Daniel for notifying me’,” he said.
A prominent civil rights advocacy group, the Human Rights Writers Association of Nigeria (HURIWA), has rejected the plan by the new Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, to transfer some departments of the apex bank to Lagos.
The group insisted that the decision was political and reeked of petty politics.
HURIWA compared the apex bank move to newly elected and sworn-in governors rapidly moving state universities to their local government areas.
They argued that it makes no logical sense to say that the attempt to decongest the Abuja headquarters of the CBN was a reason for transferring departments to Lagos.
The group shared their objection via a statement by the National Coordinator, Emmanuel Onwubiko.
They noted that the decision by the new CBN chief was tantamount to disrespecting section 298 of the constitution of Nigeria, which states that the FCT shall be the capital of the federation and seat of government of the federation.
HURIWA argued that the enabling Act that set up the CBN prescribed the legal functions to include being the official banker of the government of the federation.
They described the reason given for the plan to move some departments to Lagos as puerile and laughable.
The Nigerian Army has announced the retirement of a total of nine generals from service.
This was made known in a statement on Sunday by the Director of Army Public Relations, Maj. Gen. Onyema Nwachukwu.
The generals, who are from the finance corps of the service, are Maj. Gen. A.O. Adetayo, Maj. Gen. J.E. Jakko, Maj. Gen. A. R. Bakare, Maj. Gen. A. B. Adamu, Brig. Gen. N. L. Isama, Brig. Gen. O. F. Ohunyeye, Brig. Gen. O.A. Adenuga, and Brig Gen II Adamu.
According to Nwachukwu, the passing-out parade was held in honour of the senior officers on Friday.
The statement reads: “The Nigerian Army Finance Corps had earlier honoured nine of its senior officers in a Pulling Out Parade organised to honour retired and senior officers of the Corps on Friday, 12 January 2024.
“The Nigerian Army Finance Corps WASA 2023 featured rich cultural performances by different cultural troupes, a tug of war between female soldiers and soldiers’ wives, presentation of awards to outstanding soldiers and prizes to performing cultural troupes.”
The retirement of the nine generals comes less than a month after 113 generals bowed out of the Nigerian Army on December 19, 2023.
[NaijaNews]
Patrice Motsepe, Africa’s first black billionaire and one of South Africa’s richest men, has experienced a notable financial upturn, witnessing a $400 million increase in wealth over the past month.
According to recent data from Forbes, his net worth was $2.3 billion as of December 10, 2023. However, the latest figures reveal a substantial rise, with Motsepe’s net worth reaching $2.7 billion at the close of Friday’s market trade.
Breaking down the numbers, the 61-year-old mogul initiated the year with a $2.6 billion net worth, showcasing a $100 million increase in the current assessment.
Motsepe’s wealth is intricately tied to his 40.37% stake in African Rainbow Minerals (ARM), a South African mining company with diversified interests in iron, coal, steel, copper, gold, platinum, and other precious metals.
The surge in Motsepe’s net worth is attributed in part to the revaluation of private investments, with a significant impact coming from his holdings in TymeBank, South Africa’s leading digital bank.
TymeBank secured $77.8 million in funding during a pre-series C round in 2023, attracting investments from international entities like Norrsken22 and Blue Earth Capital.
While Motsepe faces challenges in his mining ventures, particularly with African Rainbow Minerals and African Rainbow Capital Investments, his diversified portfolio showcases resilience and strategic gains in key sectors.
Additionally, his 7.8% stake in the financial services giant Sanlam has risen by 1.56% this year, offsetting losses in other equity holdings on the Johannesburg Stock Exchange (JSE).
What you should know
Patrice Motsepe, the trailblazing founder and chairman of African Rainbow Minerals, achieved billionaire status in 2008, marking a historic milestone as the first black African on the Forbes list.
His influence extends beyond mining, as evidenced by the launch of African Rainbow Capital in 2016, a private equity firm dedicated to investing across the African continent.
- Beyond the boardroom, he holds the prestigious position of president and owner of the Mamelodi Sundowns Football Club, showcasing his involvement in sports.
- March 2021 saw Motsepe ascend to the presidency of the Confederation of African Football, the governing body for the sport across the continent. This appointment underscores his leadership role in shaping the future of football in Africa.
- Motsepe’s journey to success began in 1994 when he achieved the distinction of becoming the first black partner at the law firm Bowman Gilfillan in Johannesburg. Subsequently, he ventured into the mining industry by establishing a mining services contracting business. In 1997, he strategically acquired underperforming gold mine shafts, employing his business acumen to turn them into profitable ventures.
[Nairametrics]