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Jim Ovia, Dangote Huge Loss To Naira Devaluation

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The Central Bank of Nigeria’s (CBN) decision to unify all segments of the foreign exchange (FX) market in mid-June has led to the devaluation of the naira, causing prominent businessmen in the nation, including Nigeria’s richest banker Jim Ovia, to grapple with substantial wealth losses.

Ovia, who holds a leading position as one of Nigeria’s wealthiest entrepreneurs, suffered considerable setbacks due to the impact of the currency devaluation. Despite his status as Nigeria’s richest banker, Ovia joins a growing list of the country’s business magnates adversely affected by the devaluation of the naira.

Nigerian billionaire Aliko Dangote, Africa’s wealthiest individual, is another figure who suffered significant wealth losses earlier this year because of the exchange rate unification. His net worth plummeted below $10 billion in June. Notably, the recent devaluation of the naira has extracted a staggering toll of $158.6 million from Ovia, according to data tracked by our correspondent.

Ovia’s 16.2-percent stake in Zenith Bank, comprising 5,072,104,311 ordinary shares, underlines his position as Nigeria’s richest banker and one of the continent’s leading businessmen. Since the start of the year, Zenith Bank, a leading lender he founded in 1990, boasts an impressive share price surge of 41.2 percent on the Nigerian Exchange.

Based on the exchange rate of 448.06 naira to a dollar on Jan. 1 and accounting for the rise in Zenith Bank’s shares, the estimated market value of Ovia’s stake in the prominent financial services conglomerate is $384.74 million.

However, the CBN’s transformative action to unify the FX market on June 14 prompted a seismic shift in the naira’s valuation, pushing it from N448.06 per dollar at the start of the year to N758 for one dollar.

Consequently, the value of Ovia’s stake in Zenith Bank stands at $226.07 million, culminating in a substantial loss of $158.67 million due to currency devaluation.

Despite the fiscal setbacks he has endured, Ovia’s position as Nigeria’s richest banker remains steadfast. His standing as one of Africa’s most prosperous business magnates and a driving force within the continent’s banking sector also remains unshaken.

The naira’s devaluation has undoubtedly brought unprecedented challenges for Nigeria’s business titans, inflicting substantial economic losses on even the most prominent players in the country’s entrepreneurial landscape.

While the evolving market dynamics continue to pose intricate challenges, business leaders like Ovia endure, reflecting the resilience ingrained in the Nigerian business community.

 

 

Source; Billionaires Africa

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Parrot Xtra Publisher Celebrates Hassan Fatungase At 60

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 Publisher of Parrot Xtra Magazine/PMParrot.com, Olayinka Agboola has sent out expressive greetings to his long-time friend and brother, Alhaji Hassan Taiwo Fatungase, former Bakers’ World, Ikeja, Lagos Director on the occasion of his 60th birthday anniversary.

 

In a statement  personally signed by Agboola, former Nigeria Coordinator for Ovation International Magazine described Alhaji Hassan Fatungase as the most selfless Nigerian he has ever encountered.

Agboola continued, “Hassan is not only selfless, he is intelligent, forward looking, hard-working, vibrant, resourceful, compassionate and above all, very God-fearing.”

The Ibadan-based media entrepreneur then went ahead to submit that the astute technocrat is a man who appreciates human beings and the value of friendship.

“Those who attended the University of Lagos with him in those days will attest to it that ‘Fatuu’, as he used to be called then would sacrifice anything to keep a working-relationship.

 

“Even when he joined one of the five-star hotels in Abuja in the early 90s, it did not take long before he was promoted to become the very first African to occupy a managerial position before he joined the Bakers’ World family business in Lagos. His records are still there till today.

Feats At Bakers’ World

“While running Bakers’ World located on Allen Avenue in Ikeja, Lagos, journalists, broadcasters, creative young Nigerians and others were encouraged by him. The records are also there for people to verify. There is almost no big name in the entertainment/media industry in Nigeria today that has not directly and/or indirectly benefitted from Hassan’s large-heartedness. As a matter of fact, he used to settle quarrels when differences and ‘head-on-collisions’ were reported to him!”

Agboola also went ahead to describe how the celebrant of the day has been faring since he became the chairman of Abimbola Awoliyi Estate, Oko-Oba in Lagos where he presently lives.

“Hassan is team-player and a man who keeps improving in good-naturedness even as a semi-retired bureaucrat. Residents of Awoniyi Estate will tell his story better. Since he became the chairman some three years ago, living standards have since improved.

“Together with other executive members, the Estate has been winning awards as one of the best in the whole of Lagos State. Solar lights, good roads, fibre-optic-source of internet, faultless security architecture and enhanced sociability…and other achievements have been recorded by the Fatungase-led team.”

Agboola, who was also a pioneer staff at Thisday Newspaper concluded “Dear friends and colleagues, please join me to pray for this quintessential lover of fairness and equity. May Allah continue to be with him, grant him sound health, more prosperity, divine protection and long life. May his wonderful family comprised of ‘Iyalaje’ Doyinsola and the children- Tomisin, Ahmed, Ibrahim and Idris continue to enjoy divine grace too. Happy birthday to our Director at Parrot Xtra Media Network, many happy returns of this day, September 26.”

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‘our silence is not an act of cowardice’ Olugbon Replies Obasanjo

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-Ayotunde Ayanda
The Olugbon of Ile-Ogbon, Oba Francis Alao has reacted to the recent public ridicule where former President Olusegun Obasanjo ordered some Oyo monarchs to stand up.
Some people interpreted it as a reprisal of an attack from the Olugbon, Oba Francis Olusola Alao against the former President in a radio interview where the monarch condemned Chief Obasanjo for opposing the ambition of President Bola Tinubu.
Chief Obasanjo was unapologetic as he defended his actions claiming the monarchs disrespected the Oyo State Governor, Seyi Makinde.
The Olugbon in  his response  called  it  an internal issue and hinted it will be addressed in the Oyo Council of  Obas next meeting.
Below is the message from the Olugbon’s palace…
The outburst of former president Chief Olusegun Obasanjo against traditional rulers in attendance at the inauguration of the Iseyin Campus of Ladoke Akintola University of Technology (LAUTECH) on Friday September 15  has generated anger and varied responses from true sons and daughters of Oduduwa in all sections of the society.
First and foremost, I will like to emphasize that the inauguration ceremony was a huge success while the road and campus projects represent another milestone in the development strides of Governor Seyi Makinde who has been working hard to take Oyo State to the next level of development.
All the royal fathers involved understand the pain caused by the incident and appreciate the well-placed reactions.
I wish to state that the incident is an internal affair which will be properly reviewed at the next meeting of the Oyo State Council of Obas and Chiefs.
Let me assure all Yoruba, and other well-meaning Nigerians who have respect for the traditional institution, and who feel concerned about the incident that our silence since Friday is not an act of cowardice. When we sit down with the Governor, and hold our next meeting, we will review and respond appropriately.
Our Governor respects us, and traditional rulers in Oyo State also hold him in high esteem.
I, therefore, sue for calm over this issue.
We want everybody to apply decorum in line with the Omoluwabi ethos for which Yoruba are greatly respected. Ile Yoruba land shall remain peaceful. Our unity is sacrosanct. These ethos must reflect in our day-to-day activities.
Let it, however, be well noted that traditional rulers in Oyo State have no regret in supporting Asiwaju Bola Tinubu and Governor Seyi Makinde in the last election, and will be willing to support them even in the future.
This is the clear position of monarchs in Oyo State. Any other information from anywhere that is contrary to this should be disregarded.
E-signed:
Oba Francis Olushola Alao
Olugbon of Orile-Igbon
Deputy Chairman,
Oyo State Council of Obas and Chiefs
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‘go and make us proud’ Dollar Construction Boss, Idowu Lamidi Tasks New FIRS Boss, Zaccheus Adedeji

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Construction guru, Idowu Lamidi has praised the appointment of Zaccheus Adedeji as the acting Chairman of the Federal Inland Revenue Service.
Lamidi who is the Chairman of Dollar Construction described Adedeji’s appointment as the right peg in the right hole.
While speaking with journalists in his Abuja office, Lamidi praised President Bola Ahmed Tinubu, claiming all the appointments he has made so far as an indication of what he wants to achieve and finding the best hands that would make his job easier.
The real estate guru whose company owns the Dollar Estate in Ibadan called Zaccheus a very intelligent man that will turn around the FIRS.
‘not many of us were surprised when the announcement came, we all know what he achieved as the Commissioner for Finance under the late Governor Abiola Ajimobi. He is a brilliant man and he has proved what he is capable of doing at all times. We are happy that President Bola Tinubu is a promise-keeper and he is generous to us in Oyo State. No one can fault any of his appointments because these are qualified people. I wish Mr Adedeji the best and also call on God Almighty to always be with him’.  says  Lamidi.
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