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Bill Gates No Longer Second Richest Man In The World

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Bill Gates has been unseated as the second richest man in the world, losing the position to Bernard Arnault, the chairman and CEO of LVMH.

The News Agency of Nigeria (NAN) reports that in the latest ranking by Bloomberg’s Billionaires Index, Arnault is in second place with Amazon’s Jeff Bezos still retaining first place.

Arnault and his family are the majority owners of Christian Dior and LVMH, parent of such brands as Louis Vuitton, Celine, Fendi, Moët, Hennessy, Dom Pérignon, and others.

As LVMH’s share price has soared in 2019, so has Arnault’s worth. It now stands at about $107.6 billion, more than $200 million ahead of Gates, Bloomberg estimates.

The report also states that Bill Gates would have been ranked the richest person, even ahead of Bezos if not for his philanthropic giveaways which gave Arnault more room to climb.

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The French entrepreneur entered the luxury industry in 1984, when he bought Boussac, a textile empire in the midst of bankruptcy that owned Dior.

The famed label by then had deteriorated by licensing its name out to companies producing sub-par products.

Arnault set about reviving it, turning it into a vertically integrated company that did its own production, distribution, and marketing.

He went on to buy up other brands, such as Céline, and in 1988 engineered the deal that made him the majority shareholder of LVMH.

Forbes currently ranks Dior as the world’s largest fashion brand based on sales, profits, assets, and market value.

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Meanwhile, LVMH, on the whole, keeps attracting customers around the world, with China being the latest highly profitable frontier. 

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Business

Dangote Praises Tinubu on impact of crude for Naira deal

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Dangote

President of the Dangote Industries Limited, Aliko Dangote, has lauded President Bola Tinubu over his role in ensuring the implementation of the crude-for-naira deal.

Africa’s richest man disclosed this in a statement made available to Newsmen on Saturday.

According to him, the deal has led to the reduction in the prices of petroleum products across the country.

This comes as Dangote reiterated his commitment to providing Nigerians with quality petroleum products.

“The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high-quality petrol at cheaper prices.

“Our aim is for all Nigerians to have ready access to high-quality petroleum products that are good for their vehicles, good for their health, and good for their pockets,” Dangote said.

Recall that in September 2024, Tinubu approved the sale of crude to local refineries in Naira and the corresponding purchase of petroleum products in Naira.

The move, which commenced on October 1, led to reduced pressure on the dollar and ensured the stability of the local currency.

Dangote also appreciated Nigerians for their unwavering support, and thanked the government for creating an enabling environment for the domestic refining industry.

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Okija, Ibadan, FCT stampedes: Tinubu brought destruction to Nigeria – Sowore

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Sowore

Activist politician, Omoyele Sowore on Saturday accused President Bola Tinubu of bringing destruction on Nigerians since assuming power in 2023.

Sowore was reacting to the stampede incidents that killed over 100 Nigerians in Ibadan, Okija, and the Federal Capital Territory, FCT.

Not less than 20 residents of Okija community in Anambra State reportedly lost their lives in a stampede on Saturday.

The stampede occurred during an event for the distribution of rice.

It was also reported that an unspecified number of persons died following a stampede at the Holy Trinity Catholic Church, Maitama area of Abuja, also on Saturday.

Reacting to the incident, Sowore warned that Nigeria is in trouble and endangered under Tinubu.

Posting on X, Sowore wrote: “Not less than 100 Nigerians have perished in less than a week in Ibadan (Oyo), Okija (Anambra), and Abuja (FCT) just in search of rice.

“This speaks precisely to the debilitating economic destruction wrought on Nigerians by the @officialABAT regime since his unfortunate ascension to power in May 2023.

“If anyone didn’t know how bad things are and how our people are really desperate for survival, this unprecedented but unwarranted death by hunger-suicide tells the real story. Nigeria is in trouble and Nigerians are endangered! #RevolutionNow.”

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Politics

Edo Poll Tribunal: Ighodalo, PDP, Okpebholo, APC, INEC to call 290 witnesses

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Asue Ighodalo

The election petition tribunal sitting in Benin City has disclosed that Asue Ighodalo, the Peoples Democratic Party, PDP, the All Progressives Congress, APC, the Independent National Electoral Commission, INEC, and Governor Monday Okpebholo will be calling 290 witnesses during the hearing of their petition.

According to reports, the tribunal is adjudicating on the declaration of Monday Okpebholo, the candidate of APC winner of the last September 21, 2024 governorship election in Edo State by Asue Ighodalo, the PDP candidate.

Asue Ighodalo and his party, PDP are challenging the declaration of Monday Okpebholo and his party winner of the election by the Independent National Electoral Commission, INEC.

According to reports, the chairman of the three-man tribunal, Justice Wilfred Ikpochi disclosed this at the weekend during the presentation of the pre-hearing reports and scheduling to parties in the petition.

Ikpochi did not, however, give the breakdown of the number of witnesses that each of the petitioners and respondents would call during the trial.

He said the 290 witnesses were proposed by the parties in the harmonized proposal for the pre-hearing conference.

He said the parties will only call witnesses whose statements on oath have been frontloaded and subpoenaed witnesses where necessary.

The court added that the petitioners shall call their witnesses within 21 days or less while each of the respondents shall be allowed 10 days or less to call their witnesses.

“The parties may call expert witnesses as indicated in their pre-hearing answers.

“All pleading documents shall be rendered and admitted by the tribunal while objections thereto shall be filled separately during final addresses. Objections to such documents during trial shall be noted and rulings reserved appropriately, “he said.

He also added that all frivolous and unnecessary applications for adjournments shall not be granted by the tribunal as the election petitions are time-bound.

According to him, whenever, it becomes very expedient to fast-track the proceedings, the tribunal shall bridge the time for doing anything in accordance with the rules as prescribed by the Electoral Act 2022.

Justice Kpochi, further added that on no account should any written address filed by counsel be more than 40 pages.

He said the address should be of double spacing format with 14 font size.

He, however, advised all counsel to imbibe the spirit of good brief writing in compliance with the Electoral Act, 2022.

Others presented in the reports by the tribunal are that there shall be no consolidation of the petition with any other petition as there was no application in respect thereof and there shall be no amendment of amendment as none is required.

“There shall be no further particulars or admissions save the application by the petitioners for interrogatories directed to the INEC, Monday Okpebholo as first and second respondents requesting for particulars articulated in the copies of the proposed interrogatories that have been filed along with the application in motion No-EPT/ED/GOV/02/M10/2024 filed on December 6, 2024, that has been granted.

The tribunal chairman, who adjourned to January 13, 2025, for hearing, said the court shall be sitting from day to day from 10am except on Sundays and other public holidays gazetted by law.

He, however, stated that the sitting period is subject to reviews as the exigencies of the workload permit.

 

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