Nike’s founder & family gain $6.5 billion in a day, hold more than $11 billion in cash
Phil Knight, the shoe king, and his family are the world’s 23rd richest with a net worth of $58.8 billion. The 83-year-old American billionaire is the co-founder of Nike, the world’s leading athletic shoes and sports apparel company.
At the end of Friday’s trading session, Phil Knight & family earned $6.48 billion in a day as investors weighed positively on the sports apparel stock after its impressive showing at the world’s largest economy.
Their cash reserves stand at $11 billion while the rest of their net worth is vested in the company. Nike’s range of brands includes Jordan, Converse and Cole Haan.
Real estate firm partners Eko Atlantic City, invests $20 million
Periwinkle Residences Limited is set to invest $20 million in the construction of a 15-storey luxury lifestyle condo in the Eko Atlantic City project.
This was disclosed by the Chief Executive Officer of the real estate firm, Chiedu Nweke, at the sign-off ceremony for the acquisition of 2,400 square meters of land at Eko Atlantic City.
According to Nweke, the company intends to make a statement that smart cities in Singapore and Dubai can also be replicated in Nigeria.
Read Also: Updated: Dangote fertiliser may hit market this month
Dangote Makes Nigeria Third-highest Country in Urea Capacity
With the coming on stream of Dangote Fertiliser Limited, global urea capacity is poised to see considerable growth over the upcoming years, potentially increasing from 222.96 million tonnes per annum (mtpa) in 2020 to 305.92 mtpa in 2030, registering a total growth of 37 per cent, according to a GlobalData report.
The three million metric tonnes of Dangote Fertiliser plant and around 88 planned and announced plants are scheduled to come online, predominantly in Asia and Africa, over the next five years.
GlobalData, which made this announcement in its Global Urea Capacity Additions by 2030, released recently, hinted that the completion of Dangote Fertiliser has made Nigeria the third-highest country in terms of capacity additions, with a capacity of 11.58 million tpy by 2030.
“Major capacity additions will be from two planned plants Dangote Group Lekki Urea Plant 1 and Dangote Group Lekki Urea Plant 2 with a capacity of 1.50 million tpy each by 2030,” it added.
FG Acquires N1.7bn Mobile Control Towers for Effective Airspace Coverage
The federal government has acquired two mobile control towers worth N1.7 billion in order to further enhance coverage of Nigeria’s airspace and improvement of flight safety.
The Minister of Aviation, Senator Hadi Sirika explained that the equipment would be deployed to the Murtala Muhammed International Airport (MMIA), Lagos and the Nnamdi Azikiwe International Airport (NAIA), Abuja and any other airport that may require the facility.
Sirika who commissioned the equipment at the Lagos airport recently, said the aim of the present administration is to continue to improve safety in the industry.
The mobile towers would be used by Air Traffic Controllers (ATCs), a department in the Nigerian Airspace Management Agency (NAMA) for air and ground communication.
Hearing resumes at Supreme Court on $15b judgment against Nigeria, others
The Supreme Court will, today, continue its hearing on a case involving the Central Bank of Nigeria (CBN), Union Bank of Nigeria (UBN) and an oil and gas company – Petro Union Oil and Gas Company Limited (Petro Union), over an alleged £2.556 billion fraud attempt.
The hearing at the apex court continues even as Petro Union and some of its officials simultaneously face criminal charges at the Federal High Court in Lagos on the same matter which, according to the Economic and Financial Crimes Commission (EFCC), is an attempt to defraud UBN, the CBN and by extension, the Nigerian government of another mind-boggling sum of money.
The said sum of £2.556 billion plus interest amounts to $15 billion in today’s terms, causing experts who have studied the case to liken it to the infamous $10 billion Process & Industrial Development Limited (P&ID) fraud attempt against Nigeria.
As the Petro Union case resumes, all eyes are on the Supreme Court of Nigeria to deliver a sound decision, especially as the criminal case at the Federal High Court continues to unravel evidence, which indicate that the judgments in favour of Petro Union at the lower courts, were allegedly obtained by fraud.
