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Johann Rupert, South African billionaire and chairman of Richemont, a luxury goods conglomerate, has overtaken Aliko Dangote, chairman of Dangote Industries Limited, as Africa’s richest person.

According to the latest data from the Bloomberg Billionaires Index, Rupert’s net worth has surged to $14.3 billion, overtaking Dangote, whose fortune has declined to $13.4 billion.

The data shows that Rupert’s wealth has increased by $1.87 billion year-to-date, while Dangote’s fortune has declined by $1.69 billion. Nicky Oppenheimer, another South African billionaire, occupied the third place with $11.3 billion net worth, Nassef Sawiris, an Egyptian businessman, followed with $9.37 billion, and Natie Kirsh, a South African investor, completed the top five with $9.14 billion.

The downturn in Dangote’s net worth is largely attributed to Nigeria’s challenging macroeconomic environment, where his conglomerate primarily operates. Since President Bola Tinubu assumed office in 2023 and partially removed petrol subsidy while easing currency controls to attract foreign investment, the naira has lost its value.

The Dangote Group has faced production delays and other industrial issues at its refinery, compounded by the steep depreciation of the naira.

The decline has significantly impacted Dangote, whose wealth is largely tied to assets denominated in naira.

Despite the challenges faced, the Dangote Group plans to generate roughly $30 billion in revenue by 2025, focusing on expanding its influence in the foreign exchange market.

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A lady has refused to share her WhatsApp number after receiving N30k from a male admirer.

The lady got the money after she posted a picture of herself, after the admirer preferred her over Tems.

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Senate President Godswill Akpabio has said the 10th National Assembly agreed with President Bola Tinubu’s executive arm of the government to return to the old national anthem because they want to rebuild Nigeria.

Akpabio said this while speaking at the ongoing 2024 Annual General Conference of the Nigerian Bar Association (NBA) in Lagos State, where he urged Nigerian lawyers and legal practitioners to embrace their profession as agents of positive change in the country.

The Senate President said, “We are diligently working hard to create a robust legal framework that will support the aspirations of all Nigerians. We believe strongly that there is no stain in our country that we cannot erase if we stand together in brotherhood. That is why we went back to that National Anthem, that though tribes and tongues may differ, though professions may differ, in brotherhood we stand.

We went back because we want to rebuild the future of this country; remembering that we may come from different tribes, different backgrounds, different ethnic groups, different tongues, but in brotherhood we stand.”

He said, “I entered politics with a dream of my own, and coincidentally, one that aligns with our shared aspirations, to rebuild my state and to rebuild our nation. “With that dream, I rebuilt Akwa Ibom State. My people can testify, and that was what Nigerians came to know as an uncommon transformation. Together with President Bola Ahmed Tinubu, we can rebuild Nigeria. This is the formula: if our dream should ignite a tiny spark of aspiration amongst those gathered here, it will mark a pivotal moment for Nigeria, and the Renewed Hope programme will definitely be a success.”

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Video director, TG Omori, has revealed that his brother donated one of his kidneys to him after he s¥ffered kidney failure.

He said yesterday his only brother gave him one of his kidney so he could live again.

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Nvidia (NVDA) stock rose Tuesday as market participants anxiously awaited what some analysts have called the "most important tech earnings in years."

Nvidia, the artificial intelligence chipmaker at the heart of the AI revolution, is scheduled to report fiscal 2025 second-quarter earnings after markets close on Wednesday. It will be the third earnings report from Nvidia this calendar year and investors are waiting to see if it will be the third time its stock soars to new heights on blowout results.

Shares jumped more than 9% on May 23, the day after the chipmaker reported record quarterly revenue and profit, and announced a 10-for-1 stock split. They went on to rise more than 27% in the following two weeks.

The company’s fiscal 2024 fourth-quarter results were even more explosive. Shares jumped 16% in one day, adding a record $272 billion to the company’s market cap. By the end of the week, Nvidia’s market value had increased by more than $300 billion, and within two weeks its shares had risen more than 30%. 

But stellar results aren’t always enough for Wall Street. Nvidia shares fell in late November 2023 when concerns about restrictions on the export of advanced semiconductors to China overshadowed quarterly revenue that exceeded Wall Street’s estimates by nearly $2 billion. 

The stock, which seemed unstoppable for much of the last two years, has stumbled in recent months. Shares fell more than 25% through July and early August as the anticipation of lower interest rates prompted a broad rotation out of mega-cap tech stocks into rate-sensitive small caps and then sparked the unwinding of the popular yen carry trade. 

Concern about excessive spending on AI infrastructure also weighed on tech stocks in this most recent earnings cycle. Nvidia's stock, despite its position as a beneficiary of all that spending, has felt some of the pain of Wall Street's frayed AI optimism.

The company has also recently had to contend with reports that its next-generation Blackwell chip may be delayed by design flaws. The news sent shares plummeting earlier this month, but investors bought the dip and the stock has since recovered.

Morgan Stanley analysts in a note on Sunday said they believe Wall Street overreacted to Blackwell delays. They did not expect the delays to change the system's rollout timeline, nor did they expect it to have a material impact on quarterly results.

With demand for the Blackwell system strong and older offerings filling in supply gaps, executives, the analysts said, may “not even acknowledge tactical setbacks.”

The greatest risk to Nvidia stock, in their opinion, is climbing investor expectations. Results from hyperscalers and AI server maker Super Micro Computer (SMCI) point to massive data center spending, leading some to raise their estimates for sales throughout the rest of the year.

Morgan Stanley believes that, to satisfy investors, Nvidia will have to announce revenue guidance for the fiscal third quarter that's about $2 billion higher than the consensus view among analysts. "(A)ssuming that all is well with new products our sense is that the stock needs guidance in the $33-34 (billion) range to be unchanged."

A figure in that range would imply a significant acceleration of quarter-to-quarter sales growth.

Analysts expect Nvidia will report fiscal second-quarter revenue of $28.84 billion, according to consensus estimates compiled by Visible Alpha, which would be about 11% higher than the first quarter. If Nvidia meets those expectations, it would have to grow revenue 18% over the quarter to hit the high end of the range.

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