VIDEO: Claims That I’m Hip Hop’s First Billionaire Is False – Diddy

Diddy is undoubtedly one of hip-hop’s most successful artists. From owning his own record label and a liquor brand to restaurants and two clothing lines, the man born Sean Combs has given little reason to question his massive net worth. He recently released a “motivational video” on YouTube, where he seemingly delivered the news that rap fans have long waited for: “A young boy from Harlem, I couldn’t even be a waiter. They didn’t want me to be a waiter! So you know what I did? I became a billionaire.”

Many took the video to be an official announcement that Diddy had made history as hip-hop’s first billionaire. However, according to Diddy, that is not actually the case. The mogul took to YouTube again on Wednesday to set the record straight on exactly where his monetary situation is at. “A lot of blogs took that as I had become hip-hop’s first billionaire,” Diddy explains, “that is not the case.” He went on to say that “the race is still on,” and that “any of you hustlers out there can come and get it,” including Jay-Z and Dr. Dre.

Dr. Dre reached near-billionaire status after selling Beats to Apple. But he’s still trailing behind Diddy in net worth.

Diddy’s current net worth is estimated at $750 million.

“It really ain’t about the money at the end of the day,” Diddy explained, “It’s about the impact that you have on the world. Only speak the truth.” Check out the full video below.

Billionaire arrested for money laundering in UK convicted for fraud in Nigeria

A Nigerian billionaire, Walter Wagbatsoma, has been convicted of fraud by a Lagos court.

Adaoha Ugo-Nnadi, convicted alongside Mr. Wagbatsoma for fuel subsidy fraud, fainted in the dock Friday as the judge began to read the sentence for her conviction forcing the proceedings to be rescheduled to Monday.

Mrs. Ugo-Nnadi, Mr. Wagbatsoma, and their company, Ontario Oil and Gas, were convicted on an eight-count amended charge of fuel subsidy fraud before the Ikeja Division of the Lagos High Court.

The minimum sentence for the crime is seven years while the maximum is 20 years.

Mr. Wagbatsoma, the first convict, is currently under house arrest in the United Kingdom where he is accused of money laundering.

Justice Lateefat Okunnu, however, discharged and acquitted the third defendant, Babafemi Fakuade, an employee of the Petroleum Products Pricing Regulatory Agency.

“The case of the prosecution against the first, second, and fourth defendants has been proved beyond reasonable doubt and they are convicted on each of the eight counts,” the judge said.

As soon as Mrs. Okunnu returned after a 30-minute recess to read her sentencing, Mrs. Ugo-Nnadi, who was seated in the dock, collapsed in a heap leaving her relatives scrambling for water to resuscitate her.

The judge directed that a medical doctor be summoned and announced she would read her final judgment on Monday.

The convict, crying and retching on the floor inside the dock, was carried into her waiting Sports Utility Vehicle, and rushed to a hospital.

It was a dramatic end to a day that began with the suspects strolling around the courtroom in an ebullient mood before the judge’s arrival around 9.20 a.m. Mrs. Ugo-Nnadi, decked in an immaculate blue attire, slapped the arm of a friend telling her to “cheer up,” and a few moments later laughed at a seemingly hilarious joke shared by her lawyer.

The defendants were first arraigned by the Economic and Financial Crimes Commission, EFCC, in 2012 for fraud, forgery, and conspiracy amounting to N1.9 billion in the fuel subsidy scheme.

They were later re-arraigned in 2013 after the trial judge was elevated to the Court of Appeal, and then again in 2016 on an eight-count amended charge.

They had pleaded not guilty to all the charges.

SUBSIDY FRAUD

The judge said the prosecution had accused Mr. Wagbatsoma, Mrs. Ugo-Nnadi, and Ontario Oil and Gas of collecting N942 billion as subsidy payment instead of N602 million.

Mr. Wagbatsoma is the chairman of the company while Mrs. Ugo-Nnadi is the managing director.

The judge also said the prosecution gave evidence that the convicts discharged “a much lesser quantity” of petrol in their transaction with the government and presented a forged shore tank certificate.

“The fourth defendant defrauded the federal government of N340 million,” she said.

A prosecution witness gave evidence that, in the first transaction, Ontario Oil paid N37 million for 12 million litres of fuel in a throughput agreement with Integrated oil and Gas, but later collected subsidy for 19 million litres.

In the second transaction, the company collected subsidy for 19 million litres while they paid a throughput agreement with Obat Oil worth N28 million for 10 million litres of fuel.

“Both the first and second defendants signed the cheque for the throughput agreement,” the judge quoted the witness as saying.

Another prosecution witness, Obinna Ukonu, a store officer at Integrated Oil and Gas, gave evidence that Ontario brought in 12 million litres of fuel via a mother vessel, MT Pacific, and then a daughter vessel, MT Union Brave. The same quantity was “trucked out” by the company.

“I find that there is credible, concrete evidence that the quantity of petrol discharged was 12 million litres,” said the judge.

“Evidence by the prosecution is that the product was discharged into one tank which cannot contain more than 16.5 million litres because of an inbuilt floating roof that takes about two million litres.”

An exhibit that the judge described as “very damaging” to the defendants’ case was Exhibit D1, a calibrated report which showed that the tank in question cannot contain more than 18 million litres of fuel.

CONVICTED IN ABSENTIA

In 2012, when the convicts were first arraigned, Mr. Wagbatsoma was absent.

Rotimi Jacobs, the EFCC counsel, told the then judge, Habeeb Abiru, that he had fled to the U.S. to avoid trial.

When he eventually returned to face trial, the judge imposed a N450 million bail on him.

In July last year, despite the court holding his international passport and other travel documents, Mr. Wagbatsoma was arrested in Germany and extradited to the UK to face money laundering charges.

He is currently under house arrest in the UK.

On Friday, the judge said Mr. Wagbatsoma during his testimony tried to distance himself from the running of Ontario Oil and Gas.

“The first defendant while testifying laboured to convince the court that he was not involved in the day to day running of the fourth defendant, but he signs the cheques,” Mrs. Okunnu said.

“He is of sound, literate mind. Over and over again, he informed the court he sits on the board of 27 companies. He knew what he was doing when he signed those cheques, and there is evidence that he used the money from the subsidy payment.”

For Mrs. Ugo-Nnadi, the judge described her as the “operating mind and the alter ego” of the company.

“She had full knowledge of the entire exercise.”

The judge also said she had no doubt that the company forged shore tank certificate, used for the subsidy payment.

“I find the first, second, and fourth defendants guilty of forgery. All three of them conspired as there was a meeting of minds,” she said.

The case against Mr. Fakuade, who was discharged and acquitted, was that he signed and embossed the PPPRA stamp on a forged document, the judge said.

“There is nothing that shows that he was aware of the real document that showed the actual amount of fuel discharged. It was simply gross negligence on his part.”

BEG FOR MERCY

Before she began reading the sentencing for the crimes, the defence lawyers said they would make a “plea allocotus” – to beg the judge to temper justice with mercy.

The lawyer said Mrs. Ugo-Nnadi had been having “very serious health challenges” but has managed to be attending all the trial proceedings.

“It is our humble plea that a custodial sentence will do serious damage to her health as a result of the crowding in the prison and three or four doctors to hundreds of inmates,” the lawyer said.

He said his client is a mother of “very young children” and a prison stay would deprive her children of her “mother and father” roles.

He also said the embarrassment and loss of businesses the second defendant had suffered is enough restitution for her crime.

“The second defendant throughout the trial has suffered psychologically. She has been the butt of publications online, written press, television. She has suffered so much.”

But Mr. Jacobs said anything short of sending the convict to prison would make a mockery of the fight against corruption.

“It will send a wrong signal that custodial sentence is the preserve of the poor and the rich cannot go to jail,” said Mr. Jacobs, a senior advocate of Nigeria.

“The purpose of our criminal law is to ensure that those who contravene the law do not escape the consequences of the law.”

Zahra Buhari Gets ?N47.1m Customized LV Bags In 30 Exotic Cars From Billionaire Fiancé (PHOTOS)

Zahra, the 21-year-old daughter of President Muhammadu Buhari, has received about 30 customized LV boxes from the family of her husband-to-be, Ahmed Indimi.

The LV boxes have Zahra’s name customized as ZBI (Zara Buhari Indimi).

She is getting married to Ahmed, the son of Nigeria billionaire Mohammed Indimi, an oil tycoon.

In Northern Nigeria tradition, the groom’s family is expected to buy the boxes known as kayan lefe for the bride.

The boxes are usually loaded with diamond and gold jewelry, designer shoes, bags, super wax, laces, perfumes, designer underwear, cosmetics, jeans, tops and more.

The man can do from 1 to 50 boxes as a show of how rich and capable he is.

The LV bags which total about 30 and allegedly cost about £120, 000 (approximately N47,144,502, using the official rate of N392.87 to a pound) are said to have been delivered to Zahra in 30 exotic cars, according to a reliable source.

Zahra, the beauty and brain is a graduate of micro biology from the University of Surrey in England and also the ambassador for the SCAF, a foundation set on the initiative to arrest and minimize the case of sickle cell around the nation.

Her husband-to-be, Ahmed indimi, is a good looking graduate of a prestigious university and currently the marketing director of Oriental energy resources and hails from Maiduguri.

Credit: dailytrust

 

Otedola no longer a billionaire – Forbes

Nigerian businessman Femi Otedola has fallen off the billionaire cadre of entrepreneurs.

According to Forbes, Otedola who is the Chairman of Forte Oil, suffered the plunge as he lost $1.3bn following a fall in the stock price of the company.

Forbes said, “As at the close of trading on Friday, Forte Oil’s share price plunged to a one-year low of N145 ($0.44) per share, down from an all-time high of N342 ($1.1) in March this year when FORBES published its annual ranking of the world’s richest people.

“Apart from the tumble in Forte Oil’s stock price, Otedola’s fortune has also been adversely affected by a central bank devaluation of the Naira in June. In dollar terms, the devaluation in addition to Forte’s floundering share price has knocked about $1.3 billion off the value of Otedola’s fortune which was pegged at $1.8 billion in March.

Otedola is now worth only $550 million according to the FORBES’ billionaires’ database.

See the £3.9 Billion Theme Park Built by China’s Richest Man to Compete With Disney

China’s richest man Wang Jianlin, worth £23 billion, opened his second theme park on September 24 in the country in a bid to compete with Disney.

Wang Jianlin, chairman of real estate conglomerate Dalian Wanda group, has raged war on Disney telling reporters that he wants Disney to be ‘unable to make a profit in this sector in China for between 10 and 20 years’.
The new park cost 34 billion yuan (£3.9 billion) to create.

The first phase of the theme park opened on Saturday and includes a hotel complex, movie centre and a shopping mall.

The 160 hectare (1.6 square km) park includes a six-star hotel, a five-star hotel and five other hotels providing some 3,500 rooms.

It’s hoped that the theme park will attract some 100,000 tourists each day on average, reports China Daily.

 


The new park is 500 kilometres (310 miles) from the Shanghai Disney Resort well within range to compete for visitors with the park.

A ticket to the theme park is 218 yuan (£25.18) for single admission and 308 yuan (£35.57) for a family.

 

 

 

 

 

 

Billionaire Ifeanyi Ubah Caught On Camera Slapping Heartland FC Goalkeeper (WATCH)

Billionaire business man, Ifeanyi Ubah, faces sanctions for his role in the violence that erupted during a Nigeria Premier League game between his club, FC Ifeanyi Ubah, and Heartland FC.

The League Management Company said it would review the sanctions earlier meted out against Ubah and Heartland goalkeeper, Ebele Obi, after a video showed more details of the roles played by the two actors.

Watch video posted by a facebook user below:

https://www.facebook.com/kelechi.nkoro/videos/908190595968004/

Ex-Wife Of Russia’s Richest Man Vows To Fight For Half His £10BILLION Fortune

The spurned former wife at the centre of the world’s biggest divorce has laughed off her estranged husband’s claim that he is down to his last millions.

Vladimir Potanin told a court in Moscow that he has no assets, despite being listed by Forbes as Russia’s richest man worth £10billion.His scorned ex-wife Natalia, 53, to whom he was married for 30 years, blasted her former husband’s court claim that he is merely a millionaire. He ‘offered’ her £32million settlement – but she says he’s worth £10billion and wants half.

Natalia blasted:

 ‘Vladimir Potanin dumped, betrayed and humiliated me. He also decided to wipe every
kopek (penny) off our family money.

Natalia, who has three children with the Russian oligarch, is offering him the chance to settle out of court and away from the media glare, as long as he agrees to negotiate her demands for a half share of his alleged wealth of £10billion, to which she insists she is fully entitled.

Mining tycoon Potanin, 54, is fighting the financial claim by his wife of three decades, insisting he does not own the mega-assets she says are his.

Last month, a Moscow judge rejected Natalia’s demand to equally divide his investment company Interros International, and his 30 per cent stake in mining giant Norilsk Nickel, a which is worth an estimated £4.5billion for which Potanin is listed as CEO.

In her first exclusive interview since the ruling, Natalia flew to London to tell MailOnline she will battle for justice no matter how long it takes…

The couple met as poor students in the Communist era and had three children during their long marriage.

Petite and wearing immaculate Prada with understated but expensive jewellery, Natalia described the moment her ex-husband revealed that he had a second family, with mistress Katya, an employee 15 years his junior, who he has since married.

With new wife

When Pontanin dropped the bombshell in 2013, he told her that not only did he want a divorce, he demanded that it be backdated to 2007.

‘I thought this was some kind of a badly-worded tease, a joke. How else would you look at it?’ she said.’I sat with him at the end of 2013, and he was saying ‘Let’s divorce behindhand, so that the divorce and any settlement is dated to 2007’.

‘So imagine, year 2007 goes by, then 2008, 2009, 2010, 2011, 2012, 2013, and we’re living together all this time, and at the end of 2013 he says he wants the backdated divorce.”We certainly made no agreements that evening, I was too shocked.

‘I wasn’t prepared for it. As I understand now, he must have taken his time to get ready for this conversation, perhaps not even a day or month, but longer. But for me it was totally unexpected, it was a deep shock.

Now she believes this was a move to fix any settlement on his assets as they were in 2007, not at the moment they actually split.

‘He left that evening, leaving those papers, and he has not slept at home since then. He never came back. So the last memory of my husband was how he started the conversation, and how it got nowhere.

Natalia made clear she will appeal the Russian verdict given last month which she described as ‘odious’, and which has been seen as a major setback in her quest to become the world’s wealthiest ex-wife.

I find it extremely unpleasant to sit in court and hear about all the extramarital affairs which, it turned out, my husband had when we were together.’It’s exhausting, and if there is a way to avoid it, quickly and peacefully, I would certainly go for it.’But what my husband offered was for me to sign papers saying that I had no claims on assets, and that was it.’It happened in November 2013, which is when he suggested we divorce. This was the moment when we spoke for the last time.’

Both Pictured in 1977

Natalia said that since they separated, her husband has made no effort to contact their their two sons Ivan, 26, and Vasily, 16.The couple also have a daughter, Anastasia, 31.

 ‘I think he is totally irrational, aggressive and not reasonable. I struggle to explain it.’His social position, his public face has always been based on an image of a strong family man.’I trusted my husband completely. I believed him, I, well, I loved him. I realise this was wrong, in that to be blind in your belief in someone is wrong. But I was absolutely happy in the past.’I can’t understand what will come next. I am not broken, but I continue living in this situation and, whatever I do, it still dominates my life. I don’t have freedom.’

She shows a steely confidence that she will win in the end:

‘I want to show other women in a similar situation that we have got to keep fighting and not to give up, at least for the sake of our children,’ she said. ‘Yes, Vladimir Potanin and his lawyers keep winning court cases, but I don’t see it as their final victory.’There are thousands of women in Russia in a similar situation, ruthlessly dumped, often with newborn children.’Men allow themselves to treat women like something they possess and can throw away at the point when they get bored and want something new.

‘This has to stop. There are laws that protect women in Russia, but they don’t always work in reality.’

Billionaire Buys $52 Million Mansion Without Seeing It

Australian-Chinese billionaire Chau Chak Wing has bought a mansion in Australia for 70 million Australian dollars ($52 million) — the biggest home purchase in Aussie history. And he forked out that huge chunk of change without actually seeing the place.

The estate, named La Mer, used to belong to another billionaire, Australian mogul James Packer.

Chau told the Australian real estate site Domain: “I never saw the [Packer] house. I don’t know who the former owners were.”

Read Morespaces

South African Billionaire Does The Unthinkable, Donates Half Of His Wealth To The Poor

Does it seem likely that a billionaire would promise to give away half his wealth for a worthy cause? As unlikely as that might sound, that is what South Africa’s only black billionaire Patrice Motsepe has pledged to do. Motsepe who has a net worth of $2.65 billion, has pledged to donate half his fortune to help the poor people in his country

Who is the man Patrice Motsepe?

Born in the Johannesburg township of Soweto in South Africa, Motsepe learned to be hardworking from childhood. His work ethic was instilled in him with the help of his father who made him work at his family’s convenience store at an early age. A lawyer by training, Motsepe acquired most of his wealth from the mining conglomerate African Rainbow Minerals which he founded in 1997. The publicly-traded company that specializes in the mining of several valuable minerals, including platinum and gold, was established at a time when the market for gold was closest to its three-decade low level.

Motsepe, who Celebrity Net Worth describes as a “literal prince” of the Tswana Tribe, is one of seven billionaires in South Africa and the country’s only black billionaire. He is the owner of the Pretoria based soccer club Mamelodi Sundowns.

Giving to the Poor

Drawing inspiration from people like Microsoft founder Bill Gates and business magnate Warren Buffett, Motsepe decided to give half of his tremendous wealth to the aid of the underprivileged. According to him, the plan had been there for a while to give half his wealth to the disadvantaged and marginalized people in the country, but he was working to tie up all the loose ends to ensure the mission is not derailed along the way.

The money would be channeled through the Motsepe Foundation to help address health and educational issues confronting the poor. According to BBC News, the black billionaire said his charitable gesture was also influenced by the spirit of “Ubuntu,” an African belief system which translates into “I am because you are.”

Motsepe is also one of more than 70 billionaires, including Gates and Buffett, who have joined The Giving Pledge. The campaign aims to bring notable and wealthy figures around the world together to contribute part of their wealth toward assisting underprivileged people. Gates, who started The Giving Pledge with Buffett in 2010, has commended Motsepe for his generous deed toward the less fortunate.

Source: financialjuneteenth

Forbes Billionaire Gives Away His N120B Fortune, Becomes a Monk With No Possession (Photos)

58-year-old Bhanwarlal Doshi, who was profiled by Forbes and said to be worth over $600m, runs a plastic company in Delhi, India. But Doshi would get converted into the famous Jain monk’s life, prompting him to give up his $600m empire.

He got converted on Sunday and became one of the disciples of Jain Acharya, Shri Gunratna Surishwarji Maharaj.
To kick-off his monk life, a lavish three-day send-off party was thrown for him, where 1,500 people served food to guests. After the ceremony, he is expected to live in abject poverty with no maids or money or any physical possession.

Times of India reports that, “The venue [of the send-off] was built in the form of a ship. 500 hotel rooms were booked to accommodate guests. An estimated 150,000 people participated in the event.”

Reports said he had always wanted to become a monk after he listened to Jain’s lectures in 1981, but it took him time to convince his family. .