Africa's Richest Man Fights The Government To Build A $60 Billion Empire

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2:18Save money. Check Lyft. Let's talk about Aliko Dangote. personal titan he's a personal hero of mine when it comes to business the richest black person in the world if you don't know who Aliko Dangote is he's probably around 20-30 billion dollars out of Nigeria and man he changed the game so much with his refinery oil refinery and he's been fighting against the Nigerian government for some time now they've been trying to give him a hard time go figure but he's taking his company public and I believe it was on the Nigerian stock market, but now he's taking it to the London stock market. So this is major.

2:58This is big for Africa. This is big for energy independence. This is big for Nigeria. What do you think about Aliko Dangote's IPO on the London stock market? I think Aliko Dangote is a name that should be celebrated. It should be bolstered across all social medias. I think it's somebody that our children should know. We should know because what he's doing is something that we've never seen before. For one man to use his business brilliance and his infrastructure to change the GDP of an entire country, I mean, it's unprecedented. Not looking for outside people to help. He just said, we're going to do it ourselves.

3:41And you're talking about oil as a resource. It's something that Nigeria has. and the fact that they had to export it out to get it refined and then pay a fee to have it imported back to them. It just never made sense to him. And when you say it out loud, it doesn't make sense in general. And so to be able to create a refinery in Nigeria based off his resources, right? You're talking about a guy who's done it in flour. He's done it in sugar. He's done it in cement. He has powerful friends in electricity. like all the things you need, he turned to his community of friends in the world of business and now has made this a publicly traded company for Nigerians and now going to the London stock market.

4:26So people can actually have access and ownership into it. It says a lot. You know, his net worth, quote unquote, was at 30 billion. The number is closer to 60 million, most people are saying, because of what this means. so they go from like the number nine or ten uh exporter of oil to now one of the uh importer of oil to now one of the top 10 exporters of oil because of this refinery it's a huge mission he's been on it for i feel like we did this in our our first year he was just talking about in 2019 so we're seven almost eight years into this uh and the refinery's up man i i can't wait to see it i actually want to see it in person can't wait to speak to him meet him in person to shake his hand.

5:11He's one of the first people that I wrote about when I was teaching financial literacy 15 almost years ago. It's incredible. I think people don't even understand the magnitude of it. And so I'm glad that we get to highlight it and give him all the praise that he deserves and all his entire team. I know his daughters are involved in it as well. He deserves it because that is something that I don't know if it could be replicated, but the lessons that can be learned from piling your resources together, creating something, making a change that's beyond you. He said this isn't even about money. This isn't about him.

5:43This is about the future of his country, which is extremely honorable. Aligo Dangote, he's actually David O's godfather also. If you don't know, we interviewed David O in Lagos, and David O's father's a billionaire. And David O's uncle is Aligo Dangote, his godfather. And Aligo Dengoti's brother, he's up there too. But I got to be careful with this political stuff because we do have to go back to Nigeria soon. So I don't want to offend any more politicians for sure. We don't need that. No. We definitely don't need to offend international politicians. Absolutely not. But he's been having a fight with the government.

6:26Aligo Dengoti, they've been... It's been a battle. They've been at odds. You could imagine people not wanting to see that happen from external forces. But, you know, he's managed to still get it done. Okay. Well, shout out to Aliko Dangote. Much success. We look forward. We've been working on trying to meet Aliko Dangote for a very long time. So I'm sure it'll happen when it's time to happen. But we look forward to sitting down with the brother, to looking at, to visiting his refinery and to really, you know, see how we could help move the situation forward because it's important. Energy independence is the only way that Africa is going to move forward.

7:16And it's vitally important that Africa moves forward. It's the first step, man. So, you know. So I know the initial offer in Nigeria is you had to be a citizen of the country. Like, you had to be from a country in Africa. So I wonder... I think that was in Nigeria. Now, that's what I'm saying. In London, I wonder what the stipulations will be for that. All right, Mike, you go back to the original list. Thanks, Mike.

7:43I think you got Palantir up next, yeah? Palantir. Death and destruction. All right, so Palantir actually reported as the market closed. So they beat on revenue. They beat it on adjusted earnings per share. U.S. commercial revenue grew to$764 million. and the EBITDA grew as well. So a solid quarter for them. I saw Alex Carr appear some quotes. I will not read them, but he is a very interesting guy. So, I mean, the company did well. It's been getting beat up. It had its all-time highs last year, and it's kind of been pulling back because of the high valuation. I think their multiple was 270, 267X, some crazy number.

8:28got down obviously with with the the company pulling back down to 67 which is still pretty high but it did beat on earns i think the most important thing we saw was that the business structure has changed from them predominantly getting 50 of revenue from the government to now getting commercial enterprise to buy the ai software um so you think about all the u.s agencies that were using it and i mean you could like that or not but it has changed so now the The customers include banks, healthcare systems, energy companies, manufacturers, retailers, insurance companies, airlines, pharmaceutical firms.

9:05They have expanded their base of customers, which has helped change the revenue model, which is good because that is something that is scalable rather than saying, hey, we're going to be super reliant on the government. So that's good for them. And that's good for the AI story as well. Because, again, if we're talking about infrastructure, NVIDIA, the GPUs, the memory, all that's part of it. What's the next layer? the applications, Palantir being an application, ServiceNow being an application, these will benefit. So great quarter for them. Let's see if they can keep that going and maybe retest some of these all-time highs.

9:38Now the valuation, we got to see. We got to be mindful of that. That's a hefty, hefty, hefty multiple, meaning that we're already pricing in the future growth of it. So just be mindful of that. Outdated investing rules. Whew. I'll go down Ian's path here and say diversification. People believe that diversification will reduce risk, which doesn't necessarily always hold to be true because if you've diversified across, I don't know, 30 stocks and the market pulls back, that really hasn't reduced your risk. And so, you know, you want to be concentrated in an area or a few sectors. You know, pick a few.

10:27I know Ian has two tech, two index. Pick a few sectors that you understand, that you see growth in, not just like growth now, but future growth, future guidance. Whether that's, you know, technology or whether that's energy or that's healthcare. Look inside those sectors and especially inside those ETFs. If you're going to go stocks, pick one or two. You don't need 50 companies. You don't even need 30 companies. You need a solid core of companies that you understand. You know the business. You might know the CEO if you're really locked in, but you understand the growth story. So I would say that.

11:03Shout out to the Green Jacket community at EYO University. I believe it's 160 members now. Yeah. So that's the Green Jacket Club. It's for anybody that gets over 1 ,000 % rate of return on an investment or call option trade. we have over 160 members in EY University with green jackets that earned their green jacket. Well, we got 160 in class of 26. So the cutoff for that was... No, just in general. No, no, there's more than that. No, I'm not saying just in general. Okay. Just in general. But we're so proud of you guys. Yes. Thank you so much. Thank you so much for being a part of EY University.

11:41You are a member. I am a member. You are a member. I am a member we're looking forward to meeting y 'all the biggest market surprise the biggest market surprise in general or the past week because we've had a hell of a week

12:04I think that Leopold story was pretty alarming a lot of lessons when I text you as it happened I was like there's going to be a movie somebody's going to make a movie about this to see how fast Citadel came in and swooped up that portfolio. That was interesting. To see the companies that he was invested in, I think that was interesting. But again, I don't think he was wrong in the companies he was invested in. I think his strategy was wrong. But they wouldn't want the portfolio if it was companies that were going to tank or companies that would be delisted. There's some solid companies that are in that portfolio that they're going to have a ton of growth still to go.

12:46I know Bloom Energy was something that went crazy this year. Sanders obviously has grown crazy over the past 18 months. So yeah, man, what transpired on Thursday or Wednesday, whatever day it was, that was pretty surprising to me. You could be right and still be wrong. Somebody told me this about life. That's a fact. That's true. Sometimes it's not about right and wrong. Sometimes it's about right and smart. I'll repeat that. We just heard this. Yeah, it's not necessarily about right or wrong. It's about right and smart. So Leo, he wasn't wrong in his estimate. But was he smart in doing the leverage play and being so vocal and different things?

13:27Because he's right about the stocks, but he still lost. Sometimes you could be right and still lose. Still lose. You know what he didn't have? Time. He didn't have time. Time wasn't an asset. We always say that. Make time your number one asset when you invest in. So if you're going stocks, make sure you long-term, you're keeping them 5, 10, 15, 20. Maybe you never sell them. You pass them down. If you're doing options, give yourself as enough time as possible because when that expiration starts to near and that data starts to decay, it's going to be tough to come back from. So make sure you give yourself time.

14:04If he had more time and he didn't over-leverage, he could have probably withstood for another few weeks. Before you sign off, you tuned in for ways to help teams move faster, make sharper decisions, and turn scattered context into work they can use. ChatGPT for Business can help. ChatGPT for Business gives teams a shared workspace with admin controls, permissions, and access to work and codecs in ChatGPT. This means your business can move from question to answer and code to rollout quicker. Join over 10 million business and enterprise users worldwide already using ChatGPT for work. Download the ChatGPT desktop app or contact sales to learn more.

14:45Ernest, what's up? Look, building wealth isn't just about making money. It's about knowing where your money is working for you. That's why we partner with Empower. Empower is all about helping you invest well so you can go out and live a little. Their free Empower personal dashboard gives you a complete view of your financial life in one place. Track your net worth, monitor your budget, analyze your investments, set retirement goals, and more. You've worked hard for your money. Now make sure it's working hard for you. Download the Empower personal dashboard or visit Empower.com. Not an Empower client paid or sponsored.

15:22When traveling for events or festivals throughout the country, every dollar matters. We compare flights, prices, hotel rates, and restaurant options. So why wouldn't we compare rides? Personally, I always check lift before booking a ride. Prices can change throughout the day depending on traffic, weather, and what's happening in the city. If you're headed to a concert, out to dinner, or catching up with your friends on a Friday night, taking a few seconds to check lift could leave you with more money to enjoy the experience. Save money. Check lift. Everyone's talking about how AI is transforming work, especially in sales.

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