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Bernard Arnault Overtakes Elon Musk As Richest Man In The World

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Billionaire Bernard Arnault has surpassed Tesla CEO Elon Musk as the richest man in the world.

CEO of global luxury goods company LVMH, Bernard Arnault and his family’s net worth snowballed to $207.8 billion after an increase of $23.6 billion on Friday, exceeding Musk’s $204.5 billion mark, according to Forbes real-time billionaires list.

This development trails Tesla suffering a blow in the stock market on Thursday (Jan 25), plummeting to 13 per cent which made Musk lose more than $18 billion in net worth, according to a Forbes report.

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READ ALSO: Elon Musk Overtakes Obama As Most Followed Twitter Account

In advantage, LVMH shares rose by over 13 per cent on Friday around 11 am immediately after the news of strong sales surfaced.

LVMH’s market cap reached $388.8 billion on Friday, compared to Tesla’s $586.14 billion market cap, as per Forbes.

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Tesla shares on Thursday dropped by over 12 per cent after Musk cautioned that the sales growth would go down despite slashing the prices that have already caused a dent in the margins of the world’s most valuable automaker.

Musk on Wednesday said that growth would be “notably lower” as Tesla shifts its focus on making cheaper next-generation electric vehicles at its Texas factory in the second half of 2025.

READ ALSO: JUST IN: Musk Leaks Private Messages With Zuckerberg On $1bn ‘Super’ Fight

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However, he said that speeding up the production of the new model would pose challenges as it would involve the latest technologies.

“The Tesla headlines have essentially gone from bad to worse,” said TD Cowen analysts, noting that the fourth-quarter revenue and profit were also below expectations.

The problem for Tesla is any significant attempt to boost sales from here on will probably need to be achieved at the cost of further falls in operating margin, due to having to compete with BYD in China, as well as increased competition elsewhere,” said Michael Hewson, chief market analyst at CMC Markets.

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Meta Suspends Activists For Showing Election Killings

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Meta suspended the Instagram accounts of two Tanzanian activists on Thursday after they posted images of the violent crackdown by security forces on election protests, which authorities have tried to suppress.

Tanzania descended into violence on October 29, the day of elections deemed fraudulent by international observers.

More than 1,000 people were shot dead by security forces over several days of unrest, according to the opposition and rights groups, though the government has yet to give a final toll.

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Mange Kimambi, who has more than 2.5 million Instagram followers, had been posting hundreds of photos of the dead and wounded since early November, sent to her by Tanzanians via WhatsApp, she told AFP last month from the United States.

Not all the images have been verified, but AFP fact checkers and other media and investigative sites have found many are real.

READ ALSO: DSS Sues Sowore, X, Meta Over Anti-Tinubu Post

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On Thursday, Kimambi, in a letter to US President Donald Trump published on X, complained that her Instagram accounts and WhatsApp number had been “deactivated after I raised awareness about a series of severe abuses and horrific events occurring in Tanzania”, including “kidnappings, killings and imprisonment of opposition leaders on fabricated treason charges”.

Another prominent Tanzanian activist, Maria Sarungi Tsehai, who lives in exile, also had her Instagram account suspended, though only within Tanzania.

“Check out @Meta @instagram and their role in enabling the cover up of #TanzaniaMassacre by restricting and deleting our Instagram and Whatsapp accounts,” Tsehai posted on X.

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“This is a direct attack on human rights defenders! We work to save lives by whistleblowing about abductions, corruption and killings,” she added.

READ ALSO:Meta Cracks Down On Fake Accounts, Deletes 10 Million Profiles

Contacted by AFP, a spokesperson for Meta justified the action against Kimambi in the name of its “policy against recidivism”, implying she had created new accounts after others were suspended.

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The action against Tsehai was a response to “a legal order from Tanzanian regulators”, the spokesperson said.

“If we are unable to provide our services there, millions of people will be deprived of connecting with family and friends,” Meta added.

In early November, Tanzania’s attorney general, Hamza Johari, called for Kimambi to be arrested and threatened to try to have her extradited from the United States, where she lives.

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Why Europe Is Blocking More Nigerian Goods At Its Borders

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Nigeria’s exports continue to face repeated rejection in European Union markets, a challenge caused by consistent quality failures, weak regulatory enforcement, and heavy dependence on raw commodities.

New trade figures further show that while export values expressed in naira have risen sharply, dollar earnings have continued to decline, undermining Nigeria’s competitiveness abroad.

Meanwhile, South Africa remains one of the African countries with the highest rate of export acceptance in Nigeria and the EU, highlighting the gaps between both economies’ standards and certification systems.

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According to data from International Trade Centre (ITC) , Nigeria’s export earnings fell for a second consecutive year in 2024, dropping by 8.5% to $57.9 billion.

The figure had already declined from $63.3 billion in 2022 to $60.65 billion in 2023. In naira terms, however, total exports rose from ₦26.8 trillion in 2022 to ₦36 trillion in 2023 and surged to ₦77.4 trillion in 2024.

These increases reflect the naira’s steep depreciation, not an improvement in the volume or acceptance of Nigerian goods overseas.

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Intelpoint data show that the naira weakened from ₦645.2 to the dollar at the end of 2023 to ₦1,478.9 in 2024, marking the sharpest yearly decline in a decade.

READ ALSO:US To Cut Military Aid To European Countries Near Russia — Official

EU border agencies have repeatedly rejected Nigerian agricultural and manufactured goods for failing to meet essential sanitary and phytosanitary requirements.

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Frequent violations include excessive pesticide residue, poor traceability, contamination detected during inspection, and inconsistencies in certification documentation issued in Nigeria.

These failures stem largely from fragmented supply chains, weak monitoring capacity and a lack of internationally accredited laboratories.

South Africa, Morocco and Kenya maintain far stronger conformity systems, and South Africa in particular consistently delivers some of the highest acceptance rates across EU ports.

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The ITC figures show that oil remains the backbone of Nigeria’s exports, contributing nearly 90 per cent of total earnings between 2022 and 2024. Over that period, the country earned $163.2 billion from crude oil out of total export revenues of $181.8 billion.

Despite this dominance, oil earnings have continued to fall, declining from $57.4 billion in 2022 to $55.6 billion in 2023 and then to $50.3 billion in 2024.

Because crude prices are determined externally and the product is exported with limited value addition, Nigeria gains little competitive advantage from currency depreciation.

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READ ALSO:US To Cut Military Aid To European Countries Near Russia — Official

Non-oil exports recorded mixed fortunes. Cocoa earnings rose from $679 million in 2022 to $759 million in 2023 and climbed sharply to $2.6 billion in 2024.

Fertiliser exports fell from $1.9 billion in 2022 to $935.4 million in 2024. Ores and residues, however, increased from $158.6 million in 2023 to $824.4 million in 2024.

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Despite positive growth in some sectors, quality problems have continued to undermine acceptance in Europe, particularly for foods such as beans, palm oil and processed crops.

Nigeria recorded stronger performance in African markets in 2024 due to the relative strength of the West African CFA franc.

Companies such as Unilever Nigeria, Cadbury Nigeria and Guinness Nigeria reported export sales of ₦22.8 billion in 2024, up from ₦9.92 billion in the preceding year. EU markets, however, maintain stricter inspection standards, and Nigeria’s structural weaknesses continue to limit penetration.

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The country’s export structure remains heavily constrained by outdated processing technology, weak inspection capacity, irregular regulatory monitoring, and an overreliance on raw commodities.

READ ALSO:Putin Says Russia Ready For War, Blames Europe For Sabotaging Peace

Also, pipeline vandalism and crude theft also prevent Nigeria from meeting its production benchmark of 1.7 million barrels per day, despite a rise to 1.5 million barrels per day in 2024.

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In December 2023, the Federal Government introduced the Trade Policy of Nigeria (2023–2027), aimed at aligning export regulations with World Trade Organisation rules and boosting global competitiveness.

The policy forms part of a wider reform agenda tied to the Medium-Term National Development Plan (2021–2025) and Agenda 2050.

Despite these initiatives, limited investment in quality assurance, industrial processing and standards enforcement continues to weaken Nigeria’s acceptance in high-value markets such as the EU.

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US Imposes Visa Restrictions On Nigerians Linked To Religious Freedom Violations

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The United States government on Wednesday announced visa restrictions targeting individuals involved in violations of religious freedom in Nigeria. The measures may also extend to immediate family members of the affected persons.

In a statement titled “Combating Egregious Anti-Christian Violence in Nigeria and Globally”, the Department of State said the restrictions were being implemented in response to mass killings and attacks on Christians by radical Islamic terrorists, Fulani militias, and other violent actors in Nigeria and elsewhere.

The statement explained that under Section 212(a)(3)(C) of the Immigration and Nationality Act, the State Department would now have the authority to deny visas to those who have “directed, authorised, significantly supported, participated in, or carried out violations of religious freedom,” with the policy potentially extending to their immediate family members.

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READ ALSO:US Visa Adjudication Sparks Concerns Over Diplomatic Relations

It further cited former President Donald Trump’s remarks, noting that the United States “cannot stand by while such atrocities are happening in Nigeria, and numerous other countries.” The policy will apply to Nigeria and other governments or individuals implicated in violations of religious freedom.

The announcement follows growing international concern over attacks on religious communities in Nigeria, including targeted killings, abductions, and destruction of property attributed to armed groups.

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