CBN has Invested 195 Million Dollars into Forex

 

The Apex Bank of Nigeria, ( CBN ) on Monday, gave an entirety of 195 million dollars into the foreign exchange market as part of the effort to stabilise the market.

The acting Director, Corporate Communications of the pinnacle bank, Mr Isaac Okorafor, in an announcement, said 100 million dollars was offered through the discount section.

He said that Small and Medium Enterprises (SMEs) fragment got 50 million dollars, while educational cost charges, medicinal payment and Basic Travel Allowance (BTA), among others, got 45 million dollars.

Okorafor said that the CBN was pleased with the state of the market, and assured that the bank would continue to intervene in order to sustain liquidity in the market and guarantee the international value of the naira.

He said the apex bank remained determined to achieve its objective of rates convergence, “hence the unrelenting injection of intervention funds into the foreign exchange market’’.

Okorafor expressed optimism that the naira would sustain its run against the dollar and other major currencies around the world, considering the level of transparency in the market

He, in this manner, exhorted stakeholders to comply with the rules to guarantee straightforwardness in the market.

A week ago, the CBN mediated in the different sections of the foreign exchange market with the infusion of 396.8 million dollars.

In the interim, the naira kept on keeping up its solidness in the market, trading at a normal of N364 to a dollar in the Bureau de Change section of the market.

                                                         

Nigeria imports $100m sugar yearly Say’s the CBN

THE Central Bank of Nigeria, CBN, Governor, Mr Godwin Emefiele, stated, yesterday, that Nigeria burns through $100 million on the importation of white sugar yearly.

Taking after this troublesome exchange shortfall, Emefiele pronounced the status of the pinnacle bank to accomplice the Nigeria-based Chinese speculator, Lee Group, and Jigawa State government to the take-off of the multi-billion Naira white refined sugar stick plant that could create N60 billion yearly.

The CBN Governor, who talked amid the establishment laying service of 12,000 hectares of land for the sugar stick industrial facility in Garin Chiroma in Gagarawa Local Government Area of Jigawa State, noticed that Nigeria could deliver sugar for nearby utilisation.

Emefiele praised the Lee Group for putting resources into sugar creation in the nation, including that "by this activity, you have helped in joining the Federal Government in guaranteeing that we accomplish our objective of enhancing our economy.

" Speaking, Governor Mohammed Abubakar depicted the production line as a mechanical complex intended to create an all-season round business, with more than 15,000 workforces, similarly as 12 settlements had as of now been moved and adjusted.

On his part, Minister of Agriculture, Chief Audu Ogbe, said development of sugar, rice, wheat, drain framed some portion of the 2017 spending plan, as products to be utilised as a part of creating remote trade.

Fidelity Bank Has Records Double Digit Growth in Earnings, Profit in First Quarter

In spite of the testing and furiously focused condition, Fidelity Bank Plc Thursday detailed a strong money related execution in the main quarter of 2017, posting a considerable development in its benefit and gross profit for the period finished March 31, 2017.

An announcement by the loan specialist demonstrated that in its unaudited result discharged at the Nigerian Stock Exchange (NSE) the bank's gross profit ascended by 18.8 for each penny from N34.4 billion in March 2016 to N40.8 billion for the comparing time frame in March 2017.

Likewise, Fidelity Bank's benefit before expense in the period surged by 20.5 for every penny from N4 billion in 2016 to N4.8 billion in 2017, similarly as it recorded a development in net premium wage, stores, credits and other execution files.

Talking about the outcomes, Fidelity Bank CEO, Mr Nnamdi Okonkwo said the twofold digit development in income and benefit underscored the trained execution of the bank's medium-term procedure and a plan of action that empowers it to keep on delivering enhanced execution in accordance with its 2017 money related year targets.

"Net profit development was driven by a mix of expanded yields on winning resources and an outright development in the volume of procuring resources which prompted a 24.1 percent year-on-year (y-o-y) development in intrigue salary," he said.

The Fidelity Bank Director additionally talked about the effect of the bank's endeavours at the diminishing working expense.

"Our cost enhancement activities kept on conveying cost reserve funds, as aggregate working costs declined y-o-y by 10.4 for each penny to N14.4 billion, this was driven by a decrease in more than 60 for every penny of our working coastlines in Q1 2017.

"We will keep on optimising our cost profile without affecting administration conveyance through the restrained execution of the activities from our as of late finished business enhancement extend," he clarified assist.

Stores, which is a measure of client certainty, in the period under survey, developed quarter-on-quarter (q-o-q) by 0.9 for every penny to N800 billion in March 2017 from N793 billion as at December 2016, with ease stores representing 79.4 for every penny of aggregate stores.

Overall, said the announcement, the bank's retail system has kept on conveying amazing outcomes with reserve funds expanding by 5.6 for each penny to N163.7 billion as at March 31, 2017.

Positioned among the top Nigerian loan specialists, Fidelity Bank has a key retail conveyance coordinate with a nearness in the real urban areas and business focuses the nation over.

Ascending from the current rebranding exercise, the bank has turned out to be a standout amongst the most unmistakable bank marks in Nigeria, picking up awards and acknowledgement for its prevalent e-saving money items and benefits and advancing independent ventures.

Its SME financing technique is conveyed through a multi-faceted approach that incorporates hearty business counselling, down to earth handholding and direction of trying and existing business visionaries to building manageable organisations.

World Banking Conference: ECOWAS single money under flame

WEST African nations have been encouraged to surrender the proposed normal money and rather use on advanced budgetary innovation to lift exchange inside the area.

AT THE CONFERENCE: From left, Mr Andrew Davis, International Banking Professional Institutes; Mr Adjiedj Bakas, keynote speaker, World Conference of Banking Institute (WCBI) and Founder Trend Office; Mr. Ade Adeyemi, Group CEO, Ecobank Transanational Inc, Lome, Togo; Prof. Segun Ajibola, FCIB, President/Chairman of Council, Chartered Institute of Bankers of Nigeria; Mr. Tay Luan, FCIB, Executive Director, Australia New Zealand Institute; Mr. Temitope Odukoya, Partner, West Africa Corporate Finance Leader, Deloitte (Nigeria); Dr. Mrs Olateju Abiola Somorin, President/Chairman of Council, Chartered Institute of Taxation of Nigeria; Mr. Colin Morrison, President, European Banking & Financial Services Training at the WCBI, yesterday.

The writer of the book on 'The Future of Banking" and acclaimed trendwatcher, Mr Adjiedj Bakas, gave this counsel while conveying a keynote address at the World Conference of Banking Institutes facilitated in Lagos yesterday by the Chartered Institute of Bankers of Nigeria (CIBN).

The starting and take off of the West African single money, known as "Eco" has been put off four times, in 2003, 2005, 2009 and 2015, because of the powerlessness of the West African nations to agree to all the four essential union criteria all the while and on the reasonable premise.

The joining criteria incorporate A solitary digit swelling rate; the monetary shortage of not more than four percent; deficiency financing not more than 10 percent of the earlier year's assessment incomes; and gross outer stores that can give import cover for at least three months.

Talking on the topic of the meeting, "Reevaluating the fate of keeping money and fund and long lasting learning", Bakis said that a solitary cash is bad for the area given the diversities of the way of life and economies of the nations in the district.

He included that solitary cash thought was no longer catalyst in the light of current patterns in the advanced back and the experience of Europe with the 'Euro'. Talking further to Vanguard on the sidelines of the gathering, Bakis expressed: "The single money is bad on the grounds that the nations, the way of life and the economies are excessively unique, as in Europe, to dissolve it down in one cash."So every nation ought to keep its own particular money or its own economy. What you can do is to utilise the blockchain innovation of the bitcoin, to make a parallel cash for exchange. So suppose if Nigeria needs to export something to Zambia, you can utilise that parallel cash, which today is in US dollar. Yet, today you can make another cash and that is the pleasant thing about the blockchain innovation, you can continue making monetary standards."

CIBN HOSTS WORLD CONFERENCE OF BANKING INSTITUTES:

The Chartered Institute of Bankers of Nigeria (CIBN) is set to host all Banking Institutes, including over 1000 banking and finance professionals in the world of the 22nd edition of the World Conference of Banking Institutes (#WCBI_2017) which holds in Lagos from April 24-28, 2017 at Eko Hotels & Suites, Victoria Island, Lagos State, Nigeria.

The theme of this year’s edition is “Re-Thinking the Future of Banking and Finance & Life Long Learning” The Conference is a biennial global forum that brings together, a large number of CEOs, senior executives, professionals and other stakeholders engaged in banking and other financial services, education and training.

The event which promises to be intellectually enriching and impactful will also provide a platform for networking and business opportunities. The Conference is also an avenue to brainstorm on how to get ahead of the challenges associated with the future of banking.

To this effect, a handful of distinguished speakers, panellists and paper presenters across the globe – Americas, Australia, Asia, Europe and other parts of Africa have confirmed their participation.

The Vice President of the Federal Republic of Nigeria, His Excellency, Professor Yemi Osinbajo, SAN, is expected to be the Distinguished Guest of Honour at the opening ceremony of the conference.

The Conference which doubles as this year’s Annual Banking and Finance Conference will have in attendance renowned speakers from various parts of the world including Mr Adjiedj Bakas, a distinguished thought leader and author of the Future of Banking; Mr. Kevin Moore, Director Global Business Development, Chartered Institute for Securities & Investment (CISI, UK); Mr. Kay Luan Tay, Executive Director, Australia New Zealand Institute; Mr. Collin Morrison, President, European Banking and Financial Services Training Association; His

Highness, Muhammad Sanusi II, CON, FCIB, Sarkin Kano, former Governor, Central Bank of Nigeria; Ms. Samantha Louis, FCMA, CGMA, Vice President Advocacy for Management Accounting, The Association of International Certified Professional Accountants and Ms. Tanya McCartney, Chief Executive Officer, The Bahamas Financial Services Board (BFSB).

Other speakers expected include Dr. Siong Choy Chong, Chief Technical Officer (Quality Assurance) Finance Accreditation Agency

(FAA), Malaysia; Ms. Gloria Grandolini, Senior Director, Finance and Markets Global Practice, The World Bank Group; Dr. J. N. Misra, Chief Executive Officer, Indian Institute of Banking and Finance; Mr. Folashodun Adebisi Shonubi, FCIB, Managing Director, Nigeria Inter-Bank Settlement System PLC; Mr. Simon Thompson, Chief Executive, Chartered Banker Institute, Scotland; Mr. Milton Alvin Weeks, Executive Governor, Central Bank of Liberia; Mr. Herbert Wigwe, FCIB, Group Managing Director/Chief Executive, Access Bank Plc; Dr. (Mrs.) Olateju Abiola Somorin, President/Chairman of Council The Chartered Institute of Taxation of Nigeria (CITN) and many more speakers of international repute.

The Conference began in the United Kingdom in

 1975 with the objective of providing a global platform for the review of the achievements recorded and challenges faced by banking and finance institutes in the world in playing their role in supporting the financial sector performance and profitability.

CIBN won the rights to host the Conference on April 7, 2015 after it was unanimously voted, in Seoul, South Korea, at the 21st edition of the Conference organised by the Korea Institute of Bankers.

CIBN had secured the support of regional groups from different continents such as the European Banking & Financial Services Training Association (EBTN), Asian-Pacific Association of Banking Institutes International Conference (APABI) and Alliance of African Institutes of Bankers (AAIOB), as well as the Central Bank of Nigeria, Nigerian Deposit Insurance Corporation, the Bankers Committee, as well as the Nigerian Embassy in the Republic of South Korea and the Federal Government of Nigeria to host the Conference.

 

The Executive Governor of Lagos State, Mr Akinwunmi Ambode, has also lined up the Conference as part of the activities to celebrate the 50 years anniversary of the creation of the Lagos. For him the Conference is a platform to promote financial tourism in the State.

According to the Governor, the Conference will be an avenue to showcase the rich cultural heritage, hospitality and investment potentials of Lagos whilst attracting more foreign direct investments into the State.

In a similar vein, His Imperial Majesty, Oba Adeyeye Enitan Ogunusi, Ojaja II, the Ooni of Ife and the Obi of Onitsha,  Igwe Nnanyelugo Alfred Nnaemeka Achebe have, in separate fora, said they would personally leverage the event to advance the culture of the African race.

Twenty-one countries have hosted the Conference in the past, some of which include USA, Ireland, Italy, Australia, Canada, France, Taiwan, Sweden, the Netherlands South Africa, Zimbawe, Kenya and several others. This is the first time a West African country will be hosting the world event.

source: Information NG

Businesses can now be registered online in 48 hours – ( CAC)

The Corporate Affairs Commission, CAC, has announced on Wednesday that business owners in Nigeria can now conveniently register their businesses online within 48 hours.

At a CAC Customers’ Forum in Lagos organized in collaboration with the Presidential Enabling Business Environment Council, PEBEC, the CAC Registrar-General, Mahmud Bello, explained that a series of reforms have been implemented by the commission this year to make it “quicker, cheaper and more convenient” for Nigerians to start businesses

“The CAC as an agency of government involved in the start-up of business has strongly keyed into the vision of the federal government to make Nigeria a progressively easier place for businesses to start and thrive,” Mr. Bello said. “Our reforms are designed with the MSMEs in mind. For us, the customer is king and must be treated with royalty.”

The highlight of the event was a live technical demonstration session by the commission on its latest reforms such as the Document Upload Interface which enables e-submission of registration documents on the CAC Company Registration Portal, and the integration of the FIRS e-payment solution into the CAC portal to enable e-stamping. Participants were also given a walk-through of the Public Search Window and the Single Incorporation Form.   

The CAC informed participants at the Forum that paper-based manual incorporation process would be gradually phased out in the course of the year, starting with Lagos and Abuja where all submissions must be done online from April 30th.

The forum was highly interactive with customers offering suggestions, asking questions and stating opinions which the CAC promised: “will form the agenda for deliberation by Management to further improve service delivery.”

In a goodwill message at the event, the Secretary to the Presidential Enabling Business Environment Council, PEBEC, Jumoke Oduwole, said that the council is committed to providing complete support to the CAC and all other MDAs implementing reforms to actualise the government’s mandate of making businesses work in Nigeria.

She said that Nigerians would be carried along in the process as PEBEC is mindful of the fact that the success of its reforms will depend on the testimonials of customers like those gathered at the CAC forum.

Ms. Oduwole also noted that PEBEC’s other target of moving Nigeria 20 places upward in the World Bank’s Doing Business Rankings by October cannot be actualised if stakeholders do not adopt and utilize the completed reforms.

Source: INFORMATION NG

FCMB’s Profit Rises by 109% to N16.3bn in 2016,Declares 10k dividend.

FCMB Group Plc has again demonstrated its resilience by reporting a profit before tax (PBT) of N16.3 billion for the full-year ended December 31, 2016, an increase of 109% compared to the N7.8 billion for the same period in 2015. Profit after tax also rose to N14.3 billion as against N4.8 billion prior year. Following these, the financial institution has recommended a dividend of 10 kobos per share to shareholders.

FCMB Group which is the holding company of First City Monument Bank (FCMB) Limited, FCMB Capital Markets Limited, CSL Stockbrokers Limited and CSL Trustees Limited, also reported a number of appreciable growths in key operating areas going by the audited results. Gross revenue as at the end of December 2016 was up by 16% to N176.35 billion from N152.51 billion in the previous year. This was in spite of the challenging macroeconomic environment and other regulatory factors.

Non-interest income grew to N47.7 billion, an 86% Year-on-Year (YoY) increase, as against N25.6 billion in 2015. This was mainly driven by N29.3 billion in foreign exchange revaluation gains.

Consistent with its value as a helpful financial institution committed to the growth of individual and business aspirations, the FCMB Group results showed an increase in credits advanced to customers last year. Loans and advances rose by 11% from N593 billion in 2015 to N660 billion in 2016. Total assets increased marginally by 1% from N1.16 trillion to N1.17trillion.

In addition, operating expenses decreased by 2% to N65.8 billion, just as non-performing loans to total loans ratio declined from 4.2% in 2015 to 3.7% in 2016. The Group’s capital adequacy ratio stood at 16.7%. However, customer deposits reduced to N658 billion from N700 billion.

Source: Information NG

First Cargo of Fertilizer Arrives from Morocco – NNPC

The first consignment of fertiliser from Morocco has arrived Nigeria, even as more cargoes that will fit the various blending plants are on the way, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Kacalla Baru has said.

Speaking yesterday while receiving the National Coordinator of the New Partnership for African Development (NEPAD-Nigeria), Princess Gloria Akobundu, at the NNPC Towers, Baru said the Moroccan government has agreed to offer Nigeria 90 days’ grace period to pay.

These developments come following the signing of a Memorandum of Understanding (MoU) on the supply of phosphate between the Nigerian and Moroccan governments which has seen about 50, 000 jobs created.

A statement from the NNPC said that the MoU between the two countries was for the supply of phosphate to rejuvenate agriculture by making fertiliser available and affordable, confirmed that the deal has started yielding positive results in the country.

Baru said: “The Moroccans have already supplied a cargo of phosphate which has been delivered to various blending plants across the country. Already, eleven blending plants have come into production because of the supply.

According to the GMD, aside from being a huge boost to the Nigerian agricultural sector and the economy, the partnership is expected to boost the bilateral relationship between the two countries, in line with NEPAD’s objective of championing regional economic partnerships and integration.

Earlier in her remarks, the National Coordinator, NEPAD-Nigeria, Princess Gloria Akobundu stated that they were in the NNPC to seek for areas of collaboration with the Corporation especially in their quest to promote regional integration on the continent.

“As NEPAD, we are mandated to identify and work with strategic partners to facilitate, monitor and promote the implementation of developmental projects across the continent,” she stated.

Nigeria Currency Naira has made big gains against US dollar and would continue to

According to the source, the continuing of Central Bank of Nigeria’s (CBN) intervention in foreign exchange (forex), has caused the Naira currency to hit the dollar again on Wednesday.

The currency traded N400 to a dollar at the black market on Wednesday in Abuja.

The News Agency of Nigeria (NAN) reports that the Naira has also appreciated against the Pound Sterling and Euro rate as it traded at N510 and N415 respectively.

One of the Bureau de Change the operators simply known as Tijani Jos said that the development had caused operators to lose a lot of money.

According to him, operators did not envisage a consistent slide of the dollar which has caused them to buy at an expensive rate hoping to make returns.

The Nigerian currency also traded at N307.5 at the interbank window.

In other segments of the market, Deposit Money Banks (DMBs) and Travelex, an International Money Transfer Services Operator, sold the Naira at N381 to a dollar.

Mr Godwin Emefiele, Governor of CBN, had on Tuesday, said the apex bank was determined to see the convergence of rates at the foreign exchange market.

Emefiele said that the CBN was optimistic that the rate between the official and parallel market would converge further.

He also said that the bank could sustain the policy, adding that those who doubt the ability of the bank to take decisions and implement it was taking a great risk.

He noted that the nations’ foreign reserves were trending further to 31 billion dollars.

Emefiele had also warned speculators to desist from stocking dollars at home because the CBN intervention would crash the price of the dollar, which was already happening. 

The CBN had in the last few weeks injected about 1.7 billion into the foreign exchange market.

Meet The Women Leading The Future Of Food

The food sustainability movement is arguably the most exciting trend in the world today. It's addressing many of the world’s most pressing problems, such as climate change, chronic disease, water scarcity, and antibiotic resistance. Without it, we are much more likely to destroy the possibility of human life on this planet.

Fortunately, droves of entrepreneurs are diving into the food world to tackle these problems head on. They’re also creating incredible business’ in the process. Not surprisingly, women are leading the charge to save mother earth before it’s too late. Here’s a list of some of the most impressive female leaders in the sustainable food space.

Gigi Lee Chang Food Future

Gigi Lee Chang

Gigi Lee Chang - Food Future Co Accelerator

Inspired by her son to found Plum Organics 12 years ago, her mission was to create a brand that reflected the values and lifestyle of contemporary parents today. While subsequently running the national non-profit Healthy Child Healthy World, Gigi learned a lot about our food system and the impact it is having on our children. Known as Generation Rx, this generation of children is the first estimated to have a shorter lifespan that previous generations. Realizing that in order to truly heal ourselves and our planet, Gigi and her team work across the food ecosystem since consumer products (no matter how well sourced they might be) just isn’t enough.

The vision for FoodFutureCo is the central idea that if we fix food, we can fix almost all other major challenges our society is facing as they are intrinsically connected to food and agriculture. Her hope is that by working with 10-12 companies a year, over a 10-year horizon, they will have a portfolio of 100+ companies to help build a movement and inspire others to do the same.

As Managing Director of FoodFutureCo, the primary focus is to be a thought partner to their cohort companies, helping them to process key questions that will help them to scale their business. Throughout the program, they bring together thought leaders, mentors, and advisors drawn from a range of sectors - consumer products, agriculture, culinary, and sustainability amongst others. Thankfully, Gigi’s leading a charge that will help to fundamentally improve our food system and the health of our future generations.

Mary Kay James Tyson Foods

Mary Kay James

Mary Kay James - Tyson New Ventures

Mary Kay James has been tapped to lead the $150 million venture fund launched by Tyson Foods in 2016. She laughed when she received the job offer from Tyson, because she’d already heard about the position from multiple friends who thought she’d be perfect for the role. The stars had aligned, and Mary Kay jumped at the opportunity.

How Trump And Vornado's Steven Roth Became Accidental Partners

 Steven Roth, Chairman of Vornado Realty Trust, attends the opening of a Century 21 department store, Wednesday, March 3, 2010, in New York. Vornado leases space to the store in the Rego Park section of the Queens borough of New York. (AP Photo/Mark Lennihan)

NEW YORK CITY: Home-Field Advantage

For many years, Trump was partners with a group of Hong Kong investors. For nearly a decade Trump feuded with his partners over the sale of a jointly owned property, a New York residential complex called Riverside South. The Chinese wanted to sell. Trump did not. Since the Chinese were the majority shareholders, the sale went ahead. The group used the proceeds to buy two magnificent office towers: 1290 Avenue of the Americas in New York City and 555 California Street in San Francisco, the second-tallest building in town. A year later they sold out their interest in the office towers.

The buyer? Vornado Realty Trust, one of New York's largest property owners, which is run by Steven Roth, a longtime friend (and competitor) of The Donald. In a sweetheart deal, Vornado ended up with a 70% stake at a price of $775 per square foot at a time when comparable buildings went for $1,200. Trump still owns the other 30%

The World's 20 Richest Sports Team Owners 2017

The value of professional sports teams has exploded over the past decade thanks largely to the massive increases in television rights fees paid for games. This asset appreciation has minted several new billionaires, including Michael Jordan, Jerry Reinsdorf and Jeffrey Lurie. There are now 81 sports teams around the world worth at least $1 billion (some of those teams have multiple owners or significant debt keeping the net worth of their owners outside the 10-figure club).

The NBA is home to more billionaire owners than any other sports league, led by Steve Ballmer (left), who is joined by NBA commissioner Adam Silver and fellow billionaire owner Michael Jordan. (Photo by Zhong Zhi/Getty Images)

Sports have been the road to riches for many people, but the richest of the rich were billionaires long before they ever entered the sporting world. There are 62 billionaires who are majority owner or managing partner of a team in a major sports league. They own 78 teams and are worth a collective $322 billion. Factoring in minority owners and second-tier sports leagues and the ownership ranks expand to 125 billionaires with stakes in 144 teams, including 40 soccer clubs (we did not include teams owned by families like the Steinbrenners and Glazers).

Steve Ballmer, worth $30 billion, is the world's richest sports team owner for the third straight year (see the full top 20 below). He bought the Los Angeles Clippers in 2014 for $2 billion in the wake of the Donald Sterling scandal, which rocked the NBA when racially charged comments made by Sterling were made public. The Clippers purchase was 10% of Ballmer's fortune at the time and many pegged it as an overpay for a basketball junkie who wanted into the exclusive NBA owners club. Ballmer's timing was perfect as the league inked a new $24 billion TV deal months later and the average NBA franchise value is up 114% over the past three years.

Microsoft's stock price is up 20% over the last 12 months (the S&P 500 rose 16%), which helped push Ballmer's net worth up $6.5 billion from a year ago. Ballmer dropped out of Stanford's MBA program in 1980 to join Microsoft as employee No. 30. He served as CEO from 2000 to 2014.

Indian oil and gas tycoon Mukesh Ambani is the second richest sports team owner on the planet with a net worth of $23.2 billion, up nearly $4 billion from a year ago. He was one of the original owners in the Indian Premier League, which launched in 2008. He owns the Mumbai Indians cricket franchise through his company Reliance Industries. He runs $44.5 billion (revenue) Reliance, which was founded by his father in 1966 and ranks among India's most valuable companies.

Paul Allen ($19.9 billion) ranks third. He also made his fortune with a Microsoft as a co-founder of the company with Bill Gates.  He bought the NBA's Portland Trail Blazers and NFL's Seattle Seahawks after leaving Microsoft. Rounding out top five are Red Bull founder Dietrich Mateschitz ($13.4 billion) and Philip Anschutz ($12.5 billion). Mateschitz is the richest person in soccer and auto racing through his stakes in the New York Red Bulls of MLS and two Formula 1 teams, Red Bull Racing, Scuderia Toro Rosso. Anschutz owns the NHL's Los Angeles Kings and MLS' LA Galaxy. He also owns a one-third stake in the NBA's Los Angeles Lakers.

Ballmer and Allen lead a group of 20 NBA majority owners or managing partners. The sport is wildly attractive right now because of soaring revenues and the global opportunities of the sport. “There are a lot of prospective buyers for NBA franchises, but no sellers right now,” says Sal Galatioto, who runs an investment bank focused on the sports industry. Other loaded NBA owners include Russian tycoon Mikhail Prokhorov ($8.9 billion), who has been shopping a minority stake in the Brooklyn Nets, Micky Arison ($8.1 billion) of the Miami Heat and Stanley Kroenke ($7.5 billion) of the Denver Nuggets.

Nineteen NFL teams are owned by billionaires, led by Allen, Shahid Khan ($8.2 billion) of the Jacksonville Jaguars and Kroenke, who also owns the recently relocated Los Angeles Rams. The explosion in NFL values has produced more billionaires than any other league with eight people in the 10-figure net worth club as result of the value of their NFL franchises.

There are 11 MLB teams owned or which have a managing partner as a billionaire. Longtime Detroit Tigers owner Michael Ilitch died last month at 87. His wife and family are baseball's richest at $6 billion. They are followed by Charles Johnson ($6 billion), who runs the San Francisco Giants, and Washington Nationals owner Ted Lerner ($5.3 billion).

Anschutz ranks as the richest in hockey, followed by Hasso Plattner ($11.2 billion), who co-founded German software company SAP in 1972 and owns the San Jose Sharks, and then Kroenke, who owns the Colorado Avalanche.

Outside of team ownership, more than a dozen other billionaires can credit their fortunes to sports. Nike co-founder Phil Knight, who retired as chairman in June after 52 years with the company, is worth $26.2 billion, No. 28 in the world. Under Armour was the worst-performing sports stock in 2016 and the net worth of company founder Kevin Plank took a 38% hit over the past year to $2 billion. Plank fell behind Ding Shijia and Ding Shizhong ($2.1 billion each) whose fortunes are founded on Chinese sportswear brand Anta Sports.

Michael Rubin, who made his fortune in online retailing and runs Fanatics, is worth $2.3 billion. James France inherited an estimated 36% of Nascar, which his father started in 1948. He is worth $2 billion. Longtime F1 head honcho Bernie Ecclestone relinquished his post atop the sport in January as part of Liberty Media Corp.'s purchase of F1. Ecclestone is worth $2.9 billion.

1. (No. 21 overall) Steve Ballmer

Net worth: $30 billion

Source of wealth: Microsoft

Team: Los Angeles Clippers

2. (33) Mukesh Ambani

Net worth: $23.2 billion

Source of wealth: Petrochemicals, oil & gas

Team: Mumbai Indians

3. (42) Paul Allen

Net worth: $19.9 billion

Source of wealth: Microsoft, investments

Teams: Seattle Seahawks, Portland Trail Blazers

4. (86) Dietrich Mateschitz

Net worth: $13.4 billion

Source of wealth: Red Bull

Teams: New York Red Bulls, Red Bull Racing, Scuderia Toro Rosso

5. (96) Philip Anschutz

Net worth: $12.5 billion

Source of wealth: Investments

Teams: Los Angeles Kings, LA Galaxy

6. (118) Hasso Plattner & family

Net worth: $11.2 billion

Source of wealth: Software

Team: San Jose Sharks

7. (139) Roman Abramovich

Net worth: $9.1 billion

Source of wealth: Steel, investments

Team: Chelsea

8. (145) Mikhail Prokhorov

Net worth: $8.9 billion

Source of wealth: Investments

Team: Brooklyn Nets

9. (158) Shahid Khan

Net worth: $8.2 billion

Source of wealth: Auto parts

Team: Jacksonville Jaguars

10. (159) Micky Arison

Net worth: $8.1 billion

Source of wealth: Carnival Cruises

Team: Miami Heat

11. (182) Stanley Kroenke

Net worth: $7.5 billion

Source of wealth: Sports, real estate

Teams: Los Angeles Rams, Arsenal, Denver Nuggets, Colorado Avalanche

12. (186) Stephen Ross

Net worth: $7.4 billion

Source of wealth: Real estate

Team: Miami Dolphins

13. (199) Silvio Berlusconi & family

Net worth: $7 billion

Source of wealth: Media

Team: AC Milan

14. (239) Marian Ilitch & family

Net worth: $6 billion

Source of wealth: Pizza

Teams: Detroit Red Wings, Detroit Tigers

15. (250) Daniel Gilbert

Net worth: $5.8 billion

Source of wealth: Quicken Loans

Team: Cleveland Cavaliers

15. (250) Charles Johnson

Net worth: $5.8 billion

Source of wealth: Money management

Team: San Francisco Giants

17. (269) Richard DeVos & family

Net worth: $5.6 billion

Source of wealth: Amway

Team: Orlando Magic

17. (269) Joe Lewis

Net worth: $5.6 billion

Source of wealth: Investments

Team: Tottenham Hotspur FC

19. (303) Jerry Jones

Net worth: $5.2 billion

Source of wealth: Dallas Cowboys

Team: Cowboys

20. (315) Robert Kraft

Net worth: $5.1 billion

Source of wealth: New England Patriots

Team: Patriots

Catering as a Successful Business

You may begin your own catering service business, which can be financially rewarding and enjoyable. You may do this business in a full or part time basis because events that you may cater may vary from the service they will get from you. In this kind of business, opportunities are very great and there are a lot more benefits that you may not expect.

Every catered occasion can be a new experience to meet different kinds of people from all lifestyles. It is important that you have the stamina and the ability to work under pressure because of the demanding work that awaits you. You may need the help of some friends first before you may hire employees who are experienced in this kind of field.

It is a requirement for a catering business to have a license to operate like those permits that are issued to food establishments that have also catering services as well. Catering services are inspected by the Board of Health to see if they have the right materials and the capacity to prepare and handle food that is safe to the public.

You may get your license at the local Health Department. You have to apply first before you obtain the permit to operate a business catering service. An inspection will be needed to check if you will pass the food sanitation requirements. After you have acquired your license, there will be regular check-up routines to ensure that you will sustain cleanliness and sanitation of your catering service.

There are states that require a catering service must have a separate area for the food operation and the kitchen facility of the house. This is important because they will not issue a license if you have a set up wherein they may see food sanitation is not your priority. If you want to remodel the set up, you must pass the plans and remodeled features to the Health Department for confirmation that you are following the required construction to your home facilities and to your food operation area.

It is important to target your market in this business if you are given the permit to operate already. Know your competition and be aware of their strengths and weaknesses. If you are stable with your finances, you may hire applicants that are experienced in this kind of business.

What is Multi Level Marketing

Multi level marketing is known as network marketing. This is a kind of business where franchising and direct selling are combined. This business makes a person associated to a company in an independent transaction approach. It is an approach where the company creates a contactor relationship to the person who wants to expand his business.

The members make their earnings based on the sales they have reached in that particular product or service. It also includes the sales of the person that they have recruited to join the business. Most of the time the individual who has recruited more members and provided a good sales output on the product compensate higher because of the effort to transact in two different fields.

There are “pyramid schemes” or Ponzi schemes, which are considered illegal. Most people associate multi level marketing to these kind of schemes because they also recognize themselves to be a legitimate networking business. Because of the bad image brought up by these schemes, many prefer to use their names for their businesses as “home based business franchising” or “affiliate marketing”.

Commissions are earned in the process of selling a particular product or service in a legitimate network marketing. There can be no earnings in what they call as a “sign up fee” or for just recruiting yourself alone. This kind of marketing is always criticized because of the questionable recruitment process where they get their revenue and profit. They get their sales from members and new members, which are considered the end users of the product and as the distributors.

These criticisms led to the major changes in the multi level marketing in the early 1980s when many companies have started to allow their members to concentrate only on marketing and not on distributing or stocking the product. Most multi level marketing firms nowadays perform as fulfillment firms by taking the tasks of shipping the product, paying the commissions and taking orders from their clients.

Many people who are victims of the illegal schemes in multi level marketing are required to buy expensive products, but most of these schemes do not last long because most of the sales are not easily resold.