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Francoise Bettencourt Meyers, World Richest Woman, Loses $13 Billion

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By Kayode Sanni-Arewa

Francoise Bettencourt Meyers, World’s Richest Woman, Loses $13 Billion in 2024. Françoise Bettencourt Meyers, the world’s wealthiest woman and heiress to the L’Oréal fortune, has faced a significant financial setback in 2024, losing $13.1 billion of her net worth over the first seven months of the year. This decline, which brings her fortune down to $86 billion from nearly $100 billion at the start of the year, reflects broader challenges within the luxury beauty and fashion sectors.
The Bloomberg Billionaire Index reports that Bettencourt Meyers’ wealth reduction mirrors the difficulties faced by other luxury industry titans, such as Bernard Arnault, the head of Louis Vuitton Moët Hennessy (LVMH). Read Also : EFCC Detains NAHCON Chairman, Secretary Over N90 Billion Hajj Subsidy Scam The downturn in Bettencourt Meyers’ fortune is closely tied to her substantial stake in L’Oréal, the global cosmetics giant, which has been adversely impacted by a slowdown in the Chinese market. As a result, L’Oréal shares have fallen by 14.25% year-to-date, stoking investor concerns over the company’s growth prospects in key markets.

L’Oréal’s Response to Market Challenges In response to the challenges facing the luxury market, L’Oréal has been actively working to diversify its portfolio. One significant move is the planned acquisition of a 10% stake in the Swiss skincare company Galderma, valued at $1.85 billion. This strategic investment, which involves purchasing shares from Sunshine SwissCo AG—a consortium that includes Swedish private equity firm EQT, the Abu Dhabi Investment Authority, and Auba Investment Pte. Ltd.—is part of L’Oréal’s broader effort to strengthen its position in the global skincare market and reduce its reliance on more volatile luxury segments.

Additionally, L’Oréal has continued to invest in its workforce through the expansion of its Employee Share Ownership Plan, launched in 2018. This plan, now available in 63 countries, allows employees to purchase L’Oréal shares at a 20% discount. Over 37,000 employees have participated in the initiative, which aims to align their interests with the company’s long-term growth and values. Nicolas Hieronimus, Chief Executive Officer of L’Oréal Groupe, emphasized that this plan reflects the company’s commitment to fostering a sense of shared ownership and responsibility among its employees

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About Francoise Bettencourt Meyers Françoise Bettencourt Meyers controls approximately one-third of L’Oréal, the world’s largest cosmetics company. She became chairwoman of the holding company that manages the family’s stake following the death of her mother, Liliane Bettencourt, in 2017. Under her leadership, L’Oréal has continued to thrive, generating €41.2 billion ($44.5 billion) in revenue in 2023. The Bettencourt family has received more than €10 billion ($11.2 billion) in dividends from L’Oréal over the years, according to analyses of company filings and market data.

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LASG shuts down Idera market over ‘environmental pollution

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By Kayode Sanni-Arewa

The Lagos State Environmental Sanitation Corps (LAGESC) says it has sealed off the Idera market in the Oshodi metropolis.

In a statement on Thursday, Ajayi Lukman, LAGESC spokesperson, said the agency sealed the market due to unhygienic practices and indiscriminate dumping of refuse, which contravened the environmental law of the state.

He said the measure was taken to enforce adherence to environmental cleanliness across registered markets in the state.

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‘‘Our operatives stationed across the Oshodi division during routine market monitoring identified the filth, unhygienic practices, and indiscriminate dumping of refuse around the Idera Market area, which prompted us to seal off the market until further notice,” the statement reads.

Lukman quoted Olaniyi Cole, the corps marshal of the agency, as decrying the level of hygiene at the market, which could lead to an outbreak of diseases.

He said Cole frowned at the inability of the market leadership to provide a valid waste collection contract, which resulted in the heaps of refuse in the facility.

He added that the display of wares for sale on road setbacks, lay-bys, medians, verges, kerbs, street trading, and hawking remained banned in the metropolis.

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The LAGESC corps marshal reiterated the ban on the sales, distribution, and usage of styrofoam in the state, noting that anyone found culpable would be punished decisively.

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Hours to Edo guber polls, major opposition candidate crumbles structure for Ighodalo

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By Kayode Sanni-Arewa

Hours to the Edo State governorship election, the guber candidate of the All Peoples Party (APP)Amb Osalumese Areloegbe on Thursday morning collapsed the structure for the governorship candidate of the Peoples Democratic Party (PDP), Dr. Asue Ighodalo and his running mate, Osarodion Ogie Esq.

Addressing journalists at the party secretariat in Benin City, Areloegbe said his decision to collapse the structure for the PDP candidate was because he believed that Ighodalo had all it would take to govern the state to greater heights.

According to him, I urged all my followers and supporters to disregard any information that I have aligned with the All Progressives Congress (APC) governorship candidate, Senator Monday Okpebholo.

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“I am supporting Asue Ighodalo because he is competent, not that I am not competent but I believe Asue is on the forefront. That is my reason for supporting his candidacy.

“My party is aware because they have been having a series of negotiations for us to align with the APC, and I told them categorically that I am supporting PDP. My eighteen local government followers are in full support of my decision, I mean 100 per cent supporting the PDP candidate, Barr. Asue Ighodalo and his running mate, Barr. Osarodion Ogie in this election.

“My choice for Asue Ighodalo is because, apart from myself, I see him as the next better candidate that I can support and I can put my weight on because he has the capacity, mentally, physically and otherwise to pilot the affairs of Edo State to greater heights.

“The national secretariat of my party, APP – they are in Abuja and I am in the state, and know much more of what is happening in Edo State. They are not here and don’t know what is going on here in Edo. And I am in a position to tell them what will be better for the Edo people.

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“There is a parable that says, ‘You cannot shave a man’s head when he is not present’. I am here in Edo State and I know who to support and why I am supporting him. The national leadership might have taken a different tone, but this is what I and my followers have chosen.

“We had a series of other politicians who had made such decisions before. That is why I agreed with the support of my supporters to collapse my structure for the governorship candidate of the PDP Barr. Asue Ighodalo and his running mate, Barr. Osarodion Ogie.”

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SAD! Woman reportedly d!3s in Osun building c0llapse

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By Kayode Sanni-Arewa

A resident of Ifetedo in Osun State, simply identified as Idowu, had reportedly died in an incident of collapse building that occurred in the town.

The collapsed structure was said to be a dilapidated building that suddenly caved in and killed the woman.

A resident of Ifetedo, simply identified as Ogunyemi, while speaking to The PUNCH on Thursday, said operatives of the Nigeria Security and Civil Defence Corps, responding to a distress call, were at the scene of the incident.

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Some NSCDC operatives rushed to the scene after they were informed of the incident. They were joined by some other people in the community.

Idowu was the only person in the building when the incident happened. She was brought out dead from the rubble.

“The incident caused panic in Omiloode Area, where the building is located. The building that collapsed is a dilapidated structure,” Ogunyemi said.

Osun NSCDC Public Relations Officer, Kehind Adeleke, when contacted confirmed the incident, adding that the scene was immediately cordoned off by security men.

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“An abandoned dilapidated building located along Omiloode Street, Ifetedo collapsed and killed one Mrs Idowu, who was said to be around the structure when the incident happened.

“The tragic incident occurred at about 17:30 hours on Tuesday.

“Officers and men of NSCDC Ife South Division, upon getting information rushed to the scene of the incident for rescue operation. But unfortunately, the woman had passed on. She was brought out of the rubble dead. The site was immediately cordoned off,” Adeleke said.

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