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Bill Gates transferred $1.8bn (N685bn) in stock to Melinda on day of divorce news

The investment firm of Microsoft CEO, Bill Gates’ transferred $1.8 billion (estimated N685 billion naira) in stock to his wife, Melinda, the same day the couple announced their separation after 27 years of marriage, New York Post reports.

Cascade Investment, a holding company that Gates formed to manage much of his financial assets, transferred more than 14 million shares of Canadian National Railway to Melinda Gates on Monday, according to a securities filing.

The NY Post reports that on the same day, the firm transferred more than 2.9 million shares of AutoNation to Melinda Gates, a separate filing shows.

Based on Wednesday’s stock prices, the Canadian National Railway holdings are worth more than $1.5 billion and the shares of AutoNation, a Fort Lauderdale, Fla.-based company that sells cars, are valued at over $300 million.

The couple’s divorce petition, which was filed Monday in King County Superior Court in Washington state, indicated that they don’t have a prenuptial agreement to distribute their estimated $130 billion in assets.

Instead, the two have signed a separation contract for dividing their property and possessions, but the terms of that agreement have not been publicly disclosed in court documents.

Nigeria’s debt stock increases by N6.7bn in 2020 to N32.91tn – DMO

The Debt Management Office (DMO) has revealed that Nigeria’s total public debt as at December 31, 2020 now stands at N32.91 trillion.

This represents an additional N6.7 trillion when compared to N26.21 trillion recorded as of the corresponding period of 2019.

According to a statement released on Monday, DMO also noted that the total public debt to Gross Domestic Product as at December 31, 2020 was 21.61 percent which is within Nigeria’s new limit of 40 percent.

It should be noted though, that apart from the New Domestic Borrowing of N2.3 Trillion, the other New Borrowings were concessional Loans from the International Monetary Fund (USD3.34 Billion) and other multilateral and bilateral lenders,” the statement said.

“This incremental borrowing to part-finance the 2020 Budget and the additional issuance of Promissory Notes to settle some arrears of the Federal Government of Nigeria, contributed to the increase in Public Debt Stock. New Domestic Borrowings by State Governments also contributed to the growth in the Public Debt Stock.” DMO added.

Public debts include the debt stock of the Federal and State Governments, as well as, the Federal Capital Territory.