Table of Contents
Good morning from Billionaires.Africa.
Here is a brief on what we published yesterday.
Dangote confirmed plans to more than double his refinery's capacity to 1.4 million barrels per day — a move that would vault the Lagos plant past India's Jamnagar to become the world's largest single-site refinery complex. The group also plans to list 10 percent of the refinery on the Nigerian Stock Exchange within a year. In Switzerland, Johann Rupert is feeling the other side of the global cycle: Richemont shares are under pressure as China's luxury spending slump weighs on Cartier and the wider jewelry division, which contributes over 40 percent of sales from Asia-Pacific.
In Kenya, NCBA Group posted KSh 23.4 billion in profit and raised its dividend 22.5 percent ahead of Nedbank's $856 million takeover bid — putting the Kenyatta and Ndegwa families in line for a combined $24.7 million payout. And a Nigerian court ordered the final forfeiture of $13 million tied to Lagos socialite Aisha Achimugu after the EFCC established the funds as proceeds of fraud.
Top Stories
Dangote targets 1.4 million barrels per day as refinery expansion reshapes Africa's energy future The expansion from 650,000 to 1.4 million bpd is backed by a $400 million equipment deal with China's Xuzhou Construction Machinery Group and expected within three years. Over 85 percent of the workforce will be Nigerian. The group described it as part of a broader ambition to build a $100 billion enterprise by 2030.
Rupert's Richemont hit by China luxury slowdown Richemont reported sales of $20 billion for the nine months ended December 2025, but the market is pricing in whether momentum can hold as wealthy Chinese shoppers pull back. Analysts at Bernstein still name Richemont their top luxury pick for the year.
East Africa
NCBA posts $180.3 million profit, lifts dividend 22.5% ahead of Nedbank takeover The Kenyatta family stands to collect approximately $11.9 million and the Ndegwa family $13.5 million from the 2025 payout. Nedbank made a formal offer in January to acquire about 66 percent of NCBA for roughly $856 million.
Deals & Legal
Court orders final forfeiture of $13 million tied to Aisha Achimugu The Federal High Court in Abuja ruled that the EFCC successfully proved the funds were proceeds of fraud. Achimugu's company, Oceangate Engineering Oil & Gas, could not demonstrate any business activity capable of generating the amount in dispute.
Air Peace rejects tax evasion claims against Allen Onyema The airline says reports of a Lagos State tax evasion lawsuit against chairman Allen Onyema and vice chairman Alice Onyema are false and misleading.
Southern Africa
Zimbabwe's E20 ethanol push could boost Billy Rautenbach's Green Fuel Zimbabwe is pushing to raise ethanol blending from E5 to E20, a move that could sharply increase demand for the country's sole ethanol producer, controlled by controversial tycoon Billy Rautenbach.
Sasfin Wealth rebrands as Otto1890 after banking exit Erol Zeki's Sasfin Wealth has rebranded as Otto1890, honouring founder Otto Pollak, as the broader Sasfin Group exits banking and the JSE.
This week's Investor Memo and Wealth Intelligence brief are available for Elite subscribers:
→ Investor Memo: Fuel-Starved Nations Flock to Dangote
→ Wealth Intelligence: Tony Elumelu — The Dealmaker Who Won't Stop Building
