Table of Contents
Good morning from Billionaires.Africa.
Here is a brief on what we published yesterday.
Remgro CEO Jannie Durand warned that the Middle East war could trigger fuel shortages in South Africa, with farmers in the Western Cape already reporting they can access as little as 20 percent of their normal diesel allocations. South Africa's strategic petroleum reserves sit between 7.7 and 8 million barrels — well below the country's 45-million-barrel capacity. It is one of the clearest signals yet that the Hormuz crisis is no longer a pricing story alone. It is becoming a supply story.
In Nigeria, Rabiu's BUA Cement posted a 381 percent surge in profit to N356 billion and confirmed plans for new plants in Edo and Sokoto that will push capacity to 20 million tonnes — while the Dangote Refinery issued a formal warning to investors to ignore unverified IPO reports circulating online. And in Morocco, Othman Benjelloun's Bank of Africa made Forbes Middle East's 2026 list of the region's 100 most valuable companies.
Top Stories
Remgro CEO warns South Africa could face fuel shortages Johann Rupert's Remgro holds petroleum exposure through TotalEnergies Marketing South Africa. CEO Jannie Durand said he is deeply concerned about the conflict's trajectory and its knock-on effects on fuel supply chains. Agri Western Cape reported 70–75 percent of farmer feedback indicates they cannot access fuel.
Rabiu pushes BUA Cement toward 20 million tonnes with new Edo and Sokoto plants BUA Cement's profit after tax climbed 381.7 percent to N356 billion in 2025. Revenue rose 34.6 percent to N1.2 trillion. The board recommended a dividend of N10 per share, up from N2.05 the prior year. New greenfield capacity in Ososo, Edo State is expected by December 2027, with Sokoto following in 2028.
Dangote Refinery warns on IPO misinformation The refinery pushed back against a wave of unverified reports about its IPO, saying no official process has been announced. Analysts have estimated the refinery's value at $40–50 billion. The group has appointed Stanbic IBTC, Vetiva and FirstCap to lead the listing and plans to float between 5 and 10 percent.
North Africa
Benjelloun's Bank of Africa makes Forbes Middle East top 100 The Casablanca-based lender ranked 88th with a market value of $4.97 billion. Morocco placed nine companies on the list, up from four in 2025. Benjelloun, 93, holds a 27.41 percent stake in the group.
Mansour's San Diego FC targets Salah after Liverpool exit Mohamed Mansour called Salah "one of the great players today" and said he would be an asset to any team. San Diego FC, which Mansour founded with a $500 million expansion fee, broke the MLS expansion points record in its debut season. Al-Hilal remains the most financially aggressive rival suitor.
This week's deep-dive report and exclusive briefing are now available:
→ Deep-Dive Report: Africa's Refining Revolution
→ Exclusive Briefing: What We're Hearing — Africa's Energy Repricing in Real Time
