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Subscribe nowInvestor Memo: The Quiet Fortune — How Benin-Born Oil Veteran Samuel Dossou-Aworet Built a $1.4 Billion Stake in Seplat and Aradel
An 81-year-old Benin-born engineer who ran Gabon's oil for 13 years quietly holds ~$1.4 billion of Nigerian oil shares — Seplat and Aradel — through Petrolin vehicles almost no one tracks. Samuel Dossou-Aworet, and the rare edge of the operator who became an owner.
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Investor Memo: Seven Times Earnings — What the Dangote Refinery's Nine-Month Numbers Say About the ₦525 Share Price
Nine months, $4.73 billion of net profit and a $650 million net cash pile. At ₦525 a share the Dangote refinery is priced at roughly seven and a half times its annualised earnings. Why the multiple is so low, what could justify it, and what to check before October 27.
Investor Memo: The State as Shareholder — Why Aliko Dangote Is Offering East African Governments 30% of His Lamu Refinery
Aliko Dangote is offering East African governments 30% of his Lamu refinery, with Kenya weighing about $500 million for 10%. Why Africa's richest man wants states as co-owners of a $16 billion asset, what that protects, what it costs, and what building in Lagos taught him.
Investor Memo: The Key Man — Wicknell Chivayo's Death Leaves State Contracts in Three Countries Resting on a Company Built Around One Person
Wicknell Chivayo died three weeks after Gwanda got its notice to proceed. Solar in Zimbabwe and Eswatini, a stake in Kenya's airport: a pipeline worth hundreds of millions, resting on one man. What happens to it, and the lesson for anyone backing a founder-led contractor.
Investor Memo: The Doubling — Dangote Group Is on Course to Take Revenue From $18 Billion to $36 Billion in a Single Year, and the Cement Arm Is Funding Its Own Expansion
Dangote Group says revenue hit about $17 billion in the first half and is on track to double to $36 billion for the year, from $18 billion in 2025. What the number is made of, why funding 25 million tonnes of cement from cash flow matters more, and what would tell you it holds.
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Nigerian billionaire Aliko Dangote’s foundation and Gombe State to give 28,284 women refinery shares
Gombe State released ₦149.2 million to buy Dangote refinery shares for 28,284 vulnerable women, and Aliko Dangote’s foundation will match each woman’s shares.