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Subscribe nowDeep-Dive Report: The $1.2 Billion Handover — How Chappal Energies Bought Equinor Out of Nigeria, Ran Out of Money, and Ended Up Owned by the Shareholder Who Reported Its Founder
In December 2024 Chappal Energies paid up to $1.2 billion for Equinor's entire Nigerian business. Less than two years later its founder is in custody, a minority shareholder holds 86 per cent after a $100 million rescue, and the lesson for every Nigerian independent is about financing, not ambition.
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Deep-Dive Report: After the Bell — Airtel Money Slips Below Its Offer, MNT-Halan Draws 11 Times Demand, and What Africa's Listing Window Has Taught Us So Far
Airtel Money opened below its offer price in London. MNT-Halan's institutional book was covered 11 times. Dangote extended his IPO, and Firmus pulled a $30 billion listing in Sydney. The first results from Africa's listing window, and what they tell investors about the rest.
Deep-Dive Report: The Listing Window — Five African-Facing IPOs in One Month, and Why Day Ninety Matters More Than Day One
A refinery in Lagos, mobile money in London, a fintech in Cairo, a supermarket chain in Nairobi and Africa's biggest phone seller in Hong Kong: five African-facing IPOs in one month. Who is selling, who is buying, and why day ninety matters more than day one.
Deep-Dive Report: The New Lenders of West Africa — As Société Générale Leaves Ghana, Morocco's Royal-Backed Attijariwafa Moves In
Société Générale is leaving Ghana and Attijariwafa is arriving. One by one, French banks are selling their African subsidiaries to African buyers, and the most ambitious buyer is Moroccan and royal-backed. What the shift means for who finances West Africa.
Deep-Dive Report: The Quiet Conglomerate — How Cornelis Vink Built Chivita, Sold It to Coca-Cola, and Is Now Buying the Road His Own Goods Travel On
Cornelis Vink founded Chivita, sold it to Coca-Cola, and watched UAC buy it back. Now his TGI Group is buying UAC's 43% of DP World Logistics. The logic is the oldest one in African business: own the road your own goods travel on. Inside Nigeria's least-discussed large fortune.
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