Africa's richest man says fuel import licences are squeezing his Nigerian refinery
Dangote Refinery says imported petrol took 43% of Nigeria's market in July and that licences are still being issued despite ample local capacity.
Nigeria
Aliko Dangote is $5 billion richer since the Iran war closed the Strait of Hormuz
Aliko Dangote's Lagos refinery has become Europe's largest supplier of jet fuel and diesel since Iran closed the Strait of Hormuz.
EFCC transfers $60 million recovered from Ernest Azudialu-Obiejesi's Nestoil to lenders
Nestoil has paid $60 million to its lenders under an EFCC-brokered plan, ten weeks after the Supreme Court dissolved its asset freeze.
Late Nigerian banker Herbert Wigwe's university has a fifth of the students he planned
Herbert Wigwe planned 1,400 students in his university's first year. As tributes marked his 60th birthday, it has about 300.
Late Nigerian billionaire Bode Akindele's estate placed under state control in will dispute
A Lagos court has placed Bode Akindele's estate under the state Administrator-General while his first son challenges the validity of the will.
Nigerian billionaire Muhammadu Indimi joins court fight against his twin daughters over $43.5 million
Muhammadu Indimi has applied to be joined personally in the appeal against a $43.51 million judgment his twin daughters won from Oriental Energy.
Nigerian tycoon Samuel Bolarinde's Vitafoam stake hits $25.3 million after 747% share surge
Samuel Bolarinde's 12.03% stake in Vitafoam Nigeria is worth ₦35.16 billion, or $25.3 million, after a 747% share price surge since 2025.
Billionaire Femi Otedola's First HoldCo to pay out 60% of profit as dividends
First HoldCo will pay out at least 60% of profit as dividends, a policy worth roughly ₦83 billion to chairman Femi Otedola on half-year earnings.
Africa's richest man Aliko Dangote turns to exports as Nigeria's petrol imports triple
Nigeria's gasoline imports tripled in June as Aliko Dangote's refinery cut domestic supply to sell abroad and earn the dollars it needs to buy crude.
Nigerian tycoon Rasheed Sarumi's Presco stake hits $1 billion after Belgian buyout
Rasheed Sarumi's Presco stake is worth $1.03 billion after buying SIAT from a Belgian family in court restructuring, but his debt position is unknown.
Africa's richest man Aliko Dangote's refinery runs at half capacity as exports fall
Aliko Dangote's refinery is operating at roughly half throughput after an equipment fault, pushing product exports to their lowest level in three months.
Billionaire Folorunso Alakija unveils six books at Lagos thanksgiving marking her 75th birthday
Nigerian oil magnate Folorunso Alakija unveiled six books on marriage and faith at a thanksgiving service marking her 75th birthday in Lagos.
Nigerian multimillionaire tycoon Cosmas Maduka, Asia Star deepen electric bus partnership
Cosmas Maduka is positioning Coscharis Group at the center of Nigeria's electric mobility push, deepening his partnership with Chinese bus manufacturer Asia Star.
Nigeria's Sade Adu and Fela Kuti make history as the first Africans in the Rock and Roll Hall of Fame
Nigerian-born Sade and Afrobeat legend Fela Kuti have made history as the first African artists inducted into the Rock and Roll Hall of Fame.
Allen Onyema's Air Peace plans first international flights from Nigeria's new Gateway International Airport
Allen Onyema has announced Air Peace will launch direct London flights from Ogun State's Gateway International Airport this summer using its Boeing 777 fleet.
Tetracore Energy opens CNG station in Benin City to fuel Nigeria's gas push
Tetracore Energy Group has commissioned a new CNG station in Uwusan, Benin City, capable of fueling up to 200 vehicles daily.