Nigerian businessman Tony Elumelu calls for investment in African healthcare innovation
Elumelu has solidified his position as a titan of African commerce, transforming UBA Group from a domestic bank into a continental powerhouse.
Nigeria
Nigerian oil magnate Emeka Offor makes new donation following $30-million book distribution
The donation adds to Offor’s extensive philanthropic record.
Africa’s richest man loses $2.6 billion amid naira’s descent as worst-performing currency
The decline follows a brief uptick in April fueled by the Central Bank of Nigeria’s (CBN) efforts to address a backlog of dollar obligations, which strengthened the naira.
Lagos-based Greek businessman makes $17.1 million from stake in Flour Mills
Founded in 1960 by the late George Coumantaros and now led by his son John Coumantaros, Flour Mills has become a major player in Nigeria’s food and agro-allied industries.
Nigerian energy tycoon Austin Avuru’s Seplat to boost gas production by 390 mmscfd
The announcement coincides with Seplat celebrating its rise from a vision shared by co-founders Ambrosie Bryant Chukwueloka Orjiako and Avuru to a prominent African energy player.
Nigerian oil magnate Wale Tinubu’s Oando to double production with Eni deal
This projection comes with the expectation of further scaling up to 100,000 barrels daily by 2029 through new drilling and security improvements.
Nigerian gambling magnate Kessington Adebutu gains $4.4 million from Wema Bank stake
Wema Bank has seen its share price surge 28.1 percent in recent weeks, climbing from N6.05 ($0.0044) on May 1 to N7.75 ($0.0056) at the time of writing.
Nigerian billionaire Abdul Samad Rabiu’s BUA Cement reports $118.8-million Q1 revenue
The company showcased robust revenue growth, surging past $110 million, yet faced a notable decline in profit due to escalating costs and currency devaluation.
Nigeria’s richest banker Jim Ovia’s Zenith Bank posts $188-million profit in Q1 2024
Building on a record-breaking 2023, when profit rose 202.3 percent to N676.91 billion ($522.03 million), Zenith Bank’s Q1 2024 profit jumped 291.35 percent year-over-year.
Bank backed by Nigerian gambling magnate Kessington Adebutu seeks $145-million capital raise
Adebutu, founder of Premier Lotto Limited, Nigeria’s oldest gaming company, owns a significant stake (28.09 percent) in Wema Bank.
Nigerian banker Segun Agbaje-led GTCO reports Q1 2024 profit of $328.8 million
Building on a strong 2023 performance, with profit rising 219 percent to $470.1 million, GTCO’s first-quarter profit jumped 685.9 percent year-over-year.
Nigeria’s richest banker Jim Ovia loses $13.3 million from Zenith Bank stake
Despite this short-term setback, Ovia retains his position as Nigeria’s richest banker, underscoring his enduring success as a prominent businessman in the country.
Africa’s richest man Aliko Dangote’s sugar firm aims to end sugar imports by 2028
Dangote highlighted the importance of the government’s national backward integration policy, which aims to create a self-sufficient domestic sugar industry by incentivizing local producers.
Nigerian tycoon Tony Elumelu’s Transcorp reports $25.5-million profit in Q1 2024
The impressive performance is attributed to a significant revenue increase of 173 percent to N88.55 billion ($62.9 million) compared to N32.4 billion ($23 million) in Q1 2023.
Salt company of Africa’s richest man registers $17-million revenue in Q1 2024
As the majority owner of NASCON, Dangote’s stake in the salt and seasoning processing company is worth over $74 million.
Nigerian billionaire Abdul Samad Rabiu’s food business records $261-million revenue in Q1 2024
Revenue growth was fueled by a significant increase in sugar sales. the strong performance expands its lead as Nigeria’s top food conglomerate.