Nigerian tycoon Atedo Peterside’s Stanbic IBTC plans $442.8-million capital boost
A financial services group with total assets of $4 billion as of Dec. 31, 2023, Stanbic IBTC ranks among the top 15 most valuable companies on the Nigerian Exchange.
Nigeria
Jim Ovia’s Zenith Bank stake sees $14.63-million drop amid share price fall
Despite this setback, Ovia retains his status as Nigeria’s richest banker, underscoring his success as a leading businessman in the nation.
Cement company of Africa’s richest man doubles revenue to $659.3 million in Q1 2024
Group revenue from cement, clinker, and other products surged 100 percent year-over-year, reaching N817.35 billion ($659.3 million).
Dangote’s half-brother Sayyu Dantata’s oil firm mulls Nigerian Exchange exit
Following a successful delisting, the board intends to seek shareholder authorization to list the company’s shares on the NASD OTC Securities Exchange.
Greek tycoon John Coumantaros loses $6.9 million from Flour Mills stake
In recent times, the market value of Coumantaros’ stake in Flour Mills has decreased by $6.91 million, falling from $70.74 million on April 12 to $63.83 million.
Nigerian mogul Abdul Samad Rabiu loses $1.2 billion as naira weakens against U.S. dollar
Ranked as Nigeria’s third-richest person and Africa’s sixth by Forbes, Rabiu has recently experienced a notable drop in his wealth figures.
Nigerian chess master Tunde Onakoya seeks $1-million funding for initiative
Onakoya aims to empower one million underprivileged children within five years by providing free chess instruction, after-school programs, and tournaments.
Marketers anticipate Africa’s richest man Aliko Dangote to slash diesel price to less than $0.7 per liter
The Independent Petroleum Marketers Association of Nigeria (IPMAN) expects the Dangote refinery to reduce diesel prices further.
Nigerian tycoon Tony Elumelu-linked power company reports strong Q1 2024, revenue tops $60 million
Transcorp Power’s journey in Nigeria’s energy sector commenced in 2013 with the acquisition of the Ughelli Power Plant under the leadership of Elumelu.
Africa’s richest man Aliko Dangote’s refinery ramps up production with U.S. crude
The recent decision to ramp up operations, follows Dangote Refinery’s move to slash diesel prices in Nigeria, marking a substantial decrease from previous rates.
Nigerian billionaire Femi Otedola nears $2-billion net worth as naira strengthens
Otedola’s focus on operational efficiency across his portfolio has fueled earnings growth and valuations.
Nigerian gambling magnate Kessington Adebutu faces $4-million loss in Wema Bank shares
This recent setback follows a surge in his fortune between March 8 and March 20, when his stake in Wema Bank increased by $2.3 million.
Africa’s richest person Aliko Dangote’s refinery slashes diesel prices in Nigeria
The recent price cut follows the commencement of operations at the Dangote Oil Refinery, a landmark achievement for Nigeria’s pursuit of energy independence.
Nigerian tycoon Atedo Peterside loses $3.4 million from Stanbic IBTC stake
While Peterside faces a significant decline in his stake in Stanbic IBTC, he remains poised to benefit from impressive dividends proposed by the leading Nigerian bank.
Nigerian energy tycoon Austin Avuru-linked Seplat generates $1.7-billion cash flow in last decade
Since its IPO on the Nigerian Exchange and London Stock Exchange in 2014, Seplat Energy has generated $1.7 billion in cash flow.
Nigerian tycoon Tony Elumelu-linked power company pays off foreign currency loan
With a strong revenue and profit trajectory, Transcorp Power remains well-positioned for continued growth and innovation within Nigeria’s energy sector.