Aliko Dangote explores independent oil trading venture for $20-billion refinery
This strategic maneuver by Dangote is expected to bring about a significant transformation in power and profit dynamics within the petroleum industry,
Nigeria
Nigerian gas tycoon Julius Rone advocates for foreign investment to drive African energy
A central figure in Nigeria’s energy sector, Rone outlined his vision for leveraging international partnerships to tap into the vast untapped natural gas reserves across the continent.
Africa’s richest man Aliko Dangote set to earn $284.5 million from Dangote Cement
The dividend, which will be paid electronically into his bank account by Mon., April 29, 2024, is a testament to Dangote Cement’s impressive fiscal results.
Nigerian tycoon Tony Elumelu to list Transcorp’s Power assets on NGX, targets $1.1 billion market cap
The listing, scheduled for Mar. 4, aims to generate value for investors and signifies a pivotal move in the conglomerate’s commitment to creating value from its business units.
Femi Otedola’s First Bank reiterates commitment to empower FMCG distributors
FBN Holdings, led by Nigerian billionaire Femi Otedola, is doubling down on its commitment to supporting local businesses.
Cement company of Africa’s richest man Aliko Dangote records $282-million profit in 2023
Dangote Cement records impressive 19-percent surge in profit, delivers strong financial performance amid challenging economic environment.
Karl Toriola-led MTN Nigeria faces economic hurdles, reports over $80-million loss
Toriola attributes losses to currency devaluation, inflation, and higher operating expenses.
Nigerian tycoon Taiwo Afolabi’s cargo handling firm resumes operations after fire scare
Sifax Group’s official statement assures that the company’s robust backup plan ensured no data loss during the fire incident, minimizing any potential long-term impact on operations.
Nigerian entrepreneur Affiong Williams’ firm launches $2.5-million dried-fruit processing plant
This initiative aligns seamlessly with Williams’ mission to empower underserved communities and reduce post-harvest losses, particularly in the realm of fruit production.
Femi Otedola’s FBN Holdings emerges as Nigeria’s most valuable banking group
As of the close of trading on Mon., Feb. 25, FBN Holdings’ market capitalization reached an impressive N1.22 trillion ($791.1 million).
Nigerian billionaire TY Danjuma unveils eye hospital in Taraba State
The launch of the eye hospital, signifies a significant milestone in TY Danjuma’s dedication to advancing healthcare infrastructure and addressing health issues in Nigeria.
Universal Music Group acquires majority stake in Don Jazzy’s Mavin Global
The deal is poised to close by the end of Q3 2024, heralding a new chapter for Mavin Global under the stewardship of Universal Music Group.
Nigerian tycoon Taiwo Afolabi’s group halts port operations in wake of terminal fire
The incident occurred on Saturday, February 24, impacting the facilities of Port and Cargo Handling Services Limited, a key subsidiary of the conglomerate.
Nigerian president appoints billionaire business leaders to Economic Advisory Committee
In the face of economic challenges, Nigerian billionaire Aliko Dangote emphasizes the need for swift and decisive action from both the public and private sectors.
Nigerian tycoon Tayo Amusan’s consortium unveils $100-million arena in Lagos
Amusan’s consortium aims to create Africa’s first live entertainment hub, The Arena.
Preliminary reports confirm helicopter carrying Nigerian banker was on fire before crash
Eyewitnesses reported adverse weather conditions, including rain and a mix of snow, during the helicopter’s journey.