IEA forecasts Aliko Dangote’s refinery to fuel decade-long surge in African oil demand
Reports had indicated that Aliko Dangote was nearing a significant milestone as the Dangote Oil Refinery prepared to receive its first crude oil cargo in October.
Nigeria
Africa’s richest man Aliko Dangote no longer among world’s top 100 billionaires
Currently, with a net worth of $15.8 billion, Dangote is positioned as the 107th wealthiest individual globally.
Temitope Lawani-linked Vivo Energy to expand LPG business in Mayotte with Somagaz deal
Vivo Energy is partially owned by Lawani, the co-founder and managing partner of Helios Investment Partners.
Nigeria’s second-richest man Abdul Samad Rabiu joins world’s 400 richest billionaires
Since he returned to the coveted list of the world’s 500 wealthiest billionaires on Sept. 18, Rabiu has seen his net worth soar by $800 million.
Nigerian banker Peter Ashade-led United Capital rakes in $11 million in profit in 9M 2023
Ashade said United Capital’s third-quarter performance reflects the group’s ability to deliver sustainable earnings despite the challenging business environment.
Nigerian billionaire Femi Otedola’s power company posts revenue exceeding $70 million in 9 months
Under Otedola’s leadership, the leading power-generating company has excelled across all its segments.
Greek tycoon John Coumantaros’ Flour Mills to reward shareholders with $12-million dividend
Coumantaros owns a controlling 63.34 percent stake in Flour Mills of Nigeria through Excelsior Shipping Company.
Wale Tinubu’s Oando partners with U.S. firm to boost renewable power in Nigeria
Wale Tinubu, a top figure in the Nigerian energy sector, owns an indirect stake in Oando Plc through his 66.67 percent stake in OODP.
Africa’s richest man Aliko Dangote’s sugar firm to boost production to 1.5 million tonnes
Dangote Sugar Refinery currently boasts a refining capacity of 1.44 million metric tonnes, making it Nigeria’s largest household and commercial sugar producer.
Nigerian businessman Tony Elumelu rakes in $12 million in 31 days from UBA
Elumelu owns a 7.39-percent stake in UBA, equivalent to 2,527,372,285 ordinary shares in the leading lender.
Nigerian oil tycoon Omamofe Boyo’s stake in Oando declines by $17.5 million
Boyo’s stake in Oando is held through his 33.33-percent position in Ocean and Oil Development Partners.
Nigerian billionaire Femi Otedola-linked bank to raise $181 million via rights issue
With an impressive 5.57-percent ownership as of June 30, 2023, Otedola stands as the largest shareholder in this Lagos-based financial services holding group.
Nigerian billionaire Mike Adenuga pays $210-million spectrum license renewal fee
This development comes in the wake of intense speculation and reports regarding a contentious dispute between Adenuga and the Nigerian government.
Gbenga Agboola’s Flutterwave joins forces with Microsoft to boost financial inclusion in Africa
Agboola, co-founder and CEO of Flutterwave, expressed the company’s excitement in partnering with Microsoft to accelerate financial inclusion in Africa.
Wema Bank stock decline results in $3.7-million loss for Nigerian gambling magnate
Adebutu, the founder and CEO of Nigeria’s oldest and leading gaming company, Premier Lotto Limited, owns a 28.15-percent stake in Wema Bank.
Nigerian executive Karl Toriola earns $2.6-million salary from MTN Group
A seasoned Nigerian business executive, Karl Toriola, took the helm as the CEO of MTN Nigeria in October 2020