Mega-refinery of world’s richest Black billionaire welcomes fourth crude shipment
This delivery follows three previous shipments in December 2023.
Nigerian billionaire
Nigeria’s second-richest man Abdul Samad Rabiu lost $1.8 billion in 2023
Starting 2023 with a net worth of $7.5 billion, Rabiu faced a $1.8-billion wealth decline due to the Central Bank’s implementation of a free float policy.
This Week In Review: A Snapshot of African Wealth Dynamics — Peters Expands Global Footprint, Mauritius Sees Passing of Legend (Dec. 25 to 29)
From Peters’ ace move in Mozambique to Johann Rupert’s claim of the title of Africa’s richest man, it has been an interesting week in African wealth.
Johann Rupert reemerges as Africa’s richest man in latest Forbes ranking
While Forbes positions Rupert as the richest man in Africa, with a net worth of $10.2 billion, Bloomberg’s estimations paint a different picture.
Africa’s richest man Aliko Dangote faces $3.6-billion loss amid naira devaluation
This is attributed to the Central Bank of Nigeria’s decision to unify the country’s multiple exchange rates, introducing the FX-managed float system for rate unification.
Billionaire Benedict Peters secures stake in Mozambique’s largest onshore gas block
Aiteo, Africa’s leading oil independent, which is owned by Peters, is now operator of the prolific Mazenga gas block in Mozambique.
Nigerian billionaire Arthur Eze receives two-year oil exploration license extension in Uganda
Prince Arthur Eze founded oil exploration and production company, Atlas Oranto, in 1991, and built it into one of Africa’s largest independents.
Nigerian billionaire Abdul Samad Rabiu’s BUA Group expands energy portfolio with LNG project
With Rabiu at the helm, BUA Group has emerged as a major player in Africa’s foods, mining, manufacturing, and industrial sectors.
Nigerian businessman Dozy Mmobuosi charged by SEC in alleged massive fraud
The SEC accused him of inflating figures and and engaging in billions of dollars’ of fictitious transactions.
Nigerian tycoon Tony Elumelu’s UBA secures $175-million facility from AfDB
The facility will enhance UBA’s capacity to finance crucial projects in Nigeria, with a focus on infrastructure, agriculture, and related value chains.
Nigerian billionaire’s cement firm commences operations at multimillion-dollar plant line
BUA Cement has solidified its position as Nigeria’s second-largest cement producer.
Nigerian billionaire Aliko Dangote sees wealth surge by $400 million, cements status as Africa’s richest
Dangote’s net worth has risen from $15.8 billion on Dec. 1 to $16.2 billion — the recent uptick has narrowed his year-to-date wealth losses to $2.49 billion.
Femi Otedola’s power company aims for $39.56 million in revenue in Q1 2024
Geregu Power aims to double revenue in the first quarter of 2024 despite operating challenges.
Refinery owned by Africa’s richest man to generate $27-billion annual revenue
The complex will initially focus on producing diesel, aviation fuel, and gas, with petrol production planned for a later stage.
Aliko Dangote’s refinery set to commence operation as first crude stock arrives
This comes shortly after the mega refinery received its license to refine over 300,000 barrels of Nigerian crude daily in November.
Otedola becomes second Nigerian billionaire with stakes in two companies worth over 1 trillion naira
With his strategic investments and relentless pursuit of excellence, Otedola continues to make significant contributions to the Nigerian economy and beyond.