East African Court of Justice orders Rwanda to pay tobacco tycoon Tribert Rujugiro $1 million
The court ruled that Rwanda violated a regional treaty when it took over and sold Rujugiro’s shopping mall.
West & Central Africa
Africa’s richest man Aliko Dangote loses $2 billion in three months as Dangote Cement shares fall
Dangote derives the majority of his wealth from his 86-percent stake in Dangote Cement.
Nigerian billionaire Abdul Samad Rabiu suffers $1.2-billion loss in August from stake in BUA Cement
BUA Cement is Nigeria’s second-largest cement producer with a combined installed capacity of 8 million tonnes per annum.
Billionaire Aliko Dangote’s oil refinery to commence operation by mid-2023
The project is back on track after being hampered by several issues.
Gbenga Agboola-led Flutterwave advances plans for NASDAQ IPO despite allegations
Flutterwave is a San Francisco- and Lagos-based fintech group.
Africa’s richest man Aliko Dangote to cut Nigerian sugar imports by 40 percent
Dangote founded Dangote Sugar Refinery in the 1970s.
Cameroonian banker Alain Nkontchou loses over $1 million from investment in Ecobank
The company’s market capitalization is presently $471 million.
Nigerian tycoon Herbert Wigwe’s Access Holdings gets approval to acquire Lagos-based First Guarantee Pension
Wigwe holds a 4.26-percent stake in the pan-African group.
Ghanaian founder Gregory Rockson’s mPharma to pay over $4 million in taxes in 2022
mPharma was founded in 2013.
Nigerian billionaire Abdul Samad Rabiu’s son resigns as director of BUA Foods
Earlier this year, Isyaku and his father earned a dividend of $151.6 million from their stake in the business.
Nigerian banker Jim Ovia to pocket $3.6 million in interim dividends from Zenith Bank
The news puts his total dividend earnings from Zenith Bank this year at $17.7 million.
Nigerian banking tycoon Jim Ovia’s Zenith Bank posts $264 million in profit in H1 2022
The increase in the bank’s profit can be attributed to a 17-percent rise in its gross earnings.
Zambian gov’t invites Africa’s richest man Aliko Dangote to invest in agriculture
Zambian Commerce and Industry Minister Chipoka Mulenga made the declaration over the weekend.
Nigerian banker Tony Elumelu commissions ultra-modern UBA Experience Center in Abuja
The center’s launch comes nearly one month after Elumelu opened a new UBA branch in Dubai.
American-Nigerian telecom tycoon Sam Darwish’s IHS Holding suffers $162.4 million in losses in H1 2022
Darwish said the group had a solid quarter despite today’s volatile macroeconomic environment.
Nigerian banking tycoon Tony Elumelu loses $10.4 million in 27 weeks from stake in United Bank for Africa
Elumelu owns a sizeable 6.96-percent stake in UBA, one of Nigeria’s leading banking groups.