Led by Karl Toriola, MTN Nigeria reports profits of $718.5 million in 2021, 45-percent increase over previous year
During the year, its service revenue increased by 23.3 percent, from $3.22 billion in 2020 to $3.97 billion.
West & Central Africa
Greek tycoon John Coumantaros’ Flour Mills of Nigeria reports $41 million in profits in 9M 2022
Flour Mills of Nigeria reported a single-digit increase in profit in the first nine months of its 2022 fiscal year.
Indian tycoon Sunil Bharti Mittal’s Airtel Africa becomes ‘most-capitalized’ on NGX
Airtel Africa is a leading provider of telecom and mobile money services in East, Central and West Africa.
Egyptian billionaire Naguib Sawiris’ Orascom Investment sells stake in TWA in $35-million deal
TWA is a JV between Orascom, Orastar and Omar Abdul Mone’m Yousuf Al Zawawi of the Sultanate of Oman.
Nigerian billionaire Abdulsamad Rabiu’s BUA Cement commissions 3 million metric tonnes
BUA Cement’s market capitalization is $5.7 billion, making it the fourth most capitalized company on the Nigerian Exchange.
Aliko Dangote’s Dangote Cement buys back shares worth $84.5 million
Dangote Cement is Africa’s largest cement maker, with a production capacity of 48.6 million tonnes per year across 10 countries.
Sam Darwish’s IHS Towers to acquire tower assets in Brazil in $315-million deal
IHS Towers is a leading telecom infrastructure firm founded by U.S. tycoon Sam Darwish.
Mohammed Akoojee’s Imperial Logistics partners with UbiPharm to create Africa’s largest healthcare distribution network
Akoojee owns 0.19 percent of Imperial Logistics, a leading logistics company.
Nigerian billionaire Aliko Dangote retains position as Africa’s richest man for eleventh year in row
Forbes ranked Dangote as Africa’s richest man in its 2022 African billionaires list.
Temitope Lawani’s Helios Investment Partners announces first fund for ESG investments in Africa
Rand Merchant Bank and Standard Chartered Bank arranged and coordinated the ESG-linked capital call facility.
Africa’s richest man Aliko Dangote’s refinery to kickstart operations in Q3 2022
The plant will begin full production possibly by the end of 2022, or the beginning of 2023.
Senegalese tech entrepreneur Bamba Lo’s PAPS secures $4.5 million in funding to expand operations
Lo, a Senegalese digital entrepreneur, launched PAPS in 2016 to provide end-to-end logistics solutions for firms.
Nigerian billionaire Abdul Samad Rabiu loses $69 million from stake in BUA Foods
Rabiu owns 99.8 percent of the newly established food business segment.
Cameroonian multimillionaire banker Alain Nkontchou’s stake in Ecobank now worth $3.76 million
Nkontchou controls a beneficial 0.98-percent stake in the bank.
Nigerian mogul Abdul Samad Rabiu’s food business posts huge profit since listing
The news comes despite a slump in fortified sugar sales and a single-digit increase in its direct production costs.
South African billionaire Michiel Le Roux gains more than $141.4 million in 27 days
Le Roux founded Capitec Bank, one of South Africa’s largest retail banks, about 21 years ago.