Greek businessman John Coumantaros’ Flour Mills to raise $467 million in new capital
Coumantaros controls a majority 63.34-percent stake in the company.
West & Central Africa
Nigerian billionaire Tony Elumelu to receive $1.11 million in interim dividends from UBA
Elumelu owns 6.96 percent of UBA, or 2,380,941,756 ordinary shares.
Aliko Dangote drops out of list of top 80 billionaires as net worth slumps
The decline in his net worth can be attributed to the fall in the share price of Dangote Cement.
Ecobank names Kenyan banking exec Jeremy Awori as CEO
Awori is joining Ecobank after 25 years in the banking industry.
Seplat spent $450 million in transactions linked to Nigerian energy magnates Bryant Orjiako, Austin Avuru
The payments were made to 18 firms linked to Orjiako and Avuru.
Nigerian multimillionaire banker Jim Ovia loses nearly $22 million in 11 days
Ovia owns a significant 16.2-percent stake in Zenith Bank.
Nigerian banker Tony Elumelu’s UBA posts $164 million in profit in H1 2022
Elumelu owns a sizable 6.96-percent stake in the banking group, or 2,380,941,756 ordinary shares.
French businessman Jeremy Hodara’s Jumia partners with Zipline to pioneer drone delivery across Africa
Jumia is Africa’s leading e-commerce platform.
Greek magnate John Coumantaros gains $14 million in nine days from stake in Flour Mills of Nigeria
Coumantaros owns 63.34 percent of the agro-allied group.
Led by Karl Toriola, MTN Nigeria plans to raise $54 million from capital market investors
Toriola has been at the helm of MTN Nigeria since 2020.
Segun Agbaje-led GTCO posts lower earnings amid higher operating expenses
Agbaje holds a minority 0.14-percent stake in GTCO.
Nigerian billionaire Femi Otedola becomes university chancellor
Ten months ago, Otedola was also named vice president of UK-based NGO Save the Children.
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.
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.