Nigerian tycoon Obafoluke Otudeko gains $6 million in 17 days from flour-milling business, Honeywell
The recent increase in Otudeko’s stake can be attributed to a 13.9-percent increase in the company’s stock price.
West & Central Africa
Olugbenga Agboola, billionaire CEO of Flutterwave, responds to allegations of misconduct
In an email sent to employees, Agboola did not reveal any new information or admit to any wrongdoing.
While Elon Musk has lost $9.6 billion this year, Aliko Dangote has seen his net worth rise by over $1.1 billion
Musk remains the world’s richest man, with a $261-billion net worth.
Nigerian insurtech startup, ETAP, led by Ibraheem Babalola secures $1.5 million in pre-seed funding
The funding will support the launch of ETAP’s game-changing app, which allows drivers to buy insurance in 90 seconds.
Umba, an African startup led by U.S. entrepreneur Tiernan Kennedy, raises $15 million
Tiernan Kennedy founded Umba with Barry O’Mahony to provide an ecosystem of connected financial services.
Nigerian billionaire Abdul Samad Rabiu eyes $151.6 million in BUA Foods dividends
Rabiu and his son own 99.8 percent of the newly established food business segment.
Flutterwave billionaire CEO Olugbenga Agboola, faces allegations of financial misconduct
Agboola and Flutterwave have yet to respond to or deny the allegations made by the Nigerian investigative journalist.
Aliko Dangote, Africa’s richest man, gains $100 million as investors prepare for Q1 earnings
The wealth gains solidify his position as not only Africa’s richest man but also the world’s richest Black man.
Nigerian billionaire Abdul Samad Rabiu’s BUA Foods posts $167.8 million in profit in 2021
The increase in the group’s profit can be attributed to a significant increase in the sales of its products.
Shell claims Nigerian billionaire Benedict Peters’ Aiteo owes $1.7 billion in oil loans
Founded by Peters in 2013, Aiteo is one of Nigeria’s largest indigenous oil exploration companies.
MTN Nigeria, led by Karl Toriola, receives approval to launch payment service bank
The approval comes five months after MTN Nigeria received preliminary approval from the Central Bank of Nigeria.
Billionaire Mike Adenuga to receive $3.1 million in dividends from Nigerian oil company
The $3.1-million dividend represents a 66.7-percent increase over the previous year’s dividend of $1.86 million from Conoil Plc.
Nigerian billionaire Abdul Samad Rabiu gains over $300 million from stake in BUA Cement
The multimillion-dollar surge in the market value of Rabiu’s stake can be linked to the year-to-date gains in BUA Cement shares.
Nigerian billionaire Mike Adenuga’s Conoil reports $7.4 million in profits in 2021
Conoil is a petroleum marketing corporation led by Adenuga, who owns 74.4 percent of the company.
Africa’s richest man Aliko Dangote’s cement firm to issue bonds under $721.6-million program
Dangote Cement is Africa’s largest cement producer, producing 51.55 million tonnes per year across 10 countries.
U.S. digital infrastructure firm Equinix completes acquisition of Funke Opeke’s MainOne in $320-million deal
it is the latest in a series of strategic acquisitions for the world’s digital infrastructure firm.