Nigerian billionaire Abdul Samad Rabiu sees $400 million decline in net worth
Abdul Samad Rabiu’s net worth drops $400 million following a decline in BUA Cement shares.
West & Central Africa
Nigerian banker Jim Ovia’s Zenith Bank stake drops $21 million in 3 weeks
Jim Ovia loses nearly $21 million as Zenith Bank shares slide over 22 days, pulling market value under $2 billion.
Nigerian tycoon Muazzam Mairawani plans $600 million cement plant to rival Dangote, Rabiu
Nigerian tycoon Muazzam Mairawani plans a $600 million cement plant in Kebbi, challenging Dangote Cement and BUA.
Nigerian energy executive Adegbite Falade leads Aradel in new domestic supply deal with NLNG
Nigerian energy executive Adegbite Falade leads Aradel in a new domestic gas supply deal with NLNG, boosting local energy production.
Royal Bank of Canada raises stake in Bertina Engelbrecht-led Clicks Group to $257 million
Royal Bank of Canada boosts its stake in Clicks Group to $257 million, signaling confidence in South Africa’s healthcare retail sector.
Bill Gates’ anti-malaria program halted in Burkina Faso
Burkina Faso suspends Gates Foundation anti-malaria project, raising debate over genetically modified mosquitoes.
Wema Bank, partly owned by gambling magnate Adebutu, raises $103 million in rights issue
Wema Bank, partly owned by Nigerian gambling magnate Kessington Adebutu, tops target with $103.1 million rights issue, boosting capital strength and growth outlook.
Dangote refinery signs deal with Japanese firm for petrochemical production in Nigeria
Dangote’s $20 billion refinery partners with Japan’s Mitsui Chemicals to boost petrochemical output, targeting Africa’s $15 billion import market.
Stella Okoli’s $23 million plant to boost pharma self-sufficiency in Nigeria
Emzor is investing $23 million in Nigeria’s first API plant to cut drug imports, lower costs, and boost medicine security.
Nigerian oil mogul Muazzam Mairawani plans $225 million U.S. IPO after $15 billion oil find
Nigerian tycoon Muazzam Mairawani’s MSM Group plans a $225 million U.S. IPO after discovering $15 billion in oil reserves to expand Nigeria energy ventures.
Malagasy tycoon Hassanein Hiridjee’s AXIAN Energy to build $53 million solar plants in Benin
AXIAN Energy partners with Sika Capital on a $53 million solar project to power 50,000 homes in Benin.
Nigerian tycoon Rasheed Sarumi-led Presco gets nod for $162.8 million raise
Presco shareholders approve $162.8 million rights issue to fund acquisitions, expansion, and balance sheet growth under Rasheed Sarumi’s leadership
Nigerian tycoon Abdullahi Bashir Haske targeted as EFCC seeks to freeze $15 million account: Report
EFCC seeks to freeze $15 million belonging to Nigerian businessman Abdullahi Bashir Haske amid money laundering and criminal conspiracy claims.
U.S.-Nigerian mogul Sam Darwish’s stake in IHS nears $90 million
Sam Darwish’s stake in IHS Towers approaches $90 million as the NYSE-listed telecom company climbs 137% in 2025 on growth in Africa and Brazil.
Cameroon’s richest woman loses cocoa export crown after Cargill split
Kate Fotso’s Telcar Cocoa lost its top spot in Cameroon’s cocoa trade after ending a two-decade partnership with U.S. giant Cargill.
Nigerian tycoon Segun Lawson, partners hold $40 million stake in nation’s top gold mine
Riding record profits from its Nigerian mine, Thor Explorations’ stock has soared nearly 270%, boosting the fortune of its founder, Segun Lawson and his Nigerian partners.