After Saudi shipment in February, Aliko Dangote’s refinery sends jet fuel to the U.S.
Beyond the local market, the refinery has expanded its reach across Africa, supplying diesel and aviation fuel to Cameroon, Angola, Ghana, and South Africa.
West & Central Africa
Jim Ovia, Nigeria’s richest banker, makes $10.2 million from Zenith Bank stake
As the founder and chairman of Zenith Bank, Ovia holds a 16.2-percent stake, totaling 5,082,800,739 shares.
Tony Elumelu, UBA executives spend $19 million on travel in 2024
This expense was part of the $445 million classified under “other operating expenses” in 2024, an increase from $242.7 million the previous year.
Nigerian businesswoman Stella Okoli’s Emzor to open $23 million API plant in late 2025
The plant, slated to begin local production in the fourth quarter of this year, marks a significant step toward reducing Nigeria’s reliance on imported medicines.
5 investment strategies by Africa’s richest man, Aliko Dangote
Dangote's empire thrives on diversification, with investments spanning cement, sugar, and oil refining, ensuring stability and long-term growth amid economic fluctuations.
IHS, led by U.S.-Nigerian telecom tycoon Sam Darwish, secures $1.6 billion in fresh funding
IHS Holding, led by Sam Darwish, raised $1.6 billion to strengthen its balance sheet amid currency volatility and evolving market conditions.
How Baba Ahmadou Danpullo became Cameroon’s richest man
From his early days in tea cultivation to owning one of South Africa’s largest private property portfolios, his story is one of grit, vision, and calculated ambition.
Burkina Faso opens new cement plant with Chinese support, challenging Dangote’s operations
With a production capacity of 2,000 tonnes per day, the new plant is expected to create hundreds of jobs for Burkina Faso’s youth.
South African billionaire Michiel Le Roux gains $166.76 million as Capitec shares climb
This latest increase builds on an earlier gain of $185 million between Jan. 28 and Feb. 10, when his stake climbed from $2.08 billion to $2.27 billion.
Ghanaian logistics tycoon Daniel McKorley’s firm seeks $445 million for salt expansion
Electrochem Ghana will use the funds to complete engineering, automate infrastructure, and build key facilities like pumps, pipelines, and a jetty for bulk exports.
Egyptian brothers Ahmed, Sadek El-Sewedy see $128 million surge in Elsewedy Electric
The brothers’ combined stake in the company is now valued at nearly $1.8 billion, a testament to their deep influence in the industry.
BlackRock stock slide wipes $100 million off Adebayo Ogunlesi’s net worth
Adebayo Ogunlesi's fortune fell to $2.2 billion as BlackRock shares declined from $1,075 to $951.73 since Jan. 31.
Oyindamola Adeyemi: Nigerian businesswoman involved in the engineering of Dangote’s $23 billion refinery
She leads Still Earth Holdings, a Nigerian conglomerate with interests in construction, energy, finance, and hospitality, expanding across West Africa.
Seplat, co-founded by Nigerian tycoon Austin Avuru, buys back $567.46 million in notes to cut debt
The transaction, which covers 87.3 percent of the outstanding amount, is part of a broader plan to streamline its capital structure and ease debt obligations.
Nigerian billionaire Femi Otedola’s FirstHoldCo raises $125 million in oversubscribed rights issue
Otedola, one of Africa’s billionaires since 2009, played a key role in guiding the group toward this milestone, reinforcing his influence in Nigeria’s financial sector.
Wale Tinubu’s Oando strikes deal for Nigeria’s biggest solar project after Caribbean win
The project, expected to play a key role in Nigeria’s shift toward sustainable energy, will be executed by Oando Clean Energy, the renewable energy unit of Oando Energy Resources.