Nigerian food giant majority owned by Greek businessman rakes in $1.5 billion
Despite a tough fiscal year, the group plans to reward shareholders with a proposed dividend of N7.38 billion ($4.9 million)
West & Central Africa
Nigerian oil magnate Wale Tinubu’s Oando posts $51 million in profit in 2023
Oando’s average production for 2023 was 20,837 barrels per day, slightly up from 20,703 barrels per day in 2022.
Nigerian oil mogul Dumo Lulu-Briggs seeks $1 billion to boost country’s oil output
This ambitious plan relies on bringing three marginal fields online within the next year. Lulu-Briggs unveiled the strategy at the recent Offshore Technology Conference (OTC) in Houston.
Africa’s richest man Aliko Dangote’s refinery makes first jet fuel export to Europe
The maiden consignment, comprising 45,000 metric tons of jet fuel, embarked on its journey to Rotterdam, Netherlands, aboard the vessel “Doric Breeze” from the Lekki Free Zone in Lagos on May 27.
Nigerian billionaire Femi Otedola’s Geregu Power inks deal with Siemens Energy to triple capacity
The MoU, signed in Berlin on May 29, 2024, focuses on developing solutions for sustainable, resilient, and efficient power generation at Geregu’s existing plant.
Nigerian energy tycoon Austin Avuru’s Seplat seals $1.28-billion deal with ExxonMobil and NNPCL
The NNPCL announced on May 30, 2024, the formalization of an agreement that transfers ExxonMobil’s interests in Mobil Producing Nigeria Unlimited (MPNU) to Seplat.
Nigerian billionaire Femi Otedola locks horns with Zenith Bank over alleged debt fraud
Otedola, who ranks among Africa’s billionaires, accuses Zenith Bank of perpetrating banking fraud.
Africa’s richest man Aliko Dangote’s refinery seeks dual listing in Nigeria, London
The choice to pursue a dual listing on both exchanges reflects considerations arising from the NGX’s current limitations in accommodating the scale of the refinery.
U.S.-Nigerian telecom mogul Sam Darwish’s stake in IHS rises by $2.8 million
This follows a $9.63 million loss he recorded between May 7 and 16, when his holding fell from $55.13 million to $45.50 million.
Bank led by Nigerian billionaire Femi Otedola partners with French financier on climate initiative
This collaboration aims to establish FBN Holdings as a frontrunner in African climate finance.
Nigerian billionaire Femi Otedola’s FBN Holdings posts $149.7 million profit in Q1 2024
Femi Otedola’s leadership continues to be a driving force behind the group’s sustained growth and expansion, with high expectations for the remainder of the fiscal year.
Bank with Kenya’s wealthiest backing launches trustee services to enhance investment options
This move allows NCBA to enter the trustee services market, providing clients with more investment options and reinforcing its commitment to comprehensive financial services.
Exclusive: Nigerian president initiates highway project by controversial billionaire tied to Sani Abacha – What you need to know!
With the construction of this highway, Nigeria is poised to unlock vast economic potential, foster unity, and build a legacy of prosperity for future generations.
Lagos-based Greek businessman gains $14.4 million from Flour Mills stake
The increase in the market value of John Coumantaros’ stake reaffirms his position as a leading investor on the Nigerian Exchange
Asia’s richest man Mukesh Ambani eyes African telecom market with Ghanaian 5G venture
NGIC’s approach appears to mirror the success of Mukesh Ambani’s Jio Infocomm Ltd. in India. Jio is currently India’s largest mobile operator with 470 million users
Nigerian industrialist Samuel Adedoyin donates ICT building to Lagos State University
Explaining his motivation for the generous donation, Adedoyin expressed his desire to give back to society in gratitude for the divine blessings he has received throughout his life.