Wema Bank backed by Nigerian gambling magnate hit by over $500,000 fraud loss
The bank’s annual report revealed N685.59 million ($593,000) in fraud losses during the year.
West & Central Africa
Dangote’s fortune rebounds above $17 billion as naira leads global currencies in April
Dangote remains Africa’s richest person and the world’s wealthiest Black billionaire. His net worth has surged past $17 billion.
Nigerian real estate magnate Paul Onwuanibe says coastal highway construction unlikely to disrupt resort
Last week, Onwuanibe engaged with key stakeholders, including representatives from the Lagos State Government, Federal and State Ministries of Tourism, and the Federal Ministry of Works and Housing.
Nigerian banker Segun Agbaje-led GTCO seeks $750-million capital raise
The capital raise aligns with the Central Bank of Nigeria’s (CBN) recent increase in minimum capital requirements for the country’s largest banks.
Nigerian billionaire Abdul Samad Rabiu to receive $79.4 million from food business
The $79.4-million dividend which will be paid electronically into the bank accounts of Abdul Samad Rabiu and his son from the group’s 2023 earnings of $210.48 million, is part of a proposed cash distribution by the board of directors.
Zenith Bank, led by Nigerian banking tycoon Jim Ovia, to distribute $88.3-million dividend
The record dividend payout underscores its unwavering dedication to shareholder value and its position as a top player in Nigeria’s banking sector.
Nigerian billionaire Abdul Samad Rabiu’s BUA Foods to distribute $79.5-million dividend
The substantial dividend underscores the company’s dedication to rewarding its shareholders following an outstanding performance in 2023.
Nigerian banker Segun Agbaje’s GTCO to distribute $63.8 million in dividends to shareholders
With Segun Agbaje at the helm, GTCO continues to chart a path of sustained growth and profitability in the Nigerian financial landscape.
Elon Musk’s Starlink cuts hardware price in Nigeria by 45 percent as naira strengthens
The recent crash in hardware prices to N440,000 is linked to the recent strengthening of the Nigerian naira against the U.S. dollar.
Africa’s richest person Aliko Dangote says diesel price cut could curb Nigeria’s inflation
By offering diesel at N1,200 ($1), below the market rate of N1,650 ($1.325), Dangote believes inflation will decrease.
Nigerian tycoon Tony Elumelu’s UBA to reward shareholders with $63-million dividend
The leading lender, led by Elumelu, one of Africa’s most influential business figures, reported a stellar 257 percent increase in profit to N607.7 billion ($468.8 million).
Nigerian businessman Tony Elumelu eyes ownership of football club
Elumelu, chairman of Heirs Holdings and United Bank for Africa (UBA), hinted at his intentions during a recent exchange on X, formerly Twitter.
Greek tycoon John Coumantaros gains $12.5 million from Flour Mills stake
The rise in the market value of Coumantaros’ stake in Flour Mills cements his position as a top investor on the Nigerian Exchange.
Nigerian billionaire Femi Otedola’s power company rakes in $40-million revenue in Q1 2024
The remarkable feat follows the company’s strong financial performance in 2023, where revenue surpassed the $90 million mark
Nigerian businessman Tony Elumelu’s UBA reports $468.8-million profit in 2023
The substantial surge in profit was driven by higher interest income and a notable increase in foreign exchange earnings throughout the year.
Nigerian banker Segun Agbaje leads GTCO to $470-million profit in 2023
GTCO’s 2023 financial performance, marked by record profit, strengthens Agbaje’s leadership and cements the company’s position as a Nigerian financial powerhouse.