Seplat Energy, founded by Austin Avuru, propels Nigerian equity market to $228-million gain
Seplat Energy led a $228-million rally in the Nigerian equity market, with its stock surging 9.99 percent and boosting investor confidence across the board.
West & Central Africa
Gabriel Ogbechie’s stake in Eterna surpasses $13 million on NGX
Nigerian oil magnate solidifies his position among the country’s richest investors.
Aradel Holdings sees $517-million market cap drop amid investor sell-off
The selloff coincides with Nigeria’s decision to reject Shell’s plan to offload its onshore oil assets to a consortium that includes Aradel, alongside ND Western and Waltersmith.
Nigerian government approves Seplat’s $1.28-billion acquisition of ExxonMobil assets
Seplat Energy receives Nigerian Government approval for $1.28 billion purchase of ExxonMobil onshore assets.
UBA posts $320.9-million profit in 9M 2024
This growth was bolstered by improved fee income and robust foreign exchange earnings, highlighting UBA's adaptability in volatile markets.
Jeff Bezos, Rockefeller Foundation team up for solar mini-grids in Nigeria
The effort targets Nigeria's crippling power shortages, aiming to bring electricity to over 86 million individuals – nearly half the country's population – who lack access to this basic necessity.
Raya Foods secures $40-million investment from Helios
This allows Helios to acquire a 49 percent stake in Raya Foods, significantly enhancing the company’s growth trajectory and operational capabilities.
Eterna launches Jet-A1 fuel operations at Lagos airport
This strategic initiative represents a substantial expansion in the company’s aviation fuel services portfolio.
Oando targets 100,000 barrels of oil per day amid global expansion plans
Irune highlighted the company’s focus on deepening regional investments while working closely with local governments and host communities.
United Capital reports nearly $10-million profit for first nine months of 2024
Gross earnings surged by 60.87 percent, reaching N28.17 billion ($17.21 million) from N17.51 billion ($10.7 million) in the corresponding period of 2023.
Dangote becomes world’s 65th richest person as refinery boosts fortune to over $27 billion
His $20-billion refinery project aims to secure the nation's energy independence, though political corruption threatens to undermine his efforts.
Moove enters Mexican market in continued global expansion efforts
The startup, which aims to achieve profitability next year, is committed to empowering gig workers and promoting sustainable mobility in North America.
UBA CEO Oliver Alawuba’s stake tops $1.4 million after new acquisition
Alawuba, who leads one of Africa's most transformative financial institutions, continues to grow both the bank's operations and his personal fortune this year.
U.S.-Nigerian telecom tycoon Sam Darwish loses $7.42 million as IHS shares fall
This follows a brief uptick between Aug. 6 and 10, when his stake gained $4.61 million amid a fleeting share price recovery.
Transcorp Power's nine-month profit surges to over $35 million
Transcorp Power’s strong revenue growth across segments boosts earnings above $35 million.
Dangote Oil Refinery to finalize fuel pricing and lifting agreements with Nigeria’s marketers
The meeting, anticipated between Tuesday and Wednesday, aims to establish pricing and supply terms for petrol from the $20-billion refinery.