Nigerian tycoon Tony Elumelu’s Transcorp Hotels sells entire stake in Calabar unit
The recent decision to sell Transcorp Hotels Calabar exemplifies a wider consolidation trend within the Nigerian hospitality sector.
West & Central Africa
Africa’s richest man Aliko Dangote’s refinery ramps up production with U.S. crude
The recent decision to ramp up operations, follows Dangote Refinery’s move to slash diesel prices in Nigeria, marking a substantial decrease from previous rates.
Nigerian billionaire Femi Otedola nears $2-billion net worth as naira strengthens
Otedola’s focus on operational efficiency across his portfolio has fueled earnings growth and valuations.
Nigerian gambling magnate Kessington Adebutu faces $4-million loss in Wema Bank shares
This recent setback follows a surge in his fortune between March 8 and March 20, when his stake in Wema Bank increased by $2.3 million.
Africa’s richest person Aliko Dangote’s refinery slashes diesel prices in Nigeria
The recent price cut follows the commencement of operations at the Dangote Oil Refinery, a landmark achievement for Nigeria’s pursuit of energy independence.
Nigerian tycoon Atedo Peterside loses $3.4 million from Stanbic IBTC stake
While Peterside faces a significant decline in his stake in Stanbic IBTC, he remains poised to benefit from impressive dividends proposed by the leading Nigerian bank.
Nigerian energy tycoon Austin Avuru-linked Seplat generates $1.7-billion cash flow in last decade
Since its IPO on the Nigerian Exchange and London Stock Exchange in 2014, Seplat Energy has generated $1.7 billion in cash flow.
U.S.-Nigerian telecom tycoon Sam Darwish loses $6 million as IHS shares plunge
The recent double-digit decline in IHS Holdings shares has led to a $6-million decline in the market value of Darwish’s stake in the leading telecom infrastructure giant.
Nigerian tycoon Tony Elumelu-linked power company pays off foreign currency loan
With a strong revenue and profit trajectory, Transcorp Power remains well-positioned for continued growth and innovation within Nigeria’s energy sector.
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.
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.