Cement company of Africa’s richest man Aliko Dangote records $282-million profit in 2023
Dangote Cement records impressive 19-percent surge in profit, delivers strong financial performance amid challenging economic environment.
Nigerian billionaire Abdul Samad Rabiu’s cement company reports $284.4-million revenue in 2023
The recently published financial report highlights a remarkable 27.4-percent surge in revenue, rising from $223.2 million in 2022 to $284.4 million in 2023.
Ghanaian tycoon Joseph Siaw Agyepong’s group to construct waste treatment plants in Lagos
Agyepong underscored the dire consequences of inadequate waste management, citing the spread of waterborne diseases and environmental degradation.
Nigerian-Lebanese billionaire linked to Sani Abacha gets approval to construct superhighway
The decision, made during a recent FEC meeting presided over by Nigerian President Bola Tinubu, follows the announcement by Minister of Works David Umahi five months ago.
‘Please Call Me’ inventor Nkosana Makate faces setback as Vodacom rejects $1.5-billion payment
Concerns were raised about the potential negative consequences on employees, shareholders, public finances, network investment, coverage, and social programs.
U.S. firm Vaalco Energy in talks to acquire oil company of Ethiopia’s richest man
For Mohammed Al-Amoudi, this potential deal represents an opportunity to derive further value from his investments in the oil and gas industry.
Mombasa-based tycoon Mohamed Jaffer loses 24-year grain monopoly at Mombasa Port
This decision reshapes the grain handling landscape at the port, emphasizing the judiciary’s commitment to fostering a competitive market in Kenya.
South African tycoon Fleetwood Grobler-led Sasol posts $7.1-billion half-year revenue
The macroeconomic environment, characterized by weaker oil and petrochemical prices, unstable product demand, and continued inflationary pressure, impacted Sasol’s performance.
Femi Otedola’s FBN Holdings emerges as Nigeria’s most valuable banking group
As of the close of trading on Mon., Feb. 25, FBN Holdings’ market capitalization reached an impressive N1.22 trillion ($791.1 million).
Universal Music Group acquires majority stake in Don Jazzy’s Mavin Global
The deal is poised to close by the end of Q3 2024, heralding a new chapter for Mavin Global under the stewardship of Universal Music Group.
Nigerian president appoints billionaire business leaders to Economic Advisory Committee
In the face of economic challenges, Nigerian billionaire Aliko Dangote emphasizes the need for swift and decisive action from both the public and private sectors.
South African tycoon Vivian Reddy reveals $1.55-million annual spend on diesel
Reddy, renowned for his transformative Oceans Mall Umhlanga venture, estimated an annual expenditure of nearly $1.55 million solely on diesel to counter the disruptions caused by power outages.
Nigerian tycoon Tayo Amusan’s consortium unveils $100-million arena in Lagos
Amusan’s consortium aims to create Africa’s first live entertainment hub, The Arena.
Preliminary reports confirm helicopter carrying Nigerian banker was on fire before crash
Eyewitnesses reported adverse weather conditions, including rain and a mix of snow, during the helicopter’s journey.
Uber in talks to back British-Nigerian entrepreneur Ladi Delano’s startup, Moove
Sources familiar with the negotiations have disclosed that the investment could potentially reach $100 million, marking a substantial milestone for both companies.
Africa’s first Black billionaire Patrice Motsepe suffers $100-million loss
Despite the recent setback, Motsepe retains his position as the wealthiest Black individual in Southern Africa.