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This acquisition aligns with Shell’s strategy to exit Nigeria’s onshore oil sector, where security risks, environmental concerns, and community unrest have posed persistent challenges.
Motsepe’s net worth surged to $3 billion for the first time since August 2024, marking a significant recovery.
His power company, Pacific Energy currently operates two gas-fired power plants in Nigeria’s southwest region.
This comes just five months after BelemaOil restarted production at Oil Mining Lease 55 (OML 55).
Over the past 37 days, Bob van Dijk’s stake has increased by R353.53 million ($19.39 million) amid renewed investor confidence.
It expects minimal impact on earnings and cash flow, as Mozambique contributes a small share of profits across 25 countries.
The sharp decline highlights the volatility of Nigeria’s currency and its direct impact on the fortunes of the country’s wealthiest individuals.
The project includes 4,600 homes for lower-middle to middle-income buyers and up to 1,000 for lower-income families.
While discussions are still in the early stages, Vista Equity Partners and Harvest Partners are aiming for a valuation of more than 20 times Granicus’ $175 million in EBITDA.
The decline is tied to the performance of his 2.63-percent stake in Palantir.
The latest surge in his net worth comes just weeks after he raised concerns about cybersecurity and the growing use of deepfake technology in financial scams.
Led by South African banker Mary Vilakazi, FirstRand continues to demonstrate resilience and solid returns for shareholders despite challenging economic conditions.
The move is expected to drive up operational costs and could lead to higher fuel prices.
This latest drop comes after a $26.33 million loss earlier in the year.
This payout comes despite a 25% dividend cut amid falling earnings and financial strain in a volatile commodity market.
This follows a $500 million gain in 2024 when his fortune increased from $6.48 billion to $6.98 billion.
