Connect with us

North Africa

Nigeria to commission $1.3-billion fertilizer plant with Morocco

The plant will facilitate fertilizer production using gas reserves, improve Nigerian agriculture and enhance bilateral trade between the countries.

Published

on

Illustration: Fertilizer plant. ©Billionaires.Africa

Nigeria will soon commission a $1.3-billion basic chemicals plant in Nigeria that it is building with the Moroccan government. The dual-government partnership deal was first signed in June 2018 and aims to facilitate fertilizer production using gas reserves, to improve Nigerian agriculture and to enhance bilateral trade between the countries.

The OCP Group* and Nigeria Sovereign Investment Authority are heading the project. 

Nigerian President Muhammadu Buhari made the announcement on March 25 to the Fertilizer Producers and Suppliers Association of Nigeria, PM News reported. 

Buhari stated that the plant will complement existing Dangote and Indorama Chemicals facilities that produce urea, ammonia and other industrial raw materials. He added that the plant will produce ammonia, phosphoric acid, sulphuric acid and various nitrogen, phosphorus and potassium and diammonium phosphate fertilizers. 

In early March, a Nigerian delegation led by Petroleum Resources Minister Timipre Marlin Sylva visited Morocco to discuss the project’s next steps after a call between President Buhari and Moroccan King Mohammed VI, North Africa Post reported.

The plant will serve as a multipurpose industrial platform in Nigeria. It will use Nigerian gas and Moroccan phosphate to produce 750,000 tons of ammonia and 1 million tons of phosphate fertilizers annually by 2025. 

Several days ago, Africa’s richest man, Aliko Dangote, unveiled his $2 billion fertilizer plant. By projections, it will have an annual production capacity of 3 million tons of urea and ammonia fertilizer, while generating $2.5 billion in yearly revenue. Production will commence in April.

*The OCP Group is a Moroccan state-owned phosphate rock miner, phosphoric acid manufacturer, and phosphate fertilizer producer.

Hot News

Tycoon Anas Sefrioui loses $111 million from stake in Moroccan property developer

The market value of Sefrioui’s 64.1-percent stake has now dropped to $189.43.

Published

on

Real estate tycoon Anas Sefrioui.

Moroccan businessmen have seen their net worth plummet by millions of dollars in recent weeks, owing to a market-wide sell-off that has reduced the value of their shareholdings and investments in companies listed on the country’s stock exchange.

Anas Sefrioui, a Moroccan real estate tycoon who founded the country’s largest property developer, Douja Promotion Groupe Addoha (ADH), ranks among those businessmen in Morocco whose net worth has declined significantly in recent years. In the past six months, the market value of his shareholding in the property developer has dropped by more than $111 million.

ADH manages several real estate programs and investments in North Africa under the leadership of Sefrioui, who owns 64.1 percent of the company, or 258,066,665 shares.

On Monday, shares in the real estate firm were trading at MAD7.56 ($0.734) on the Casablanca bourse. This is 53 basis points lower than their opening price on the Casablanca bourse, as the market is rocked by a massive sell-off, with foreign portfolio investments dwindling as international investors exit.

ADH shares on the local bourse have dropped from MAD12 ($1.165) on Feb. 10, nearly six months ago, to MAD7.56 ($0.734) at the time of writing this report, resulting in a 37-percent loss for shareholders.

The market value of Sefrioui’s 64.1-percent stake has dropped from MAD3.1 billion ($300.7 million) on Feb. 10 to MAD1.95 billion ($189.43 million) at the time of writing this report.

This equates to a loss of MAD1.14 billion ($111.2 million) for the Moroccan businessman in the past six months. Despite a multimillion-dollar drop in the market value of his shareholding in ADH, Sefrioui remains one of the wealthiest investors on the Casablanca bourse.

Continue Reading

Hot News

Egyptian mogul Hendi El-Sherbini acquires additional $3.2 million in IDH shares

Her stake in the company has now risen from 25.5 to 26.1 percent.

Published

on

Egyptian businesswoman Hendi El-Sherbini.

Egyptian businesswoman Hendi El-Sherbini has acquired a $3.2-million stake in Integrated Diagnostics Holdings (IDH) as part of her ongoing investment in the Egyptian healthcare services provider.

The 3.6 million shares were purchased on the London Stock Exchange on Wed., Aug. 3, at a price of $0.90 through El-Sherbini’s investment vehicle, Hena Holdings.

The 3.6 million shares are equivalent to a 0.6-percent stake in the healthcare services provider.

The transaction has increased her stake in the company from 25.5 to 26.1 percent at the time of writing this report.

Under the leadership of El-Sherbini, its CEO, IDH has grown into a major consumer healthcare group in the Middle East and Africa, with operations in Egypt, Jordan, Sudan, and Nigeria.

With 483 labs spread across four countries, the group is Egypt’s largest diagnostic service provider, offering more than 1,400 international-standard diagnostic tests.

El-Sherbini’s recent share purchase solidifies her position as IDH’s largest shareholder.

According to data obtained from the London Stock Exchange, the market value of her shareholding is presently $257 million, making her one of Egypt’s wealthiest investors.

The businesswoman received a EGP331.97-million ($17.9 million) dividend from her stake earlier this year after IDH reported its highest-ever net profit at the end of 2021.

The $17.9-million dividend was paid from the group’s profit of EGP1.49 billion ($80.2 million) at the end of its 2021 fiscal year.

Continue Reading

Hot News

Led by Egypt’s richest family, Orascom Construction adds $1.8 billion in new projects in Q2 2022

The billionaire Sawiris family owns 51.8 percent of Orascom Construction.

Published

on

Nassef Sawiris.

Orascom Construction, a Cairo-based construction firm led by Egypt’s richest family, has added $1.8 billion in new projects to its backlog of active construction projects in Q2 2022.

The late Egyptian businessman Onsi Sawiris founded Orascom Construction, a multinational engineering, and construction firm, in 1950. Through OS Private Trust Company, the billionaire Sawiris family owns 51.8 percent of the leading contractor, while one of his sons, Egypt’s richest man Nassef Sawiris, owns 28.97 percent.

According to a press release issued by the group, the new projects increased the total number of awards associated with the group by 55 percent to $2.4 billion in 2022.

The group disclosed that projects in Egypt accounted for 70 percent of the new awards during Q2 2022, as the group expanded its role in developing Egypt’s new high-speed rail system and signed a new 1,325-kilometer phase for the rail project.

It also stated that new awards in the United States, which were primarily large data center and commercial projects, accounted for 30 percent of the new projects for the quarter, with the group’s estimated consolidated backlog standing at $6.4 billion as of June 2022.

According to experts, the increase in the total number of awards associated with the group will increase its earnings as the group navigates through murky waters in its operating environment following a stellar performance at the end of 2021.

Orascom Construction reported profits of $15.3 million in the first quarter of 2022, a decrease of more than 43.1 percent from the $26.9 million reported in the first quarter of 2021.

Despite a 20-percent increase in revenue from $816.6 million to $979.9 million, the group’s earnings power was hampered by a surge in direct costs above $880 million, combined with an increase in operating expenses during the period under review.

Orascom Construction CEO Osama Bishai commented on the financial performance, stating: “We indicated in the previous quarter that we expected to experience challenges associated with the changing global economic environment.”

Continue Reading

Trending