Flour Mills plans $1-billion investment in Nigeria over four years
The announcement follows a move by its majority shareholder, Excelsior Shipping Company, to buy out minority shareholders and take the company private.
Nigeria
Grid Africa secures $2.8 million to boost solar projects in South Africa
The move aims to boost renewable energy projects in South Africa, as the country grapples with an increasingly strained power sector.
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.
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.
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.
Geregu Power’s profit more than doubles to $15 million in 9M 2024
Total assets rose 21 percent to N221.09 billion ($136.4 million), reflecting strong growth and strategic investments under billionaire Femi Otedola's leadership.
Lagos-based Greek tycoon John Coumantaros’ stake in Flour Mills nears $100 million
The rise builds on earlier gains of $11.12 million between June 7 and Aug. 13, when his stake in Flour Mills rose from $62.13 million to $73.24 million.
NNPC ends exclusive deal with Dangote’s refinery, opens portal for direct fuel supply
Nigeria’s state-owned oil company ends exclusive agreement with Dangote’s refinery, opens fuel market to competition.
Nigerian entrepreneur Cosmas Maduka's Coscharis unveils $4-billion green energy initiative
The ambitious project signifies a pivotal move toward sustainability in Nigeria’s energy landscape.
Nigerian billionaire TY Danjuma takes over Kashimbila Hydro Dam concession in major power push
At the handover ceremony, Danjuma emphasized that the concession marked the beginning of a long and challenging journey towards achieving reliable electricity for the state.
Greek tycoon John Coumantaros' Flour Mills of Nigeria plans to raise $120 million in capital
This move aims to strengthen the company’s financial base as it continues its aggressive growth trajectory, buoyed by recent stock gains and strong financial performance.
Nigerian tycoon Aliko Dangote invests $25 billion in oil, cement, and sugar in seven years
Nigerian billionaire Aliko Dangote announces over $25 billion in investments across oil, cement, and sugar sectors, aiming to bolster Africa's self-sufficiency and economic potential.
Nigerian pharma tycoon Fidelis Ayebae's Fidson receives support to expand production capacity
The collaboration with NEXIM is expected to position Fidson for a stronger presence in Africa's rapidly expanding pharmaceutical market.
Fidson, owned by Fidelis Ayebae, plans $100-million medicine production plant in Lekki FTZ
This move aligns with the company’s efforts to bolster Nigeria’s self-sufficiency in healthcare, focusing on combating the country's ongoing HIV crisis.
Nigerian billionaire Femi Otedola’s wealth grows by $400 million despite naira devaluation
Otedola’s net worth has surged by $400 million since the start of 2024, increasing from $1.1 billion to $1.5 billion, according to Forbes.