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The financing will be facilitated through Nigeria’s tax credit scheme, designed to attract private sector participation in infrastructure development.
Dangote, Africa’s richest man and Nigeria’s wealthiest individual, has seen his fortune plummet by $8.6 billion since Jan. 30.
Elumelu has solidified his position as a titan of African commerce, transforming UBA Group from a domestic bank into a continental powerhouse.
The move adds to the foundation’s recent efforts to alleviate economic hardships and address critical social issues in Nigeria.
The donation adds to Offor’s extensive philanthropic record.
The decline follows a brief uptick in April fueled by the Central Bank of Nigeria’s (CBN) efforts to address a backlog of dollar obligations, which strengthened the naira.
The targeted capital will be sourced through public offerings, private placements, rights issues, and other instruments.
Founded in 1960 by the late George Coumantaros and now led by his son John Coumantaros, Flour Mills has become a major player in Nigeria’s food and agro-allied industries.
The announcement coincides with Seplat celebrating its rise from a vision shared by co-founders Ambrosie Bryant Chukwueloka Orjiako and Avuru to a prominent African energy player.
Nassa’s Coris Bank International has emerged as a potential buyer for Societe Generale Guinee, the Guinean unit of French multinational Societe Generale.
This projection comes with the expectation of further scaling up to 100,000 barrels daily by 2029 through new drilling and security improvements.
Wema Bank has seen its share price surge 28.1 percent in recent weeks, climbing from N6.05 ($0.0044) on May 1 to N7.75 ($0.0056) at the time of writing.
The surge in Ofori’s GCB Bank stake strengthens his position as the leading investor on the Ghana Stock Exchange (GSE).
As Africa charts a course toward economic convergence and regional cohesion, initiatives like the SMARTAfCFTA Portal serve as catalysts for progress.
The company showcased robust revenue growth, surging past $110 million, yet faced a notable decline in profit due to escalating costs and currency devaluation.
Building on a record-breaking 2023, when profit rose 202.3 percent to N676.91 billion ($522.03 million), Zenith Bank’s Q1 2024 profit jumped 291.35 percent year-over-year.