Africa’s richest man Aliko Dangote’s refinery halts petroleum products sales in naira
The decision follows a major policy shift by NNPC, which scrapped the naira-for-crude oil swap deal just ten days ago.
West & Central Africa
Tony Elumelu’s UBA stake falls below $60 million
Elumelu faced a similar setback in 2024 when UBA’s 32.55% stock gain was erased by naira devaluation, cutting his stake’s value $17 million.
Ghanaian logistics tycoon McKorley donates food to 7,000 widows in Accra
Daniel McKorley’s latest donation comes at a time when soaring living costs have made it harder for many families to afford basic necessities.
Davido balances Afrobeats stardom with role in father’s billion-dollar power company
Away from the bright lights and sold-out arenas, Davido plays a key role in his family’s billion-dollar power company, Pacific Energy Company, a top player in Nigeria’s power sector.
U.S.-Nigerian telecom tycoon Sam Darwish-led IHS reports lower 2024 revenue at $1.7 billion
The decline in revenue—driven largely by the devaluation of the Nigerian naira—underscores the financial challenges facing the company despite strong operational growth.
Africa’s richest man Aliko Dangote unveils new industrial projects in Nigeria
Aliko Dangote plans to build Nigeria’s largest seaport at the Olokola Free Trade Zone and resume work on a delayed 6-million-ton cement plant in Ogun.
Banking tycoon Idrissa Nassa expands Coris Bank to Gabon, strengthening African footprint
This move is part of the bank’s broader strategy to strengthen its position among Africa’s top financial institutions.
Nigerian businessman Oba Otudeko summoned to court over $24 million fraud
The case adds to his growing legal troubles, marking another chapter in the challenges facing the former FBN Holdings chairman and founder of Honeywell Group.
Nigerian President awards Lagos Ports renovation project to billionaire linked to Sani Abacha
Gilbert Chagoury has been a major force in Nigeria’s business world for decades.
Nigerian gambling magnate Kessington Adebutu’s stake in Wema Bank falls $4.92 million
The decline comes after a strong run between Jan. 24 and Feb. 14, when Adebutu’s stake surged by $5.23 million.
10 companies owned by Ghanaian tycoon Paa Kwesi Nduom
Paa Kwesi Nduom has built a diverse empire spanning banking, media, hospitality, and more, creating jobs and driving economic growth across Ghana and West Africa.
Gabon’s Samuel Dossou-Aworet, Nigeria’s Abdulrazaq Isa, and Adegbite Falade lead $2.4 billion Shell asset takeover
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.
Why Tony Elumelu isn't a dollar billionaire yet
Reports have speculated that his net worth stands at $2.15 billion, but Forbes remains the recognized authority in wealth rankings—anything else is just speculation.
Access Holdings, led by Aigboje Aig-Imoukhuede, to finalize National Bank of Kenya acquisition
The deal, which has been in the works for months, is now awaiting final approval from the Central Bank of Kenya (CBK).
Power company owned by Nigerian businessman Adedeji Adeleke could be worth $1.4 billion
His power company, Pacific Energy currently operates two gas-fired power plants in Nigeria’s southwest region.
Nigerian oil magnate Tein Jack-Rich puts BelemaOil up for sale
This comes just five months after BelemaOil restarted production at Oil Mining Lease 55 (OML 55).
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