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Otedola’s recent acquisition solidifies his position as the largest shareholder in the parent company of First Bank of Nigeria, raising the market value of his stake to $84.2 million.
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.
The agreement will see BUA Foods more than double its current output from 400,000 tonnes to 900,000 tonnes per year.
Excelsior Shipping, linked to Coumantaros, has secured a court order to convene a Court-Ordered Meeting, during which shareholders will vote on the proposed scheme.
The move comes as Dangote, 67, continues to expand his industrial empire, which includes cement, sugar, fertilizer, and a newly operational $20-billion oil refinery in Lagos.
The project will link the Lekki Deep Sea Port to the Shagamu-Benin Expressway via Epe, enhancing transportation infrastructure in Lagos, Nigeria’s economic center.
Dangote, a lifelong Arsenal fan and founder of the diversified Dangote Group, made the disclosure during an interview with Bloomberg’s Francine Lacqua.
Access Holdings’ profit surges to $174.5 million in H1 2024, riding on strong asset growth and income gains.
The goal, announced by UBA Group Managing Director and CEO Oliver Alawuba, underscores the bank’s vision to become one of the world’s top 10 banks over the next 25 years.
The partnership is expected to drive economic growth, job creation, and particularly support women-owned businesses in the country.
This aligns with GTCO's ambitious target to become the first Nigerian company to achieve a $1 billion profit milestone.
The Dangote Oil Refinery, which started loading petrol into trucks on Sun., Sept. 15, is seen as a breakthrough in Nigeria’s decades-long struggle with fuel imports and shortages.
Dangote has reclaimed the title of Africa’s richest person, surpassing South African Johann Rupert, according to Bloomberg and Forbes data.
This move is aimed at strengthening the bank's financial foundation and supporting its expansion within Africa's financial markets.
Custodian Investment expects a 119.74-percent profit increase in Q4 2024, with after-tax profit projected to reach N30.98 billion ($18 million).
FBN Holdings, led by Femi Otedola, is selling its 100-percent stake in FBNQuest Merchant Bank to streamline operations and focus on core banking.