Nigerian oil billionaire Mohammed Indimi is set to receive a dividend of about N1.44 billion ($1.05 million) after shareholders of Jaiz Bank approved a higher cash payout following another year of strong earnings growth. Oil billionaire Mohammed Indimi is entitled to a N1.44 billion ($1.05 million) dividend from Jaiz Bank after shareholders approved a higher…
Nigeria’s biggest stock market selloff this year wiped more than $1 billion from the fortune of industrialist Abdul Samad Rabiu, underscoring how sharp swings in the country’s equity market can rapidly reshape the wealth of Africa’s richest business leaders. Abdul Samad Rabiu’s fortune fell by $1.02 billion after BUA Cement shares dropped 10%. The Nigerian…
The Swiss luxury firm Richemont, controlled by Africa’s second richest man, Johann Rupert, formally inaugurated a significant extension of its leather goods production plant in Scandicci, an Italian town close to Florence, on June 23. Richemont has expanded its leather goods production plant in Scandicci, Italy, increasing the facility’s size from 5,000 to 12,000 square…
The UK-based mining company, Vedanta Resources, has taken the calculated decision to slightly divest one of its assets in an attempt to raise funds for its mining operations in Zambia. Vedanta Resources plans to sell an 11.8% stake in its U.S. division, CopperTech Metals Inc, to raise up to $429 million. Most of these funds…
For quite a number of Nigerian travellers going to other destinations today, the journey does not end at arriving at the airport. In fact, a new one begins there. Nigerian travellers increasingly face payment and connectivity challenges abroad, including card restrictions and delayed mobile data access. As international travel becomes more digital, demand is growing…
Angola’s push to strengthen its place among Africa’s major oil producers has received another boost after Azule Energy awarded a $1 billion contract to Italian contractor Saipem for work on the Greater PAJ project. Saipem has won a $1 billion contract to build offshore infrastructure for Angola’s $5.1 billion Greater PAJ oil project. The contract…
As conflict, terrorism and geopolitical tensions continue to weigh on global stability, a handful of African countries have managed to stand out as islands of peace. Global peacefulness has declined for the 15th time in 18 years, dropping by 0.7% in the last year according to the Global Peace Index 2026. Ongoing conflicts, rising geopolitical…
Libya’s House of Representatives has criticised US Vice President JD Vance after he compared the risk of Iran’s collapse to Libya’s post-2011 instability, a period that disrupted the country’s oil-dependent economy and left it divided between rival political and armed factions. Libya’s House of Representatives criticized US Vice President JD Vance for comparing Iran policy…
The Nigerian billionaire Femi Otedola recently labelled Africa’s richest man, Aliko Dangote, as a “$200 billion man in the waiting,” just days after Dangote hinted at being worth over $38 billion. Femi Otedola called Aliko Dangote a “$200 billion man in the waiting” after hosting him in Monaco. Dangote’s wealth is expected to soar due…
