Tony Elumelu, one of Nigeria’s most influential tycoons, continues his visionary quest to boost Africa’s economic development with the launch of Heirs Technologies. This new entity, a subsidiary of Heirs Holdings, is committed to being a major player in the digital transformation of the continent.
Business
Dangote refinery poised to import crude from US by end of February
The Dangote Refinery in Nigeria, the largest in Africa, is poised to reach a major milestone by diversifying its sources of crude oil supply. According to well-informed traders, the Trafigura Group is reported to have sold 2 million barrels of WTI Midland to the Dangote refinery for delivery by the end of February. This transaction marks a significant turning point for the refinery, as it prepares to import crude oil from the United States for the first time, according to a Bloomberg report.
Dangote: this famous billionaire explains why he acquired shares in his company
Nigerian business magnate and billionaire investor Femi Otedola recently announced a significant acquisition of shares in Dangote Cement, the cement giant in Africa. This strategic decision reflects Otedola‘s confidence in Dangote Cement‘s potential to generate foreign exchange for Nigeria, emphasizing his commitment to businesses that contribute to the country’s economic resilience.
Africa: this famous billionaire earned nearly a billion in a few Days
Johann Rupert, President of luxury giant Richemont, has recently experienced a spectacular financial ascent that propelled his net worth to impressive heights. The South African billionaire saw his fortune increase by $800 million in a single day, a surge attributed to the surge in the Richemont stock price. This significant increase has contributed to reducing the losses he incurred since the beginning of the year, bringing them down to $442 million.
Dangote gained $1.5 billion in 24 hours
The meteoric financial rise of Aliko Dangote continues to astonish the business world. Just a week after Forbes revised upwards the valuation of his fertilizer plant, the Nigerian businessman experienced a spectacular increase in his fortune. In a mere 24 hours, his net worth surged by $1.5 billion, skyrocketing from $15.5 billion to an impressive $17 billion. This accomplishment not only solidifies his position as the richest person in Africa but also as the wealthiest black individual globally, ranking 103rd among global billionaires.
Aliko Dangote owns more wealth than the bottom half of Nigerian (Oxfam)
In a recent report, Oxfam highlights the overwhelming economic disparity prevailing in Africa. Dangote and the six other wealthiest individuals on the continent amass a wealth of $52 billion, surpassing that of the 700 million people forming the poorest half of Africa’s population. This observation sheds light on the urgent need to address this blatant inequality.
Tony Elumelu becomes third Nigerian billionaire with two trillion naira Stakes
Tony Elumelu‘s remarkable journey in the African business realm is exemplified through the continuous success of the enterprises he oversees, namely United Bank for Africa (UBA), Transcorp, and its subsidiary Transcorp Hotels. Recognized as one of Africa’s most influential business leaders, Elumelu has just set a new milestone by becoming the third Nigerian billionaire to hold stakes in two companies collectively valued at over 1,000 billion Nairas (1.1 billion dollars).
Nigeria: Oil Traders Partner with Dangote
Oil traders in Nigeria have registered with the Dangote Petroleum Refinery for the distribution of refined petroleum products. This collaboration represents a major shift in the country’s management of its oil resources. The Dangote Petroleum Refinery, a $20 billion project, recently commenced the production of diesel and aviation fuel.
Mike Adenuga surpasses Rabiu and becomes the second wealthiest in Nigeria
Nigerian telecommunications and oil magnate, Mike Adenuga, has reclaimed the second position in the ranking of the wealthiest men in Nigeria, surpassing Abdul Samad Rabiu after Forbes reevaluated the value of his mobile telecommunications empire, Globacom. This reassessment has propelled his net worth to $7.4 billion, solidifying his iconic status in the African economic landscape.
Nigeria: Aliko Dangote’s largest project set to launch soon
Aliko Dangote, an emblematic figure in the African economy, stands out not only as the continent’s foremost billionaire but also as a pioneer in multiple industrial sectors. Dangote, whose fortune saw a spectacular rise of over 100 million dollars in the first week of 2024, pushing his net worth above 15 billion dollars, epitomizes African entrepreneurial success. After a challenging year in 2023, he managed to rebound, particularly thanks to his wise investments in key sectors of the Nigerian economy.