Business
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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.
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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…
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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…
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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…
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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…
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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.
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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.
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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…
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The Nigerian entrepreneur Tolu Alabi recently successfully led a pre-seed funding round of $1.5 million for her San Francisco-based fintech startup, Cleva Banking. This achievement in fundraising was made possible with the support of major investors such as 1984 Ventures and renowned venture capital firms including The Raba Partnership, Byld Ventures, FirstCheck Africa, and several…
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The Dangote Group, a giant in the Nigerian industry, is navigating through a period mixed with challenges and successes. Recently, Dangote Petroleum Refinery received its fifth shipment of crude oil, a cargo of one million barrels of Bonny Light, supplied by the Nigerian National Petroleum Corporation Limited. This delivery marks a significant milestone for the…