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BUA Foods Plc, a Lagos-based food conglomerate majority-owned by Nigeria's third-richest man Abdul Samad Rabiu, has entered into a strategic partnership with Turkish flour milling equipment manufacturer IMAS to significantly expand its wheat flour milling capacity. The collaboration wil

The Nigerian National Petroleum Corporation (NNPC) is set to commence the sale of crude oil to Africa's richest man, Aliko Dangote's Dangote Oil Refinery, in naira starting from October 1, 2024, according to an announcement made by the Federal Government. This was announced by the Minis

Airtel Africa Plc, the pan-African telecommunications provider and a subsidiary of Bharti Airtel, the telecom giant led by Indian billionaire Sunil Bharti Mittal, has unveiled the second phase of its $100 million share buyback initiative, valued at $50 million. The telecommunications pr

The Ackerman family, founders of South Africa's second-largest grocery chain, Pick 'n Pay, has experienced a substantial decline in the market value of their investment. Over the past month, the family's stake in the retail giant has dropped by more than $36 million. According to data t

In a new twist to the ongoing legal saga involving Nigerian businessman Oba Otudeko, a former employee of First Bank of Nigeria Holdings Plc (FBN Holdings Plc), Adesuwa Ezenwa, has filed a lawsuit accusing Otudeko of fraud during his tenure as chairman of FBN Holdings Plc. This lawsuit

First City Monument Bank Limited (FCMB) , a subsidiary of FCMB Group, a Lagos-based financial services holding company led by Nigerian banking executive Ladi Balogun, has appointed Ademola Adebise and Olufunmilayo Adedibu to its board of directors. This move aligns with the group's expansion str

South African business magnate Laurie Dippenaar has seen a remarkable rebound in the market value of his stake in FirstRand, following a recent rally in the stock price of the financial services conglomerate on the Johannesburg Stock Exchange (JSE) . According to data tracked by Billion

Africa's largest telecom service provider, MTN Group , under the leadership of Zimbabwean executive Ralph Mupita, has posted its first financial loss since 2016, driven primarily by the devaluation of the Nigerian naira. The telecom giant reported a significant loss of R9.67 billion ($5

MTN Nigeria, the largest telecommunications company in Nigeria led by leading business executive Karl Toriola, has received permits from the Nigerian Electricity Regulatory Commission (NERC) to generate mini-grid electricity. The permits, issued in the first quarter of 2024, authorize t