Dangote buys 25% stake in Kenya’s oil pipeline network
Nigerian billionaire Aliko Dangote said on Wednesday that his company had bought a 25% stake in Kenya Pipeline Company (KPC.NR), opens new tab to move petroleum products. Reuters
Category Business
Nigeria says private capital to drive next growth phase, petrol subsidy gone
Nigeria will increasingly turn to private investors at home and abroad to finance its next phase of growth rather than relying on state borrowing, Finance Minister Taiwo Oyedele said on Wednesday, while ruling out any return to petrol subsidies. “The…
Nigerian tycoon Ernest Azudialu-Obiejesi invests $28 million in drilling rigs
Nestoil invests $28m in rigs to lift OML 42 production Ernest Azudialu-Obiejesi has put about $28 million into two drilling rigs because renting them in Nigeria had become too difficult and too expensive. The Nestoil Group chairman said in a…
Nigeria’s Dangote says refinery IPO to open within days
The initial public offering of Nigeria’s Dangote refinery, the largest on the continent, will open in the next 10 to 12 days, owner Aliko Dangote said on Thursday. “So our dream is that we want to make sure we double…
Boeing predicts Africa aircraft fleet will more than double by 2045
Africa’s commercial aircraft fleet will more than double by 2045, U.S. planemaker Boeing (BA.N), opens new tab forecast on Thursday, as a young and increasingly urban population drives demand for travel within the continent and to the Middle East. The following are…
The new kingmakers: Crypto, AI and betting firms fuel record spending on the 2026 midterms
A handful of billionaires and companies are driving corporate spending in U.S. midterm elections this year, and they aren’t the usual power brokers who have sat atop the political food chain in Washington in previous decades. Crypto companies, artificial intelligence…
China Evergrande Founder Bagged Life In prison
The founder of China Evergrande Group, the world’s most-indebted property developer, was sentenced to life in prison by a Chinese court on Thursday, five years after the firm’s collapse shook the nation’s economy and financial markets. Hui Ka Yan, once Asia’s…
Tinubu seeks fresh capital to bridge $200 billion gas infrastructure gap in Nigeria
The Federal Government is stepping up efforts to attract private and multilateral capital into its gas sector, as officials warn that the country faces an estimated 10-year $200 billion infrastructure investment shortfall. Speaking on a panel at the West African…
Nigeria approves deep-water oil investment framework aimed at unlocking $50 bln
Nigerian President Bola Tinubu approved a new regulatory and fiscal framework for offshore oil and gas projects, his office said on Tuesday, a move the government says could attract up to $50 billion in investment and revive long-delayed developments. Reuters
Naira cools as daily FX market activity declines
The naira weakened slightly against the dollar on Tuesday in the official foreign exchange (FX) market as daily trading activity declined, despite continued growth in Nigeria’s external reserves. Data published by the Central Bank of Nigeria (CBN) showed that the naira depreciated…