Abdul Samad Rabiu’s BUA Cement posts $62 million profit in Q1 2025
Pre-tax profit for the first quarter of 2025 surged to $62 million, marking a significant increase from the same period last year.
Nigerian billionaire
Nigerian billionaire Femi Otedola to receive $1.6 million dividend from FirstHoldco
Otedola, chairman of FirstHoldCo and Geregu Power, holds an 11.8% stake in the Lagos-based financial group.
Tensions rise in Nigerian billionaire Indimi family over oil fortune
Indimi family feud deepens as Mohammed Indimi’s eldest son challenges sisters’ $435 million dividend claim over Oriental Energy shares.
Femi Otedola leads FirstHoldCo to $660 million earnings in 2024
The results reflect the growing impact of Otedola’s leadership on the 130-year-old institution.
Abdul Samad Rabiu’s BUA to build gas power plant for LNG project
The new plant will power BUA’s LNG project, boosting energy efficiency and ensuring a dedicated supply.
Abdul Samad Rabiu signs deal for palm oil refinery
The facility will support sustainable practices in agriculture and manufacturing.
Nigerian billionaire Abdul Samad Rabiu to pocket $143 million dividend from BUA Foods
This dividend, which will be paid on September 25, is the lion’s share of the proposed N234 billion ($152.43 million) payout for the year.
5 investment strategies by Africa’s richest man, Aliko Dangote
Dangote's empire thrives on diversification, with investments spanning cement, sugar, and oil refining, ensuring stability and long-term growth amid economic fluctuations.
BlackRock stock slide wipes $100 million off Adebayo Ogunlesi’s net worth
Adebayo Ogunlesi's fortune fell to $2.2 billion as BlackRock shares declined from $1,075 to $951.73 since Jan. 31.
Nigerian billionaire Femi Otedola’s FirstHoldCo raises $125 million in oversubscribed rights issue
Otedola, one of Africa’s billionaires since 2009, played a key role in guiding the group toward this milestone, reinforcing his influence in Nigeria’s financial sector.
Power company owned by Nigerian businessman Adedeji Adeleke could be worth $1.4 billion
His power company, Pacific Energy currently operates two gas-fired power plants in Nigeria’s southwest region.
Naira slide cuts $500 million from Nigeria’s third-richest man’s wealth in 24 hours
The sharp decline highlights the volatility of Nigeria’s currency and its direct impact on the fortunes of the country’s wealthiest individuals.
Nigerian billionaire Femi Otedola’s First HoldCo breaks ground on new landmark headquarters
For Otedola, this is just the beginning. With the new headquarters underway, he is not just reshaping a bank—he is redefining the future of Nigeria’s financial industry.
Cement empire of Africa’s richest man posts $2.4 billion in 2024 revenue
Revenue from its Nigerian unit rose from N1.29 trillion ($860.6 million) to N2.19 trillion ($1.46 billion), helped by higher cement prices.
Cement firm owned by Nigeria’s third-richest man posts $49.3 million profit in 2024
The cement manufacturer recorded a 6.4 percent rise in profit despite surging finance costs and operational expenses.
Abdul Samad Rabiu, Nigeria’s third-richest man, donates $3.3 million at ex-President’s book launch
His $3.3 million donation, was the second-largest of the evening, surpassed only by Aliko Dangote’s contribution.