Archive
Economy, markets, trade and enterprise.
Africa’s richest man, Aliko Dangote, says the coming sale of shares in his Lagos refinery is about spreading wealth across the continent. The offer opens on 14 September. At 525 naira a share, with a minimum of 10 shares, the company wants market traders and factory workers in the register alongs...
Business
A Nigerian property developer wanted by the UK’s National Crime Agency has been arrested at Dublin Airport. Edwin Omokhuale, 39, was detained by officers from An Garda Síochána on Wednesday as he prepared to board a flight to Paris. Irish police acted on a warrant issued in the UK. He faces money...
Business
A Federal High Court in Lagos has extended an interim order stopping Nigeria’s midstream and downstream petroleum regulator from entering, sealing or otherwise interfering with Aliko Dangote’s oil refinery, four days before the company opens what is billed as the largest share sale in African his...
Business
The US Embassy in Abuja has stopped processing routine visa applications, directing applicants to the US Consulate General in Lagos. The change took effect on 1 August 2026. Existing appointments will be honoured, although some may be rescheduled. The move is part of a wider US effort to centrali...
Business
Dangote Petroleum Refinery is preparing an initial public offering expected to raise about $1.6 billion, in what could become one of Nigeria’s largest stock market launches. The Lagos-based refinery, owned by Africa’s richest man, Aliko Dangote, plans to offer 4.1 billion ordinary shares at 525 n...
Business
Two women have been arrested at Kenya’s Jomo Kenyatta International Airport (JKIA) after authorities recovered about 658g of suspected gold allegedly being smuggled to Dubai. Officials said one woman concealed a 541g gold bar under her hijab, while the other hid a 116.79g gold pellet in her bra....
Business
Africa now has about 365 companies generating $1 billion or more in annual revenue, with the companies collectively generating roughly $1.5 trillion a year. About 30 companies on the continent now generate more than $10 billion in annual revenue. South Africa Dominates The map of big business rem...
Business
US billionaire and venture capitalist Tim Draper has put his interest in Lupita Island, a luxury resort on Tanzania’s Lake Tanganyika, up for sale for $7.9 million or the best offer. Draper announced the sale on August 28, saying he and his family no longer use the property enough. He reportedly...
Business
Ride-hailing company Uber has ended its operations in Nigeria and Uganda after 12 and 10 years respectively, following a review of its business across Africa. The company said it will discontinue its ride-hailing services in the two countries as part of efforts to simplify its operations and focu...
Business
Aliko Dangote is establishing a family office in Dubai to oversee his wealth, investments and wider business interests, with broader operations expected to begin in 2027. The office will be overseen by his daughter, Halima Dangote, and will focus on governance, capital management, investments, ph...
Business
The Ghana Police Service has suspended the operations of concrete mixer trucks in Accra and Tema for three days over concerns about road safety and damage to road infrastructure. The restriction took effect on Friday, 28 August 2026, and will remain in place until Sunday, 30 August. According to...
Business