South African billionaire Patrice Motsepe.
BusinessHot News

Patrice Motsepe-backed Kropz to cut jobs at South Africa phosphate mine

The company said the operation, located about 70 miles northwest of Cape Town, has about 540 workers, including contractors.

Omokolade Ajayi Omokolade Ajayi
Narendra Raval
BusinessHot News

Kenyan industrialist Narendra Raval’s National Cement seeks approval for 60MW wind farm

National Cement seeks approval for a 60MW wind farm in Kajiado as Narendra Raval’s Devki Group expands captive power capacity.

Feyisayo Ajayi Feyisayo Ajayi
Kenyan tycoon John Kimani
BusinessHot News

Kenyan tycoon John Kimani buys $1 million Centum shares, lifts stake to 11.5%

Kimani’s holding increased from 69.4 million shares, or 10.43 percent, at the end of March 2025 to 76.59 million shares…

Omokolade Ajayi Omokolade Ajayi
Oluwatosin “Mr Eazi” Ajibade
TechnologyBusinessHot News

Mr Eazi’s payments company, PawaPay, nears 4 billion transactions

Mr Eazi’s PawaPay nears 4 billion transactions as the fintech expands mobile money payments across more than 20 African markets.

Omokolade Ajayi Omokolade Ajayi
Nigerian business executive Bella Disu
BillionairesBusinessHot News

Nigerian executive Bella Disu outlines Abumet’s next phase as business expands

Abumet has expanded its sales and marketing efforts during the period, including the expansion of its Lagos sales office.

Omokolade Ajayi Omokolade Ajayi
Nigeria LNG Ltd. (NLNG) plans to start operations at its $10 billion Train 7 project by the end of 2027, as the liquefied natural gas producer works to expand output and address persistent constraints on gas supply. Managing Director Adeleye Falade disclosed the target to reporters on the sidelines of the Gastech conference in Bangkok. The project, located on Bonny Island in Nigeria, is designed to increase NLNG’s production capacity to 30 million metric tons a year from 22 million metric tons. Train 7 has faced repeated delays, including setbacks linked to the COVID-19 pandemic and the war in Ukraine. The latest target puts the project on a path toward completion as Nigeria seeks to increase its LNG production capacity. Gas supply remains key constraint NLNG remains under a force majeure declared in 2022 after widespread flooding disrupted its gas supply, Falade said at the conference. The company expects to lift the force majeure once plant utilization reaches 90 percent. NLNG is currently operating at between 82 percent and 83 percent utilization, according to Falade. “We still have a delta of about 15 percent that we need to close,” he said. “Operationally, we are able to do that, but our biggest constraint is gas supply, and we're working with all the relevant people, including the government, to be able to get more gas to flow into the plant.” The comments highlight the importance of securing additional feed gas as NLNG works to raise production and meet its existing commitments. The company is focused on fulfilling its contractual obligations to buyers while seeking to maximize available production, Falade said. Buyers seek more LNG Interest in additional LNG volumes and spot cargoes has increased following disruptions to exports through the Strait of Hormuz during the Iran war, Falade said. “People are looking at more diversified, reliable sources of supply,” he said. The increased interest comes as buyers seek alternative sources of LNG amid disruptions affecting established supply routes. For NLNG, the priority remains its existing customer commitments while making use of additional production capacity where available. “Our priority currently is to continue to make sure that we fulfil our obligations to our existing customers and maximize as much production opportunity as possible that we have,” Falade said. Ownership and expansion NLNG is majority-owned by the Nigerian National Petroleum Company, with foreign partners including Shell, TotalEnergies and Eni. The Train 7 expansion is expected to raise the company’s nameplate capacity by 8 million metric tons a year, taking total capacity from 22 million metric tons to 30 million metric tons. For NLNG, the expansion comes alongside efforts to improve utilization at its existing facilities. The company’s ability to increase output remains tied to the availability of sufficient gas supplies, according to Falade. The end-2027 startup target therefore places both the completion of Train 7 and continued improvement in gas supply at the center of NLNG’s plans to increase LNG production.
BusinessHot News

Nigeria’s $10 billion LNG expansion targets late 2027 launch on Bonny Island

Managing Director Adeleye Falade disclosed the target to reporters on the sidelines of the Gastech conference in Bangkok.

Omokolade Ajayi Omokolade Ajayi
Attacq's Waterfall City
BusinessHot News

Mall of Africa owner, Attacq, posts $54.7 million payout as assets hit $1.6 billion

The company reported distributable income of R888.5 million ($54.7 million), up from R758.4 million ($46.7 million) a year earlier.

Omokolade Ajayi Omokolade Ajayi
Musbahu Bashir companies
Hot NewsBusiness

Nigerian Businessman Musbahu Bashir’s Mafab moves to sell $273.6 million 5G spectrum asset to MTN

Mafab, backed by Musbahu Bashir, seeks to transfer $273.6 million 5G spectrum assets to MTN Nigeria, pending regulatory approval.

Feyisayo Ajayi Feyisayo Ajayi
Sibanye-Stillwater
BusinessHot News

Swiss bank UBS Group takes stake worth $423 million in Sibanye-Stillwater

UBS Group takes a $423 million stake in Sibanye-Stillwater, crossing 5% ownership as the miner reports stronger earnings and cash…

Feyisayo Ajayi Feyisayo Ajayi
Paul Fokam
BusinessHot News

How Paul Fokam built Afriland First Bank into a Pan-African financial empire

Cameroonian banker Paul Fokam built Afriland First Bank into a pan-African financial group focused on entrepreneurs and African-owned capital.

Feyisayo Ajayi Feyisayo Ajayi
United Bank for Africa Plc (UBA)
BusinessHot News

UBA opens subscription channel for Dangote Refinery IPO, invites investors to participate

The offer, which opened on Monday, September 14, 2026 will close on October 13, 2026, subject to the terms contained…

Omokolade Ajayi Omokolade Ajayi
Park Hyatt Johannesburg
Hot NewsBusiness

Hamza Farooqui’s Park Hyatt Johannesburg: The $90 million bet reshaping Rosebank’s luxury scene

Hamza Farooqui’s more than $90 million Park Hyatt Johannesburg blends African luxury, personalised service and global hospitality in Rosebank.

Feyisayo Ajayi Feyisayo Ajayi
Harmony Gold
BusinessHot News

Harmony Gold reports second worker death at South Africa mine in September

Management halted all mining operations in the immediate section of Mponeng while government inspectors and company engineers examine the site.

Omokolade Ajayi Omokolade Ajayi
Aliko Dangote, Africa's richest man and Dangote group President
BillionairesBusinessHot News

Africa’s richest man Aliko Dangote eyes $60B fortune as refinery IPO opens

According to projections by Bloomberg, the successful listing could boost Dangote’s net worth by roughly $23 billion, lifting his fortune…

Omokolade Ajayi Omokolade Ajayi
Shoprite
BusinessHot News

Shoprite grants top brass $7 million in share awards as Pieter Engelbrecht gets 119,175 shares

Shoprite awards executives R112.71 million ($6.9 million) in shares, with CEO Pieter Engelbrecht receiving 119,175 awards worth R35.46 million ($2.17…

Feyisayo Ajayi Feyisayo Ajayi
Africa’s richest person Aliko Dangote
BusinessBillionairesHot News

Aliko Dangote becomes world’s 36th richest man with $51.1 billion fortune

Dangote’s $51.1 billion fortune places him ahead of several prominent billionaires on the Forbes ranking.

Omokolade Ajayi Omokolade Ajayi
Terra Industries founders Nathan Nwachuku and Maxwell Maduka.
TechnologyBusinessHot News

Terra Industries wins $1 million mining security contract in Nigeria

The Jema’a project is one of Nigeria’s significant mineral assets, covering a multi-metallic deposit of gold, lithium, copper and nickel…

Omokolade Ajayi Omokolade Ajayi
Nairobi-based Watu
TechnologyBusinessHot News

Nairobi-based Watu secures $7 million debt facility from AHL Venture Partners

The new facility is intended to provide working capital for loan origination and business expansion rather than finance a specific…

Omokolade Ajayi Omokolade Ajayi
Kenya's Twiga Foods
BusinessHot News

Kenya’s Twiga Foods falls into administration after raising $185 million

The court-backed move strips company directors of executive authority and places its assets and operations squarely in the hands of…

Omokolade Ajayi Omokolade Ajayi
Optasia Limited, the Dubai-headquartered and JSE-listed fintech company
TechnologyBusinessHot News

Optasia profit surges 58% to $36.9 million on booming mobile financial services

The strong momentum prompted management to raise its full-year growth targets across revenue, earnings, and cash flow.

Omokolade Ajayi Omokolade Ajayi
Seychelles reports a 12% increase in international arrivals, signaling tourism recovery.
TourismBusiness

Seychelles eyes MICE boom following 12% tourist jump

At a Glance Seychelles is emerging as a rising star in global business tourism after reporting a 12% increase in international arrivals this year. The island nation drew attention at IBTM World 2025 in Barcelona, one of the world’s leading meetings, incentives, conferences, and exhibitions (MICE) events. Tourism officials used the platform to showcase the sector’s recovery and outline plans…

African retail investors
BusinessHot News

10 biggest retail investors on the African continent

Africa’s retail boom is being shaped by early-stage investors backing commerce, payments and logistics long before global capital arrives.

South African billionaire Patrice Motsepe.
BusinessHot News

Patrice Motsepe-backed Kropz to cut jobs at South Africa phosphate mine

Patrice Motsepe-backed Kropz will cut jobs at its Elandsfontein phosphate mine as it shifts toward nanophos production.

Omokolade Ajayi Omokolade Ajayi
Narendra Raval
BusinessHot News

Kenyan industrialist Narendra Raval’s National Cement seeks approval for 60MW wind farm

National Cement seeks approval for a 60MW wind farm in Kajiado as Narendra Raval’s Devki Group expands captive power capacity.

Feyisayo Ajayi Feyisayo Ajayi
Kenyan tycoon John Kimani
BusinessHot News

Kenyan tycoon John Kimani buys $1 million Centum shares, lifts stake to 11.5%

Kenyan tycoon John Kimani raised his Centum stake to 11.51 percent after buying 7.19 million shares worth $1.02 million.

Omokolade Ajayi Omokolade Ajayi
Oluwatosin “Mr Eazi” Ajibade
TechnologyBusinessHot News

Mr Eazi’s payments company, PawaPay, nears 4 billion transactions

Mr Eazi’s PawaPay nears 4 billion transactions as the fintech expands mobile money payments across more than 20 African markets.

Omokolade Ajayi Omokolade Ajayi
Nigerian business executive Bella Disu
BillionairesBusinessHot News

Nigerian executive Bella Disu outlines Abumet’s next phase as business expands

Bella Disu outlines Abumet Nigeria’s next phase as the glass and aluminum manufacturer focuses on scale, innovation and stronger market reach.

Omokolade Ajayi Omokolade Ajayi
Nigeria LNG Ltd. (NLNG) plans to start operations at its $10 billion Train 7 project by the end of 2027, as the liquefied natural gas producer works to expand output and address persistent constraints on gas supply. Managing Director Adeleye Falade disclosed the target to reporters on the sidelines of the Gastech conference in Bangkok. The project, located on Bonny Island in Nigeria, is designed to increase NLNG’s production capacity to 30 million metric tons a year from 22 million metric tons. Train 7 has faced repeated delays, including setbacks linked to the COVID-19 pandemic and the war in Ukraine. The latest target puts the project on a path toward completion as Nigeria seeks to increase its LNG production capacity. Gas supply remains key constraint NLNG remains under a force majeure declared in 2022 after widespread flooding disrupted its gas supply, Falade said at the conference. The company expects to lift the force majeure once plant utilization reaches 90 percent. NLNG is currently operating at between 82 percent and 83 percent utilization, according to Falade. “We still have a delta of about 15 percent that we need to close,” he said. “Operationally, we are able to do that, but our biggest constraint is gas supply, and we're working with all the relevant people, including the government, to be able to get more gas to flow into the plant.” The comments highlight the importance of securing additional feed gas as NLNG works to raise production and meet its existing commitments. The company is focused on fulfilling its contractual obligations to buyers while seeking to maximize available production, Falade said. Buyers seek more LNG Interest in additional LNG volumes and spot cargoes has increased following disruptions to exports through the Strait of Hormuz during the Iran war, Falade said. “People are looking at more diversified, reliable sources of supply,” he said. The increased interest comes as buyers seek alternative sources of LNG amid disruptions affecting established supply routes. For NLNG, the priority remains its existing customer commitments while making use of additional production capacity where available. “Our priority currently is to continue to make sure that we fulfil our obligations to our existing customers and maximize as much production opportunity as possible that we have,” Falade said. Ownership and expansion NLNG is majority-owned by the Nigerian National Petroleum Company, with foreign partners including Shell, TotalEnergies and Eni. The Train 7 expansion is expected to raise the company’s nameplate capacity by 8 million metric tons a year, taking total capacity from 22 million metric tons to 30 million metric tons. For NLNG, the expansion comes alongside efforts to improve utilization at its existing facilities. The company’s ability to increase output remains tied to the availability of sufficient gas supplies, according to Falade. The end-2027 startup target therefore places both the completion of Train 7 and continued improvement in gas supply at the center of NLNG’s plans to increase LNG production.
BusinessHot News

Nigeria’s $10 billion LNG expansion targets late 2027 launch on Bonny Island

NLNG plans to launch its $10 billion Train 7 project by late 2027 to raise output capacity to 30 million metric tons despite persistent gas shortages.

Omokolade Ajayi Omokolade Ajayi
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