Omokolade Ajayi

986 Articles
Nigerian billionaire Adebayo Ogunlesi.
TechnologyBillionairesHot News

With Nigerian billionaire Adebayo Ogunlesi on board, OpenAI eyes $1.2T valuation

OpenAI is in early funding talks at a valuation above $1.2 trillion, putting Nigerian billionaire Adebayo Ogunlesi’s board role in focus.

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South African banker Mary Vilakazi
BusinessHot News

How share awards lifted FirstRand chief Mary Vilakazi to a $5 million stake

Executive share awards boosted FirstRand CEO Mary Vilakazi’s holding to $5.04 million in 2026, marking a 60.1 percent surge in her beneficial equity.

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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.

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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.

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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.

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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.

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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.

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Attacq's Waterfall City
BusinessHot News

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

Attacq lifted its full-year distribution to $54.7 million as strong rental collections and high retail occupancy pushed total assets to $1.6 billion.

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United Bank for Africa Plc (UBA)
BusinessHot News

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

UBA opens subscription channels for the Dangote Refinery IPO, offering eligible investors access to 4.1 billion shares at ₦525 each.

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Bitcoin
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Ethiopia slashes power to Bitcoin miners as El Niño hurts dams

Ethiopia has cut power supplies to Bitcoin miners to 23% of contracted levels as drought reduces hydropower generation.

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Harmony Gold
BusinessHot News

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

Harmony Gold reports its second worker death in September after a fatal underground seismic event at its Mponeng mine in South Africa.

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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

Aliko Dangote is targeting a $60 billion net worth as the $49 billion public listing of his mega-refinery opens to retail buyers.

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