Omokolade Ajayi

986 Articles
Ugandan businessman Charles Mbire.
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Ugandan businessman Charles Mbire’s MTN Uganda stake tops $100 million

Charles Mbire’s MTN Uganda stake tops $100 million as shares gain nearly 40 percent in 2026, boosting the market value of his investment.

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Capitec Bank's App
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South Africa’s Capitec expects 20% earnings leap on massive client surge

Capitec Bank expects half-year earnings to jump up to 20 percent after its client base surged past 26 million retail customers.

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South Korea’s Hyundai
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South Korea’s Hyundai eyes Africa expansion in clean energy deal with AfDB

Hyundai Motor Group and the AfDB seal a clean energy pact to finance green industrial ventures, EV manufacturing, and infrastructure across Africa.

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Zarin Merali, Naushad Merali’s widow
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Kenya’s Merali family expands empire with $2.6 million pharma plant

Kenya’s Merali family is expanding its industrial footprint with a $2.6 million pharmaceutical glass manufacturing plant in Mombasa’s Dongo Kundu SEZ.

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Wicknell Chivayo and President William Ruto
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Zimbabwean businessman Wicknell Chivayo plans $200 million Kenya investment

Wicknell Chivayo plans to invest $200 million in Kenya through infrastructure projects as he expands his business interests across Africa.

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French giant TotalEnergies
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French giant TotalEnergies strikes new offshore oil in Angola after $10B pledge

TotalEnergies strikes offshore oil in Angola and secures two new exploration blocks, following a pledge to invest $10 billion over the next five years.

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Terra Industries founders Nathan Nwachuku and Maxwell Maduka.
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Nigeria’s Terra Industries wins $2 million lithium mining deal after fresh funding

After growing its seed round to $52 million, Nigeria’s Terra Industries lands $2 million in mining surveillance contracts to protect local lithium sites.

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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.
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Nigeria’s trade surplus doubles to $9.5 billion on refining shift

Nigeria’s trade surplus doubled to $9.5 billion in the second quarter of 2026 as rising output from Dangote Refinery curtailed costly petroleum imports.

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Etango Uranium project in Namibia
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Bannerman Energy secures $90 million to build Namibian uranium mine

Bannerman Energy has raised A$124 million ($90 million) from institutional investors to fund early construction work at its Etango uranium project in Namibia.

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South African banking giant FirstRand.
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South Africa’s FirstRand rewards investors with record payout despite UK hit

FirstRand raised its full-year dividend 16 percent to a record $0.33 per share, backed by double-digit profit growth across its African banking units.

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Nigerian tech entrepreneur Yinka Adewale
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Nigerian tech entrepreneur Yinka Adewale leads Nomba to $3 million funding success

Nomba secures a $3 million debt facility as Yinka Adewale expands its cross-border payments network across Africa and Asia.

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Aliko Dangote, Africa's richest man and Dangote group President
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Aliko Dangote’s mega refinery trims debt to $5.67 billion ahead of record listing

Dangote Refinery cuts secured debt to $5.67 billion as it prepares for a $1.6 billion share offering and November listing.

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