Tag: Business

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Zimbabwe’s richest man Strive Masiyiwa gains $900 million; hits $2.2 billion

Strive Masiyiwa gains $900 million, pushing his net worth to $2.2 billion as telecom and tech investments strengthen his business empire.

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South African billionaire Patrice Motsepe.
Hot NewsBusiness

South African billionaire Patrice Motsepe’s net worth drops below $4 billion

South African billionaire Patrice Motsepe’s net worth falls below $4 billion after a $400 million slide tied to declines in key mining stocks.

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ExclusiveBusiness

Auwalu Abdullahi Rano: The oil mogul behind Nigeria’s first unmanned fuel stations

Auwalu Abdullahi Rano, the oil tycoon behind Nigeria’s first unmanned fuel stations, introduces 24/7 self-service refueling with digital controls.

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.
Hot News

Oil at $85 boosts Nigeria, Angola but pressures South Africa’s economy

Oil at $85 boosts Nigeria and Angola’s revenues but raises fuel costs and inflation in South Africa.

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Tshepo Mahloele: South African tycoon behind $3 billion pan-African investment firm

South African tycoon Tshepo Mahloele leads Harith with $3 billion in African infrastructure and energy investments.

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Nigerian billionaire businessman Tony Elumelu.
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Tony Elumelu’s Transcorp hits N1 trillion in assets; dividend doubles

Tony Elumelu’s Transcorp tops N1 trillion in assets as revenue and profit surge across power and hospitality businesses.

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Isyaku Abdulsamad “Khalifa” Rabiu.
BusinessHot News

Abdul Samad Rabiu’s son, Khalifa, takes leadership role at BUA Foods

Khalifa Rabiu joins BUA Foods as Chief Officer, driving global procurement, supply chain efficiency, and growth for Nigeria’s $10.6 billion company.

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Nigerian billionaire Abdul Samad Rabiu
BusinessHot News

BUA Group founder Abdul Samad Rabiu crosses $10 billion, third Nigerian billionaire to do so

BUA Group’s Abdul Samad Rabiu crosses $10 billion, ranking as Nigeria’s second-richest and boosting industrial growth.

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Omar Khairy
BusinessExclusive

Egyptian entrepreneur Omar Khairy unveils RIGA Holding’s 2026 projects in Sao Tome, Senegal, Mozambique and others

Egyptian entrepreneur Omar Khairy unveils RIGA Holding’s 2026 projects in Sao Tome, Senegal, Mozambique, and across sub-Saharan Africa.

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Nigerian business leader Bella Disu
ExclusiveBusiness

Nigerian business leader Bella Disu: ‘Say yes now—why readiness is a myth’

Nigerian business leader Bella Disu urges action over waiting, showing readiness emerges through bold choices.

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Globacom
TechnologyBusiness

Globacom marks 22 years of expanding mobile and internet access in West Africa

Globacom celebrates 22 years of expanding affordable mobile and internet access across West Africa, serving over 60 million subscribers.

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Vodacom
BusinessHot News

Vodacom, Africa’s communications giant, hits $15 billion market cap

Vodacom hits $15B market cap, driven by FY2025 growth, pan-African expansion, and rising investor confidence across telecom and fintech sectors.

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