Tag: Featured

Ongwe Minerals
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Ongwe Minerals begins drilling at Namibia’s Nguni gold prospect

Ongwe Minerals has begun drilling a 6km gold anomaly at its Nguni prospect, testing Namibia’s Northwest Damara belt for deeper mineralisation.

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Cedar Square
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Accelerate’s Cedar Square sold for $39 million 11 months after Michael Georgiou’s exit

Accelerate Property Fund's Cedar Square sold for R630 million as the JSE-listed REIT reduces debt and focuses on Fourways Mall.

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South African billionaire Patrice Motsepe.
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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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Narendra Raval
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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.

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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
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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
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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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Musbahu Bashir companies
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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.

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Sibanye-Stillwater
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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 flow.

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Paul Fokam
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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.

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