Business

Ugandan millionaire, Mohammed Hamid, a prominent figure in Uganda’s business landscape, is teetering on the edge of losing his renowned Aya Hotel, a consequence of an escalating $160-million debt.  The hotel, a symbol of luxury, is perched on Nakasero Hill in Kampala and offers unrivalled panoramic views of the capital due to its elevated position. How the Ugandan Millionaire Made His Money Mohammed Hamid, 47, is the brains behind the Aya Group, a conglomerate boasting annual revenues of $200 million. …

Devakumar Edwin, the Executive Director of Dangote Group, recently stated that the Nigerian National Petroleum Company Limited (NNPCL) had already committed its crude to other entities, making it impossible to meet Dangote’s immediate needs. Edwin also disclosed that the Dangote Petroleum Refinery is currently importing crude oil, with the first cargo expected in two weeks.  However, he assured that this importation is temporary and that the refinery will receive its crude supply from NNPCL starting in November. NNPCL’s Loan Commitments…

Raising money for a small business anywhere in the world can be a challenge, but doing so in Lagos, Nigeria comes with its own unique hurdles. With a burgeoning population, high competition, and limited formal access to capital, entrepreneurs need to be creative and strategic in their approach.  One big hurdle is finding the money to get started or to grow. While many people think of bank loans first, there are other ways to get funding that are a better…

Olu Adeosun, Chief Executive Officer (CEO) of Ardova Plc, has resigned from his position in the company. The Board of Directors announced in a statement that Adeosun will be leaving to pursue new interests and opportunities.  His resignation as CEO became effective on the 31st of August, 2023. Despite his resignation, Adeosun promised to stay committed to the activities of the company till the 31st of December 31, 2023.  The company noted that his commitment will ensure a seamless transition…

MRS Oil Nigeria Plc, a Nigerian firm focused on oil marketing and predominantly owned by the affluent entrepreneur Sayyu Dantata, has unveiled its financial outcomes for the initial six months of 2023. The results showcase a remarkable ascent in profits, with the company’s earnings skyrocketing to unparalleled levels. Engaging in diverse sectors such as retail, commercial and industrial operations, aviation services, and lubricant production, the company declared a remarkable surge in profits exceeding an astounding 550 percent during the first…

Nigerian billionaires Aliko Dangote and Abdul Samad Rabiu’s rivalry has been one of the most fascinating and look out for in the business world as both men have successfully built conglomerates that dominate the FMCG (fast-moving consumer goods) sector in Nigeria. As the richest man in Africa and the founder of the Dangote Group, Dangote Conglomerates has interests in a wide range of businesses, including cement, sugar, flour, and oil, amongst others. Rabiu on the hand, is the chairman of…

Nigerian content producers and social media personalities are now beginning to receive their initial earnings from X, which was previously referred to as Twitter, via its ad revenue-sharing initiative. Although the disbursements had already commenced for X users in the United States at the beginning of the previous month, X made a declaration that this practice would be expanded to encompass users worldwide by the conclusion of July. As a result of this development, verified users in Nigeria and various…

Big Cabal Media, the Nigerian media startup that owns TechCabal and Zikoko, has downsized its workforce by 19%. The company issued a statement on Monday, explaining that the staff reductions were a response to the challenging market conditions it has been grappling with this year. This follows a year after securing $2.3 million in funding to amplify its digital offerings. Despite a reported 180% year-on-year revenue surge by the close of H1 2023, this substantial progress fell short of the…

GSK’s recent declaration to halt its direct business operations in Nigeria signifies a momentous choice that could hold far-reaching consequences for various stakeholders, the stock market, and the Nigerian economy. In an announcement made on Thursday, August 3, 2023, the pharmaceutical company conveyed its decision to GSK Nigeria, its local counterpart, indicating its intention to discontinue the independent distribution of its prescription medications and vaccines. Instead, the company plans to collaborate with third-party Nigerian enterprises for these distribution efforts. This…

Awele Vivien Elumelu is a woman with a multitude of achievements making her one of the powerful players in the Africa scene. As the wife of notable Nigerian entrepreneur and philanthropist, Tony Elumelu, she has carved out her own remarkable path. Alongside her profession as a medical doctor, she is also a co-founder of a non-profit organisation, among various other accomplishments. Dr. Elumelu has exerted a pivotal influence across multiple sectors as a businesswoman, fostering business growth and generating avenues…