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Dangote, Mike Adenuga, Other Nigeria’s Billionaires in France for Business Summit



Abdul Samad Rabiu, Aliko Dangote and Tony Elumelu - Investors King

Nigeria’s billionaires are in Versailles, France for the 4th Choose France International Business Summit, which commenced on Monday, June 28, 2021.

The billionaires are Aliko Dangote, the Chairman of Dangote Group; Mike Adenuga, the founder of Glo and Conoil; Tony Elumelu, the chairman of Heirs Holdings, the United Bank for Africa, Transcorp and founder of the Tony Elumelu Foundation and Abdul Samad Rabiu, Chairman of BUA Group and President of the newly inaugurated France Nigeria Business Council.

The billionaires were scheduled to meet French businessmen with strategic business in Nigeria or who plan to commence projects in Nigeria during the France-Nigeria Business Council planned to be held on the sideline of the 4th Choose France International Business Summit.

At the France-Nigeria Business Council meeting, led by the Minister Delegate for Foreign Trade and Economic Attractiveness, Franck Riester, French companies will have the opportunity to showcase their expertise to Nigerian leaders, with a view to identifying new partnerships.

It will be closed by the President of the Republic.

The France-Nigeria Business Council was launched by President Macron during his visit to Nigeria in 2018. It aims to help expand and deepen the France-Nigeria economic relationship through enhanced discussions between Nigerian and French private sector actors.

The Council focuses on tangible economic projects in various sectors. The first project to be discussed in this forum came to fruition thanks to an agreement between the companies Axens and BUA for the construction of a new refinery in Nigeria, in compliance with higher environmental standards.

Twenty-two (22) new investment projects, totally €3.6 billion, expected to create 7,000 jobs are to be birthed at the meeting.

It is expected that some 24 new investment projects will be announced by the foreign companies invited to the 2021 Choose France Summit, totalling €3.5 billion and more than 7,000 new jobs.

Abdul Samad Rabiu and Emmanuel Macron - Investors King

Abdul Samad Rabiu, Chairman of BUA Group and President of the newly inaugurated France Nigeria Business Council chats with President Emmanuel Macron of France while World Trade Organization (WTO) DG, Ngozi Okonjo Iweala, looks on during the Choose France Summit in Versailles, France on Monday.

Abdul Samad Rabiu, Aliko Dangote and Tony Elumelu - Investors King Tony Elumelue and President Emmanuel Macron - Investors King Tony Elumelu and Mike Adenuga - Investors King

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq,, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Company News

Flour Mills of Nigeria Repays N51.64 Billion Series 2 Commercial Paper



flour mills posts 184% increase in PAT

Flour Mills of Nigeria Plc (FMN) has successfully repaid its N51.64 billion Series 2 Commercial Paper as revealed in a statement issued by the company.

This follows the earlier repayment of its N13.33 billion Series 1 Commercial Paper in August 2023.

Both the Series 1 and Series 2 Commercial Papers, totaling N64.97 billion, were initially issued on February 22, 2023, under FMN’s N200 billion Commercial Paper Programme.

The Series 1, with a yield of 13.0%, raised N13.3 billion, while the Series 2, with a yield of 14.0%, raised N51.64 billion.

FMN had launched its N200 billion Commercial Paper Programme on February 10, 2023, reflecting the company’s strategic financial planning.

The Group Chief Finance Officer, Mr. Anders Kristiansson, expressed satisfaction with the timely and successful repayment of the Series 2 Commercial Paper.

He emphasized FMN’s commitment to financial prudence and acknowledged the confidence placed in the organization by the investing public.

Kristiansson expressed gratitude to stakeholders for their continuous support, reiterating FMN’s dedication to delivering sustainable value and upholding the highest standards of corporate governance.

In addition to the successful repayment, FMN tapped into the market for its Series 3 Commercial Paper in June 2023, with subscriptions from banks and Pension Fund Administrators, contributing 39.7% and 40.8%, respectively.

The transaction was managed by FBNQuest Merchant Bank Limited as the Lead Arranger, with ChapelHill Denham Advisory Limited, FCMB Capital Limited, and United Capital PLC serving as Joint Arrangers.

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African Airlines Projected to Cut Losses to $400m in 2024, Says IATA



Ethiopian AIrlines

The International Air Transport Association (IATA) has forecasted a reduction in losses for Nigerian and other African airlines from $500 million in 2023 to $400 million in 2024.

The Switzerland-based IATA made this projection while presenting the global airline industry outlook in Geneva, Switzerland, on Wednesday.

IATA’s Director-General, Willie Walsh, shared the outlook, stating that global airlines are expected to generate approximately $964 billion in revenue in the coming year.

The report indicated that airline industry net profits are anticipated to reach $25.7 billion in 2024, reflecting a slight improvement over the projected $23.3 billion net profit for 2023.

Despite the challenges faced by the aviation industry in recent years, IATA sees the $25.7 billion net profit in 2024 as a testament to aviation’s resilience.

Walsh acknowledged the impressive speed of recovery but emphasized that the net profit margin of 2.7% remains below industry expectations.

IATA estimates that around 4.7 billion people will travel in 2024, surpassing the pre-pandemic level of 4.5 billion recorded in 2019.

However, Walsh highlighted ongoing challenges, including regulatory burdens, fragmentation, high infrastructure costs, and a supply chain populated with uncertainties.

He emphasized the need for the industry to build a resilient future, given its significant contribution to global GDP and livelihoods.

Fuel prices are expected to average $113.8 per barrel in 2024, accounting for 31% of all operating costs, totaling $281 billion.

Walsh concluded by expressing optimism about more normal growth patterns for both passenger and cargo in the post-pandemic era.

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Company News

SpaceX Explores $175 Billion Valuation in Insider Share Sale Talks



SpaceX- Investors King

Elon Musk’s SpaceX is reportedly in discussions about initiating a tender offer that values the aerospace manufacturer and space transportation company at $175 billion or more.

According to insiders familiar with the matter, the most valuable US startup is contemplating a tender offer ranging between $500 million and $750 million.

Sources suggest that SpaceX is evaluating the possibility of offering shares at approximately $95 per share, with the terms and size of the tender offer subject to change based on the level of interest from potential insider sellers and buyers.

If the $175 billion valuation is realized, it would mark a notable increase from the $150 billion valuation obtained through a tender offer earlier this summer.

This elevated valuation would position SpaceX among the world’s 75 largest companies by market capitalization, comparable to industry giants such as T-Mobile USA Inc., Nike Inc., and China Mobile.

SpaceX, known formally as Space Exploration Technologies Corp., dominates the commercial space launch services market with its Falcon rockets and operates the Starlink service, which provides internet from space via a growing constellation of satellites in low-Earth orbit.

With anticipated revenues of about $9 billion in 2023, projected to rise to approximately $15 billion in 2024, SpaceX’s strategic moves, including a potential initial public offering for Starlink, underscore the company’s ambitious plans and strong market position.

Representatives for SpaceX have not yet responded to requests for comment on these recent developments.

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