Nigeria Business News - November 23, 2024

Dangote Refinery Starts Gasoline Output Amid NNPC’s Struggles with $6 Billion Debt

Nigeria’s Dangote Refinery has begun processing gasoline after delays caused by recent crude shortages, an executive said on Monday. The $20 billion refinery on the outskirts...

Company News3 months ago

Pastor Adeolu Adeboye: Ronchess Global Resources Debunks False Allegations Against Company Director

Recent developments in the ongoing dispute between Ronchess Global Resources Plc and the Kaduna State Government have unveiled a number of inaccuracies, particularly regarding the purported...

Company News3 months ago

NNPC Admits Financial Strain as Fuel Scarcity Grips Nigeria

The Nigerian National Petroleum Company Limited (NNPC) has admitted its ongoing financial challenges are the reason for fuel scarcity and numerous queues in various filling stations....

Business3 months ago

Dozy Mmobuosi Fined $250M by US Court for Inflating Company Metrics

A US federal court has fined Nigerian businessman Dozy Mmobuosi over $250 million for inflating the financial performance of his companies. Presided over by Judge Jesse...

Merger and Acquisition3 months ago

Aradel Energy Seals $16M Acquisition of Olo and Olo West Marginal Fields

Aradel Holdings Plc, an indigenous energy company, has announced the successful acquisition of a 100 percent interest in the Olo and Olo West marginal fields, located...

Business3 months ago

UBA Business Series: Experts Site Innovation, Persistence, Regular Assessments, Key for Lasting Businesses

As part of activities to commemorate its 75th anniversary, Africa’s Global Bank – United Bank for Africa (UBA) Plc, has held a special edition of its...

Tony Elumelu, Chairman of Heirs Holdings, has unveiled an ambitious strategy to further democratize prosperity by expanding the company’s presence on the Nigerian Exchange and potentially other African markets. The announcement, made during a media parley marking the 14th anniversary of Heirs Holdings, underscores a bold vision to broaden market access and drive inclusive growth across the continent. At the core of this strategy is the plan to list additional firms from Heirs Holdings’ diverse portfolio on the Nigerian Exchange. This move aims to enhance public participation in the company’s investments, reflecting Elumelu’s commitment to creating wealth and opportunities for a broader segment of the population. “We are dedicated to democratizing prosperity,” Elumelu stated. “Listing more of our portfolio companies on the Nigerian Exchange is a significant step in that direction. By increasing public access to these investments, we hope to empower individuals and communities, fostering economic inclusion and shared growth.” Heirs Holdings, which boasts a broad investment portfolio across various sectors including power, hospitality, financial services, and healthcare, already has seven of its companies listed on the Nigerian Exchange. These include prominent entities such as Transcorp Hotels, Transcorp Plc, United Bank for Africa, and Afriland Properties. Elumelu emphasized that the group’s expansion efforts are not limited to Nigeria. “We are also considering listings in other African markets,” he said. “Our goal is to tap into the immense potential across the continent, but we will do so when the market conditions are favorable. Our experience in Nigeria has shown us the transformative impact of being listed, and we wish to replicate this success across Africa.” The group’s commitment to enhancing its market presence aligns with its broader vision, which began in 2010. Elumelu’s leadership has steered Heirs Holdings towards strategic investments in key sectors, generating long-term value while contributing to Africa’s economic development. Owen Omogiafo, CEO of Transnational Corporation Plc (Transcorp), a flagship entity within the Heirs Holdings portfolio, highlighted the impact of these investments. “Transcorp is Nigeria’s largest listed diversified conglomerate, and we are proud to contribute significantly to the country’s power generation and hospitality sectors,” Omogiafo said. Similarly, Peter Ashade, CEO of United Capital, and Adesimbo Ukiri, CEO of Avon HMO, underscored the value created through their respective companies, benefiting shareholders and the broader community. Elumelu’s vision extends beyond financial gains. He emphasized the social impact of Heirs Holdings’ investments, which have improved lives, driven inclusion, and fostered significant economic opportunities. “Our journey is defined by execution, enterprise, and excellence,” Elumelu said. “We are committed to creating a lasting legacy and driving positive change across Africa.” The announcement marks a significant milestone for Heirs Holdings, reflecting its ongoing dedication to transforming Africa’s economic landscape and fostering inclusive growth. As the company prepares for future listings and expansions, the focus remains on harnessing Africa’s potential and ensuring that prosperity is shared widely. For further updates and detailed information, stakeholders are encouraged to follow Heirs Holdings’ official communications channels.

Company News3 months ago

Elumelu Unveils Strategy to Democratize Prosperity with Heirs Holdings’ New Listings

Tony Elumelu, Chairman of Heirs Holdings, has unveiled an ambitious strategy to further democratize prosperity by expanding the company’s presence on the Nigerian Exchange and potentially...

Company News3 months ago

Oando PLC Board Acknowledges Resignation of Non-Executive Director Tanimu Yakubu

Oando Plc has announced the resignation of Mr. Tanimu Yakubu from his role as Non-Executive Director, effective immediately. Mr. Yakubu is stepping down to undertake a...

Business3 months ago

Credit to Private Sector Climbs to N75.48 Trillion Amid Rising Money Supply

Nigeria’s credit to the private sector has surged by 33.69% year-on-year to N75.48 trillion as of July 2024. This substantial growth comes amid rising money supply...

Merger and Acquisition3 months ago

Thomas Etuh and Theophilus Danjuma Acquire Notore Chemicals, Pledge Industry Transformation

Thomas Etuh, founder of Tak Agro, and Theophilus Danjuma’s TY Holdings have successfully acquired Notore Chemical Industries Plc for $150 million. The acquisition, which includes 60...

Investors King

Dangote Refinery Starts Gasoline Output Amid NNPC’s Struggles with $6 Billion Debt

Pastor Adeolu Adeboye: Ronchess Global Resources Debunks False Allegations Against Company Director

NNPC Admits Financial Strain as Fuel Scarcity Grips Nigeria

Dozy Mmobuosi Fined $250M by US Court for Inflating Company Metrics

Aradel Energy Seals $16M Acquisition of Olo and Olo West Marginal Fields

UBA Business Series: Experts Site Innovation, Persistence, Regular Assessments, Key for Lasting Businesses

Elumelu Unveils Strategy to Democratize Prosperity with Heirs Holdings’ New Listings

Oando PLC Board Acknowledges Resignation of Non-Executive Director Tanimu Yakubu

Credit to Private Sector Climbs to N75.48 Trillion Amid Rising Money Supply

Thomas Etuh and Theophilus Danjuma Acquire Notore Chemicals, Pledge Industry Transformation

Edo Governor Issues Two-Week Deadline to Recover Government Vehicles

Atiku Slams Lawmakers for Rejecting Six-Year Presidential Term Bill

NIMC Introduces Paid Multipurpose ID Cards, Cites Funding Constraints