Aliko Dangote is investing $400 million to expand Ethiopia’s Mugher cement plant, doubling its production capacity. This move reinforces Dangote Cement’s commitment to Africa’s industrial growth, despite past challenges.
San Diego FC welcomes Nigerian GRAMMY-winning artist Tems as a new Club Partner. Through her company, The Leading Vibe, Tems joins a distinguished group of partners to inspire and empower communities on and off the pitch.
US has quietly removed the visa drop box renewal option for Nigerian applicants, reverting to mandatory in-person interviews. This shift comes amid long wait times and a backlog of applications, impacting frequent travelers, students, and business visitors.
Diageo has sold its 80.4% stake in Guinness Ghana Breweries to Castel Group for $81 million. The deal strengthens their long-term partnership while Diageo retains ownership of the Guinness brand, licensing it to Guinness Ghana. This follows Diageo’s earlier divestment of its stake in Guinness Nigeria. The transaction is pending regulatory approvals and is expected to be finalized in 2025.
Geregu Power Plc announced record-breaking 2024 results, with revenue reaching N137 billion and PAT growing by 71% to N27.4 billion. The company proposed a N21.25 billion dividend and invested heavily in plant upgrades, showcasing its commitment to growth and shareholder returns.
FCMB Group announced a strong financial performance for 2024, with pre-tax profit rising to N117.2 billion, a 12.32% increase from 2023. Gross earnings grew by 53.93% to N794.8 billion, driven by a 75.08% surge in interest and discount income. The group also recorded a remarkable 568.48% increase in net trading income, showcasing its resilience and growth in a challenging economic environment.
President Tinubu has secured $70 million from the IFC to fund mini-grid projects, marking a major step in Nigeria’s renewable energy expansion. Meanwhile, NNPCL is set to construct five mini-LNG plants in Ajaokuta to enhance power generation and clean cooking access.
Zenith Bank has announced a 20% salary increase for its nearly 10,000 employees, effective January 2025.