Timilehin Adejumobi

Nigeria

Writer and Analyst at NewsOTG

Financial News Reporter and Writer Financial writer and Stock market analyst @news0tg https://t.co/PFa16dRx6U

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Articles

Aliko Dangote's mega refinery ends Nigeria’s era as Africa’s top fuel importer

1 week ago | billionaires.africa | Timilehin Adejumobi

Key PointsDangote Petroleum Refinery slashed Nigeria’s fuel imports, ending its decade-long status as Africa’s top fuel importer. Nigeria’s imports dropped to 3.1 million tons in Q1 2025 as Dangote’s refinery ramped to 500,000 barrels/day, cutting petrol prices by over 13% this year. South Africa’s refinery shutdowns boosted its fuel imports; Dangote plans $30 billion revenue by 2026, expanding refined fuel exports across Africa.
South African tycoon Stephen Saad's Aspen opens regional headquarters in Saudi Arabia

1 week ago | billionaires.africa | Timilehin Adejumobi

Key PointsAspen Pharmacare opens Saudi HQ to accelerate growth in the Middle East’s booming healthcare and pharmaceutical markets under Saudi Vision 2030. Stephen Saad expands Aspen's global footprint, leveraging strong regional supply chains and rising demand for specialty drugs in the Gulf. Aspen posts $1.2 billion revenue, gains PIC backing with $67 million stake boost, signaling investor confidence despite global pharma headwinds.
Egyptian businessman Ahmed El-Sewedy gains $36 million from company shares

1 week ago | billionaires.africa | Timilehin Adejumobi

Key PointsAhmed El-Sewedy’s stake in Elsewedy Electric has surged to $866.5 million as shares rose 3.55% over the past 48 days. Elsewedy Electric's stock is up 4.12% in 2025, outperforming peers and boosting investor confidence amid Egypt’s economic recovery. The company’s focus on energy infrastructure and green projects positions it as a top industrial performer on the Egyptian Exchange.
Barloworld, led by Dominic Sewela, extends probe into Russian operations

1 week ago | billionaires.africa | Timilehin Adejumobi

Key PointsBarloworld extended its internal probe into Russian export control breaches through Sept. 2025 amid complex geopolitical and regulatory challenges. Revenue from its Russian unit VT plunged 37% as sanctions hit; the unit nears break-even but may face job cuts. A Zahid Group-led buyout could see Barloworld delist from JSE, with nearly 47% shareholder support including backing from South Africa’s PIC.
Egyptian billionaire Hassan Allam signs deal to revive Alexandria Tram Line

1 week ago | billionaires.africa | Timilehin Adejumobi

Key PointsHassan Allam Construction signs a contract to modernize Alexandria’s historic Raml Tram, cutting travel time from 60 to 35 minutes. Project triples tram capacity, doubles speed, and upgrades 13.2 km corridor with new depots, viaducts, and 24 stations. Hassan Allam Holding expands its MENA footprint, raising $55 million in Bab Masr real estate and renewable energy infrastructure.
Suresh Bhagwanji Shah’s I&M acquires prime commercial building in Tanzania

1 week ago | billionaires.africa | Timilehin Adejumobi

Key PointsI&M Group acquired a prime $18.6 million property in Dar es Salaam’s CBD to serve as its new Tanzanian HQ, reinforcing its long-term regional expansion strategy. The building, renamed I&M House@1046, will host a flagship branch and undergo upgrades to align with modern banking standards and regulatory requirements. I&M Bank Tanzania posted a 243% profit surge in 2024, underscoring the market's potential and validating the Group’s investment in permanent infrastructure.
South African executive Simon Baloyi-led Sasol wins $241 million Transnet payout

1 week ago | billionaires.africa | Timilehin Adejumobi

Key PointsSasol wins $241 million Transnet payout after court ruling over pipeline tariffs, boosting investor sentiment and clearing legal uncertainties. Simon Baloyi leads Sasol recovery with long-term growth plans, eyeing a Lake Charles Chemicals IPO to unlock global shareholder value. Transnet financial woes deepen as Moody’s warns of credit risks despite $2.8 billion state guarantee; appeal delays Sasol payout.
Stephen Saad’s Aspen stake drops $21 million in value

2 weeks ago | billionaires.africa | Timilehin Adejumobi

Key PointsStephen Saad's fortune dips as Aspen shares fall 5.33% in 10 days, erasing $21.42 million from his stake. Year-to-date, shares have plunged 27.83%, underperforming the JSE Top 40 and global pharma peers amid rising interest rates. Regulatory hurdles, weak sentiment, and margin pressure shrink Aspen’s market cap to $3 billion, deepening shareholder losses.
Neal Froneman-led Sibanye reports 289 workers trapped in South Africa mine

2 weeks ago | billionaires.africa | Timilehin Adejumobi

Key PointsSibanye reports 289 miners trapped at Kloof gold mine; all safe at assembly point as rescue and safety checks continue. South Africa mining faces ongoing safety risks amid aging infrastructure and rising costs, highlighted by recent fatal illegal mining incidents. CEO Neal Froneman exits amid financial strain; Sibanye cuts 2024 loss to $311 million, PIC raises stake to 15.4%, signaling cautious investor confidence.
Aliko Dangote's refinery set to start polypropylene exports

2 weeks ago | billionaires.africa | Timilehin Adejumobi

Key PointsDangote refinery begins polypropylene exports via Vinmar, boosting Nigeria’s industrial output and reducing $267 million in annual polymer import costs. Africa’s largest polypropylene plant scales to 52 million bags/month, targets regional packaging demand from West to Southern Africa. Dangote refinery hits 500,000 b/d, eyes $30 billion revenue by 2026 from fuel, fertilizer, and petrochemical exports.