The founder of BUA Group, Abdulsamad Rabiu, has joined his rival, Aliko Dangote, in the debt market, as both billionaires are in need of capital to finance their projects. Rabiu approached foreign creditors, such as International Finance Corporation (IFC), to borrow an undisclosed amount to fund the expansion of its BUA
The $44-million Naitiri Sugar Company, which started milling in May, would produce at least 6,000 tonnes of sugar per day. The establishment of the plant also guarantees the possibility of increasing the supply of sugar in the country and cutting cheap imports. From how things are going in Kenya, it
Elon Musk has sold Tesla’s bitcoin holdings amid slump in the cryptocurrency market. The sell off reduces the automaker’s exposure to volatility risk associated with bitcoin, but it comes at a loss. The automaker cut down its holdings by 75% in H1, according to its Q2 2022 financial statements, earning
Elon Musk and Twitter’s legal teams Tuesday squared off in court for the first time. The Delaware Court of Chancery granted Twitter its first request in its legal battle against Musk. The hearing addressed Twitter’s request to expedite the case. The Delaware Court of Chancery granted Twitter its first request
Elon Musk’s lawyers told the SEC he was terminating his offer to buy Twitter. Musk said in April he would pay $44 billion for the social media platform. Read the letter in full. Elon Musk has abandoned his deal to acquire Twitter for $44 billion in a letter filed by
The wealth of Russia’s former Deputy Prime Minister and businessman, Vladimir Potanin, has grown significantly within the last four months, since Vladimir Putin invaded Ukraine on February 24, 2022. According to Ripples Nigeria observation, Potanin’s networth grew 73.9% between March, when Forbes released its richest people for 2022 report, and
Kenya-based start-up Kune has decided to wind up its operations barely a year after inception. The firm is the latest in the line of food tech start-ups to quit the space or roll back operations as funding gets harder to come by. Kenya-based start-up Kune has decided to wind up
Surge in demand for Tesla shares on Tuesday made the Chief Executive Officer of the company, Elon Musk, richer, while Aliko Dangote, a cement and sugar businessman in Nigeria, lost part of his wealth. Value of the automaker appreciated by 9.4% at the end of trading hours in the United
Everyone wants to be successful; have a lot of money in the world and enjoy the best luxury there is. Little wonder we are constantly obsessing over billionaires’ net-worths, admiring their every moves and longing to be just like them. There is absolutely nothing wrong with doing any of these.
There are so many good sides to starting a business in Nigeria. First, you put your destiny in your own hands. No boss can walk up tomorrow and tell you “you are fired!” There is job security. Another reason is the opportunity to grow and build a brand for yourself. When