Emele Onu

A sugar refinery owned by Africa’s richest person, Aliko Dangote, raised $356 million in a share sale and will use the funds to reduce debt and boost a capital position eroded by three years of losses.

Moody’s Ratings revised Nigeria’s credit outlook to positive, citing stronger-than-expected economic growth.

US ride-hailing giant Uber Technologies Inc. is shutting down its services in Nigeria and Uganda from September 2, following a global review of its operations.

Nigeria’s currency is headed for its best performance in almost a decade, as rising dollar inflows from higher oil prices and remittances help insulate the naira from political risks usually associated with its election season, according to analysts.

Nigeria’s currency is headed for its best performance in almost a decade, as rising dollar inflows from higher oil prices and remittances help insulate the naira from political risks usually associated with its election season, according to analysts.

Aliko Dangote and his financial advisers signed registration documents for the initial public offering of his refinery business as Africa’s richest man takes a key step toward launching the continent’s biggest share sale to date.

Dangote Petroleum Refinery and Petrochemicals FZE seeks to raise $1.6bn from investors through an offer of 4.1bn shares at 525 naira, according to the signed prospectus.

A swing to profit of $1.82bn in the six months through June from a loss of $282.1m a year earlier enabled the debt reduction after the Nigerian facility ramped up production and saw higher sales boosted by the US-Iran war.

Africa’s biggest oil-refining business will start work on a second facility on Kenya’s coast at the end of the month, with the complex set to be ready in three years.

Demand for the continent’s biggest initial public offering, the listing of the Dangote Petroleum Refinery and Petrochemicals FZE, overwhelmed one of many Nigerian investing apps less than an hour after subscription opened.