Aliko Dangote, Africa's richest man with about $22 billion net worth, is set to spend $9 billion to build the largest privately-owned oil refinery in Nigeria.
Tags: Nigeria
Philippine crowdfunding site Medifund turns non-profit to help medical students finish their studies
Philippines-based crowdfunding site Medifund turned non-profit to help students in developing countries pay for the cost of their schooling and to encourage more women to enter the medical profession.
Nigerian mobile security startup i.Sec nabs $10M in funding
Nigeria-based mobile security startup i.Sec nabbed $10 million in a funding round from private equity group Synergy Capital to prepare for its public launch this May and for other undisclosed purposes.
Small and medium enterprises in Africa bag $10M from AVCA
For the past 18 months, small and medium enterprises (SMEs) in Africa bagged $10 million in investment from London, UK-based non-profit business development organization African Private Equity & Venture Capital Association (AVCA).
Microsoft 4Afrika selects five African startups for innovation grant
US tech giant Microsoft selected five African tech startups to receive innovation grants, technical support, and mentorship from Microsoft under its venture arm extension, the Microsoft 4Afrika Initiative.
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Aliko Dangote, the richest man in Africa and Chief Executive of Nigerian company Dangote Group, plans to invest around $16 billion in cement, agriculture, and petrochemicals project in 18 countries over the next four years.
Protea Group has invested NGN11.13 billion (over USD70 million) for the development of more hotel brands in Nigeria, according to the group's chief executive officer.
Due to high costs of operations and low returns, Woolworths opts to close down stores in Nigeria. Woolworths Holdings Ltd. , the food and clothing retailer from South Africa, announced plans for the closure of three of its stores located in Nigeria.
Nigerian President Goodluck Jonathan handed control of 14 power companies formerly owned by the state to private investors.
President Uhuru Kenyatta's office said Africa's richest man Aliko Dangote would invest in a USD 400 million cement factory in Kenya.
The Federal Government of Nigeria lost USD 40 billion in downstream infrastructure investments for 76 non-producing oil leases.
International Finance Corporation revealed it would be increasing its investments in Nigeria by 25% to US$2 billion by 2014.
The Nigerian federal government created a committee to enhance both private equity and venture capital investments across the country.
Nigerian Minister Aganga said the government wanted to build a venture capital sector. "We want to build a new sector called Venture Capital and private equity sector to support small and growing businesses in Nigeria," said Olusegun Aganga.
