Ideal Reporters

BUA Foods Becomes Nigeria’s Most Valuable Company, Surpasses Dangote Cement And MTN Nigeria In a historic development on the Nigerian Exchange (NGX), BUA Foods Plc has overtaken industry giants Dangote Cement and MTN Nigeria to emerge as the most valuable listed company, boasting a market capitalization of ₦12.5 trillion. The milestone marks a significant moment in Nigeria’s corporate landscape, underscoring the growing dominance of the fast-moving consumer goods (FMCG) sector amid shifting investor sentiment and changing market dynamics. Key Drivers Of BUA Foods’ Rise Analysts attribute BUA Foods’ exceptional performance to its strong fundamentals, sustained profitability, and consistent investor-friendly policies. 1. Strong Profit Margins: The company has reported impressive earnings per share (EPS), reflecting its operational efficiency and capacity to maintain healthy profit margins despite economic headwinds. 2. Consistent Dividend Policy: BUA Foods’ steady dividend pa...

Dangote Drives Energy Transition With Electric And CNG-Powered Trucks Africa’s richest man, Aliko Dangote, is taking bold steps towards sustainable business growth as the Dangote Group begins introducing electric trucks into its fleet. The new initiative comes alongside the company’s deployment of Compressed Natural Gas (CNG)-powered trucks for distributing refined fuel across Nigeria, marking a major shift from the use of conventional fuel-powered vehicles. Dangote, whose multi-billion-dollar investments span cement, sugar, and refining, is now steering his logistics operations toward cleaner and safer alternatives. Industry watchers say the move underscores his long-term commitment to modernising business practices while supporting global efforts to tackle climate change. Speaking on the development, a Dangote Group official said: “Our aim is not only to strengthen efficiency in logistics but also to reduce our carbon footprint. By investing in electric and CNG-powered tr...

Nigerian Billionaires Record Mixed Fortunes in August 2025 Share Market Nigeria’s wealthiest investors witnessed sharp fluctuations in their fortunes in August 2025, as stock price movements on the Nigerian Exchange (NGX) produced significant gains for some and steep losses for others. According to data from Nairalytics, the biggest winner during the month was Abdul Samad Rabiu, founder of BUA Group, whose wealth surged by ₦2.7 trillion on the back of strong share price performance in his companies. Femi Otedola, chairman of Geregu Power, also recorded a positive return, raking in about ₦1.05 billion. However, not all of Nigeria’s billionaires fared well. Aliko Dangote, Africa’s richest man and chairman of Dangote Industries, saw his fortune dip by a staggering ₦128.7 billion, reflecting pressure on Dangote Cement and other listed subsidiaries. Tony Elumelu, chairman of Heirs Holdings and United Bank for Africa (UBA), also lost ₦21 billion, while Jim Ovia, founder of Zenith...

Muazzam Mairawani Unveils $600 Million Cement Plant To Rival Dangote, Rabiu Nigerian tycoon Muazzam Mairawani is making a bold move to disrupt the cement industry, unveiling plans for a $600 million cement plant in Kebbi State. The new facility, designed with a 12-million-ton capacity, will be built in clusters to boost local production, create jobs, and strengthen Nigeria’s industrial base.  The development is expected to rival Dangote Cement and BUA Cement, the dominant players owned by billionaires Aliko Dangote and Abdul Samad Rabiu. This announcement comes shortly after Mairawani revealed plans to list MSM Group on the Nasdaq through a $225 million IPO, as part of an aggressive global expansion strategy. The cement project, combined with MSM’s recent breakthroughs in the oil sector, underscores Mairawani’s ambition to position the company as a major industrial powerhouse in Africa and beyond.

DANGOTE REFINERY TO EXPORT PRODUCT IF LOCAL DEMAND DOES NOT INCREASE Dangote Industries Limited has announced that it will export its petroleum products to Europe and other international markets if Nigerian oil marketers continue to refuse to purchase them. According to Devakumar Edwin, Vice President of Dangote Industries Limited, the refinery is struggling to sell its products locally, with only 29 tankers of diesel being sold per day. As a result, the refinery is forced to export most of its diesel and aviation fuel.  The Dangote Refinery, which has the capacity of 650,000 barrels per day, started naphtha exports in March, low-sulphur straight run fuel oil (LSSR) exports in May, and began selling diesel and jet fuel domestically in April. Speaking on a Twitter Space session organized by Nairametrics, Edwin emphasised that if local demand does not increase, Dangote Refinery will have no choice but to export its products, including petrol, which was recently added to i...

CITIZENS LAMENT LOW AVAILABILITY OF FUEL AMID HIKE IN PRICE Nigerians have lamented low availability of fuel amid hike in price. This development followed closure of most filling stations, with the very few selling at exorbitant prices. Yet long ques were very much visible.  In the Federal Capital Territory (FCT), most of the filling stations in the city were without supply. Major fuel retail stations have shut their gates to customers, saying they have run out of stocks. Stations shut in Abuja included A.A Rano in Airport Road and Shafa at City Gate, Total, AP, Mobil and others across the city. However, most of the Nigeria National Petroleum Company Limited (NNPCL) stations in the city had fuel but with long queues. The few filling stations that still have the product to dispense have jerked up the pump price to N750 per litre. In Kano, motorists spent hours in long queues at most filling stations before they could buy fuel. Long queues were conspicuous at NNPC filling...

MARITIME STAKEHOLDERS DECRY NIGERIA's LOW PENETRATION IN $14tn GLOBAL SHIPPING INDUSTRY   Concerns have been expressed by Maritime stakeholders over Nigeria’s inability to take advantage of the $14 trillion global shipping industry. Dr. Mkgeorge Onyung, immediate past President, Ship Owners Association of Nigeria said Nigeria is lagging behind among its contemporaries to tap into the trillion dollar shipping industry, stating the urgent need to deploy the use of the cabotage fund to unlock Nigeria’s economic fortunes in the global shipping industry. He stated this in Lagos during inauguration of SOAN's executive council. Immediate past Executive Secretary of the Nigerian Shippers’ Council (NSC), and the Chairman of the National Fleet Implementation Committee, Mr. Hassan Bello, equally stated that Nigeria could earn over $9.1 billion annually from freights. Bello who doubled as the Chairman Inauguration Committee, called on the federal government and stakeholders in ...

REDUSING FUEL PRICES SOURCED FROM OUR REFINERY WILL PLAY A ROLE IN BRING DOWN INFLATION - ALH ALIKO DANGOTE  Following request by oil marketers in Nigeria on Dangote Petroleum Refinery to reduce price of diesel, Alh. Aliko Dangote, Chairman Dangote Group has stated that his refinery's ability to sell diesel at significantly discount prices will help address the country's inflation concerns.  He made this known to newsmen at Lagos after visiting President Bola Tinubu for Eid-el Fitr celebration on Wednesday.  The call has become necessary considering high cost of production borne by indigenous companies who are compelled to use diesel owing to acute power shortage, the effect of which is largely felt by consumers. Lately, Nigerians have complained bitterly about rising inflation, making prices of commodities increasing to unbearable rate. The Petroleum Marketers Association observed that current price of diesel, ranging between N1225 - N1300 is on the high side...