It was a big year for Nigerian money guys. The country's economic scene saw major moves from its top business figures, led by Aliko Dangote. His wealth jumped over two billion dollars, partly thanks to a new cement plant in Côte d'Ivoire. His massive Lagos oil refinery began petrol production and announced plans to list on the Nigerian exchange, while also sparking a fuel price war and legal battles with regulators. Abdul Samad Rabiu of BUA Group saw his fortune grow significantly, and he distributed millions in cash rewards to long-serving employees. Mike Adenuga's Conoil proposed a large dividend payout after strong revenue growth. Femi Otedola strengthened his controlling stake in First Bank's holding company. Tony Elumelu's Transcorp Group posted major revenue increases, and his Heirs Energies secured a large credit facility. He also engaged in diplomatic outreach with foreign investors.
On the policy side, Central Bank Governor Yemi Cardoso oversaw a surge in national external reserves past forty-five billion dollars, a six-year high, which helped stabilize the currency. The government also saw overwhelming demand for a Eurobond issuance. At the state oil company NNPC, Group CEO Bashir Ojulari highlighted a record daily crude production level, the highest in decades. Corporate merger and acquisition activity was notable, including deals in the food and banking sectors. Guaranty Trust Bank also achieved a milestone by listing on the London Stock Exchange.
On the policy side, Central Bank Governor Yemi Cardoso oversaw a surge in national external reserves past forty-five billion dollars, a six-year high, which helped stabilize the currency. The government also saw overwhelming demand for a Eurobond issuance. At the state oil company NNPC, Group CEO Bashir Ojulari highlighted a record daily crude production level, the highest in decades. Corporate merger and acquisition activity was notable, including deals in the food and banking sectors. Guaranty Trust Bank also achieved a milestone by listing on the London Stock Exchange.
