Category Finance and Business

RYNI Media: By Omotayo Stephen . O
23 July 2025

In a bold diplomatic and economic overture that signals the dawn of a new era in intra-African cooperation, a powerful delegation of 30 of Egypt’s most prominent companies stormed Nigeria’s capital city, Abuja, on Monday — igniting what experts are calling one of the most ambitious investment missions between African nations in recent years.

The delegation, led by Egypt’s Minister of Foreign Affairs, Immigration and Expatriates, Dr. Badr Abdel Aaty, marks a historic deepening of Egypt-Nigeria ties, with targeted interest in critical sectors such as agriculture, pharmaceuticals, mining, energy, oil and gas. The visit is not just symbolic — it’s strategic, intentional, and clearly driven by a long-term vision to forge a robust economic alliance between two of the continent’s most influential economies.

“We have brought with us the best of Egyptian enterprise — over 30 powerhouse companies — because we see a fertile landscape for investment here in Nigeria,” said Dr. Abdel Aaty in a post-meeting press briefing. “Nigeria is not just a country; it is a gateway to the future of African prosperity. We are committed to building mutual success based on trust, vision, and value.”

The visit follows closely on the heels of high-level discussions between President Bola Tinubu and his Egyptian counterpart, President Abdel Fattah el-Sisi, during the G20 Summit in Rio de Janeiro. Both leaders agreed to elevate bilateral relations to a “comprehensive and strategic partnership” — and this latest economic mission is tangible proof of that pledge taking flight.

Nigeria’s Foreign Affairs Minister, Yusuf Tuggar, hailed the Egyptian initiative as timely and transformational. “This is more than diplomacy; it is a strategic partnership in action. As Nigeria expands its push for economic diversification, the involvement of Egyptian companies in areas like infrastructure, energy, agriculture, and mineral development is a game-changer.”

Beyond federal interests, the Egyptian delegation will also feature prominently at the upcoming Jigawa State Business Forum, an event poised to bridge national vision with sub-national opportunities.

From land reclamation projects that have turned barren deserts into agricultural hubs, to advanced energy infrastructure, many of these Egyptian firms bring tested innovations with clear potential for replication in Nigeria.

To anchor this emerging partnership, both nations have agreed to establish a Joint Commission — a permanent platform to oversee and coordinate bilateral investments and subsume existing frameworks like the Nigeria-Egypt Chamber of Commerce.

Africa’s giants are finally shaking hands — not just in words, but in business. And the continent, it seems, is watching history being written.

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RYNI Media: By Omotayo Stephen . O
22 July 2025

In a swift and emphatic response to viral falsehoods, Mohammed Babangida, the first son of former military president General Ibrahim Babangida, has categorically denied rejecting his recent appointment by President Bola Ahmed Tinubu as Chairman of the Bank of Agriculture (BOA).

A counterfeit letter, purporting to show Babangida declining the prestigious role, has been widely circulated on social media, sparking confusion and speculation across political circles. The letter, signed under dubious credentials and quoting fake contact information, claimed that Babangida turned down the appointment due to “personal and professional considerations.” But his media team is not having it.

Speaking on behalf of the Babangida family, Alhaji Mahmud Abdullahi—media aide to Mohammed Babangida—slammed the letter as “a fabricated piece of mischief, designed by disgruntled elements intent on derailing public trust.”

“The letter is entirely fake. It bears a forged signature and false contact details. Mohammed Babangida did not, and would not, reject an opportunity to serve his country,” Mahmud declared. “In fact, he has gratefully accepted the appointment and has conveyed his deepest appreciation to President Tinubu for the confidence reposed in him.”

Reinforcing the statement, Mr. Determine Saka, Lead Partner of Lambert & Curtis Nigeria Limited, described the publication as “not only fictitious, but a desperate act of mischief-makers seeking to sow discord for their own selfish agendas.”

Mohammed Babangida, a respected businessman and public policy enthusiast, was among several appointees named last week in President Tinubu’s sweeping reforms to reposition key federal agencies. His appointment as Chairman of the Bank of Agriculture is seen as a strategic move to revive Nigeria’s agricultural sector and empower rural economies.

Sources close to the Babangida family confirmed that the viral letter caught them off guard, but they are undeterred. “We remain committed to transparency, national unity, and upholding the dignity of public service,” Mahmud noted.

The family has also indicated that an investigation is already underway to uncover the origin of the forged letter. Legal action may follow.

“This is not just about one man’s name—it’s about protecting the integrity of national governance,” Mahmud added. “Nigeria must not become a playground for digital forgeries and political sabotage.”

As social media continues to fuel the spread of disinformation, the Babangidas’ prompt rebuttal underscores a growing challenge in Nigerian politics: separating truth from viral fiction. But this much is clear—Mohammed Babangida is not walking away from service. He’s stepping up.

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RYNI Media: By Omotayo Stephen .O
17 July 2025

Africa, home to over 1.4 billion people and some of the world’s fastest-growing economies, is increasingly becoming the stage of a puzzling economic drama. On one side, foreign investors are pouring billions into African ventures, seeking untapped markets and long-term gains. On the other, Africa’s own wealthy elite are steadily moving their money overseas—into Western real estate, foreign stocks, and offshore accounts.

According to the United Nations Conference on Trade and Development (UNCTAD), foreign direct investment (FDI) into Africa reached $97 billion in 2021, a 147% increase from the previous year, signaling renewed global confidence in the continent’s potential. Meanwhile, the African Wealth Report 2023 by Henley & Partners reveals that over 60% of Africa’s high-net-worth individuals (HNWIs) hold a significant portion of their assets outside the continent.

Why the contradiction?

The answer lies in a combination of perceived domestic risk and global financial pull factors. For many wealthy Africans, home markets are plagued by economic volatility, weak legal protections, and fragile political systems. The Mo Ibrahim Index of African Governance shows that while some countries are progressing, issues like corruption, rule of law, and regulatory instability remain widespread, leading to a “flight to safety” mentality among local investors.

“Many wealthy Africans prefer the predictability of London, New York, or Dubai to the uncertainty they face in their own backyards,” says economist Dr. Bayo Akinlade. “Even profitable businesses can be destabilized overnight by policy shifts or governance failures.”

Additionally, trust in African financial institutions remains low. A World Bank survey (2022) found that nearly 40% of surveyed African entrepreneurs cited regulatory uncertainty and political interference as major barriers to local investment.

But this story isn’t just about fear—it’s also about prestige and global mobility. Offshore investments often provide elite Africans with access to global banking, residency or citizenship-by-investment programs, and elite education systems. These incentives, combined with better access to global capital markets, explain why African capital continues to flow outwards.

Ironically, while African investors look abroad, foreign investors are lining up to enter. The reasons? High returns, first-mover advantage, and long-term strategic positioning.

In private equity, for instance, African funds have delivered annual returns of 11–15%, according to a 2023 report by McKinsey & Company, outperforming many Western markets. Sectors like fintech, agritech, infrastructure, and clean energy offer robust growth potential, with the African Continental Free Trade Area (AfCFTA) projected to create a combined market of $3.4 trillion.

“Africa’s youth, digital adoption, and resource base make it irresistible for forward-thinking global investors,” says Maria Edwards, Senior Analyst at the IFC. “They’re playing the long game.”

This paradox reveals a key challenge for African policymakers: how to restore domestic investor confidence, stem capital flight, and build a more trustworthy investment climate.

Until then, Africa risks becoming a continent where wealth is created locally but stored abroad—while outsiders reap the rewards of a future Africans themselves hesitate to fully claim.

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RYNI Media: By Omotayo Stephen .O
16 July 2025

In a bold stride towards rewriting the narrative of Africa’s maritime infrastructure, billionaire industrialist Aliko Dangote is setting sail on a new frontier — the construction of Nigeria’s largest and deepest seaport along the coastal stretch of Olokola in Ogun State.

This visionary project, recently filed with Nigerian authorities, aims to transform Olokola into a global export hub, seamlessly linking Dangote’s sprawling industrial empire with international markets. The strategic move will not only diversify Nigeria’s economic arteries beyond crude oil but also solidify the nation’s position on the global logistics and liquefied natural gas (LNG) map.

“This is not just about the Dangote Group. It’s about igniting a wave of private sector-led industrialisation across Africa,” Dangote said in a recent interview with Bloomberg. “When others see this, they will believe it can be done.”

The proposed port—destined to surpass the depths and scale of the Lekki Deep Sea Port—signals Dangote’s intention to centralise and streamline exports of petroleum products, fertilisers, and LNG through a custom-built infrastructure ecosystem. It marks a strategic pivot back to Olokola, once earmarked for Dangote’s oil refinery before negotiations with the government fell through, pushing the refinery to Lagos’ Lekki Peninsula.

But this new vision dwarfs past plans.

At the heart of the initiative is an audacious pipeline network stretching from the gas-rich swamps of the Niger Delta to the southwestern coastline, designed to feed LNG into export channels that could rival Nigeria LNG Limited and disrupt the continent’s energy hierarchy.

“We know where the gas is. We will bring it to the coast,” said Devakumar Edwin, vice president of the Dangote Group. “We are aiming to eclipse NLNG’s output — and redefine Africa’s role in the global gas economy.”

The project unfolds amid ongoing international expansion. Dangote is currently exporting fertilisers to countries as far afield as the United States, Brazil, and India, with plans to erect a fertiliser plant in Ethiopia. His ambition? To dethrone Qatar as the world’s top urea producer within the next 40 months, while achieving fertiliser self-sufficiency across Africa.

Meanwhile, the company’s $20 billion, 650,000 bpd refinery—the largest in Africa—has commenced operations and is already reshaping fuel distribution dynamics across the continent. Plans are also underway to construct massive fuel storage facilities in Namibia and to list the petrochemical arm on the Nigerian Stock Exchange by year’s end.

In Dangote’s world, the tides are shifting—and with them, so might the future of Africa’s industrial destiny.

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RYNI Media: By Omotayo Stephen .O
15 July 2025

In a testament to global ambition and entrepreneurial brilliance, two Nigerian-born innovators, Adebayo “Bayo” Ogunlesi and Tope Awotona, have secured their places on Forbes’ 2025 list of America’s richest immigrants. The annual list, featuring 125 immigrant billionaires from 41 countries, showcases the pivotal role of immigrants in shaping the U.S. economic landscape, particularly in sectors like technology, finance, and innovation.

It’s a seismic moment not just for Nigeria, but for the entire African continent. For the first time, two Nigerian visionaries have climbed into the billionaire ranks of the world’s most competitive economy — a feat born not of inheritance, but of tenacity, daring innovation, and pure willpower.

At 77th position, Ogunlesi is no stranger to global influence. A Yale- and Harvard-trained legal and financial mastermind, he chairs Global Infrastructure Partners, a firm that controls billions in airport, energy, and transport investments. With a personal fortune estimated at $2.4 billion, the business mogul from Sagamu has shaped mega-deals in US — all while keeping his roots firmly Nigerian.

Meanwhile, Tope Awotona, the tech disruptor behind the scheduling giant Calendly, lands at 106th position with a net worth of $1.4 billion. A one-man startup army who emptied his savings to build Calendly, Awotona’s journey from the streets of Lagos to the innovation labs of Atlanta is now the blueprint for immigrant excellence in global SaaS powerhouse used by millions.

Their rise is part of a larger phenomenon: immigrants now make up 14% of America’s billionaires — but command a staggering 18% of its total billionaire wealth, according to Forbes. And it’s not just about money. This list celebrates resilience, vision, and the global citizen who builds across borders.

At the summit remains South African-born Elon Musk, whose $393.1 billion empire spans Tesla, SpaceX, and AI. Yet beyond Musk’s shadow, the emergence of Ogunlesi and Awotona signals a new dawn for African entrepreneurial influence — one that’s no longer defined by extraction or aid, but by technology, finance, and boardroom leadership.

Other notable African-born figures include Egypt’s Haim Saban ($3.1 billion), Morocco’s Marc Lasry ($1.9 billion), and Bharat Desai from Kenya ($1.6 billion).

Forbes notes that 93 percent of the immigrant billionaires are self-made, a figure that speaks volumes about the grit and resilience driving this elite group. The rise from 92 immigrant billionaires in 2022 to 115 in 2025 signals a growing “immigrant mindset” fueled by innovation, adaptability and relentless pursuit of opportunity, qualities well embodied by Ogunleai and Awotona on the world stage.

This year’s rankings don’t just spotlight wealth — they spotlight visionaries who dared to dream across oceans and borders. And as Ogunlesi and Awotona rise, they not only carry the torch for Nigeria — they illuminate a path for the next generation of global changemakers.

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