Nigeria affected as US embassies scale back communications during shutdown

United States embassies and consulates worldwide say they will reduce public communications while Washington remains in shutdown.

In notices posted on official accounts, the missions said routine updates would be suspended ‘until full operations resume’, with exceptions only for urgent safety and security information.

However, the embassies noted that scheduled passport and visa services would continue ‘as the situation permits.’

Some of the embassies that issued the notice include those in Nigeria, Ghana, London, and Bangladesh.

The announcement comes as much of the US federal government halts operations following a funding impasse between President Donald Trump’s Republican Party and opposition Democrats.

The shutdown took effect at midnight after lawmakers failed to reach a deal. Trump has spent the past nine months cutting the size of the federal workforce, fuelling tensions over the current standoff.

Trump previously oversaw the longest shutdown in US history – a 38-day standoff from December 2018 to January 2019, which ended only after air traffic controllers walked off the job, forcing a temporary closure of LaGuardia Airport in New York.

This time, the president has threatened mass layoffs of federal workers, a move that could deepen the crisis if carried out.

UNGA80: Kano governor secures school feeding, health support, new investments

Kano State Governor, Alhaji Abba Kabir Yusuf, has announced new opportunities in school feeding, healthcare, and foreign investments for the state following Kano’s participation at the 80th Session of the United Nations General Assembly (UNGA80) High-Level Week in New York.

The governor, who was represented at the event by the Emir of Kano, His Highness Khalifah Muhammad Sanusi II, and the Director-General of the Kano State Investment Promotion Agency (Kan-Invest), Muhammad Naziru Halliru, said the engagements created fresh avenues that will boost human development and economic growth across Kano.

One of the major outcomes was the discussion on school feeding programmes. Emir Sanusi met with Kenyan entrepreneur and founder of Food4Education, Wawira Njiru, to explore collaboration aimed at expanding school feeding in Kano. The talks also involved the possibility of accessing African Development Bank funds already earmarked for African school feeding initiatives. Governor Yusuf explained that such a move was vital in tackling malnutrition among pupils, keeping children in school, and raising academic performance. He stressed that investing in children’s nutrition was an investment in Kano’s future, since well-fed children are more likely to stay focused in class and become productive citizens.

The delegation also highlighted Kano’s healthcare needs and reforms during engagements with global stakeholders. At the Bill and Melinda Gates Foundation Goalkeepers Event, the team presented Kano’s challenges in maternal health, immunisation, and access to primary healthcare. Governor Yusuf emphasised that forging global partnerships in the health sector was crucial to addressing service delivery gaps, especially in rural communities. He explained that the administration was already working to expand health facilities, ensure steady drug supply, and recruit more healthcare professionals to meet the growing needs of the people.

On the economic front, Kano showcased its vast investment opportunities at the Global Compact: Unstoppable Africa and the Cavista Holdings/Corporate Council on Africa Summit. The state presented itself as a potential hub for global investors by stressing its market size, agricultural resources, and skilled workforce. Yusuf revealed that the state government would soon unveil a five-year multi-sectoral investment strategic plan that would serve as a roadmap for attracting foreign direct investment, expanding job opportunities, and increasing internally generated revenue. He declared that Kano, being Nigeria’s most populous state, was positioning itself as the leading investment hub not just in Northern Nigeria but in the entire country.

The governor commended Emir Sanusi for representing Kano with distinction at UNGA80. He said the emir’s international recognition, experience in economic matters, and global contacts gave the state an advantage during its engagements. Sanusi, a former governor of the Central Bank of Nigeria and a respected voice on financial inclusion, was well received at the various side events, where he reinforced Kano’s commitment to reforms and global cooperation. Yusuf described the emir as a strong ambassador for the state whose presence elevated the quality of the conversations held with international partners.

According to the governor, Kano’s participation in UNGA80 is in line with his administration’s broader vision of linking the state to global networks of development, investment, and innovation. He maintained that Kano could not rely solely on internal resources to meet its pressing challenges in education, healthcare, and the economy. Instead, it must embrace global partnerships that can provide funding, technical expertise, and new ideas. He noted that the results of these efforts were already showing in the interest expressed by international partners and organisations that engaged with the Kano delegation.

Observers believe Kano’s involvement at UNGA80 could prove to be a turning point if the discussions lead to concrete outcomes. The possible partnership with Food4Education, for example, could have a major impact on thousands of children in public schools by improving access to meals and encouraging attendance. Similarly, the state’s pitch at international investment summits may attract new industries that would create jobs, stimulate commerce, and reduce poverty.

Yusuf assured the people of Kano that his administration would not allow the outcomes of UNGA80 to end as mere conference appearances. He pledged that all commitments made in New York would be followed up and converted into tangible results for the benefit of the state. He added that his government was not interested in attending global meetings for photo opportunities but was determined to bring back solutions, partnerships, and investments that would directly improve lives.

CORAN summit to chart new course for Africa’s oil refining, energy security

The Crude Oil Refiners Association of Nigeria (CORAN) has announced that the CORAN Summit 2025 will be held on October 6 and 7 at Eko Hotels and Suites, Victoria Island, Lagos.

With the theme ‘Refining: Key to Energy Security in Africa,’ the two-day event will bring together leaders from government, industry, finance and civil society to shape the future of Africa’s refining sector.

Despite being a leading crude oil producer, Africa remains heavily dependent on imported petroleum products. In Nigeria, more than 90 per cent of refined fuel had previously been imported, leaving the economy vulnerable to global shocks, depleting reserves and pushing up costs. The removal of fuel subsidies in 2023 further underscored the need to boost domestic refining capacity as households and businesses struggled with rising energy prices.

Organisers said with new conventional and modular refineries coming on stream, growing private investment and ongoing policy reforms, the time is ripe to reimagine Africa’s refining future.

The summit will feature keynote sessions, technical panels, advertisements and high-level networking. Deliberations will focus on investor-friendly policies, financing and de-risking strategies, cleaner and more innovative refining technologies, regional integration under the African Continental Free Trade Area (AfCFTA), as well as job creation in the refining and petrochemical sectors.

‘After decades of exporting crude and importing refined products at great cost, the time has come to refine more at home, create jobs, and secure Africa’s energy future,’ said CORAN President Momoh Oyarekhua.

He added: ‘The CORAN Summit 2025 is not just another meeting; it is a rallying point for action, partnerships, and policy direction to transform the refining landscape.’

According to CORAN, the gathering is expected to drive policy reforms, build stronger partnerships between government and private operators, promote global best practices, and position Nigeria as Africa’s refining hub, reducing dependence on imports and enhancing energy security across the continent.

CORAN, the umbrella body for licensed crude oil refining companies in Nigeria, stressed that the summit would mark a significant milestone in advancing sustainable refining, policy reform and private-sector-driven solutions to Africa’s energy challenges

Ramos breaks Barcelona heart with late winner in PSG’s 2-1 comeback

Paris Saint-Germain (PSG) came from behind to snatch a dramatic 2-1 victory over Barcelona in their UEFA Champions League group stage clash at the Estadio Olímpico Lluís Companys.

Gonçalo Ramos struck in the 90th minute to complete the turnaround for Luis Enrique’s side, handing the Parisians a precious away win.

Barcelona had taken the lead in the 19th minute when Ferran Torres finished calmly after linking up with teenage star Lamine Yamal and Pedri. But PSG, despite being depleted by injuries, levelled before half-time through 18-year-old Senny Mayulu, who converted smartly to silence the home crowd.

The contest remained finely poised, with both sides showing flashes of quality in an entertaining duel between two of the competition’s heavyweights. As Barcelona pressed forward, PSG exploited their high defensive line late on, with Ramos racing clear to slot home the winner and break Catalan hearts.

‘After scoring the first goal, we got a confidence boost and in the second half we were better,’ said PSG coach Luis Enrique, who guided Barcelona to a treble in 2015. ‘I’m happy. because it’s an important victory and playing against Barcelona is always difficult.’

Barcelona midfielder Frenkie de Jong admitted the late defeat was tough to take.

‘If you let in a goal in the last minute and you lose at home, you’re going to be disappointed. There’s a long way to go in the Champions League. It was a good game to test where we are, we have to improve. We know that and we will do it.’

SEC mulls N10bn minimum capital for Credit Enhancement Service Providers

Nigeria’s Securities and Exchange Commission (SEC) is proposing N10 billion minimum capital requirement for Credit Enhancement Service Providers.

The SEC noted this in the proposed rules on Credit Enhancement Service Providers and Sundry Amendment to existing rules of the Commission.

‘Where a credit enhancement facility provider fails to maintain the minimum capital requirements prescribed by the Commission, it shall be prohibited from providing additional credit enhancement facilities until the required minimum capital is restored and shall submit a recapitalisation plan acceptable to the Commission,’ the SEC said.

Credit Enhancement Service Providers.

Credit Enhancement Service Providers, such as InfraCredit, offer financial guarantees and other mechanisms to improve the credit quality of debt instruments, making them more attractive to investors like pension funds and insurance companies, thereby unlocking capital for infrastructure and other projects. These entities help bridge the gap between the long-term capital needs of projects and the risk appetite of domestic investors.

No dividends payment except .

SEC also proposes that a credit enhancement facility provider shall not declare or pay dividends until all its preliminary and preoperational expenses have been written off, adequate provisions made for all losses, and it has met the minimum prudential requirements as specified under these Rules.

The SEC also noted that every credit enhancement facility provider shall establish and maintain a robust risk management framework approved by its board of directors to ensure that all risks inherent in its operations are properly identified, measured, monitored, controlled, and reported in accordance with best practices.

What’s more.

‘A credit enhancement facility provider shall, at all times, comply with the IFRS or such other accounting standards as may be prescribed by the Financial Reporting Council of Nigeria in the preparation of its financial statements, and in reporting its assets and liabilities,’ SEC proposes.

Commercial banks, and insurance companies registered by the Commission to provide credit enhancement services under these Rules shall be deemed to have satisfied the capital and liquidity requirements under the Rule, upon submission of a letter of good standing from the CBN or National Insurance Commission (NAICOM) confirming compliance with applicable prudential standards and shall not be required to comply with any other prudential requirement under this Rule.

‘Banks and insurance companies shall be required to submit a renewal compliance letter from the CBN and NAICOM annually, within 45 days after the end of their applicable financial year or such other period as may be prescribed by the Commission,’ SEC noted.

The sundry amendment requires among other that the cash/asset ratio for core operators in the market shall be a minimum of 60 percent in liquid assets and the cash/asset mix ratio for non-core operators shall be a minimum of 30 percent in liquid assets provided that the credit enhancement facility provider shall have a cash/asset mix ratio of 85 percent on liquid assets.

Nigeria’s ports face tipping point as industry leaders push deep seaports, single window

BusinessDay Maritime Conference ‘Strengthening Nigeria’s Maritime Business: Bridging Policy Gaps and Optimising Global Competitiveness,’ on 30th September convened a who’s-who of shipowners, regulators, lawyers, port operators and freight forwarders to confront a blunt truth: Nigeria’s maritime promise is real, but the system that should turn that promise into jobs, exports and revenue is fragmented – and running out of runway.

Frank Aigbogun, Publisher/CEO of BusinessDay, set the tone in his opening: ‘Nigeria’s maritime sector is not a side note to our economy.’ He urged delegates to stop talking about potential and start converting assets into measurable economic value.

Keynote: law, policy and a hard look at implementation

Mfon Usoro, national president, Chartered Institute of Logistics and Transport Nigeria, delivering the keynote address

Mfon Usoro, president, Chartered Institute of Logistics and Transport (CILT) Nigeria, in her keynote address, set the tone with the masterfully crafted theme, ‘Bridging Policy Gaps and Advancing Maritime Competitiveness: A Roadmap for Nigeria’s Future.’ Her central argument: Nigeria already has many of the policies it needs; the gap is implementation.

She laid out a simple taxonomy of maritime business: ship ownership and operations at the centre, surrounded by maritime technology, seafaring manpower, ports and logistics, and supporting services (finance, law, insurance). ‘It is the crux of the matter. All the other ones around it operate around the main shipping itself,’ she said.

On indigenous shipping, she was pointed and practical. Recalling the Obasanjo government’s ill-fated fleet purchase, she warned that ‘operation of a ship profitably is not like buying a car. You have to prepare the structure, the manpower, the marketing assessment, everything before you buy the ship to ensure the sustainability of the business.’

She rejected the narrative that Nigeria lacks policy: ‘I don’t agree that we don’t have policies. We have a lot of policies,’ she said, citing the Nigerian Maritime Administration and Safety Agency (NIMASA) Act (2007) and the legal instruments that create incentives for Nigerian ownership (national-carrier status with 60% Nigerian ownership and 70% Nigerian officers, for example). Her challenge to the room: after enactment, where is the delivery?

She backed that diagnosis with market numbers: Q1 2025 merchandise trade stood at ?38.30 trillion, of which crude accounted for ?11.90 trillion – ‘there’s cargo outside of crude,’ she emphasised – and the Nigerian Ports Authority (NPA) recorded 4,100 seagoing vessel calls in 2021, none flying the Nigerian flag.

Goodwill messages: private sector, states, and forwarders weigh in

The conference threaded practical examples through policy prescriptions.

Representing NLNG Shipping and Marine Services (NSML), Ladu spoke for the group and for the absent managing director, Abdul Khadir Ahmed, stressing that policy must translate to technical capacity. NSML runs 13 vessels for clients and maintains a Maritime Centre of Excellence in Bonny – a model, he said, of deliberate domestic skill development: ‘With the right policy and the right skill set we can actually do it as a country.’

Anambra State’s commissioner for Transport, Patricia Igwebuike, pitched a subnational perspective. She called Onitsha River Port a priority and urged inter-agency collaboration and capacity building: ‘It’s not just that you have a river port. You must get the capacity building, the training, and the interaction with others in the sector.’

From the freight-forwarding community, Godfrey Emeka Nwosu, general secretary, National Association of Government Approved Freight Forwarders (NAGAFF), speaking for Tochukwu Ezisi, president, NAGAFF, said the sector’s future will be defined by ‘digital transformation, regulatory harmony and empowerment of local operators,’ urging professionalism, transparency and partnership between government and private operators.

The fleet gap and the cargo guarantee that never arrived

Usoro had earlier, in her keynote address, exposed the fatal flaw in Nigeria’s national-carrier policy: political promises of cargo guarantees were never operationalised. She recalled the Nigerian Fleet Committee effort (with private entrepreneurs and foreign partners ready to take minority shares) – and the dealbreakers: ‘Where is the cargo?’ potential partners asked.

The NIMASA Act’s Section 36, she said, anticipates this by guaranteeing cargo (a minimum share of federal, state and local government cargo, 50% of dry and liquid bulk, and 50% of international aid cargo) for vessels granted national-carrier status. But she cut to the core: ‘The ministry could not give this guarantee because they don’t own cargo. NIMASA does not generate cargo.’ In short, legal guarantees exist on paper; the operational plan – cross-ministerial, cross-agency cargo allocation and fiscal incentives – does not.

Logistics performance and the ‘whole-of-government’ fix

Usoro weaponised data to press the point. Nigeria ranks 88th of 139 on the World Bank Logistics Performance Index (LPI), with low scores across customs efficiency (2.6), infrastructure (2.4), international shipments (2.5), logistics competence (2.3), tracking (2.7) and only relative strength in timeliness (3.1). ‘Isn’t that a shame?’ she asked.

Her prescription: a whole-of-government approach. The Ministry of Marine and Blue Economy cannot run the show alone. ‘The silo approach does not work. It has to be a Nigerian project, not a NIMASA project,’ she said – demanding ministerial coordination, integrated budgets and enforceable implementation committees that include finance, works, ports, customs, immigration and state and local governments.

Regulation, taxes and enforcement: a legal voice

The keynote-author and legal veteran returned to practical fixes: cut the number of agencies operating in ports (more than the eight authorised is a routine violation), reduce punitive taxes on shipowners and replicate aviation’s spare-parts exemptions for shipping: ‘It is not rocket science. shipping deserves the same treatment – zero importation tax,’ she insisted. ‘We must reduce the number of agencies at the ports and enforce discipline.’

Panel 1 – policy and infrastructure: the central diagnosis

Moderated by Kenneth Jukpo, managing director, JUKKEN Consults Limited, the first plenary brought together environmental, legal and operational lenses.

Speakers decried that many planned Inland Container Depots (ICDs) remain dormant. The Dala ICD, in Kano State, for example, ‘could produce a capacity twice the size of Apapa’ but customs have refused to resume operations there. ‘Who is Customs to say they will not resume in Dala?’ the speaker demanded – another illustration that policy without enforcement is paper.

On funding, a panellist noted successful precedents: Seychelles’ blue bond quickly mobilised capital and accelerated its blue economy; and the Lagos-Calabar coastal road financing showed that when political will, institutional support and a clear infrastructure objective align, external funding follows. The ask: shift from drafting more policy to unlocking capital via coordinated, bankable project packaging – blue bonds, Multilateral Development Banks (MDB) financing, bonds for ports and port-linked infrastructure – and empower agencies to raise finance with Ministry of Finance buy-in.

Sustainability and carbon opportunity

Felicia C. Mogo, president, African Marine Environment Sustainability Initiative (AFMESI), stressed that environmental, social, governance (ESG) is no longer optional: ‘ESG – environment, social and governance – is now what is ruling the world.’ She urged pollution controls, community inclusion, and marine-habitat protection (mangroves, seagrass, peatlands). Absent environmental integrity, she warned, grants and green finance will not flow.

On decarbonisation, the panel argued Nigeria is well placed – its crude is relatively low-sulfur – but ports must be upgraded to handle low-sulfur fuels, provide scrubber waste management, and adopt standards for vessel fuel use. One panellist who had participated in International Maritime Organisation (IMO) efforts urged Nigeria to explore carbon capture, utilisation and storage (CCUS) and emissions trading pathways: ‘We can capture carbon, utilise what is useful, and then safely store the rest in abandoned oil wells and geological formations across the country,’ he said. He also flagged mangroves – Nigeria’s mangrove forests are a global asset and a potential source of nature-based credits and debt-for-nature swaps.

Panel 2 – the single window, port community systems and digital hygiene

The second plenary, moderated by Samuel Dayo Ebidunmi (MICS), Chartered Shipbroker and Maritime/Supply Chain consultant, turned from bricks and mangroves to bytes and Application Programming Interface (APIs).

‘If you deploy technology on an inefficient system, you simply amplify inefficiency,’ Gbotolorun Babatunde Ayodele, GM, ICT, Nigerian Ports Authority, said, and added a crucial caveat: technology is an enabler, not a cure.

NPA’s current information communication technology (ICT) projects include gated access and closed-circuit television (CCTV) pilots at truck transit parks; vessel tracking and plans for Vessel Traffic Services (VTS); an electronic berth allocation system; and revenue transparency tools.

But the big game-changer, he said, is the National Single Window (NSW) – a federal platform to streamline document exchange – and the NPA’s Port Community System (PCS), which will give stakeholders shared visibility over cargo flows.

‘Information sharing and integration are key. Stakeholder resistance must be broken,’ he said, listing constraints: budget, power supply, training and legal recognition of electronic documents. His operational approach: build NPA’s internal infrastructure first, then scale integrations and system-to-system APIs rather than manual portal-by-portal access.

Port state control, security and data

Richard Olabi (speaking for Sunday Umoren, secretary general, Abuja MoU on Ports State Control) linked safety, security, environment and crew welfare. ‘Without ships, there can be no ports,’ he said. He argued that security threats across West and Central Africa have pushed up freight rates and underlined the need to harmonise port state control. He pointed to NIMASA’s C4I system at Kirikiri – integrating Automatic Identification System (AIS) for real-time maritime domain awareness – and urged alignment with NPA’s Vessel Traffic Service (VTS) for secure navigation and inspection workflows.

Freight forwarders: the single window is existential

Kingsley Igwe, registrar/CEO, Council for Regulation of Freight Forwarding (CRFFN) in Nigeria, made the clearest business case for digitalisation: ‘Everything that goes wrong in the supply chain translates directly into cost. It affects the price of goods in the market, and ultimately every Nigerian citizen.’ He positioned the national single window as Nigeria’s must-do reform: it reduces human interfaces, blocks illegal charges and enables importers/exporters to transact with regulators from a single entry point. He invited stakeholders to nationwide sensitisation events (noting an October session) and pushed for integration between NSW and the Port Community System (PCS).

Igwe also argued for professionalisation: licensing freight forwarders, haulage firms, warehouse operators and customs brokers to remove unqualified actors from the system. ‘Freight forwarding is a professional service,’ he said. CRFFN plans enforcement of licensing provisions ‘in the coming weeks.’

B’Odogwu vs Single Window – clearing up a live technical question

During QandA, a delegate asked about the practical difference between B’Odogwu (the customs electronic declaration platform) and the National Single Window. Kingsley clarified: B’Odogwu is customs-specific (harmonised system (HS) classification, duty calculation) and accessible to licensed customs brokers; the National Single Window is broader – it centralises permits and certificates from Standards Organisation of Nigeria (SON), National Agency for Food and Drug Administration and Control (NAFDAC), CRFFN and other agencies, and will eventually embed B’Odogwu functions so a trader can process all approvals from a single login.

Real problems, practical solutions

Speakers underlined a handful of concrete priorities:

Rail and inland logistics – ports like Apapa and Tincan are river ports hemmed in by urbanisation; only Apapa currently has meaningful rail; hinterland rail and ICDs (Inland Container Depots) must be revived to decongest terminals.

Modal balance – revive barge operations and integrate them with road and rail (Ports and Terminal Multiservices Limited’s (PTML) barge movements to Mile-2 were cited as a positive experiment).

Deep seaports – dredging Apapa to ever-deeper drafts is a losing game; the panel urged investment in naturally deep drafts (16m+) at sites such as Abia and Akwa Ibom to attract mega vessels and economies of scale: ‘If we want mega vessels that offer economies of scale, we cannot continue with ports whose drafts are capped at 13 metres.’

Legal and fiscal fixes – standardise customs procedures across ports, remove punitive taxes on shipowners, adopt stabilisation clauses in public-private partnerships (PPPs) and ensure community consultation and compensation frameworks.

Data and statistics – create a single source of truth for throughput, vessel calls, detention statistics, and cargo flows to support planning and enforcement: ‘If you don’t have the information, you cannot make the right decisions.’

Voices from the floor: inclusion, licensing and rolling out change management

Freight forwarders in the audience raised a practical and political point: they are routinely excluded from policy design despite being the operators who execute trade flows. ‘Nobody has considered how to empower the freight forwarder,’ one delegate said, calling for targeted funding and training so small- and medium-sized forwarders can buy the laptops, software and connectivity NSW will require.

Another delegate urged maximising inland waterways: ‘Let us use what we have to get what we want – jetty-to-jetty water movements can relieve roads today.’

A final practical exchange cut through to what matters: the NSW is near completion (panellists said ˜60% integrated), pilots are expected in the coming months, and legal recognition for e-documents (e-manifests, e-invoices, electronic bills of lading) must be fast-tracked. Kingsley estimated that the broad adoption of electronic documents could reduce logistics costs by up to 40%.

Closing: the ask is simple – execute, integrate, regulate

The conference closed on a procedural but symbolic note – a group photograph and a call to action from BusinessDay’s trade correspondent, Bethl Ujabi: the ‘most important part of today is the action that begins after now.’

Across plenaries, the prescriptions converged:

Stop treating maritime as a ministry project. Make it a national project with ministerial key performance indicators (KPIs) and cross-cutting budgets. ‘Whole-of-government’ was the conference watchword.

Fast-track the National Single Window and Port Community System – with legal recognition of e-documents, strong cybersecurity rules and an integration roadmap that prioritises API-to-API communication (not manual portals).

Invest in hinterlands and deep seaports rather than endlessly dredging shallow river channels.

Professionalise the supply chain through licensing, training and a freight-forwarder support fund so local operators can adopt digital freight models.

Make sustainability a funding lever – protect mangroves, pursue CCUS pilots and position Nigeria to capture nature-based credits and green finance.

Bottom line

The conversation at BusinessDay’s maritime conference was less about new ideas than about discipline: Nigeria is not short of plans or policies; what it lacks is coordinated execution, line-ministry ownership of outcomes, predictable finance and the digital plumbing to make the whole system visible and accountable.

If ministers, regulators and private investors can align, the payoff is tangible: more Nigerian ships in international trade, lower logistics costs, jobs in ship management and seafaring, and export-ready supply chains. If they don’t, the country will continue to watch foreign flags carry Nigerian trade and foreign ports reap the productivity gains.

As Mogo put it in a moment that cut through the policy layers to a political charge: ‘We have policy – now we must show the will to implement it.’ The rest, the delegates warned, will be earned – or lost – in the months after the conference.

7 richest Indian business giants in Africa and the companies behind them in 2025

Indian businesses have established a strong presence across Africa, with investments spanning telecommunications, energy, real estate, retail, and manufacturing. The continent’s growing markets have attracted long-term commitments from Indian entrepreneurs who now play a vital role in job creation, infrastructure development, and cross-border trade.

In 2025, several Indian business giants stand out for both their personal fortunes and the companies they have built. These firms are not only central to India’s global economic footprint but also integral to Africa’s growth story, influencing industries that touch millions of lives.

This report identifies seven of the richest Indian business giants in Africa, their latest estimated net worth, and the companies underpinning their wealth.

Prateek Suri – Maser Group and MDR Investments

Prateek Suri, born in 1988, is recognised as the youngest and richest Indian businessman in Africa in 2025, with an estimated net worth of $1.9 billion. He founded Maser Group in 2012, focusing on affordable smart televisions and electronics. By 2024, Maser had sold over 800,000 units across Africa and reached a valuation of $5 billion before being acquired by SCG Asia.

Following this success, Suri launched MDR Investments, a venture capital firm investing in infrastructure, mining, and emerging technologies across Africa. Through the Maser Foundation, he also partners with governments and NGOs to support development in underserved regions.

Anil Agarwal – Vedanta Resources

Anil Agarwal, founder and chairman of Vedanta Resources, is one of the most influential Indian billionaires with major operations in Africa. Born in 1954 in Patna, India, Agarwal built his metals and mining empire into a global powerhouse.

In Africa, Vedanta is a key player in Zambia’s copper industry through its 80% ownership of Konkola Copper Mines, employing thousands and contributing significantly to the local economy. As of 2025, Agarwal’s fortune is estimated at $1.6 billion, and Vedanta continues to expand its footprint in natural resources across the continent.

Savitri Jindal and Family – O.P. Jindal Group

Savitri Jindal, India’s richest woman, and her family oversee the O.P. Jindal Group, valued globally at around $12 billion, with a strong African presence through Jindal Africa, headquartered in Johannesburg.

The group runs major mining and energy projects including the Kiepersol Colliery in South Africa, the Chirodzi coal mine in Mozambique, and the Mmamabula Energy Project in Botswana, with further interests in Namibia, Cameroon, Zambia, and Tanzania. These ventures cement the Jindals as one of the most influential business families shaping Africa’s steel, mining, and energy sectors.

Sunil Vaswani – Stallion Group

Sunil Vaswani, chairman of Stallion Group, leads one of the largest Indian-owned conglomerates in Sub-Saharan Africa. Founded in 1969 and headquartered in Dubai, Stallion Group operates across 18 countries, employing more than 285,000 people.

Its businesses span automobile assembly, food processing, commodities, steel, real estate, logistics, and shipping. In Nigeria, Stallion revived local auto assembly, rolling out Nissan, Hyundai, and Volkswagen models. The group also dominates in rice milling and FMCG distribution.

Forbes estimated Vaswani’s fortune at $1.6 billion in 2020, while the Sunday Times Rich List placed it at £1.159bn in 2021. Today, Stallion generates an estimated $4 billion in annual revenue, much of it from Africa.

Sudhir Ruparelia – Ruparelia Group

Ugandan billionaire Sudhir Ruparelia is the founder of the Ruparelia Group, Uganda’s largest private conglomerate. His empire spans real estate, hospitality, finance, insurance, education, and floriculture.

Born in Kabatoro in 1956, Ruparelia became Uganda’s first billionaire in 2014. His flagship properties include the Speke Resort Convention Centre, which hosted the Non-Aligned Movement and G-77 summits in 2024, and Arie Towers, a commercial complex in Kampala.

As of November 2023, his net worth was estimated at $1.2 billion, cementing his position as East Africa’s richest Indian entrepreneur.

Bhimji Depar Shah – Bidco Africa

Bhimji Depar Shah, born in Mombasa in 1931, is the founder of Bidco Africa, East Africa’s largest consumer goods manufacturer.

Bidco produces more than 40 household brands in edible oils, fats, detergents, hygiene products, and beverages. Popular brands like Kimbo and Elianto remain household staples in Kenya and beyond.

With operations in 17 African countries and over 25,000 employees, Bidco Africa continues to dominate the FMCG sector. As of 2025, Bhimji Depar Shah’s family is worth an estimated $700 million.

Manu Chandaria – Comcraft Group

Manu Chandaria, chairman of Comcraft Group, is one of Kenya’s most respected industrialists. Founded in Nairobi in the 1960s, Comcraft has grown into a multinational with operations in 40 countries, specialising in steel, aluminium, and plastics manufacturing.

The group records revenues of over $2 billion annually and employs more than 30,000 people. Chandaria, also renowned for his philanthropy through the Chandaria Foundation, supports education, healthcare, and community development across Africa.

Judge backs manager fired on allegations of witchcraft, awards Sh3m

The Employment and Labour Relations Court has nullified the sacking of a company manager on allegations of practising witchcraft and failing to respond to text messages from her supervisor, ruling the dismissal violated statutory procedures.

While voiding the termination, the court cited the employer’s failure to produce written termination charges, proof of disciplinary hearing notices, and verification of witchcraft claims.

Retirees seek StanChart parent regulator’s help in pension row

A group of former Standard Chartered Bank Kenya (SCBK) employees have asked the UK’s financial services regulator to compel the lender’s British parent to act on their claims for past undervalued pensions, citing frustration in their engagement with the Kenyan subsidiary.

The group numbering 325 is seeking pension on the same terms as the 629 former workers who recently won a Supreme Court case affirming a Retirement Benefits Appeals Tribunal (RBAT) award against the lender for their dues estimated at about Sh7 billion.