Aliko Dangote’s industrial conglomerate has acquired a roughly 25% stake in Kenya Pipeline Company (KPC), the operator of East Africa’s most extensive petroleum products transport network, in a transaction valued at approximately 42.5 billion Kenyan shillings ($327 million). The deal, confirmed by Dangote at the Financial Times Africa Summit in London on Wednesday, makes the Nigerian billionaire a significant shareholder in the state-privatized pipeline monopoly and provides a crucial distribution outlet for his planned $16 billion refinery at Kenya’s Lamu port. “We bought 25% of their pipeline network for the distribution of petroleum products,” Dangote said during an on-stage interview,…
Author: Tavern Kiplagat
Meta Platforms has struck a deal with its founder and CEO, Mark Zuckerberg, designed to keep him in California, the company disclosed in a securities filing on Wednesday. The agreement comes after Zuckerberg warned the company he was considering moving his primary residence out of the state in response to a proposed “wealth tax” on billionaires. Under the arrangement, Zuckerberg will receive a new class of non-voting Class C shares, which he can sell to cover a potential tax liability without diluting his control over the social media giant. In exchange, he has committed to remain a resident of California…
In a remarkable display of public support amid a personal tragedy, Australians have donated more than $350,000 to Save the Children in less than 24 hours in honor of independent MP Helen Haines, who remains in critical condition following an alleged attack earlier this week. The fundraising campaign was initiated at the specific request of Dr. Haines and her family. Her husband, Phil Haines, urged supporters to donate to the charity rather than send flowers as his wife continues her recovery . The outpouring of generosity comes after Dr. Haines was allegedly struck twice by a four-wheel drive outside her…
A Kenyan court on Monday convicted self-proclaimed pastor Paul Mackenzie and 28 co-defendants of murder in connection with the Shakahola Forest massacre, a doomsday starvation cult that left more than 400 people dead, the majority of them children. High Court Justice Diana Kavedza-Mochache delivered the verdict after an eight-hour hearing, finding that the prosecution had proven the case against all 29 accused persons for the murders of 190 children and one adult. “I am satisfied that the prosecution has proved the case against all the 29 accused persons for the murder of 190 children and one adult, contrary to Section…
