Here is your African Business News roundup for this week - Aug 15-21, 2026:
1. Nigeria - Dangote dominates headlines
Dangote Refinery IPO: Advisers announced a $1 billion underwriting programme for the Dangote Petroleum Refinery IPO, which could become Africa's largest - comprising a completed $600M private placement and $400M underwriting commitment.
Dangote Sugar: Separately, Dangote Sugar Refinery raised $356 million through an oversubscribed rights issue - selling 8.1 billion shares at ₦60 each - to fund expansion to 700,000 tonnes locally within 5 years.
Energy: The much-touted $25bn Nigeria-Morocco Gas Pipeline is dragging due to lukewarm attitude from Nigerian authorities, per Daily Trust reporting.
EFCC also recovered $60M from Nestoil as lenders agreed to a repayment plan.
2. Startup & VC - Big raises
This was a huge week for African tech:
• Moove (Nigeria): Mobility fintech raised $250M Series C led by Mubadala, hitting $2.1B valuation and unicorn status, with plans to scale autonomous fleet management with Waymo
• Terra Industries (Defence-tech): Closed seed round at $52M - additional $18M from investors including 8VC, SV Angel, Norleo Space - to support London office and manufacturing across Global South
• Moment (South Africa): Payments infra raised $22M Series A, total ∼$55M
• Yellow Card: Stablecoin infra secured $40M strategic equity from SC Ventures, Sony Innovation Fund, pushing total beyond $120M
Other deals: Cloud9 acquired Chpter in Kenya, and EAIF committed $82.8M to digital infra - $50M to Liquid Intelligent Technologies for 110,000km fibre.
On public markets: Brait had a fully subscribed $154M rights offer, IFC invested $25M in Jumia as part of a $50M raise, and Africa Finance Corporation raised a record $430M via a digital bond.
3. South Africa - Mixed earnings & policy
• Exxaro Resources: Half-year profit down 20% as production costs rose and stronger rand eroded dollar revenue
• Thungela Resources: Opposite story - profit more than doubled on higher thermal coal prices and increased export sales
• Absa Group: Posted 8% rise in half-year earnings as revenue grew and impairments fell
• Rand: Strengthened to 16.15 vs dollar Wednesday as inflation slowed for first time in 5 months
• Renewables push: Department of Electricity and Energy plans to use state land to unlock faster renewable projects including battery storage
4. East Africa
• Kenya: Competition regulator wants EABL to set aside up to KES 15B ($115M) reserve before approving Diageo's sale of its majority stake to Japan's Asahi
• Kenya Airways: Said Middle East conflict drove fuel costs up 72% in H1 and delayed spares
• Uganda: Government eyes up to $242M from Citibank for infrastructure, adding to debt pile already at 55.5% of GDP
5. Pan-African
• Afreximbank x BADEA: Afreximbank President Dr. George Elombi met BADEA Chairman to deepen partnerships for trade, co-financing and Arab-Africa Trade Bridges Programme
• Africa's Business Heroes 2026: Top 20 finalists announced from 24,000+ applications across 54 countries - includes 2 Moroccans, Meriem Benabad and Nidal Tafah. Semi-finals in Nairobi Aug 21-22