Featured
BP, Vitol, Trafigura drive sales at Dangote Oil Refinery, redefining Africa’s oil market
British oil giant BP, Swiss-based Vitol, and Singapore’s Trafigura lead sales from the Dangote Oil Refinery as Africa’s largest oil plant reshapes market.
Editors' Picks
BP, Vitol, Trafigura drive sales at Dangote Oil Refinery, redefining Africa’s oil market
British oil giant BP, Swiss-based Vitol, and Singapore’s Trafigura lead sales from the Dangote Oil Refinery as Africa’s largest oil plant reshapes market.
The 10 biggest donations by Femi Otedola: How he is building a legacy of impact
Otedola’s generosity has touched lives nationwide, with substantial donations spanning education, health, security, and economic empowerment.
Femi Otedola leads FBN Holdings to $371.9 million profit in 9M 2024
FBN Holdings posts robust financial results as profit surges 125 percent under Femi Otedola’s leadership.
Exclusive Content For Paid Supporters
Jannie Mouton's Capitec Bank stake hits $1 billion milestone
Over the past 12 weeks, Mouton’s stake has increased by R3.02 billion ($173.13 million), rising above the $1 billion mark.
BP, Vitol, Trafigura drive sales at Dangote Oil Refinery, redefining Africa’s oil market
British oil giant BP, Swiss-based Vitol, and Singapore’s Trafigura lead sales from the Dangote Oil Refinery as Africa’s largest oil plant reshapes market.
Mohammed Dewji to close 2024 with $300-million gain despite headwinds
This boost in fortune solidifies his place as East Africa's richest individual and places him as the 1,882nd wealthiest person globally.
Kredit secures $18 million to boost financing for SMEs in Egypt
This funding is set to enhance Kredit's role within Egypt's expanding small and medium enterprise (SME) ecosystem.
CI Capital completes $80 million bond issuance, setting record in Egypt’s non-banking sector
The six-tranche bond issuance is underpinned by assets from Tasaheel, which served as the originator of the portfolio.
Ezz Steel shares rebound, boosting Ahmed Ezz’s stake to $755 million
This wealth rebound follows a recent rally in Ezz Steel’s stock price on the Egyptian Exchange (EGX), reversing earlier losses.
Hisham Talaat Moustafa’s stake in TMG Holding declines by $105.5 million
This decline follows a previous gain of $89.6 million recorded between Sept. 16 and 29, when Moustafa’s stake rose from $1.25 billion to $1.33 billion.
Yasseen Mansour’s stake in Palm Hills tops $35 million
Mansour, who serves as chairman of Palm Hills Developments, holds a 10.83 percent stake in the company, representing 318,574,726 shares.
United Bank of Egypt to list 30-percent stake on EGX in Q4, advancing financial inclusion and private sector investment
The United Bank of Egypt plans to float a 30-percent stake on the Egyptian Exchange by year’s end, marking a key moment in Egypt’s economic reforms.
7 businesses owned by Algerian agriculture tycoon Mohamed Laid Benamor
Algerian tycoon Mohamed Laid Benamor, head of Groupe Benamor, has built a vast business empire spanning agribusiness, real estate, energy, and more, playing a key role in Algeria's industrialization and economic growth.
Egyptian tourism mogul Ayoub Adly Ayoub's Remco reports $18-million loss in H1 2024
Tourism tycoon Ayoub Adly Ayoub’s Remco reports a shocking $18 million loss in 2024. Despite revenues skyrocketing, the company’s profits have evaporated
BP, Vitol, Trafigura drive sales at Dangote Oil Refinery, redefining Africa’s oil market
British oil giant BP, Swiss-based Vitol, and Singapore’s Trafigura lead sales from the Dangote Oil Refinery as Africa’s largest oil plant reshapes market.
Funke Opeke exits MainOne after $320-million deal as Equinix focuses on growth
Funke Opeke steps down after 14 years as MainOne's CEO following a milestone $320 million acquisition by Equinix.
MTN Nigeria aims for $30.4-million commercial paper issuance to boost liquidity amid naira devaluation and rising costs
MTN Nigeria plans to raise $30.4 million through commercial paper issuance to strengthen liquidity amid naira devaluation and rising operational costs.
The 10 biggest donations by Femi Otedola: How he is building a legacy of impact
Otedola’s generosity has touched lives nationwide, with substantial donations spanning education, health, security, and economic empowerment.
BUA Foods posts $647 million in revenue in nine months, doubles earnings
BUA Foods Plc, one of Nigeria's top food producers, reports a 104-percent increase in revenue to N1.07 trillion ($647 million) for the nine months ending September 2024, driven by strong demand for sugar, flour, and pasta amid challenging economic conditions.
Dangote Oil Refinery denies payments to IPMAN amid ongoing negotiations
The refinery specified that any referenced payments were processed through the Nigerian National Petroleum Company (NNPC) Limited, not directly to them.
Femi Otedola drives parent firm of Nigeria’s oldest bank to $16 billion in assets
His leadership has helped push the group’s total assets past $16 billion, a milestone for the Lagos-based financial services provider.
IHS Nigeria powers relief efforts with solar boreholes for Maiduguri flood victims
The boreholes, part of IHS Nigeria’s ongoing collaboration with UNICEF, are designed to help prevent waterborne diseases and mitigate health risks for flood-affected residents.
Mohammed Dewji to close 2024 with $300-million gain despite headwinds
This boost in fortune solidifies his place as East Africa's richest individual and places him as the 1,882nd wealthiest person globally.
Aga Khan IV's stake in Nairobi-based insurer Jubilee drops by $1.6 million
The recent decline has reversed much of his previous gains, reducing his holdings to Ksh4.49 billion ($34.86 million).
MTN Uganda posts $637.4 million revenue in 9M 2024
MTN Uganda’s financial success translated into a notable profit increase of 29.6 percent, rising from Ush354.44 billion ($96.87 million) to Ush459.42 billion ($125.58 million).
Safaricom's CEO Peter Ndegwa earns $1.95 million in 2024 salary
This marks a 19.4 percent decline from last year's earnings of $2.42 million, primarily due to a 31.7 percent drop in the value of share-based awards.
Top five companies led by Egyptian billionaire Mohamed Mansour
Mohamed Mansour, through his leadership of Mansour Group and various strategic ventures, has built a global business empire spanning industries such as automotive, heavy machinery, food services, and sports.
Kenya’s Merali family faces $1.9-million decline from Sasini Tea shares
The decline underscores ongoing pressures on Kenya's agricultural sector as market challenges weigh on shareholder value.
Amsons boosts shareholder engagement in $182.4-million bid for Bamburi acquisition
The bid offers an investment of over Ksh23.5 billion ($182.4 million), equating to Ksh65 ($0.5) per share for up to 100 percent of Bamburi's shares.
NCBA and Sanlam join forces to expand Kenya's life insurance with digital funeral and education plans
NCBA Group and Sanlam Life Insurance have launched new digital life insurance plans to improve access to affordable funeral and education coverage in Kenya.
Jannie Mouton's Capitec Bank stake hits $1 billion milestone
Over the past 12 weeks, Mouton’s stake has increased by R3.02 billion ($173.13 million), rising above the $1 billion mark.
Karooooo shares drop, leading to $107-million loss for Zak Calisto
South African tech mogul Zak Calisto faces wealth decline amid Karooooo share drop.
Anglo American divests $1.1-billion acquisition of coal mine interests in Australia
Zashvin is strengthening its position in Queensland’s coal sector by acquiring Anglo American’s minority stake in the Jellinbah East and Lake Vermont steelmaking coal mines.
Nicky Oppenheimer’s wealth jumps $1.5 billion
This boost solidifies his position as the second-richest person in South Africa and the 227th richest individual globally.
Patrice Motsepe faces $195-million lawsuit in Tanzania over alleged breach of contract
South African billionaire Patrice Motsepe faces a $195-million lawsuit in Tanzania over allegations of breaching a non-compete agreement, a case that could set a legal precedent for the country's mining sector.
Access Holdings' earnings surge to $2.07-billion, driven by interest income and strategic expansion
Access Holdings reports a remarkable $2.07 billion in earnings for the first nine months of 2024, driven by strong interest income and strategic expansion across its banking and non-banking subsidiaries
South African billionaire Wendy Ackerman honored as 2024 Hall of Femme inductee by IWFSA
Wendy Ackerman, co-founder of Pick 'n Pay, has been honored as a 2024 Hall of Femme inductee by IWFSA, recognizing her outstanding contributions to business and societal development in South Africa.
Transaction Capital sells non-core assets in $28.8-million deal
The divestiture, finalized on Nov. 1, is part of Transaction Capital's strategy to streamline operations and focus on core business areas.
Safaricom expands M-PESA platform to Ethiopia, boosting regional financial inclusion
The move aims to strengthen regional financial inclusion and boost economic activity across borders.
Somali tycoon Ismail Ahmed’s Zepz raises $267 million to expand in Africa
The venture capital firm Accel, along with Leapfrog and TCV, led the latest funding round for Zepz.
Ethiopia’s richest man Mohammed Al-Amoudi’s fortune rises $190 million in 19 days
Al-Amoudi’s net worth has jumped from $9.12 billion on April 26 to $9.31 billion as of this report. This translates to an average daily gain of $10 million since April 26.
Ethiopia’s richest man Mohammed Al-Amoudi loses $260 million in two weeks
This follows a $320-million gain in Al-Amoudi’s net worth between March 28 and April 12.
Ethiopia’s richest man Mohammed Al-Amoudi’s Preem posts $12.6-billion revenue in 2023
Al-Amoudi derives a significant portion of his wealth from his stake in Preem, which surged from $3.74 billion on Jan. 1 to $3.88 billion recently.
Ethiopia’s richest man Mohammed Al-Amoudi gains $320 million in 15 days
The recent uptick in his fortune is mainly credited to the strong performance of his broad industrial investments in Sweden, Saudi Arabia, and Ethiopia.
Ethiopia’s richest man loses $100 million in just 6 days
Ethiopia’s richest man Mohammed Al-Amoudi’s net worth has declined by $100 million in just six days, the latest setback in a string of wealth declines.
Ethiopia’s richest man Mohammed Al-Amoudi loses $160 million in 3 weeks
Al-Amoudi’s fortune has dwindled from $9.29 billion on Feb. 25 to $9.13 billion.
Latest Posts
Jannie Mouton's Capitec Bank stake hits $1 billion milestone
Over the past 12 weeks, Mouton’s stake has increased by R3.02 billion ($173.13 million), rising above the $1 billion mark.
BP, Vitol, Trafigura drive sales at Dangote Oil Refinery, redefining Africa’s oil market
British oil giant BP, Swiss-based Vitol, and Singapore’s Trafigura lead sales from the Dangote Oil Refinery as Africa’s largest oil plant reshapes market.
Karooooo shares drop, leading to $107-million loss for Zak Calisto
South African tech mogul Zak Calisto faces wealth decline amid Karooooo share drop.
Funke Opeke exits MainOne after $320-million deal as Equinix focuses on growth
Funke Opeke steps down after 14 years as MainOne's CEO following a milestone $320 million acquisition by Equinix.
Mohammed Dewji to close 2024 with $300-million gain despite headwinds
This boost in fortune solidifies his place as East Africa's richest individual and places him as the 1,882nd wealthiest person globally.
Palantir delivers $2-billion revenue in 9M 2024
Revenue for the first nine months of 2024 climbed to $2.04 billion, up from $1.62 billion) in the prior year period.
Aga Khan IV's stake in Nairobi-based insurer Jubilee drops by $1.6 million
The recent decline has reversed much of his previous gains, reducing his holdings to Ksh4.49 billion ($34.86 million).
Anglo American divests $1.1-billion acquisition of coal mine interests in Australia
Zashvin is strengthening its position in Queensland’s coal sector by acquiring Anglo American’s minority stake in the Jellinbah East and Lake Vermont steelmaking coal mines.
Kredit secures $18 million to boost financing for SMEs in Egypt
This funding is set to enhance Kredit's role within Egypt's expanding small and medium enterprise (SME) ecosystem.
Nicky Oppenheimer’s wealth jumps $1.5 billion
This boost solidifies his position as the second-richest person in South Africa and the 227th richest individual globally.
Patrice Motsepe faces $195-million lawsuit in Tanzania over alleged breach of contract
South African billionaire Patrice Motsepe faces a $195-million lawsuit in Tanzania over allegations of breaching a non-compete agreement, a case that could set a legal precedent for the country's mining sector.
Oando Plc reports profit decline despite revenue surge, citing operational setbacks
Oando Plc reports a 44-percent profit decline despite a 51-percent revenue surge, attributing the drop to operational setbacks, rising costs, and concerns flagged by independent auditors.
MTN Nigeria aims for $30.4-million commercial paper issuance to boost liquidity amid naira devaluation and rising costs
MTN Nigeria plans to raise $30.4 million through commercial paper issuance to strengthen liquidity amid naira devaluation and rising operational costs.
Access Holdings' earnings surge to $2.07-billion, driven by interest income and strategic expansion
Access Holdings reports a remarkable $2.07 billion in earnings for the first nine months of 2024, driven by strong interest income and strategic expansion across its banking and non-banking subsidiaries
South African billionaire Wendy Ackerman honored as 2024 Hall of Femme inductee by IWFSA
Wendy Ackerman, co-founder of Pick 'n Pay, has been honored as a 2024 Hall of Femme inductee by IWFSA, recognizing her outstanding contributions to business and societal development in South Africa.
Heirs Energies pledges to advance sustainable energy at African Energy Week 2024
Heirs Energies is set to drive sustainable energy solutions at African Energy Week 2024, aligning with Tony Elumelu’s vision for transforming Africa’s energy sector.
