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Harmony Gold records $3.47 billion in revenue at close of fiscal year 2024
The Johannesburg-based miner attributed this growth to increased gold sales and a favorable pricing environment.
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Egyptian billionaire Nassef Sawiris gains £810 million as Aston Villa thrives in UEFA Champions League
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Hotel mogul Henry Akinduro challenges EFCC's 'unlawful' wanted declaration with $3-million lawsuit
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Flour Mills plans $1-billion investment in Nigeria over four years
The announcement follows a move by its majority shareholder, Excelsior Shipping Company, to buy out minority shareholders and take the company private.
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Harmony Gold records $3.47 billion in revenue at close of fiscal year 2024
The Johannesburg-based miner attributed this growth to increased gold sales and a favorable pricing environment.
NCBA Bank Kenya cuts fees on business accounts to boost SME cash flow amidst rising loan rates
NCBA Bank Kenya launches a “No Monthly Fees” initiative for business accounts, easing financial pressure on SMEs as loan rates rise.
Nigerian tycoon Tony Elumelu to co-chair New Africa Summit at Saudi Arabia’s Future Investment Initiative
Tony Elumelu, chairman of UBA and founder of the Tony Elumelu Foundation, will co-chair the New Africa Summit at the 8th Future Investment Initiative in Riyadh, advocating for Africa’s economic role on the global stage.
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
Sue Nabi faces $48-million drop in Coty stake amid share price decline
Algerian-born executive Sue Nabi's net worth takes a hit as her stake in Coty slumps below $255 million.
Orascom Development Egypt secures $155-million loan from IFC
The financing will enhance the company’s financial stability and fund future expansion efforts.
Ahmed Ezz's stake in Cairo-based steel giant declines by $116.5 million
This loss reduces his total holdings to below $700 million. He remains the second-richest investor on the Egyptian Exchange and one of Egypt's wealthiest individuals.
GB Corp’s financial unit receives approval to expand into debt capital markets
This milestone marks a critical step in the company's strategic move into the debt capital markets, broadening its range of financial activities as it seeks to diversify.
Madinet Masr, Redcon partner on $12.4-million investment in Egypt
Madinet Masr seals a strategic partnership deal with Redcon Spain Construction for sprawling Sarai development.
Egypt's wealthy Khamis family adds $17 million from Oriental Weavers shares in 6 days
The Khamis family, one of Egypt’s wealthiest, holds a majority stake in Oriental Weavers, a leading carpet manufacturer with a global presence.
Transcorp's revenue surpasses $180 million in the first nine months of 2024
Tony Elumelu, chairman of Transcorp Group.
Pick n Pay to list Boxer unit in JSE IPO, targeting $451 million
The IPO could raise up to R8 billion ($451.2 million), potentially the biggest public offering in Africa in 2024.
Dangote Group commits $280 million to CNG technology for Nigeria’s low-carbon future
The move aligns with President Bola Tinubu’s push to make gas central to Nigeria’s low-carbon economy.
Femi Otedola’s $2.25-million gift to Augustine University deepens commitment to education
Otedola’s $2.25-million donation to Augustine University in Lagos bolsters his legacy in education and philanthropy.
This Nigerian entrepreneur built a $28-million-a-year plastic and mat business
Salisu Buhari's remarkable transformation from the shadows of political scandal to establishing a thriving multimillion-dollar manufacturing empire.
Dangote Cement revenue surges 69 percent to $1.56 billion in nine months
Pan-African operations drive growth; profit margins remain steady despite rising costs.
MTN CEO Karl Toriola urges tariff hike to prevent telecom shutdown
MTN Nigeria CEO Karl Toriola has called for a tariff hike to address rising operational costs and prevent a potential service shutdown, as the telecom giant faces significant financial pressures amid Nigeria’s challenging economic environment.
Unilever Nigeria posts $63.7-million turnover as Africa's consumer demand soars
Unilever Nigeria reports a 46-percent year-on-year turnover growth to $63.7 million, driven by rising consumer demand for health and hygiene products, solidifying its leadership in Africa’s fast-moving consumer goods sector.
NCBA Bank Kenya cuts fees on business accounts to boost SME cash flow amidst rising loan rates
NCBA Bank Kenya launches a “No Monthly Fees” initiative for business accounts, easing financial pressure on SMEs as loan rates rise.
John Gachora made $1.4 million as CEO of NCBA Group last year
The total compensation for 2023 exceeded the previous year’s total reward of Ksh147.73 million ($1 million) by 25.75 percent.
Safaricom contributes $7.6 billion to Kenyan economy
Kenya’s largest telecom operator reports significant job creation and social impact.
Equity Bank secures $20 million to boost financial access in Kenya’s refugee regions
The project is designed to enhance financial inclusion for small businesses and individuals in these marginalized areas.
Savannah Clinker gains edge in Bamburi Cement takeover after Amsons, Holcim pullout
Savannah Clinker's increased offer of Ksh76.55 ($0.59) per share values Bamburi at Ksh27.8 billion ($215.7 million), surpassing Amsons' earlier bid.
Acorn Holdings completes $21-million green bond repayment
This decision highlights Acorn's strong financial position and solidifies its leadership in Kenya's real estate market.
Suresh Bhagwanji Shah’s stake in I&M Group surges past $36 million
The recent rally in I&M Group's shares on the Nairobi Securities Exchange has significantly boosted Shah's fortune.
BasiGo secures $42 million to boost electric mobility across Sub-Saharan Africa
This investment includes $24 million in Series A equity funding and $17.5 million in debt financing.
ArcelorMittal SA rejects $1-billion acquisition bid from Networth Investments
The rejected offer aimed to secure a controlling stake in the company, with ArcelorMittal reaffirming its commitment to operational independence amid ongoing ownership discussions.
Barry Swartzberg gains $43.3 million from stake in South Africa’s Discovery
Barry Swartzberg, one of South Africa’s most successful businessmen, holds a 3.92 percent stake in Discovery, amounting to 25,954,540 shares.
FirstRand to appeal UK Court ruling on motor finance broker transparency
In its appeal, FirstRand argues that motor dealers should not be held to fiduciary standards or be required to provide impartial advice.
TFG expands footprint with acquisition of UK Fashion brand White Stuff
TFG is poised to expand its international portfolio with the acquisition of White Stuff, a UK-based fashion and lifestyle brand.
Saltzman family gains $18.8 million as Dis-Chem shares climb
South Africa’s Saltzman family controls a 29.3 percent stake, equivalent to 302,066,319 ordinary shares in the Gauteng-based company.
Stephen Saad’s stake in Africa’s largest pharmaceutical company sinks below $600 million
South African pharmaceutical tycoon Stephen Saad faces setback as Aspen Pharmacare shares decline.
Italtile’s market performance boosts Giovanni Ravazzotti’s stake to $544 million
As the leading shareholder with a 56.46 percent stake, Ravazzotti owns 746,244,490 shares in Italtile.
Johann Rupert's wealth drops by $700 million in October amid Richemont stake decline
The decline is primarily attributed to fluctuations in his stake in Richemont, the luxury conglomerate that houses brands like Cartier and Chloé.
Unilever Nigeria posts $63.7-million turnover as Africa's consumer demand soars
Unilever Nigeria reports a 46-percent year-on-year turnover growth to $63.7 million, driven by rising consumer demand for health and hygiene products, solidifying its leadership in Africa’s fast-moving consumer goods sector.
Salt tycoon Daniel McKorley seals marine logistics deal with GPHA for Volta River Terminal
Daniel McKorley, CEO of McDan Group, has signed a landmark deal with the Ghana Ports and Harbours Authority (GPHA) to manage the Volta River Terminal, boosting Ghana’s maritime trade and driving economic growth in the Volta Region.
Nigerian banking giant GTBank implements 40-percent salary hike amidst economic reforms
GTBank has increased employee salaries by 40 percent in response to Nigeria's economic reforms and rising inflation, reinforcing its commitment to staff welfare while maintaining its position as one of the country’s most cost-efficient banks.
Transcorp Hotels, led by CEO Dupe Olusola, reports 192-percent surge in pretax profit for Q3 2024
Transcorp Hotels, under the leadership of Dupe Olusola, has recorded remarkable growth, with a 192-percent jump in pretax profit for Q3 2024, solidifying its leadership in Nigeria’s hospitality sector.
Seplat Energy, founded by Austin Avuru, propels Nigerian equity market to $228-million gain
Seplat Energy led a $228-million rally in the Nigerian equity market, with its stock surging 9.99 percent and boosting investor confidence across the board.
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.
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Alami Lazraq’s ADI stake surges by $54.4 million
Lazraq, who controls 51.7 percent of ADI, owns 11.4 million shares, making him the largest shareholder in the company.
Transcorp's revenue surpasses $180 million in the first nine months of 2024
Tony Elumelu, chairman of Transcorp Group.
Hani Berzi’s stake in Egypt’s packaged food company surges above $190 million
Over the past 15 days, Berzi's stake has surged by EGP823.77 million ($16.92 million), increasing the market value of his holdings above $190 million.
Harmony Gold records $3.47 billion in revenue at close of fiscal year 2024
The Johannesburg-based miner attributed this growth to increased gold sales and a favorable pricing environment.
NCBA Bank Kenya cuts fees on business accounts to boost SME cash flow amidst rising loan rates
NCBA Bank Kenya launches a “No Monthly Fees” initiative for business accounts, easing financial pressure on SMEs as loan rates rise.
Nigerian tycoon Tony Elumelu to co-chair New Africa Summit at Saudi Arabia’s Future Investment Initiative
Tony Elumelu, chairman of UBA and founder of the Tony Elumelu Foundation, will co-chair the New Africa Summit at the 8th Future Investment Initiative in Riyadh, advocating for Africa’s economic role on the global stage.
Dis-Chem, led by Ivan Saltzman, eyes disruption of South African life insurance market with new venture
Dis-Chem, under the leadership of Ivan Saltzman, plans a disruptive entry into South Africa’s life insurance market, challenging Discovery Life with data-driven, cost-efficient offerings.
Jamaican billionaire Michael Lee-Chin boosts luxury real estate development with financing support
Jamaican-Canadian billionaire Michael Lee-Chin steps in to fund Reading Heights, a luxury residential project poised to meet Jamaica’s premium housing demand.
Seven businesses owned by Nigerian business mogul and philanthropist Theophilus Danjuma
Nigerian entrepreneur and philanthropist Theophilus Danjuma drives economic growth and social change through a diverse portfolio of businesses across energy, agriculture, and telecommunications.
ArcelorMittal SA rejects $1-billion acquisition bid from Networth Investments
The rejected offer aimed to secure a controlling stake in the company, with ArcelorMittal reaffirming its commitment to operational independence amid ongoing ownership discussions.
Pick n Pay to list Boxer unit in JSE IPO, targeting $451 million
The IPO could raise up to R8 billion ($451.2 million), potentially the biggest public offering in Africa in 2024.
John Gachora made $1.4 million as CEO of NCBA Group last year
The total compensation for 2023 exceeded the previous year’s total reward of Ksh147.73 million ($1 million) by 25.75 percent.
Dangote Group commits $280 million to CNG technology for Nigeria’s low-carbon future
The move aligns with President Bola Tinubu’s push to make gas central to Nigeria’s low-carbon economy.
Barry Swartzberg gains $43.3 million from stake in South Africa’s Discovery
Barry Swartzberg, one of South Africa’s most successful businessmen, holds a 3.92 percent stake in Discovery, amounting to 25,954,540 shares.
Femi Otedola’s $2.25-million gift to Augustine University deepens commitment to education
Otedola’s $2.25-million donation to Augustine University in Lagos bolsters his legacy in education and philanthropy.
FirstRand to appeal UK Court ruling on motor finance broker transparency
In its appeal, FirstRand argues that motor dealers should not be held to fiduciary standards or be required to provide impartial advice.