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South Africa’s wealthiest, Johann Rupert, sees $1.3 billion rise in fortune
The value of his Richemont holdings alone stands at $9.34 billion, reflecting the conglomerate's role as the cornerstone of his fortune.
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Court decision frees Benson Ndeta from jail in $34.7-million fraud case
Ndeta was detained in Nairobi’s Valley Arcade area before being questioned at the Directorate of Criminal Investigations (DCI) headquarters.
Anglo American to divest $527 million of Amplats as part of restructuring strategy
The mining giant led by Duncan Wanblad is offering 17.5 million shares—equivalent to a 6.6 percent stake in Johannesburg-listed Amplats—at $30.1 per share.
Zepz teams up with dLocal after $267 million raise to boost cross-border payments
The partnership aims to tackle financial access barriers in Africa, Asia, and Latin America, where millions are excluded from traditional banking systems.
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South Africa’s wealthiest, Johann Rupert, sees $1.3 billion rise in fortune
The value of his Richemont holdings alone stands at $9.34 billion, reflecting the conglomerate's role as the cornerstone of his fortune.
Ahmed El-Sewedy gains $375 million amid 39.6% devaluation of Egyptian pound
Its strong presence across the Middle East and Africa has cemented its status as one of the country’s leading industrial players.
Abdul Samad Rabiu faces $1.6 billion loss in BUA Cement as naira weakens
This underscores Nigerian investors' broader financial challenges amid currency volatility and economic uncertainty.
Beltone approves $211 million to power expansion and growth goals
The fresh funds will support Beltone's initiatives to deepen its capabilities and strengthen its competitive positioning in the MENA region’s fast-evolving financial services sector.
Madinet Masr secures $177 million for Egypt’s development projects
The development projects, which are set to generate more than five million jobs, will help bridge the housing gap.
Hassan Allam’s leadership drives Egypt’s $1.1 billion Gulf of Suez wind farm project
Hassan Allam leads Egypt’s renewable energy transformation with a landmark wind farm project.
Sadek El-Sewedy gains $405 million from Elsewedy Electric despite currency devaluation
Sadek El-Sewedy’s stake could have seen a higher growth of $633.88 million if not for the 39.16 percent devaluation of the Egyptian pound.
Hassan Allam unit to build first international port terminal in Upper Egypt
The move underscores the deepening trade relationship between Egypt and the UAE.
CI Capital exits $23.6 million investment in Taaleem Management services
The divestment yielded an impressive four times return on invested equity, with an Internal Rate of Return (IRR) of approximately 50 percent.
Meet Mohammed Shafik Gabr: Bridging business, culture, and global innovation
Mohammed Shafik Gabr, an Egyptian entrepreneur, philanthropist, and art collector, has left an indelible mark on global business and cultural diplomacy through his visionary leadership and multifaceted ventures.
Mohammed Elsewedy’s fortune up $293 million amid devaluation of Egyptian pound
This highlights his resilience in navigating one of Egypt’s most challenging economic years.
Haldane McCall launches $97 million bond for affordable housing solutions
Highlighting the urgency, Akinlade noted that Lagos State has built only 13,000 homes since 1999, reinforcing the need for private-sector participation.
Vitafoam Nigeria’s profit slumps amid naira devaluation, revenue rises 56%
Vitafoam expands ECOWAS presence with strong Sierra Leone market acceptance, overcoming local financial challenges.
Access Holdings secures CBN, SEC nod for $228 million rights issue completion
The completion of this offering underscores Access Holdings’ strategic resilience and its ability to meet the evolving demands of Nigeria’s financial sector.
Dangote’s wealth hits $28.1 billion, secures spot as world’s richest Black person
This feat places him 68th on the Bloomberg Billionaires Index, securing his position among the world’s top 100 richest individuals.
IHS closes $230 million deal to sell Kuwait unit to Zain Group
This deal represents a pivotal shift in IHS's strategy to optimize its global assets and strengthen its financial footing amid a volatile market.
Airtel Africa kicks off $100 million buyback program for shareholders
This initiative follows a similar $100 million buyback completed in March 2024, further underscoring Airtel Africa’s commitment to capital reduction and rewarding shareholders.
Abdul Samad Rabiu faces $1.6 billion loss in BUA Cement as naira weakens
This underscores Nigerian investors' broader financial challenges amid currency volatility and economic uncertainty.
Naira devaluation cuts $72.4 million from Jim Ovia's Zenith Bank stake
The devaluation of the Naira has eroded nominal gains, reflecting the impact of currency depreciation on wealth accumulation.
Safaricom plans to insure millions of mobile users to increase revenue
Safaricom’s entry into mobile phone insurance is part of its ongoing efforts to expand financial services across East Africa.
Holcim sells $100 million stake in Bamburi Cement to Tanzania’s Amsons Group
The move follows Amsons’ earlier purchase of an 18 percent stake in Bamburi Cement for $70 million after receiving regulatory approval.
Suresh Bhagwanji Shah’s stake in I&M Group gains $23 million year-to-date
This strategic move brings together two powerhouse entities and marks a significant step toward consolidating Black-led financial influence.
Bakhresa invests $8.4 million to expand juice production capacity
Tanzania’s Bakhresa Group doubles down on fruit juice production, boosting agriculture and exports.
Amsons Group acquires $70 million stake in Bamburi Cement, eyes full buyout
The move is part of Amsons’ strategy to consolidate its presence in East Africa’s construction sector.
Meet Jane Karuku: Top executive leading Kenya’s $1 billion brewery giant
Karuku champions innovation and sustainability, advocating for gender diversity and youth empowerment in East Africa's corporate landscape.
Devki Group launches $84.7-million iron ore pelletization plant, targets 14,000 jobs in Kenya
Devki Group’s $84.7-million iron ore plant in Kenya promises to create 14,000 jobs, strengthen local mining, and drive the country’s industrial growth.
Raya Holding secures $25 million investment to build advanced tier III data center in Egypt
Raya Holding has secured $25 million in funding to build a cutting-edge Tier III data center in Egypt, marking a key step in the country’s digital transformation and regional tech hub ambitions.
Ex-CEO of Africa’s most valuable company gains $27 million from shares in 2024
Having led Naspers from 2014 until his departure in September 2023, van Dijk continues to benefit from his 0.24 percent stake in the global conglomerate.
South Africa’s wealthiest, Johann Rupert, sees $1.3 billion rise in fortune
The value of his Richemont holdings alone stands at $9.34 billion, reflecting the conglomerate's role as the cornerstone of his fortune.
FDH Bank projects $36.2 million profit in Q4 2024, resilient amid Malawi’s economic slowdown
Malawi’s economic slowdown hasn’t deterred FDH Bank, whose strategic focus and cost management continue to deliver robust profitability and growth.
Sasol cuts gas production at Mozambique plant amid unrest
The unrest, triggered by Mozambique’s contentious October elections, has led to widespread instability, claiming at least 54 lives this week.
Patrice Motsepe's wealth drops $200 million in December, despite Tyme's $1.5 billion valuation
The decline in Patrice Motsepe's wealth has been spurred by the recent drop in the market value of his mining investments.
Pieter Engelbrecht pockets $4.5 million as Shoprite CEO
Shoprite CEO Pieter Engelbrecht’s 2024 compensation package comprises a secure base pay of $1.01 million and a performance-based short-term incentive of $917,841.
Jonathan Gibson gains $3.29 million from stake in Chobe Holdings
This performance has solidified Gibson’s position among the wealthiest investors on the BSE.
FirstRand’s Mary Vilakazi took home $2.2 million in 2024
This remuneration reflects her instrumental role in steering the company’s growth and maintaining its industry dominance.
Zepz teams up with dLocal after $267 million raise to boost cross-border payments
The partnership aims to tackle financial access barriers in Africa, Asia, and Latin America, where millions are excluded from traditional banking systems.
Mohammed Al-Amoudi’s wealth falls $1-billion amid asset revaluation, legal disputes
Ethiopia’s wealthiest man, Mohammed Al-Amoudi, lost over $1 billion in recent months, with his net worth dropping to $8.76 billion.
Safaricom reaches 52 million subscribers in Ethiopia
The telecom giant reported this milestone with its half-year results, marking rapid growth in one of Africa’s biggest telecom markets.
Safaricom reports mixed results for H1 2025, faces challenges in Ethiopia, Kenya
East Africa's telecom giant, Safaricom, sees revenue growth but faces profitability hurdles.
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.
Latest Posts
Ex-CEO of Africa’s most valuable company gains $27 million from shares in 2024
Having led Naspers from 2014 until his departure in September 2023, van Dijk continues to benefit from his 0.24 percent stake in the global conglomerate.
South Africa’s wealthiest, Johann Rupert, sees $1.3 billion rise in fortune
The value of his Richemont holdings alone stands at $9.34 billion, reflecting the conglomerate's role as the cornerstone of his fortune.
FDH Bank projects $36.2 million profit in Q4 2024, resilient amid Malawi’s economic slowdown
Malawi’s economic slowdown hasn’t deterred FDH Bank, whose strategic focus and cost management continue to deliver robust profitability and growth.
Sasol cuts gas production at Mozambique plant amid unrest
The unrest, triggered by Mozambique’s contentious October elections, has led to widespread instability, claiming at least 54 lives this week.
Patrice Motsepe's wealth drops $200 million in December, despite Tyme's $1.5 billion valuation
The decline in Patrice Motsepe's wealth has been spurred by the recent drop in the market value of his mining investments.
Jay-Z’s effort to dismiss assault case rejected, business continues to thrive
On Thursday, Judge Analisa Torres ruled against Jay-Z’s legal team, rejecting their motion to dismiss the claims.
Pieter Engelbrecht pockets $4.5 million as Shoprite CEO
Shoprite CEO Pieter Engelbrecht’s 2024 compensation package comprises a secure base pay of $1.01 million and a performance-based short-term incentive of $917,841.
Haldane McCall launches $97 million bond for affordable housing solutions
Highlighting the urgency, Akinlade noted that Lagos State has built only 13,000 homes since 1999, reinforcing the need for private-sector participation.
Jonathan Gibson gains $3.29 million from stake in Chobe Holdings
This performance has solidified Gibson’s position among the wealthiest investors on the BSE.
Beltone approves $211 million to power expansion and growth goals
The fresh funds will support Beltone's initiatives to deepen its capabilities and strengthen its competitive positioning in the MENA region’s fast-evolving financial services sector.
Madinet Masr secures $177 million for Egypt’s development projects
The development projects, which are set to generate more than five million jobs, will help bridge the housing gap.
FirstRand’s Mary Vilakazi took home $2.2 million in 2024
This remuneration reflects her instrumental role in steering the company’s growth and maintaining its industry dominance.
Vitafoam Nigeria’s profit slumps amid naira devaluation, revenue rises 56%
Vitafoam expands ECOWAS presence with strong Sierra Leone market acceptance, overcoming local financial challenges.
InfraCredit backs Nigeria’s green sukuk solar project with $12.5 million UK support
Shari’ah-compliant green finance initiative to power rural Nigeria with solar energy.
Meet the founders of Juicyway: transforming fintech and cross-border payments in Africa
Justin Ziegler and Ife Johnson are leading the charge in simplifying cross-border payments through innovation and financial inclusion.
Co-op Bank reports $100.1-million profit, joins MSCI Frontier Markets Index
Kenya’s Co-operative Bank achieves remarkable growth, boosts global visibility, and plans local expansion.
