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Billionaire Femi Otedola spends another $14.9 million on First HoldCo as stake hits 27.5%
Femi Otedola bought 147.7 million First HoldCo shares at N140, lifting his stake to about 27.5% and his holding past 12.2 billion shares.
Editors' Picks
Wealthy Kenyan banker Gideon Muriuki is charged with fraud, not just failing to report it
Gideon Muriuki and Co-operative Bank face conspiracy to defraud counts alongside the failure-to-report charges halted by the High Court.
South African billionaire Christo Wiese says Ramaphosa should test every decision against jobs
Christo Wiese said President Cyril Ramaphosa should assess every decision by whether it creates jobs or destroys them.
South African billionaire Johann Rupert is funding title deeds for poor households
Johann Rupert has donated to and recapitalised Khaya Lam, which has transferred more than 21,000 title deeds to poor South African households.
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The Inside Story: The Unfinished University — Herbert Wigwe Planned a $500 Million Campus for 1,400 Students, Died Before It Opened, and Left Behind 300 and a Question About Legacy
Herbert Wigwe built one of Africa's great banks, then poured a reported $500 million into the project he called his most ambitious: a world-class university in his home town.
Deep-Dive Report: Made in Egypt — Inside Nagy Toma's Dice Group, the Vertically Integrated Machine Stitching 20 Million Garments a Year for Benetton, Decathlon and Inditex
As global brands hunt for factories closer to home than Asia, Dice Group is a live case study in whether Egypt can become the workshop between Europe and America.
Investor Memo: The $29 Billion Exit — How Eswatini's Nathan Kirsh Sold His Invisible Cash-and-Carry Empire to Sysco and Crossed $20 Billion
A 94-year-old you have probably never heard of just crossed $20 billion. The anatomy of the quietest mega-deal in Africa's wealth history, and the lesson in the value of the unglamorous.
Egypt's billionaire Elsewedy family is building a $1 billion phosphate complex at Ain Sokhna
Egypt's petroleum minister met Ahmed El-Sewedy to accelerate a $1 billion phosphate fertiliser complex being built at Ain Sokhna.
Egyptian tycoon Nagy Toma's factories make 20 million garments a year for Benetton and Decathlon
Nagy Toma's Dice Group runs six Egyptian factories and 8,500 workers, making 20.4 million garments a year for brands including Benetton.
Turkish billionaire Fuat Tosyalı's Algerian plant sets a world iron production record
Tosyali Algerie produced 248,601 tonnes of iron in May, a world record for a single Midrex plant and Algeria's biggest non-oil exporter.
Egyptian billionaire Hisham Talaat Moustafa's TMG books $3.4 billion of sales in a single quarter
Hisham Talaat Moustafa's TMG lifted half-year net profit 23% and booked $3.4 billion of contracted sales in the second quarter alone.
Nassef Sawiris's Aston Villa set to reject Arsenal's £40 million bid for Ezri Konsa
Egyptian billionaire Nassef Sawiris's Aston Villa is set to reject Arsenal's £40 million offer for defender Ezri Konsa, who is reportedly open to the move.
Egyptian billionaire Ahmed Elsewedy's Elsewedy Electric lifts sales 37% as margins narrow
Elsewedy Electric, run by Egyptian billionaire Ahmed El-Sewedy, grew quarterly sales 37% while net income rose 12% and the stock fell 2%.
Egypt's wealthy Khamis family nearly doubles Oriental Weavers profit on export subsidy windfall
Oriental Weavers, controlled by Egypt's Khamis family, nearly doubled quarterly profit as US and European buyers offset weak demand at home.
Egypt's billionaire El-Sewedy family will supply the transformers for a giant New Zealand AI hub
Elsewedy Electric, controlled by Egypt's billionaire El-Sewedy family, will build the transformers for a planned New Zealand AI data centre.
Billionaire Femi Otedola spends another $14.9 million on First HoldCo as stake hits 27.5%
Femi Otedola bought 147.7 million First HoldCo shares at N140, lifting his stake to about 27.5% and his holding past 12.2 billion shares.
Cameroonian billionaire Paul Fokam Kammogne's Congolese bank is $117 million in the red
Afriland First Bank RDC has negative equity of $116.9 million four years after Paul Fokam Kammogne's group was pushed out by regulators.
Nigerian defense-tech startup Terra Industries closes Africa's largest seed round at $52 million
The Nigerian defense-technology company raised an additional $18 million to close what it called Africa's largest seed round, lifting the total to $52 million.
EFCC transfers $60 million recovered from Ernest Azudialu-Obiejesi's Nestoil to lenders
Nestoil has paid $60 million to its lenders under an EFCC-brokered plan, ten weeks after the Supreme Court dissolved its asset freeze.
Nigerian cocoa magnate Kayode Ogunsua ships 20,000 tonnes a year and owns $30 million FCMB stake
Kayode Ogunsua ships more than 20,000 tonnes of cocoa a year, and his company holds 3.43 billion FCMB shares worth $30 million.
Late Nigerian banker Herbert Wigwe's university has a fifth of the students he planned
Herbert Wigwe planned 1,400 students in his university's first year. As tributes marked his 60th birthday, it has about 300.
Dangote's sugar company raises $356 million in oversubscribed rights issue after years of losses
Aliko Dangote's Dangote Sugar Refinery has raised $356 million in an oversubscribed rights issue to cut debt and expand local production after years of losses.
Aliko Dangote's $5 billion refinery IPO will list in Nigeria alone for at least three years
Dangote's refinery has applied for a $5 billion IPO aimed at Nigerian retail investors, with no foreign listing for at least three years.
Madagascar's richest man Ylias Akbaraly attacks Elon Musk's layoffs in a new book
Madagascar's richest man Ylias Akbaraly criticises Elon Musk's mass layoffs in a new memoir, saying job cuts expose people to social death.
Esther Koimett becomes Middle East Bank Kenya's largest shareholder after inheriting Nicholas Biwott's stake
Esther Koimett, daughter of the late Kenyan billionaire and cabinet minister Nicholas Biwott, has emerged as Middle East Bank Kenya's largest individual shareholder with a 17.48% stake.
Aliko Dangote plans $17 billion refinery on Kenya's Lamu Island to end East Africa's fuel imports
Africa's richest man Aliko Dangote has selected Kenya's Lamu Island as the site for a $17 billion refinery that would transform East Africa's fuel supply.
High Court clears the way to distribute Simeon Nyachae's estate
A Kenyan court has dismissed a challenge by Simeon Nyachae's son, clearing the way to distribute the late politician's sprawling estate and business empire
Kenya signs $1.2 billion JKIA deal with China Road and Bridge; government says Chivayo firm did not bid
Chirchir stated that no Chivayo-linked company bid for the JKIA contract, naming China Road and Bridge Corporation as the signatory.
Family Bank founder Titus Muya and associates pocket $36.6 million paper gain as Kenyan lender surges 44% on NSE debut
Family Bank founder Titus Muya and his associates pocketed a $36.6 million paper gain as the Kenyan lender surged 44% on its NSE debut Tuesday.
Billionaire Rostam Aziz's Taifa Mining clears key hurdle at Tanzania gold project set for construction
Rostam Aziz's Taifa Mining has cleared a critical pre-construction drilling milestone at Lake Victoria Gold's fully permitted Imwelo gold project in Tanzania.
Tanzanian billionaire Edha Nahdi's cement bets pay off as EAPC profit jumps five-fold
Tanzanian tycoon Edhah Abdallah Munif's investments in Kenya's two biggest cement companies are already paying off handsomely, with both posting sharply improved financial results.
South African billionaire Christo Wiese says Ramaphosa should test every decision against jobs
Christo Wiese said President Cyril Ramaphosa should assess every decision by whether it creates jobs or destroys them.
South African billionaire Johann Rupert is funding title deeds for poor households
Johann Rupert has donated to and recapitalised Khaya Lam, which has transferred more than 21,000 title deeds to poor South African households.
South African billionaire Johann Rupert keeps control of Remgro as Ninety One takes 5%
Ninety One's clients have acquired 5.0156% of Remgro, worth about $310 million, though Johann Rupert's family retains voting control.
South African dealmaker Richard Ngwenya launches HoneyBadger Family Office to back fintech
The veteran South African investment banker has launched HoneyBadger Family Office, a Johannesburg platform focused on building and scaling fintech and financial services across Africa.
Zimbabwean billionaire Strive Masiyiwa directs Econet to create jobs for citizens returning from South Africa
Zimbabwean billionaire Strive Masiyiwa has directed his Econet group to create jobs for citizens returning home from South Africa, spanning construction, agriculture and mobile money.
Zimbabwean tycoon Billy Rautenbach may bid for the safari camp his rival was forced to leave
ZimParks will tender Chewore Lodge after courts voided Terry Kelly's lease. Billy Rautenbach's Big Five Safaris can bid for it.
Eswatini billionaire Nathan Kirsh crosses $20 billion, becoming the third African to reach the mark
Eswatini billionaire Nathan Kirsh has crossed $20 billion, becoming the third African past the mark, after selling his Restaurant Depot business to Sysco.
Brett and Mark Levy's Blu Label warns earnings will crater more than 80%, but only on paper
Blu Label, led by tycoons Brett and Mark Levy, expects earnings to fall more than 80% and swing to a loss for the year.
Morocco rejects plan to nationalise Ethiopian billionaire Mohammed Al-Amoudi's collapsed SAMIR refinery
Morocco's upper house has rejected a bid to nationalise the SAMIR refinery, the shuttered facility once owned by billionaire Mohammed Al-Amoudi that collapsed under $4 billion in debt.
Saudi-Ethiopian billionaire Mohammed Al Amoudi's MIDROC secures $80 million for Sheraton Addis upgrade
Mohammed Al-Amoudi's MIDROC Ethiopia has signed an $80 million IFC loan to refurbish the Sheraton Addis and build a second Sheraton hotel in Addis Ababa.
Qatar's billionaire Al-Khayyat family is bidding to build Africa's largest airport in Ethiopia
Qatar's Al-Khayyat family, through Power International Holding, is bidding to build Ethiopia's planned $12.5 billion Bishoftu airport and a 400-kilometre highway in the DRC.
Somali tycoon Amina Moghe Hersi's Atiak Sugar Factory has eaten $204 million and produced nothing in years. Uganda is demanding answers.
Uganda's parliament is demanding answers after Amina Moghe Hersi's Atiak Sugar Factory consumed $204 million in public and private funds without producing sugar in years.
Saudi-Ethiopian Mohammed Al-Amoudi is worth $9 billion on Bloomberg but missing from the Forbes 2026 billionaires list and here is why
Mohammed Al-Amoudi is worth $9.12 billion on Bloomberg but does not appear on the Forbes 2026 billionaires list. Here is why.
How Djiboutian tycoon Abdourahman Boreh helped Dubai build a port empire in the Horn of Africa, then became its most inconvenient witness
Abdourahman Boreh brokered DP World's entry into Djibouti, collected fees from both sides, then fled into exile as the whole deal unravelled.
Dahabshiil founder Abdirashid Duale pledges $150,000 as drought deepens in northern Somalia
Dahabshiil pledged $150,000 for drought relief in northern Somalia, with founder Abdirashid Duale urging faster action as shortages spread.
Ethiopia’s richest man Mohammed Al-Amoudi brings Carrefour into Ethiopia
Ethiopia’s richest man, Mohammed Al-Amoudi, brings Carrefour to 13 Midroc stores, marking the retailer’s first physical presence in Ethiopia.
Latest Posts
Wealthy Kenyan banker Gideon Muriuki is charged with fraud, not just failing to report it
Gideon Muriuki and Co-operative Bank face conspiracy to defraud counts alongside the failure-to-report charges halted by the High Court.
South African billionaire Christo Wiese says Ramaphosa should test every decision against jobs
Christo Wiese said President Cyril Ramaphosa should assess every decision by whether it creates jobs or destroys them.
South African billionaire Johann Rupert is funding title deeds for poor households
Johann Rupert has donated to and recapitalised Khaya Lam, which has transferred more than 21,000 title deeds to poor South African households.
California's billionaires have spent $40 million fighting a 5% tax on their fortunes
California billionaires have put nearly $40 million into defeating a ballot measure taxing fortunes above $1 billion at 5%.
Billionaire Michael Jordan's Last Dance jersey carries a $15 million estimate at Pharrell's auction house
JOOPITER, Pharrell Williams's auction house, will sell Michael Jordan's 1998 Finals Game 3 jersey with an estimate up to $15 million.
British school dropout James Dacombe is Europe's youngest self-made billionaire at 25
James Dacombe left school at 17 and now owns 30% of AI chip company Olix, valued at $3.3 billion after a $312 million raise.
South African billionaire Johann Rupert keeps control of Remgro as Ninety One takes 5%
Ninety One's clients have acquired 5.0156% of Remgro, worth about $310 million, though Johann Rupert's family retains voting control.
Billionaire Femi Otedola spends another $14.9 million on First HoldCo as stake hits 27.5%
Femi Otedola bought 147.7 million First HoldCo shares at N140, lifting his stake to about 27.5% and his holding past 12.2 billion shares.
Cameroonian billionaire Paul Fokam Kammogne's Congolese bank is $117 million in the red
Afriland First Bank RDC has negative equity of $116.9 million four years after Paul Fokam Kammogne's group was pushed out by regulators.
South African dealmaker Richard Ngwenya launches HoneyBadger Family Office to back fintech
The veteran South African investment banker has launched HoneyBadger Family Office, a Johannesburg platform focused on building and scaling fintech and financial services across Africa.
Billionaires Jeff Bezos and Facebook co-founder Eduardo Saverin buy into Liverpool FC in record $7.1 billion deal
Jeff Bezos and Facebook co-founder Eduardo Saverin have joined a billionaire consortium buying roughly 30% of Liverpool FC at a record $7.1 billion valuation, with an option to take majority control within a year.
Nigerian defense-tech startup Terra Industries closes Africa's largest seed round at $52 million
The Nigerian defense-technology company raised an additional $18 million to close what it called Africa's largest seed round, lifting the total to $52 million.
Billionaire Dylan Taylor says humans will commute to the moon by the early 2030s
Voyager Technologies founder Dylan Taylor says humans will be living and working on the moon by the early 2030s, with resource mining and orbital data centers among the first jobs up for grabs.
Mohamed Al-Fayed trafficking victims say Met Police failed to offer them legal protection they were owed
Four women allegedly trafficked by billionaire Mohamed Al-Fayed say Metropolitan Police officers broke the law by failing to refer them to the UK's National Referral Mechanism for trafficking victims.
Zimbabwean billionaire Strive Masiyiwa directs Econet to create jobs for citizens returning from South Africa
Zimbabwean billionaire Strive Masiyiwa has directed his Econet group to create jobs for citizens returning home from South Africa, spanning construction, agriculture and mobile money.
EFCC transfers $60 million recovered from Ernest Azudialu-Obiejesi's Nestoil to lenders
Nestoil has paid $60 million to its lenders under an EFCC-brokered plan, ten weeks after the Supreme Court dissolved its asset freeze.
