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Aliko Dangote reveals a 20,000MW power project and makes a $20 billion dividend promise in a wide-ranging conversation with IFC
Aliko Dangote revealed plans for a 20,000MW power project, a $20 billion dividend promise to African investors and confirmed his refinery has been tested beyond its 650,000 barrel nameplate capacity.
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Aliko Dangote reveals a 20,000MW power project and makes a $20 billion dividend promise in a wide-ranging conversation with IFC
Aliko Dangote revealed plans for a 20,000MW power project, a $20 billion dividend promise to African investors and confirmed his refinery has been tested beyond its 650,000 barrel nameplate capacity.
Access Holdings, controlled by Aigboje Aig-Imoukhuede, must sell down foreign subsidiaries within 12 months after new Central Bank rule
Access Holdings will reduce equity stakes in foreign subsidiaries within 12 months after the CBN ordered Nigerian banks to limit overseas equity investments to 10% of shareholders' funds.
Tanzanian billionaire Rostam Aziz says his Taifa Gas plant in Mombasa will open in months
Tanzanian billionaire Rostam Aziz says his Sh16 billion Taifa Gas LPG terminal in Mombasa's Dongo Kundu SEZ will open in coming months, breaking a duopoly that controls 98% of Kenya's cooking gas imports.
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The Inside Story: Hassan Allam Goes to Damascus — Egyptian Construction Capital Enters the Syrian Reconstruction Market
Hassan Allam met Syrian President al-Sharaa at the People's Palace on May 4, putting Egypt's 90-year-old construction giant at the front of a pan-Arab push into a $400 billion reconstruction market that Saudi, Qatari, Emirati, and Turkish firms have been positioning around for two years.
Executive Insight: The New African Tax Squeeze — Why African Governments Are Now Going Hard at High-Income Individuals, And What That Means for UHNW Wealth
ATAF released continental HNWI tax guidelines on April 27 as African revenue authorities scale up dedicated wealth-tax enforcement. Oxfam estimates the policy could raise $66 billion annually.
Investor Memo: The Dangote Refinery IPO and the Questions Elite Subscribers Should Ask Before May Subscription Opens
The Dangote Refinery IPO is on track to open subscription in May, with a Nigerian Exchange listing targeted between June and July. Today's Investor Memo lays out the structural questions Elite subscribers should be asking before the prospectus drops.
Egyptian billionaire Naguib Sawiris and Tarak Ben Ammar sell their loss-making Italian DTT multiplex for €2.5 million after bleeding €29 million in 2 years
Prima TV, co-owned by Naguib Sawiris and Tarak Ben Ammar, has sold its Italian digital terrestrial TV multiplex for €2.5 million after losing €29.5 million over 2 consecutive years.
Billionaire Othman Benjelloun's shipping company AML plans a Morocco-to-Canary Islands ferry route as it grows its fleet to 7 ships and adds France and Algeria crossings
Africa Morocco Link, co-owned by Othman Benjelloun's O Capital Group, plans a Morocco to Canary Islands route within 3 years as it expands its 2-ship fleet to 7 vessels.
King Mohammed VI gives Crown Prince Moulay Hassan his first real military job in a move that mirrors the king's own path to the throne 40 years ago
King Mohammed VI has appointed Crown Prince Moulay El Hassan as coordinator of Morocco's military general staff, giving the 22-year-old his first substantive role in the Royal Armed Forces.
Egyptian tycoon Hassan Allam meets Syria's President al-Sharaa in Damascus to discuss infrastructure and real estate investment
Egyptian construction billionaire Hassan Allam met Syrian President al-Sharaa in Damascus to explore real estate and infrastructure investment in post-war Syria.
Billionaire property developer Hisham Talaat Moustafa warns Egypt's new real estate fees could push project costs up by 15 percent
New Egyptian real estate fees could push project costs up by 15 percent, developers including Talaat Moustafa warn, adding to already elevated costs.
Egyptian billionaire Sawiris family-linked HOF Capital buys Porsche's Bugatti stake in a deal valuing the brand above $1 billion
HOF Capital, co-founded by Onsi Sawiris of Egypt's billionaire Sawiris dynasty, has led a consortium to buy Porsche's full 45% stake in Bugatti Rimac.
Moroccan tycoon Yariv Elbaz's Forafric is selling its flour business to billionaire Chakib Alj while announcing it wants to pivot to drones and AI
Nasdaq-listed Forafric is selling control of its Moroccan flour business to billionaire Chakib Alj while announcing a drone and AI pivot, one year after a formal going concern warning.
Algeria's richest man Issad Rebrab's Cevital is being sued in France over Brandt's liquidation
About 60 former Brandt employees plan to sue Cevital in 2 French courts in May, calling their dismissals abusive and seeking civil damages from Algeria's biggest private company.
Aliko Dangote reveals a 20,000MW power project and makes a $20 billion dividend promise in a wide-ranging conversation with IFC
Aliko Dangote revealed plans for a 20,000MW power project, a $20 billion dividend promise to African investors and confirmed his refinery has been tested beyond its 650,000 barrel nameplate capacity.
Access Holdings, controlled by Aigboje Aig-Imoukhuede, must sell down foreign subsidiaries within 12 months after new Central Bank rule
Access Holdings will reduce equity stakes in foreign subsidiaries within 12 months after the CBN ordered Nigerian banks to limit overseas equity investments to 10% of shareholders' funds.
Employees at billionaire Mahamadou Bonkoungou's EBOMAF in Gabon say they have gone a year without pay slips, health insurance
Workers at Ebomaf Group's Gabon construction sites staged a peaceful protest on May 4, alleging unpaid leave, missing pay slips for up to a year, no accident insurance and salary blackmail.
Nigerian oil trader Abdulrahman Bashar hit with worldwide asset freeze in $40 million default
A London court has frozen the worldwide assets of Nigerian oil trader Abdulrahman Musa Bashar after a $40 million judgment to Petrichor Energy went unpaid.
Nigerian oil tycoon Muhammadu Indimi receives honorary business doctorate from Delta State University
Delta State University has conferred an honorary business doctorate on oil tycoon Muhammadu Indimi, chairman of Oriental Energy Resources, at its 18th convocation in Abraka.
Nigerian tycoon Tunde Ayeni remanded at Kuje Prison as EFCC files 17-count $11.3 million fraud charge
Former Skye Bank chairman Tunde Ayeni was remanded at Kuje Prison on Monday after the EFCC arraigned him on a 17-count N15.6 billion fraud charge.
Billionaire Femi Otedola says he did not invest a single kobo in Dangote's refinery and calls the viral claim that he contributed $300 million "calculated mischief"
Femi Otedola has flatly denied investing in the Dangote Petroleum Refinery, calling a viral claim that he contributed $300 million "completely and utterly false" and "calculated mischief."
Idrissa Nassa's Coris Bank Posts 22% First-Quarter Profit Jump in West Africa Banking Expansion
Coris Bank, founded by Idrissa Nassa, posted a 22% rise in first-quarter profit in 2026, continuing its strong run across West Africa.
Tanzanian billionaire Rostam Aziz says his Taifa Gas plant in Mombasa will open in months
Tanzanian billionaire Rostam Aziz says his Sh16 billion Taifa Gas LPG terminal in Mombasa's Dongo Kundu SEZ will open in coming months, breaking a duopoly that controls 98% of Kenya's cooking gas imports.
Warren Buffett's foundation gives Kenya $29 million for a second straight year
Warren Buffett's Susan Thompson Buffett Foundation is giving Kenya Sh3.8 billion ($29.2 million) for a second consecutive year as Trump's USAID cuts leave a Sh24.9 billion hole in the health budget.
Billionaire Rostam Aziz calls on Kenya and Tanzania to build a single commercial system to compete for global capital
Tanzanian billionaire Rostam Aziz urged Kenya and Tanzania to move beyond trade to a single commercial system to draw the capital both economies need.
Billionaire Mohammed Al-Amoudi's MIDROC signs deal to build 10 Marriott hotels across Ethiopia
Mohammed Al-Amoudi's MIDROC Investment Group has signed a deal to develop 10 Marriott-branded hotels across Ethiopia with 1,140 keys opening by 2031.
Equity Life Assurance Kenya hits record Ksh1.24 billion profit in 2025
Equity Life Assurance Kenya posted a record Ksh1.24 billion profit after tax in 2025, driven by a 40% surge in gross written premiums and 19.2 million cumulative policies.
Uganda's motorsport community gather to honor Rajiv Ruparelia, son of billionaire Sudhir Ruparelia, one year after his death
Uganda's motorsport community gathered on May 3 to honor Rajiv Ruparelia, son of billionaire Sudhir Ruparelia, one year after his death.
Kenyan businesswoman Mary Wambui sues Google to scrub news articles about her $16.9 million tax fraud case from search results after the charges were dropped in 2023
Kenyan businesswoman Mary Wambui has sued Google in the High Court to remove search results about her Sh2.2 billion ($16.9 million) tax evasion case, which was dropped in January 2023.
Patrick Bitature's "hotels are just a laundry business" comment backfires as Ugandans remind him of his unresolved $10 million debt dispute
Patrick Bitature called hotels a "laundry business" in a viral video and was immediately met with scepticism from Ugandans who pointed to his unresolved $10 million debt dispute over hotel assets.
Zimbabwean billionaire Strive Masiyiwa's Cassava plans 20MW Joburg AI factory as Cape Town goes live
Strive Masiyiwa's Cassava Technologies is planning a 20MW AI factory in Johannesburg with 12,000 to 13,000 GPUs targeted across Africa as its Cape Town facility prepares to go live.
James Makamba's Telecel Zimbabwe stake is every buyer's biggest headache
Buying Telecel Zimbabwe means inheriting a tangle of ownership claims, including James Makamba's Kestrel Corporation stake and other unresolved competing interests.
Jason Quinn's Nedbank opens its $855 million bid for Kenya's NCBA and shareholders have six weeks to decide
Nedbank CEO Jason Quinn has opened a $855 million tender offer for a 66% controlling stake in Kenya's NCBA Group, one of the largest cross-border banking transactions in African history, with shareholders given until July 10 to respond.
Johann Rupert saved his father's car collection from oblivion and turned it into one of the Southern Hemisphere's finest museums
Johann Rupert rescued his father's historic car collection from closure in 2003 and turned it into the Franschhoek Motor Museum, now one of the finest collections in the Southern Hemisphere.
Evidence emerges that Zanu PF held a secret 45 percent stake in tycoon Kudakwashe Tagwirei's Sakunda Holdings
Leaked financial records partially support claims that Zanu PF held a hidden 45 percent stake in Kudakwashe Tagwirei's Sakunda Holdings.
Angolan tycoon Álvaro Sobrinho suspected of bribing Lisbon Appeal Court judge to free impounded property empire
Angolan-Portuguese businessman Álvaro Sobrinho is suspected of paying a Lisbon appeal court judge to release his impounded 80 million euro property empire.
South Africa's Mining BEE has created 46 billionaires whose identities the public does not know — Report
South Africa's mining BEE program has created at least 46 billionaires, but their names and accumulated wealth remain hidden from public view.
Residents of Jamestown, the old community hemmed in by Stellenbosch's billionaire estates, march against a mayor who didn't show up to collect their petition
Residents of Jamestown, a historic community inside South Africa's wealthiest municipality, marched on May 1 against gentrification and municipal neglect as the mayor failed to show up for their petition.
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.
Ethiopia’s richest man Mohammed Al-Amoudi sees wealth rebound past $8.1 billion
Mohammed Al-Amoudi’s net worth rebounds to more than $8.1 billion after a $2.42 billion gain tied to his stake in Preem.
Somali e-visa controversy: Ismail Ahmed points to Premier Bank involvement
Ismail Ahmed claims Premier Bank helped design Somalia’s e-visa system and benefits from visa fees through Empire Tech Solutions.
Ahmed Osman Guelleh, one of Djibouti's richest men, recalibrates for a tougher market
Ahmed Osman Guelleh built a logistics and beverage empire around Djibouti’s ports and Somaliland’s Coca-Cola plant. Now competition is testing his hold.
Somali businessman Abdiweli Hassan to invest $503 million in Kenya’s Tatu City
Somali businessman Abdiweli Hassan plans a $503 million mixed-use project at Kenya’s Tatu City, expanding his footprint from retail into urban development.
Latest Posts
Aliko Dangote reveals a 20,000MW power project and makes a $20 billion dividend promise in a wide-ranging conversation with IFC
Aliko Dangote revealed plans for a 20,000MW power project, a $20 billion dividend promise to African investors and confirmed his refinery has been tested beyond its 650,000 barrel nameplate capacity.
Access Holdings, controlled by Aigboje Aig-Imoukhuede, must sell down foreign subsidiaries within 12 months after new Central Bank rule
Access Holdings will reduce equity stakes in foreign subsidiaries within 12 months after the CBN ordered Nigerian banks to limit overseas equity investments to 10% of shareholders' funds.
African Wealth Briefing — Wed., May 6, 2026
Nestoil's $2 billion bad debt forces the CBN to suspend dividends at UBA, Access, and FCMB; MTN Nigeria Q1 profit jumps 166 percent; GTCO's Segun Agbaje pivots toward payments, wealth, and ecosystem businesses; Al-Amoudi's MIDROC signs a 10-hotel Ethiopia deal with First Group Hospitality.
Tanzanian billionaire Rostam Aziz says his Taifa Gas plant in Mombasa will open in months
Tanzanian billionaire Rostam Aziz says his Sh16 billion Taifa Gas LPG terminal in Mombasa's Dongo Kundu SEZ will open in coming months, breaking a duopoly that controls 98% of Kenya's cooking gas imports.
Egyptian billionaire Naguib Sawiris and Tarak Ben Ammar sell their loss-making Italian DTT multiplex for €2.5 million after bleeding €29 million in 2 years
Prima TV, co-owned by Naguib Sawiris and Tarak Ben Ammar, has sold its Italian digital terrestrial TV multiplex for €2.5 million after losing €29.5 million over 2 consecutive years.
Employees at billionaire Mahamadou Bonkoungou's EBOMAF in Gabon say they have gone a year without pay slips, health insurance
Workers at Ebomaf Group's Gabon construction sites staged a peaceful protest on May 4, alleging unpaid leave, missing pay slips for up to a year, no accident insurance and salary blackmail.
Is LeBron James really a billionaire? Celebrity Net Worth says no
Celebrity Net Worth says LeBron James is worth $800 million, not the $1.2 billion Forbes claims, arguing the collapse of SpringHill and flawed wealth math have created a false billionaire narrative.
Warren Buffett's foundation gives Kenya $29 million for a second straight year
Warren Buffett's Susan Thompson Buffett Foundation is giving Kenya Sh3.8 billion ($29.2 million) for a second consecutive year as Trump's USAID cuts leave a Sh24.9 billion hole in the health budget.
Karl Toriola steers MTN Nigeria to a ₦1.5 trillion Q1 record
MTN Nigeria's Q1 profit jumped 166% to ₦355.5 billion as service revenue hit a record ₦1.5 trillion, lifting its share price to ₦870.
Segun Agbaje's GTCO posts ₦302.9bn Q1 profit on income shift
GTCO's Q1 pretax profit edged up 0.9% to ₦302.9 billion as group chief executive Segun Agbaje pivots earnings toward payments, wealth and ecosystem businesses.
The Inside Story: Hassan Allam Goes to Damascus — Egyptian Construction Capital Enters the Syrian Reconstruction Market
Hassan Allam met Syrian President al-Sharaa at the People's Palace on May 4, putting Egypt's 90-year-old construction giant at the front of a pan-Arab push into a $400 billion reconstruction market that Saudi, Qatari, Emirati, and Turkish firms have been positioning around for two years.
Executive Insight: The New African Tax Squeeze — Why African Governments Are Now Going Hard at High-Income Individuals, And What That Means for UHNW Wealth
ATAF released continental HNWI tax guidelines on April 27 as African revenue authorities scale up dedicated wealth-tax enforcement. Oxfam estimates the policy could raise $66 billion annually.
Ibrahim Mahama took over Damang Mine weeks ago. His first act was to sell every gram of gold to Ghana's central bank
Ibrahim Mahama's Damang Gold Mine has sold its entire first gold output of 110 kilograms, worth roughly $11.8 million, to the Ghana Gold Board for the Bank of Ghana's reserve programme.
Nigerian oil trader Abdulrahman Bashar hit with worldwide asset freeze in $40 million default
A London court has frozen the worldwide assets of Nigerian oil trader Abdulrahman Musa Bashar after a $40 million judgment to Petrichor Energy went unpaid.
Zenith Bank's founder Jim Ovia has retired as chairman after 36 years of building Nigeria's most profitable lender
Jim Ovia has retired as Zenith Bank chairman after completing the mandatory 12-year tenure under CBN governance guidelines, with Mustafa Bello approved to take over the chairmanship.
Nigerian oil tycoon Muhammadu Indimi receives honorary business doctorate from Delta State University
Delta State University has conferred an honorary business doctorate on oil tycoon Muhammadu Indimi, chairman of Oriental Energy Resources, at its 18th convocation in Abraka.
