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Kenya's wealthy Ndegwa banking family pays $66 million to regain full control of insurer
The Ndegwa family will pay Sh8.5 billion to buy back the ICEA Lion stake it sold to LeapFrog and Prudential for Sh2.4 billion.
Editors' Picks
South African billionaire Koos Bekker loses $800 million as Naspers, Prosus fall
Koos Bekker's fortune has dropped $800 million to $3.2 billion since January, as shares of Naspers and Prosus fell more than 35%.
South African billionaire Nicky Oppenheimer's $15 billion empire after De Beers
Nicky and Jonathan Oppenheimer have turned the family's De Beers payout into stakes in Nigerian cans, cancer clinics, Moroccan furniture and a private airport terminal.
Ghanaian alcohol tycoon Kwabena Adjei is building a 27-storey luxury tower in Accra
Kwabena Adjei's Capemay Properties is building Selton Skye, a twin-tower Accra development where three-bedroom apartments start at $565,000, according to its sales brochure.
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The Inside Story: The Long Way Back — How Sudhir Ruparelia Was Expelled From Uganda at 16, Came Home With $25,000 and Built Its Largest Indigenous Bank
Expelled from Uganda at 16, Sudhir Ruparelia came home in 1985 with $25,000, opened the country's first licensed forex bureau and built its largest indigenous bank. Then the central bank took it over. As his London trial opens today, the story of the man and the bank.
Deep-Dive Report: The New Lenders of West Africa — As Société Générale Leaves Ghana, Morocco's Royal-Backed Attijariwafa Moves In
Société Générale is leaving Ghana and Attijariwafa is arriving. One by one, French banks are selling their African subsidiaries to African buyers, and the most ambitious buyer is Moroccan and royal-backed. What the shift means for who finances West Africa.
Investor Memo: The State as Shareholder — Why Aliko Dangote Is Offering East African Governments 30% of His Lamu Refinery
Aliko Dangote is offering East African governments 30% of his Lamu refinery, with Kenya weighing about $500 million for 10%. Why Africa's richest man wants states as co-owners of a $16 billion asset, what that protects, what it costs, and what building in Lagos taught him.
Moroccan billionaire Aziz Akhannouch’s Afriquia Gaz posts MAD370 million profit in first half of 2026
Moroccan billionaire Aziz Akhannouch’s Afriquia Gaz reported MAD370.2 million in consolidated net profit for the first half of 2026, up 0.5% year on year.
Egyptian businessman Ahmed Heikal's Qalaa Holdings to raise $74 million to clear bank debts and double refinery stake
Egyptian tycoon Ahmed Heikal’s Qalaa Holdings will seek approval for a EGP3.87 billion capital raise to expand energy investments and strengthen its finances.
Late Moroccan billionaire Miloud Chaabi's heirs remain divided 10 years on
Ten years after Miloud Chaabi died, his heirs are still at odds over Ynna Holding, while the conglomerate's subsidiaries are run by independent managers.
Moroccan tycoon Moncef Belkhayat builds $10.7 million logistics hub in Agadir
Moncef Belkhayat's La Voie Express Group will spend 100 million dirhams on a logistics hub near Agadir, its second site in the region.
Moroccan King Mohammed VI's bank to take control of Société Générale Ghana
Attijariwafa Bank, in which King Mohammed VI's family holds the largest stake through Al Mada, will buy 55.22% of Société Générale Ghana.
Moroccan billionaire Moulay Hafid Elalamy's Saham Bank posts $95 million profit
Saham Bank, owned by Moroccan billionaire Moulay Hafid Elalamy, lifted first half profit 15.5% to $95 million as lending, fees and revenue all grew.
Egypt's fintech unicorn MNT-Halan to sell 20% stake in Cairo IPO
MNT-Halan, Egypt's first fintech unicorn, will sell 20% of its Egyptian business on the EGX in one of the country's largest IPOs in years.
Billionaire Othman Benjelloun's Bank of Africa lifts first-half profit 10% to $261 million
Othman Benjelloun's Bank of Africa lifted first-half profit 10% to 2.5 billion dirhams as lower bad-loan charges offset a 37% fall in trading income.
Ghanaian alcohol tycoon Kwabena Adjei is building a 27-storey luxury tower in Accra
Kwabena Adjei's Capemay Properties is building Selton Skye, a twin-tower Accra development where three-bedroom apartments start at $565,000, according to its sales brochure.
Nigerian pharma tycoon Fidelis Ayebae's Fidson picked to make Roche flu drug
Fidson Healthcare, founded by Fidelis Ayebae, is one of 11 drugmakers chosen to produce a generic version of Roche's influenza drug baloxavir.
Nigerian billionaire Ladi Jadesimi's LADOL to develop oil base in Liberia
Ladi Jadesimi's LADOL will help Liberia's state oil company study, build and run a shore base in Buchanan to serve offshore drilling.
Cameroonian billionaire Baba Danpullo's fight with MTN Cameroon drags on
MTN Cameroon's court-frozen cash fell 53% in 2025 as its legal battle with billionaire Baba Danpullo's Bestinver group continued in the courts.
Africa's richest man Aliko Dangote eyes Egypt after talks with el-Sisi
Aliko Dangote met Egyptian President Abdel Fattah el-Sisi to discuss investing in Egypt's energy, fertilizer and cement sectors, and asked for state support.
Africa's richest man Aliko Dangote blames oil firms for Kenya refinery protests
Aliko Dangote says local fuel marketers and international oil companies are behind protests against his $16 billion refinery in Lamu, Kenya.
How Nigerian businessman Chris Iyovwaye went from nurse to building a $20 million oil logistics firm
Chris Iyovwaye went from auxiliary nurse to founder of Wellmann Group, an oil services firm reporting over $20 million in yearly turnover.
How Indian tycoon Peeyush Garg built a $74 million-a-year FMCG empire in Nigeria
Peeyush Garg built Daraju from a Ladipo Street trading business into a maker of MYMY toothpaste with ₦111 billion in annual sales.
Sudanese-British billionaire Mo Ibrahim tells Zambia's president not to waste his first term
Mo Ibrahim told Zambia's Hakainde Hichilema not to waste his first-term progress, citing arrests, the death of a former MP and court closures.
Billionaires Narendra Raval, Edha Nahdi bet $600 million on clinker as Sarbjit Rai enters cement business
Narendra Raval's West Pokot plant and Edha Nahdi's Kwale project commit roughly Sh77 billion ($600m) to clinker, the input East Africa has always imported. Now Sarbjit Singh Rai has filed for a third plant in Nyeri.
President Paul Kagame says Rwanda wants a stake in Dangote's $16 billion Kenyan refinery
Rwanda's President Paul Kagame has confirmed his country is in early talks about taking a stake in Aliko Dangote's planned $16 billion Lamu oil refinery, saying Rwanda would be "very happy" to participate.
Aliko Dangote offers Kenya a $500 million stake in $20 billion Lamu refinery as September groundbreaking nears
Aliko Dangote has offered Kenya a $500 million stake in his planned $20 billion Lamu oil refinery, with groundbreaking now targeted for September as East African governments weigh their participation.
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
South African billionaire Koos Bekker loses $800 million as Naspers, Prosus fall
Koos Bekker's fortune has dropped $800 million to $3.2 billion since January, as shares of Naspers and Prosus fell more than 35%.
South African billionaire Nicky Oppenheimer's $15 billion empire after De Beers
Nicky and Jonathan Oppenheimer have turned the family's De Beers payout into stakes in Nigerian cans, cancer clinics, Moroccan furniture and a private airport terminal.
Discovery founder Adrian Gore and top executives sell $7 million in shares
Nine Discovery executives, including founder Adrian Gore, sold R117.9 million ($7.1 million) of shares after long-term incentive awards vested in September.
South African tycoon Ipeleng Mkhari's Motseng wins share of Gautrain deal
Ipeleng Mkhari's Motseng, through a joint venture with AIIM, is part of the consortium that will run South Africa's Gautrain from 2026 to 2041.
Zimbabwe investigates helicopter crash that killed Wicknell Chivayo
Zimbabwe's aviation authority is investigating the helicopter crash that killed Wicknell Chivayo and his wife, saying fuel spilled on impact before a fire broke out.
Wicknell Chivayo, 1980-2026: The Man Who Showed You Everything
He went to prison at 24, built an energy company, won close to a billion dollars of state contracts, gave away Mercedes-Benzes on camera and stood beside half a dozen presidents and a king. Wicknell Chivayo died on Wednesday in a helicopter crash, aged 45. Zimbabwe cannot agree what it has lost.
Malawian billionaires Thom Mpinganjira and Hitesh Anadkat lose $134 million in Q3 as bank shares fall
Thom Mpinganjira and Hitesh Anadkat lost a combined $134 million in the third quarter as FDH Bank and FMB Capital shares fell.
South African billionaire Piet Mouton loses $130 million on Capitec shares in third quarter
Piet Mouton's Capitec stake lost $130 million in the third quarter as shares of South Africa's biggest retail bank fell 7%.
Ethiopian billionaire Mohammed Al-Amoudi's failed refinery cost Morocco $7 billion
Mohammed Al-Amoudi bought Morocco's only refinery for 4 billion dirhams in 1997. It shut in 2015 owing over $4 billion and has never reopened.
Billionaire Mohammed Al-Amoudi orders his conglomerate to hire 40,000 more Ethiopians
Mohammed Al-Amoudi has instructed MIDROC's chief executive to lift the workforce from about 80,000 to between 100,000 and 120,000 employees.
Tewodros Ashenafi is the man foreign companies use to get into Ethiopia
Tewodros Ashenafi was the local partner on Ethiopia's largest privatisation, a $1.4 billion tobacco deal, and co-owns Ambo with Coca-Cola.
Ethiopian billionaire Mohammed Al-Amoudi is rebuilding his gold business in a new region
MIDROC has ordered Austrian machinery for a plant treating 1.25 million tonnes of ore a year, eight years after Ethiopia suspended its main mine.
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.
Latest Posts
Kenya's wealthy Ndegwa banking family pays $66 million to regain full control of insurer
The Ndegwa family will pay Sh8.5 billion to buy back the ICEA Lion stake it sold to LeapFrog and Prudential for Sh2.4 billion.
Moroccan billionaire Aziz Akhannouch’s Afriquia Gaz posts MAD370 million profit in first half of 2026
Moroccan billionaire Aziz Akhannouch’s Afriquia Gaz reported MAD370.2 million in consolidated net profit for the first half of 2026, up 0.5% year on year.
Indian billionaire Mukesh Ambani’s Jio Platforms sets October 21 launch for $3.8 billion IPO
Indian billionaire Mukesh Ambani’s Jio Platforms plans to launch a $3.8 billion IPO on October 21, with shares expected to list on October 28.
Egyptian businessman Ahmed Heikal's Qalaa Holdings to raise $74 million to clear bank debts and double refinery stake
Egyptian tycoon Ahmed Heikal’s Qalaa Holdings will seek approval for a EGP3.87 billion capital raise to expand energy investments and strengthen its finances.
South African billionaire Koos Bekker loses $800 million as Naspers, Prosus fall
Koos Bekker's fortune has dropped $800 million to $3.2 billion since January, as shares of Naspers and Prosus fell more than 35%.
South African billionaire Nicky Oppenheimer's $15 billion empire after De Beers
Nicky and Jonathan Oppenheimer have turned the family's De Beers payout into stakes in Nigerian cans, cancer clinics, Moroccan furniture and a private airport terminal.
Ghanaian alcohol tycoon Kwabena Adjei is building a 27-storey luxury tower in Accra
Kwabena Adjei's Capemay Properties is building Selton Skye, a twin-tower Accra development where three-bedroom apartments start at $565,000, according to its sales brochure.
Late Moroccan billionaire Miloud Chaabi's heirs remain divided 10 years on
Ten years after Miloud Chaabi died, his heirs are still at odds over Ynna Holding, while the conglomerate's subsidiaries are run by independent managers.
Nigerian pharma tycoon Fidelis Ayebae's Fidson picked to make Roche flu drug
Fidson Healthcare, founded by Fidelis Ayebae, is one of 11 drugmakers chosen to produce a generic version of Roche's influenza drug baloxavir.
Nigerian billionaire Ladi Jadesimi's LADOL to develop oil base in Liberia
Ladi Jadesimi's LADOL will help Liberia's state oil company study, build and run a shore base in Buchanan to serve offshore drilling.
Binance founder Changpeng Zhao says he's worth far less than $100 billion
Binance founder Changpeng Zhao says he is worth $10 billion to $30 billion, far below Forbes' estimate of more than $100 billion.
Egyptian billionaire Naguib Sawiris bids for five more gold blocks in Egypt
Billionaire Naguib Sawiris has bid for five more gold exploration blocks in Egypt's Eastern Desert as his Wa'al project defines an inferred 1 million ounces ahead of an October scoping study.
Cameroonian billionaire Baba Danpullo's fight with MTN Cameroon drags on
MTN Cameroon's court-frozen cash fell 53% in 2025 as its legal battle with billionaire Baba Danpullo's Bestinver group continued in the courts.
African Wealth Briefing — Mon., Oct. 5, 2026
Sudhir Ruparelia's nine-year fight over Crane Bank reaches a London courtroom today, with his family seeking at least $225 million. Morocco's royal-backed Attijariwafa is buying Société Générale out of Ghana. And Aliko Dangote is offering East African governments 30% of his Kenyan refinery.
The Inside Story: The Long Way Back — How Sudhir Ruparelia Was Expelled From Uganda at 16, Came Home With $25,000 and Built Its Largest Indigenous Bank
Expelled from Uganda at 16, Sudhir Ruparelia came home in 1985 with $25,000, opened the country's first licensed forex bureau and built its largest indigenous bank. Then the central bank took it over. As his London trial opens today, the story of the man and the bank.
Deep-Dive Report: The New Lenders of West Africa — As Société Générale Leaves Ghana, Morocco's Royal-Backed Attijariwafa Moves In
Société Générale is leaving Ghana and Attijariwafa is arriving. One by one, French banks are selling their African subsidiaries to African buyers, and the most ambitious buyer is Moroccan and royal-backed. What the shift means for who finances West Africa.
