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UBA shares drop 10% in early morning trading as investors punish the bank for withholding dividends, wiping N34.7 billion off Tony Elumelu's stake
UBA shares fell 10% Monday after the bank declared no final dividend for FY2025, erasing N34.7 billion from Tony Elumelu's stake in a single morning session.
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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.
UBA shares drop 10% in early morning trading as investors punish the bank for withholding dividends, wiping N34.7 billion off Tony Elumelu's stake
UBA shares fell 10% Monday after the bank declared no final dividend for FY2025, erasing N34.7 billion from Tony Elumelu's stake in a single morning session.
Nigerian billionaire Abdul Samad Rabiu's fortune jumps $2.8 billion in weeks as record profits from BUA Foods push his wealth past $14 billion
Abdul Samad Rabiu's net worth has surged from $11.2 billion to over $14 billion in weeks, driven by an 83% rally in BUA Cement shares and record BUA Foods profits.
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The Sawiris Exit: What Africa’s Richest Man Leaving London Tells Us About Where Billionaire Wealth Is Moving
Nassef Sawiris has closed his London family office, completing a two-year exit triggered by the end of the non-dom tax status. We map the full timeline, what it means for every African UHNWI with London structures, and where billionaire wealth is moving.
Exclusive Briefing: Where Does $17 Billion Go? The Kirsh Repatriation Question and What It Means for Southern African Capital Markets
Nathan Kirsh is about to become the most liquid billionaire Africa has ever produced. The $29.1 billion Sysco deal will generate approximately $17 billion in personal proceeds — and the question every private bank in southern Africa is asking is where it goes.
Deep-Dive Report: The Capital Markets Moment — How Nigeria’s FTSE Upgrade, the Dangote IPO, and Seplat’s N10,000 Are Reshaping African Equity Markets
The FTSE upgrade, the Dangote IPO, Seplat's N10,000 milestone, and a $4.61 trillion banking recapitalization all landed in the same month — we map how the infrastructure being built now will outlast any single listing.
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.
How Algerian billionaire Issad Rebrab's $400 million steelworks gamble in Italy collapsed and took his Brazil iron ore dream down with it
Issad Rebrab bought a struggling Italian steelworks in 2015 and planned a $400 million revival. Three years later, he sold it and his Brazil iron ore plan collapsed with it.
Billionaire Naguib Sawiris pours another $400 million into gold as geopolitical tensions push him to cut Egypt real estate
Naguib Sawiris has added $400 million to his gold investments since the start of the current geopolitical tensions, while cutting Egypt real estate and expanding in the UAE.
Egyptian billionaire Nassef Sawiris formally closes his London family office, completing a UK exit triggered by the end of the non-dom tax status
Nassef Sawiris has formally closed his London family office NNS Advisers, completing a multi-step UK departure triggered by the end of the non-dom tax regime.
Moroccan billionaire Othman Benjelloun opens Morocco's tallest tower in Sale after 8 years of construction
Morocco's tallest building, a $700 million rocket-shaped skyscraper backed by billionaire Othman Benjelloun, has opened in Sale after 8 years of construction.
Egyptian billionaire Samih Sawiris teams up with Emirati investors to deploy $235 million into a coastal tourism megaproject in Morocco's Essaouira
Egyptian billionaire Samih Sawiris has joined UAE-based Al Nowais Investments and Egypt's Sunrise Group to deploy $235 million into a coastal tourism project in Essaouira, Morocco.
Egyptian billionaire Hisham Talaat Moustafa's TMG unveils a $27 billion AI-powered city in east Cairo with underground roads and 165 towers
Egypt's Talaat Moustafa Group has unveiled The Spine, a $27 billion mixed-use city east of Cairo billed as the first AI-powered cognitive city in the Middle East.
UBA shares drop 10% in early morning trading as investors punish the bank for withholding dividends, wiping N34.7 billion off Tony Elumelu's stake
UBA shares fell 10% Monday after the bank declared no final dividend for FY2025, erasing N34.7 billion from Tony Elumelu's stake in a single morning session.
Nigerian billionaire Abdul Samad Rabiu's fortune jumps $2.8 billion in weeks as record profits from BUA Foods push his wealth past $14 billion
Abdul Samad Rabiu's net worth has surged from $11.2 billion to over $14 billion in weeks, driven by an 83% rally in BUA Cement shares and record BUA Foods profits.
Tycoon Cosmas Maduka says a South-East seaport will end Lagos's grip on Nigeria's economy
Coscharis Group chairman Cosmas Maduka says a South-East seaport would end Lagos's monopoly on Nigeria's import and export economy and force the city to compete.
Tony Elumelu's UBA posts N405 billion profit in 2025
UBA posted N405 billion profit in 2025, down 47% from N767 billion in 2024, as the FX trading gains that padded last year's earnings reversed sharply.
Nigerian businessman Tunde Ayeni arrested by EFCC over alleged diversion of N36.5 billion and $30 million from Polaris Bank
The EFCC has arrested former Skye Bank chairman Tunde Ayeni in Abuja over the alleged diversion of N36.5 billion and $30 million from Polaris Bank through companies linked to him.
Nigerian billionaire Dahiru Mangal's cement company earns 3 ISO certifications less than 2 years after its $1.5 billion plant in Kogi State began operations
Mangal Industries has earned 3 ISO certifications for quality, environment and worker safety less than 2 years after its $1.5 billion cement plant in Kogi State began production.
Indian billionaire Mukesh Ambani's Africa 5G bet is live in Ghana but retail consumers still cannot access it as regulatory disputes linger
Mukesh Ambani's Reliance unit Radisys is powering Ghana's first 5G backbone, now commercially live but entangled in licensing debt and government scepticism.
Nigerian Billionaire Deji Adeleke donates N500 million to launch Osun Security Trust Fund
Billionaire Deji Adeleke, father of music star Davido, has donated N500 million to the Osun State Security Trust Fund launched by his brother Ademola.
Indian billionaire Gautam Adani is building an African port empire but a US bribery indictment has already cost him Kenya's biggest airport and $2.5 billion in deals
Adani Group controls Tanzania's biggest container terminal and is eyeing South Africa's ports, but a US bribery indictment already derailed $2.5 billion in Kenya deals.
Kenya's Co-op Bank, controlled by Gideon Muriuki, restructures into holding company for expansion
Co-operative Bank of Kenya plans to restructure into a holding company called Co-opbank Group PLC, separating its banking operations from group activities as it eyes regional expansion.
Equity CEO James Mwangi warns Africa faces a food and economic crisis within 3 years as fuel shocks, fertiliser disruption and debt stress converge
Equity Group CEO James Mwangi warned at the IMF Spring Meetings that Africa faces a serious food and economic crisis within 3 years as converging shocks bite.
Africa's richest man Aliko Dangote offers to build East Africa a refinery as big as Lagos
Aliko Dangote has offered to build a refinery in Tanzania matching his Lagos plant's scale, with Kenya and Uganda backing the plan at a Nairobi infrastructure summit.
Meet Godfrey Kirumira: the boy who sold cigarettes at 12 and built one of Uganda's biggest business empires
Godfrey Kirumira started trading cigarettes at 12 on the streets of Kampala. Today he chairs the club of Uganda's richest tycoons.
Uganda's richest man appoints daughter to council seat of Victoria University following his son's death
Victoria University has appointed Meera Ruparelia to its University Council, replacing her late brother Rajiv Ruparelia who died in a road accident in May 2025.
Kenyan billionaire Mohamed Jaffer allegedly manufactured a national petroleum crisis to pocket millions of dollars
Kenyan Senate investigation has named Mombasa tycoon Mohamed Jaffer and 2 state officials in an alleged scheme to manufacture the country's worst fuel crisis in 3 years.
King Mswati III turns 40 years on the throne this week and the sovereign wealth fund meant to benefit the Swazi people runs as his personal family office
As Africa's last absolute monarch marks 40 years on the throne, critics say Tibiyo Taka Ngwane, Eswatini's sovereign wealth fund, functions as King Mswati's personal family office.
Optasia investors are unsettled as founder Bassim Haidar exits most of his stake
Optasia founder Bassim Haidar has cut his JSE stake from 19% to 1.5% within months of listing, while a related-party acquisition and Nigeria suspension rattle investors.
61-year old South African businessman Adrian Gore ran the Boston Marathon and wrote a new book while leading Discovery
Discovery co-founder and CEO Adrian Gore ran the Boston Marathon in 3:31:16 at age 61 and finished writing his upcoming book The Four Principles.
Elon Musk just told 4 million Tesla owners their cars will never fully drive themselves without a hardware swap
Elon Musk has confirmed that roughly 4 million Tesla vehicles with Hardware 3 cannot achieve unsupervised Full Self-Driving, reversing years of promises that a software update would be enough.
Johann Rupert just completed a six-year exit from South Africa's biggest bank. Here is where he is putting the money
Johann Rupert's Remgro has sold its final FirstRand shares for R3.6 billion, completing a six-year exit from South Africa's biggest bank and redirecting capital toward private assets.
South African tycoon Tokyo Sexwale's name enters the race to succeed Cyril Ramaphosa as ANC president
A KwaZulu-Natal lobby group has entered Tokyo Sexwale's name in the race to succeed Cyril Ramaphosa as ANC president ahead of the party's 2027 elective conference.
South African billionaire Christo Wiese’s stake in Blue Ribbon owner diluted after R6bn RFG deal
South African billionaire Christo Wiese has seen his stake in Premier Group, owner of Blue Ribbon bread, reduced after the company’s nearly R6 billion acquisition of RFG Holdings.
Johann Rupert's Remgro trades at a R38 billion discount and investors are growing impatient
Johann Rupert's Remgro is trading at a nearly 46% discount to its intrinsic net asset value, a R38 billion gap that investors want closed.
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
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.
UBA shares drop 10% in early morning trading as investors punish the bank for withholding dividends, wiping N34.7 billion off Tony Elumelu's stake
UBA shares fell 10% Monday after the bank declared no final dividend for FY2025, erasing N34.7 billion from Tony Elumelu's stake in a single morning session.
The Sawiris Exit: What Africa’s Richest Man Leaving London Tells Us About Where Billionaire Wealth Is Moving
Nassef Sawiris has closed his London family office, completing a two-year exit triggered by the end of the non-dom tax status. We map the full timeline, what it means for every African UHNWI with London structures, and where billionaire wealth is moving.
Nigerian billionaire Abdul Samad Rabiu's fortune jumps $2.8 billion in weeks as record profits from BUA Foods push his wealth past $14 billion
Abdul Samad Rabiu's net worth has surged from $11.2 billion to over $14 billion in weeks, driven by an 83% rally in BUA Cement shares and record BUA Foods profits.
African Wealth Briefing — Mon., April 27, 2026
Issad Rebrab's $400 million Italian steelworks gamble collapsed and took his Brazil iron ore dream down with it, and Gideon Muriuki's Co-op Bank restructures into a holding company as it positions for regional expansion across East Africa.
Indian billionaire Gautam Adani is building an African port empire but a US bribery indictment has already cost him Kenya's biggest airport and $2.5 billion in deals
Adani Group controls Tanzania's biggest container terminal and is eyeing South Africa's ports, but a US bribery indictment already derailed $2.5 billion in Kenya deals.
Shaquille O'Neal is on track to billionaire status as Big Chicken goes from 40 locations to 350 in development and Reebok gives him a corner office
Shaquille O'Neal earns $95 million a year and is worth $500 million. His Big Chicken has 350 locations in development and he holds a stake in a $20 billion brand empire.
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.
African Wealth Briefing — Sun., April 26, 2026
Michiel Le Roux's Capitec crosses $1 billion in profit for the first time as its client base hits 26 million, and King Mswati III marks 40 years on the eSwatini throne while the sovereign wealth fund meant to benefit the Swazi people operates as his personal family office.
Kenya's Co-op Bank, controlled by Gideon Muriuki, restructures into holding company for expansion
Co-operative Bank of Kenya plans to restructure into a holding company called Co-opbank Group PLC, separating its banking operations from group activities as it eyes regional expansion.
How Algerian billionaire Issad Rebrab's $400 million steelworks gamble in Italy collapsed and took his Brazil iron ore dream down with it
Issad Rebrab bought a struggling Italian steelworks in 2015 and planned a $400 million revival. Three years later, he sold it and his Brazil iron ore plan collapsed with it.
South African billionaire Michiel Le Roux's Capitec posts $1 billion profit as client base crosses 26 million for first time
Michiel Le Roux's Capitec Bank has posted $1.02 billion in full-year profit, a 23% rise, as its active client base surpassed 26 million for the first time.
Serena Williams signs a multi-year deal with Heineken 0.0 to front a global padel campaign built around everyday sport, not elite performance
Serena Williams has signed a multi-year deal as global ambassador for Heineken 0.0, fronting a padel campaign that kicked off in Miami with recreational players on court.
King Mswati III turns 40 years on the throne this week and the sovereign wealth fund meant to benefit the Swazi people runs as his personal family office
As Africa's last absolute monarch marks 40 years on the throne, critics say Tibiyo Taka Ngwane, Eswatini's sovereign wealth fund, functions as King Mswati's personal family office.
Tycoon Cosmas Maduka says a South-East seaport will end Lagos's grip on Nigeria's economy
Coscharis Group chairman Cosmas Maduka says a South-East seaport would end Lagos's monopoly on Nigeria's import and export economy and force the city to compete.
10 Black celebrities who built their own liquor empires
From Jay-Z's champagne empire to Beyoncé's whisky debut, these 10 Black celebrities have turned alcohol ventures into serious, bankable businesses.
