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Nigerian Government approves Seplat’s $1.28 billion acquisition of ExxonMobil assets
Seplat Energy receives Nigerian Government approval for $1.28 billion purchase of ExxonMobil onshore assets.
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Egyptian billionaire Nassef Sawiris gains £810 million as Aston Villa thrives in UEFA Champions League
Egyptian billionaire and Aston Villa co-owner Nassef Sawiris has experienced a remarkable financial surge, seeing his personal wealth increase by £810 million over the past 12 months.
Hotel mogul Henry Akinduro challenges EFCC's 'unlawful' wanted declaration with $3-million lawsuit
Hotel mogul Henry Akinduro sues EFCC for N5 billion ($3 million), challenging an 'unlawful' wanted declaration. He claims fraud allegations stem from a civil business dispute.
Flour Mills plans $1-billion investment in Nigeria over four years
The announcement follows a move by its majority shareholder, Excelsior Shipping Company, to buy out minority shareholders and take the company private.
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South Africa’s Ackerman family loses $20 million from Pick 'n Pay shares
This follows a previous loss of $36.22 million between July 16 and Aug. 20, when the family’s holding fell from $199.3 million to $163.07 million.
7 businesses owned by Algerian agriculture tycoon Mohamed Laid Benamor
Algerian tycoon Mohamed Laid Benamor, head of Groupe Benamor, has built a vast business empire spanning agribusiness, real estate, energy, and more, playing a key role in Algeria's industrialization and economic growth.
Property tycoon Roux Shabangu faces provisional sequestration amid escalating tax disputes
Property tycoon Roux Shabangu faces provisional sequestration after losing a court battle with Sars over millions in unpaid taxes, marking the latest setback in a long-standing legal dispute and raising concerns about his financial practices and lavish lifestyle.
7 businesses owned by Algerian agriculture tycoon Mohamed Laid Benamor
Algerian tycoon Mohamed Laid Benamor, head of Groupe Benamor, has built a vast business empire spanning agribusiness, real estate, energy, and more, playing a key role in Algeria's industrialization and economic growth.
Egyptian tourism mogul Ayoub Adly Ayoub's Remco reports $18-million loss in H1 2024
Tourism tycoon Ayoub Adly Ayoub’s Remco reports a shocking $18 million loss in 2024. Despite revenues skyrocketing, the company’s profits have evaporated
Sue Nabi faces $48-million drop in Coty stake amid share price decline
Algerian-born executive Sue Nabi's net worth takes a hit as her stake in Coty slumps below $255 million.
Orascom Development Egypt secures $155-million loan from IFC
The financing will enhance the company’s financial stability and fund future expansion efforts.
Ahmed Ezz's stake in Cairo-based steel giant declines by $116.5 million
This loss reduces his total holdings to below $700 million. He remains the second-richest investor on the Egyptian Exchange and one of Egypt's wealthiest individuals.
GB Corp’s financial unit receives approval to expand into debt capital markets
This milestone marks a critical step in the company's strategic move into the debt capital markets, broadening its range of financial activities as it seeks to diversify.
Madinet Masr, Redcon partner on $12.4-million investment in Egypt
Madinet Masr seals a strategic partnership deal with Redcon Spain Construction for sprawling Sarai development.
Egypt's wealthy Khamis family adds $17 million from Oriental Weavers shares in 6 days
The Khamis family, one of Egypt’s wealthiest, holds a majority stake in Oriental Weavers, a leading carpet manufacturer with a global presence.
Nigerian Government approves Seplat’s $1.28 billion acquisition of ExxonMobil assets
Seplat Energy receives Nigerian Government approval for $1.28 billion purchase of ExxonMobil onshore assets.
UBA posts $320.9 million profit in 9M 2024
This growth was bolstered by improved fee income and robust foreign exchange earnings, highlighting UBA's adaptability in volatile markets.
Jeff Bezos, Rockefeller Foundation team up for solar mini-grids in Nigeria
The effort targets Nigeria's crippling power shortages, aiming to bring electricity to over 86 million individuals – nearly half the country's population – who lack access to this basic necessity.
Raya Foods secures $40 million investment from Helios
This allows Helios to acquire a 49 percent stake in Raya Foods, significantly enhancing the company’s growth trajectory and operational capabilities.
Eterna launches Jet-A1 fuel operations at Lagos airport
This strategic initiative represents a substantial expansion in the company’s aviation fuel services portfolio.
Oando targets 100,000 barrels of oil per day amid global expansion plans
Irune highlighted the company’s focus on deepening regional investments while working closely with local governments and host communities.
United Capital reports nearly $10-million profit for first nine months of 2024
Gross earnings surged by 60.87 percent, reaching N28.17 billion ($17.21 million) from N17.51 billion ($10.7 million) in the corresponding period of 2023.
Dangote becomes world’s 65th richest person as refinery boosts fortune to over $27 billion
His $20-billion refinery project aims to secure the nation's energy independence, though political corruption threatens to undermine his efforts.
Heineken’s attempt to block $13.1 million payment to Kenyan tycoon Ngugi Kiuna fails
The court emphasized that the case revolved around the legitimacy of the termination notice, not constitutional interpretation.
Mauritius-based EAGH to acquire 86.5 million shares in I&M Group for $32.4 million
The transaction, valued at Ksh4.2 billion ($32.4 million), marks a significant shift in the region's banking landscape.
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.
Aga Khan IV's investment in Nairobi’s Jubilee Holdings gains $3.4 million
This follows an earlier loss of $3.52 million between April 16 and 26 when his holdings dropped from $40.78 million to $37.27 million.
NCBA opens new branch in Kenya to enhance banking services
NCBA Bank unveils a new branch to deepen local engagement and enhance financial inclusion in Kwale County of Kenya.
Mauritius-based CIEL records $109.3-million profit in 2024
This was fueled by disciplined cost management across the group’s business clusters, solidifying its standing as one of the largest and most profitable conglomerates in Mauritius.
Adani Energy signs $741-million power deal with Kenya amid controversy
This partnership is aimed at bolstering Kenya's power infrastructure and underscores Adani's expanding presence in Africa.
Adenia partners enters Egypt, strengthening African presence
This marks the firm’s eight location across the continent and underscores its commitment to responsible investing and sustainable development in Africa.
South Africa’s Jonathan Jawno makes $4 million from Transaction Capital stake
Although the recent surge boosted investor confidence, Transaction Capital shares remain down 57.28 percent year-to-date.
Karooooo’s half-Year revenue rises 7% to $124.2 million on subscription growth
Total revenue climbed 7 percent to R2.19 billion ($124.2 million) from R2.04 billion ($115.7 million) a year earlier.
Sibanye-Stillwaters halts Australian unit operations in the wake of bushfire
Fortunately, all personnel were accounted for and unharmed as operational teams worked to mitigate the fire's impact on the site and surrounding areas.
South Africa’s Ackerman family loses $20 million from Pick 'n Pay shares
This follows a previous loss of $36.22 million between July 16 and Aug. 20, when the family’s holding fell from $199.3 million to $163.07 million.
Vantage finalizes $71.7 million debt investment in Camusat to enhance telecom services
The partnership between Vantage Capital and Camusat Holding aims to drive connectivity and sustainability across Africa.
South African tycoon Adrian Gore makes $78.7 million from Discovery stake
Gore, one of South Africa’s most successful businessmen, owns 48,342,931 shares of Discovery.
South African banker Alan Pullinger's stake in FirstRand exceeds $30 million
This marks a significant milestone for Pullinger, who holds a 0.13 percent stake, equivalent to 7,079,000 ordinary shares in FirstRand.
Grid Africa secures $2.8 million to boost solar projects in South Africa
The move aims to boost renewable energy projects in South Africa, as the country grapples with an increasingly strained power sector.
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.
Ethiopia’s richest man Mohammed Al-Amoudi’s Preem posts $12.6-billion revenue in 2023
Al-Amoudi derives a significant portion of his wealth from his stake in Preem, which surged from $3.74 billion on Jan. 1 to $3.88 billion recently.
Ethiopia’s richest man Mohammed Al-Amoudi gains $320 million in 15 days
The recent uptick in his fortune is mainly credited to the strong performance of his broad industrial investments in Sweden, Saudi Arabia, and Ethiopia.
Ethiopia’s richest man loses $100 million in just 6 days
Ethiopia’s richest man Mohammed Al-Amoudi’s net worth has declined by $100 million in just six days, the latest setback in a string of wealth declines.
Ethiopia’s richest man Mohammed Al-Amoudi loses $160 million in 3 weeks
Al-Amoudi’s fortune has dwindled from $9.29 billion on Feb. 25 to $9.13 billion.
Latest Posts
Nigerian Government approves Seplat’s $1.28 billion acquisition of ExxonMobil assets
Seplat Energy receives Nigerian Government approval for $1.28 billion purchase of ExxonMobil onshore assets.
UBA posts $320.9 million profit in 9M 2024
This growth was bolstered by improved fee income and robust foreign exchange earnings, highlighting UBA's adaptability in volatile markets.
South Africa’s Jonathan Jawno makes $4 million from Transaction Capital stake
Although the recent surge boosted investor confidence, Transaction Capital shares remain down 57.28 percent year-to-date.
Jeff Bezos, Rockefeller Foundation team up for solar mini-grids in Nigeria
The effort targets Nigeria's crippling power shortages, aiming to bring electricity to over 86 million individuals – nearly half the country's population – who lack access to this basic necessity.
Raya Foods secures $40 million investment from Helios
This allows Helios to acquire a 49 percent stake in Raya Foods, significantly enhancing the company’s growth trajectory and operational capabilities.
Eterna launches Jet-A1 fuel operations at Lagos airport
This strategic initiative represents a substantial expansion in the company’s aviation fuel services portfolio.
Heineken’s attempt to block $13.1 million payment to Kenyan tycoon Ngugi Kiuna fails
The court emphasized that the case revolved around the legitimacy of the termination notice, not constitutional interpretation.
Karooooo’s half-Year revenue rises 7% to $124.2 million on subscription growth
Total revenue climbed 7 percent to R2.19 billion ($124.2 million) from R2.04 billion ($115.7 million) a year earlier.
Sibanye-Stillwaters halts Australian unit operations in the wake of bushfire
Fortunately, all personnel were accounted for and unharmed as operational teams worked to mitigate the fire's impact on the site and surrounding areas.
South Africa’s Ackerman family loses $20 million from Pick 'n Pay shares
This follows a previous loss of $36.22 million between July 16 and Aug. 20, when the family’s holding fell from $199.3 million to $163.07 million.
Vantage finalizes $71.7 million debt investment in Camusat to enhance telecom services
The partnership between Vantage Capital and Camusat Holding aims to drive connectivity and sustainability across Africa.
7 businesses owned by Algerian agriculture tycoon Mohamed Laid Benamor
Algerian tycoon Mohamed Laid Benamor, head of Groupe Benamor, has built a vast business empire spanning agribusiness, real estate, energy, and more, playing a key role in Algeria's industrialization and economic growth.
Property tycoon Roux Shabangu faces provisional sequestration amid escalating tax disputes
Property tycoon Roux Shabangu faces provisional sequestration after losing a court battle with Sars over millions in unpaid taxes, marking the latest setback in a long-standing legal dispute and raising concerns about his financial practices and lavish lifestyle.
Gordon Schachat’s top 5 ventures that have shaped South Africa’s financial, real estate, and art sectors
Gordon Schachat, a South African businessman, played a pivotal role in founding African Bank Investments Limited and Baobab Solid Growth.
Mike Teke leads four major companies driving South Africa’s mining and energy sectors
Mike Teke, one of South Africa’s top mining executives, has built and led four major companies — Optimum Coal, Seriti Resources, Seriti Green, and Masimong Group — leaving a lasting impact on the country’s mining and renewable energy sectors.
South African tycoon Adrian Gore makes $78.7 million from Discovery stake
Gore, one of South Africa’s most successful businessmen, owns 48,342,931 shares of Discovery.