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South African billionaire Christo Wiese’s Shoprite in banking talks with Investec
Shoprite, the grocer in which billionaire Christo Wiese owns about 10%, is in talks with Investec on a partnership to power its financial services push.
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American billionaire Elon Musk could avoid $2.6 billion in taxes with SpaceX gift
Elon Musk's promise to give a SpaceX share to every American child could spare him about $2.6 billion in capital gains tax, economists say.
Indian billionaire Mukesh Ambani's Jio draws record $77 billion in IPO bids
Jio Platforms, the telecom and digital arm of Mukesh Ambani's Reliance Industries, drew more than $77 billion in bids before its Oct. 28 market debut.
South African tycoon Adrian Gore's Discovery Bank chief earns $3.1 million, beating him
Discovery Bank chief Hylton Kallner earned R51.3 million last year, outpacing group founder Adrian Gore for a fourth straight year despite a 16% pay cut.
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Deep-Dive Report: Dangote's Next Five Years — $50 Billion, a Continental Fuel Network and Three Daughters in Senior Roles
Aliko Dangote has set aside $50 billion for investment to 2030, bought a quarter of Kenya Pipeline and is building fuel routes from Djibouti to Namibia. His three daughters now hold senior roles. As the refinery IPO closes on Tuesday, a deep-dive on the plan and who will run it.
Investor Memo: EGP 11 Trillion — What Hisham Talaat Moustafa's $202 Billion Agreement With the Egyptian State Means for TMG and Its Shareholders
Hisham Talaat Moustafa's TMG has agreed four projects with the Egyptian state, with targeted investment of EGP 11 trillion, about $202 billion. That is roughly 60 times the company's market value. What has been agreed, what has not been disclosed, and how investors should read it.
The Inside Story: From a Chemist's Shop in Somolu — How Stella Okoli Built Emzor, and Why She Is Stepping Back Now
In 1977 Stella Okoli opened a chemist's shop in Lagos with ₦5,000, using her father's house as collateral. Emzor now makes more than 140 medicines and is building what it says will be sub-Saharan Africa's first plant for active ingredients. The story of the founder, as she steps back.
Egyptian billionaire Naguib Sawiris launches own hotel brand with $112 million Mykonos resort
Egyptian billionaire Naguib Sawiris is passing over global hotel chains and launching his own ultra-luxury brand, starting with a €100 million resort on Mykonos.
Egyptian billionaire Hisham Talaat Moustafa's TMG signs $202 billion government deal
Hisham Talaat Moustafa's TMG will develop four mixed-use projects worth EGP 11 trillion with the Egyptian state, sending its shares up about 7% in Cairo.
Egyptian fintech tycoon Mounir Nakhla's MNT-Halan valued at $775 million on stock debut
Shares of MNT-Halan, the fintech group founded and run by Mounir Nakhla, closed 6.6% above the IPO price on their first day of trading.
Egyptian billionaires Nassef Sawiris and Mohamed Mansour wrongly counted in $160 billion UK exodus
A Tax Justice Network review says Bloomberg wrongly counted Egyptian billionaires Nassef Sawiris and Mohamed Mansour in its $160 billion UK exodus.
Moroccan billionaire Othman Benjelloun’s Bank of Africa to issue 5.1 million free shares to investors
Moroccan billionaire Othman Benjelloun’s Bank of Africa will issue over 5.1 million free shares as it moves MAD51.2 million of reserves into capital.
Egyptian hotel tycoon Kamel Abou Aly secures $250 million to expand in Morocco
Kamel Abou Aly's Pickalbatros Hotels & Resorts has raised $250 million from IFC and Attijariwafa Bank to buy and upgrade hotels in Morocco.
Moroccan billionaire Aziz Akhannouch leaves office after five years as prime minister
Aziz Akhannouch, whose family controls Morocco's biggest fuel distributor, handed over to Fatima Ezzahra El Mansouri and said he leaves with a clear conscience.
Moroccan billionaire Moulay Hafid Elalamy shares his 10 rules for building a business
Saham founder Moulay Hafid Elalamy gave Moroccan and African business owners 10 rules, from staying tax-compliant to knowing when to sell a company.
Nigerian billionaire Femi Otedola eyes 5% stake in Dangote Cement
Billionaire Femi Otedola is buying Dangote Cement shares again as the stock surged 10%, while his First HoldCo stake gained $119 million.
Nigerian lottery billionaire Kessington Adebutu donates $600,000 office to Lagos security fund
Nigerian lottery tycoon Kessington Adebutu fully funded a new multi-storey headquarters for the Lagos State Security Trust Fund and donated five patrol vehicles.
Nigerian billionaire Femi Otedola’s First HoldCo posts $684 million nine-month pre-tax profit
First HoldCo, the FirstBank parent chaired by billionaire Femi Otedola, grew nine-month pre-tax profit 61% to 911 billion naira on strong fee and trading income.
Nigerian billionaire Folorunsho Alakija threatens legal action over $1.27 million fraud report
Nigerian oil tycoon Folorunso Alakija has demanded the removal of a report claiming anti-graft agents are investigating her Famfa Oil over a $1.27 million fraud.
Ghanaian billionaire Ibrahim Mahama, the president's brother, seeks $740 million from Gold Fields
Ibrahim Mahama's Engineers and Planners is pursuing a $740 million claim against Gold Fields, as Ghana signals the Tarkwa mine may stay with the miner.
Nigerian agribusiness tycoon John Alamu’s Johnvents set for $72 million World Bank loan
The World Bank's private-sector arm plans to lend $72 million to John Alamu's Johnvents for new sesame and cashew processing plants in West Africa.
Nigerian billionaire Aliko Dangote grooms three daughters to run his $58 billion empire
Africa's richest man is handing more of his empire to his three daughters as a refinery IPO lifts his fortune toward $58 billion.
Madagascar's richest man Ylias Akbaraly eyes $450 million Nigeria TV deal
Ylias Akbaraly’s Thomson Broadcast is counting on Emmanuel Macron’s state visit to Nigeria to clinch a contract to rebuild the country’s TV and radio network.
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 tycoon Adrian Gore's Discovery Bank chief earns $3.1 million, beating him
Discovery Bank chief Hylton Kallner earned R51.3 million last year, outpacing group founder Adrian Gore for a fourth straight year despite a 16% pay cut.
South African billionaire Christo Wiese’s Shoprite in banking talks with Investec
Shoprite, the grocer in which billionaire Christo Wiese owns about 10%, is in talks with Investec on a partnership to power its financial services push.
South African coal tycoon Mike Teke's Seriti loses coal rights appeal to rival
South Africa's mining minister has ruled against Mike Teke's Seriti Power in a fight with a junior miner over two plots at its Khutala mine.
South African tycoons Mark and Brett Levy to build $21.8 million solar plant
Blu Label, the Johannesburg-listed group run by Mark and Brett Levy, is building a R360 million solar plant to supply power to Ekurhuleni.
Late South African billionaire Douw Steyn’s former home is now Africa’s leading luxury boutique hotel
The Saxon, the Johannesburg home of late billionaire Douw Steyn where Nelson Mandela wrote his memoir, holds Africa’s top luxury boutique hotel title.
South African financier Magda Wierzycka wins vote to give Sygnia executives $37 million in shares for 1 cent each
Sygnia shareholders backed Magda Wierzycka’s plan to give executives 10 million more shares at 1 cent each, despite opposition from her former partner.
Ackerman family’s supermarket giant Pick n Pay scraps pay cuts for 22,000 workers
Pick n Pay, built by the Ackerman family, dropped a plan to cut pay and benefits for 22,000 store workers and expects a narrower loss.
South African banker Sim Tshabalala's Standard Bank stake is now worth $13.5 million
Sim Tshabalala has run Standard Bank since 2013. His 753,724 shares in Africa's largest lender are worth $13.5 million ahead of his 2027 retirement.
Somali tycoon Abdirashid Duale's Dahabshiil to sell Chinese carmaker Chery's cars in Somalia
Dahabshiil Motors, the car arm of Abdirashid Duale's Dahabshiil Group, has signed a deal to become an authorized dealer for China's Chery in Somalia.
Billionaire Mohammed Al-Amoudi accused of funding al-Qaeda in secret Pentagon report
A classified 2002 Pentagon report names billionaire Mohammed Al-Amoudi in an alleged money trail to Osama bin Laden, Swedish broadcaster SVT reports. He denies it.
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.
Latest Posts
American billionaire Elon Musk could avoid $2.6 billion in taxes with SpaceX gift
Elon Musk's promise to give a SpaceX share to every American child could spare him about $2.6 billion in capital gains tax, economists say.
Indian billionaire Mukesh Ambani's Jio draws record $77 billion in IPO bids
Jio Platforms, the telecom and digital arm of Mukesh Ambani's Reliance Industries, drew more than $77 billion in bids before its Oct. 28 market debut.
Spanish golfer Jon Rahm got $26 million from LIV Golf before bankruptcy
Saudi-backed LIV Golf paid Jon Rahm $26 million, Bryson DeChambeau nearly $13.9 million and its executives $15.6 million before filing for bankruptcy, records show.
South African tycoon Adrian Gore's Discovery Bank chief earns $3.1 million, beating him
Discovery Bank chief Hylton Kallner earned R51.3 million last year, outpacing group founder Adrian Gore for a fourth straight year despite a 16% pay cut.
South African billionaire Christo Wiese’s Shoprite in banking talks with Investec
Shoprite, the grocer in which billionaire Christo Wiese owns about 10%, is in talks with Investec on a partnership to power its financial services push.
British racing star Lewis Hamilton, 41, says Rwanda Grand Prix will delay retirement
Seven-time Formula One champion Lewis Hamilton says Rwanda's new Grand Prix, due in the early 2030s, means he must keep racing for longer.
Kenyan billionaire Narendra Raval to host president at $385 million cement plant groundbreaking
Kenyan steel and cement tycoon Narendra Raval breaks ground on his $385 million Kitui cement plant on Tuesday, with President William Ruto expected to officiate.
Google billionaire Sergey Brin leads $317 million fight against California billionaire tax
Google co-founder Sergey Brin and fellow tech billionaires have put $316.7 million into defeating California's one-time billionaire tax, nine times what supporters have raised.
American billionaire Michael Bloomberg gives 14 cities up to $750,000 for housing
Michael Bloomberg's foundation picked 14 US cities, including Miami, Pittsburgh and San Jose, to receive up to $750,000 each to speed up home building.
Nigerian billionaire Femi Otedola eyes 5% stake in Dangote Cement
Billionaire Femi Otedola is buying Dangote Cement shares again as the stock surged 10%, while his First HoldCo stake gained $119 million.
Nigerian lottery billionaire Kessington Adebutu donates $600,000 office to Lagos security fund
Nigerian lottery tycoon Kessington Adebutu fully funded a new multi-storey headquarters for the Lagos State Security Trust Fund and donated five patrol vehicles.
French billionaire Vincent Bolloré's Canal+ posts $7.2 billion nine-month revenue
Canal+, the French pay-TV group backed by billionaire Vincent Bolloré's family, earned $7.2 billion in nine months as MultiChoice's sales slid in South Africa.
British billionaire Mike Ashley's Frasers takes control of Hugo Boss with 50% stake
Frasers Group, the retailer controlled by British billionaire Mike Ashley, has lifted its Hugo Boss stake above 50%, taking control of the German fashion brand.
Chinese billionaire Robin Zeng loses $14.9 billion as CATL shares tumble
CATL founder Robin Zeng has lost $14.9 billion since March after the world's biggest battery maker reported its slowest profit growth in months.
American billionaire Carl Icahn sells former Trump casino site for $6.6 million
Carl Icahn has sold the 10-acre former Trump Plaza site in Atlantic City to George Norcross, ending his last link to Donald Trump's casinos.
South African coal tycoon Mike Teke's Seriti loses coal rights appeal to rival
South Africa's mining minister has ruled against Mike Teke's Seriti Power in a fight with a junior miner over two plots at its Khutala mine.
