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Nigerian billionaire Aliko Dangote's refinery IPO draws $1 billion from pension funds
South Africa's Public Investment Corp. and Nigerian pension funds applied for about $1 billion of shares in Aliko Dangote's oil refinery IPO.
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Nigerian billionaire Aliko Dangote's refinery IPO draws $1 billion from pension funds
South Africa's Public Investment Corp. and Nigerian pension funds applied for about $1 billion of shares in Aliko Dangote's oil refinery IPO.
South African tycoon Michael Georgiou's old firm sells Johannesburg mall for $38 million
Accelerate Property Fund, built by Michael Georgiou, is giving up Cedar Square in Fourways after 13 years, selling the mall for R630 million.
American billionaire Robert F. Smith's namesake Denver school to close
Denver's school board voted 4-2 to close the Robert F. Smith STEAM Academy, an HBCU-style high school named after the Vista Equity Partners founder.
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Deep-Dive Report: The Long Freeze — Baba Danpullo, MTN Cameroon and the Four-Year Fight Over $239 Million of Mobile Money
A South African bank sold Baba Danpullo's property empire over a R520 million loan. He responded by freezing MTN Cameroon's money. This week the Supreme Court restored a $239 million freeze on mobile money funds. A deep-dive on how the case began, where it stands and what it means.
Investor Memo: The $200 Billion Question — Hisham Talaat Moustafa's TMG, Egypt's Four New Megaprojects, and Who Will Share the Proceeds
Talaat Moustafa Group has agreed four projects with Egypt's government worth about $200 billion, nearly 60 times its market value. Now the military reportedly wants a share. How the deals compare with Ras El Hekma, what TMG earns today and what shareholders should watch.
The Inside Story: The Tuk-Tuk Banker — How Mounir Nakhla Built MNT-Halan From Microloans and Motorbikes Into Egypt's Biggest Listing in Years
Mounir Nakhla started with loans for motorbikes and tuk-tuks, launched a ride-hailing app, then turned it into a lender. Last month MNT-Halan listed in Cairo with retail demand 43.6 times the shares on offer. The story of the tuk-tuk banker, and what its first results show.
Egyptian billionaire Samih Sawiris's Orascom Development lifts nine-month profit to $85 million
Samih Sawiris's Orascom Development Egypt grew nine-month net profit 24% to EGP4.7 billion as revenue rose 35%, led by sales at its resort towns.
Egyptian billionaire Hisham Talaat Moustafa's $200 billion TMG deal draws military interest
Egypt's military is seeking a slice of the four megaprojects Talaat Moustafa Group agreed with the government in October, with the revenue split still unsettled.
Moroccan billionaire Anas Sefrioui's Addoha cleared to join Saudi housing projects
Anas Sefrioui's Addoha has won approval from Saudi Arabia's National Housing Co. to act as a partner developer in Riyadh residential projects.
Egyptian fintech tycoon Mounir Nakhla’s MNT-Halan more than doubles quarterly profit to $16 million in first results since IPO
Mounir Nakhla’s MNT-Halan more than doubled quarterly profit to EGP 836 million ($16 million) in its first results since listing on the Egyptian Exchange.
Moroccan wine tycoon Rita Zniber faces stepson's forgery complaint over $1.5 million debt
A decade after Brahim Zniber's death, a son from his first marriage is pressing a forgery complaint over debt notes his widow Rita relies on.
Egyptian billionaire Hisham Talaat Moustafa's TMG named world's best golf hospitality developer
Hisham Talaat Moustafa's TMG took a top World Golf Awards prize at its own Madinaty club, which was also named Africa's best golf course.
Egyptian billionaire Nassef Sawiris's Orascom clears $1.3 billion share issue for OCI merger
Orascom Construction will issue 97.2 million new shares to OCI N.V., nearly doubling its share count as Nassef Sawiris folds the two companies together.
Egyptian tycoon Medhat Khalil's Raya signs three cloud and cybersecurity deals
Raya Holding, the Egyptian group founded by tycoon Medhat Khalil, signed three cloud and cybersecurity agreements with Nutanix, EgyHosting and Egex Consultant.
Nigerian billionaire Aliko Dangote's refinery IPO draws $1 billion from pension funds
South Africa's Public Investment Corp. and Nigerian pension funds applied for about $1 billion of shares in Aliko Dangote's oil refinery IPO.
Nigerian billionaire Aliko Dangote's Dangote Cement lifts Congo sales 11.9% in nine months
Dangote Cement sold 790,200 tons of cement in Congo in the nine months through September, up 11.9%, as its market share climbed to 73%.
Nigerian billionaire Tunde Folawiyo's T1 Marine fights $1.2 million tax demand
T1 Marine Services, chaired by Nigerian tycoon Tunde Folawiyo, is disputing ₦1.65 billion in tax demands that date back to its 2014 to 2016 accounts.
Ghanaian tycoon Joseph Siaw Agyepong's Jospong to solar-charge 1,000 electric waste trucks
Ghanaian tycoon Joseph Siaw Agyepong's Jospong Group plans a solar-powered charging network for about 1,000 waste collection trucks it is converting to electric.
Nigerian billionaire Aliko Dangote's refinery IPO to be upsized to $2.08 billion
Aliko Dangote's refinery is set to sell 30% more shares than planned, lifting Africa's biggest IPO to $2.08 billion after a flood of bids.
Nigerian billionaire Aliko Dangote raises his Africa investment target to $70 billion
Africa's richest man lifted his group's investment target on the continent to $70 billion, a week after setting it at $60 billion.
Nigerian billionaire Aliko Dangote's refinery cuts petrol sellers to 25 from 37
Aliko Dangote's refinery cut the companies allowed to sell its petrol from 37 to 25 and brought back pricing linked to global gasoline prices.
Cameroon's richest man Baba Danpullo gets $239 million MTN freeze restored by top court
Meta description: Cameroon's Supreme Court has ordered Afriland First Bank to again freeze 140 billion CFA francs in the Danpullo-MTN fight, under a daily penalty.
Absa exits Kenyan insurance as wealthy politician Musalia Mudavadi’s firm takes full control of two insurers
Absa has completed its exit from Kenyan insurance, handing two insurers to a firm majority owned by wealthy politician Musalia Mudavadi, which will rebrand them.
Kenya's wealthy Kinuthia family sees Quickmart IPO oversubscribed with $142 million in bids
Investors bid Sh18.4 billion for Quickmart's Sh15 billion share sale, securing a $37 million payout for the Kinuthia family that founded the chain.
Kenyan billionaire Narendra Raval’s $539 million Kitui cement plant to create 4,000 jobs
Kenyan President William Ruto valued Narendra Raval’s Kitui cement plant at Sh70 billion ($539 million) and said it will create 4,000 jobs.
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.
South African tycoon Michael Georgiou's old firm sells Johannesburg mall for $38 million
Accelerate Property Fund, built by Michael Georgiou, is giving up Cedar Square in Fourways after 13 years, selling the mall for R630 million.
South African billionaire Mark Shuttleworth wins approval for Cape Town botanical garden
Mark Shuttleworth's investment firm has won approval to turn eight properties it bought in a Cape Town suburb into a botanical garden and events venue.
South African billionaire Johann Rupert's son Anton tipped to lead Cartier owner Richemont
Anton Rupert, the 39-year-old son of Johann Rupert, has moved to the top of Richemont's board as the Cartier owner plans for succession.
South African billionaire Patrice Motsepe's nickel mine accused of shutting out locals
Communities near Patrice Motsepe's Nkomati nickel mine accuse it of hiring outsiders. The mine says it has kept only 48 staff since 2021.
South African billionaire Johann Rupert’s Richemont lifts half year profit 39% to €2.5 billion
Johann Rupert’s Richemont has reported a 39% increase in half year profit to €2.53 billion, driven by strong jewellery demand and growth across its luxury brands.
South African tycoon Rob Hersov funds new betting and prediction market Betmatch
Rob Hersov has loan-funded ZAR Prive, which runs Betmatch, one of the first local prediction markets as regulators argue over the new betting model.
Zimbabwean billionaire Strive Masiyiwa’s Econet launches Shona 2.0 AI model
Strive Masiyiwa’s Econet has launched Shona 2.0, an upgraded AI model designed to improve its customer support chatbot’s understanding of Zimbabwe’s Shona language.
South African entrepreneur Charles Savage lifts Purple Group profit 36% to R150 million
Charles Savage’s Purple Group posted record annual results, with profit before tax rising 36% as EasyEquities surpassed 1.3 million active clients.
Billionaire Mohammed Al-Amoudi to build stadium for Ethiopia's most successful football club
MIDROC, owned by Saudi-Ethiopian billionaire Mohammed Al-Amoudi, will fund a new stadium for Saint George, as sponsors pledge more than $3.1 million a season.
Ethiopian billionaire Mohammed Al-Amoudi's Nyala Insurance tops $6 million in profit
Nyala Insurance, the Ethiopian insurer co-founded by billionaire Mohammed Al-Amoudi, says annual profit passed 1 billion birr as paid-up capital topped 2 billion birr.
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.
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American billionaire Elon Musk says he would hire former Nvidia CEO Jensen Huang
Elon Musk said hiring Jensen Huang would be "an honor," then backed him publicly after the Nvidia co-founder resigned as chief executive on Thursday.
Nigerian billionaire Aliko Dangote's refinery IPO draws $1 billion from pension funds
South Africa's Public Investment Corp. and Nigerian pension funds applied for about $1 billion of shares in Aliko Dangote's oil refinery IPO.
South African tycoon Michael Georgiou's old firm sells Johannesburg mall for $38 million
Accelerate Property Fund, built by Michael Georgiou, is giving up Cedar Square in Fourways after 13 years, selling the mall for R630 million.
American billionaire Robert F. Smith's namesake Denver school to close
Denver's school board voted 4-2 to close the Robert F. Smith STEAM Academy, an HBCU-style high school named after the Vista Equity Partners founder.
American billionaire and Google co-founder Larry Page plans $148 million Alphabet share sale
Trusts tied to Google co-founder Larry Page plan to sell about $148 million of Alphabet stock under a prearranged trading plan set up in 2020.
American golf star Bryson DeChambeau unveils 18-hole course and homes in hometown
Two-time U.S. Open champion Bryson DeChambeau has unveiled plans for The Orchard Golf Club, an 18-hole course with homes in his hometown of Clovis, California.
Nigerian billionaire Aliko Dangote's Dangote Cement lifts Congo sales 11.9% in nine months
Dangote Cement sold 790,200 tons of cement in Congo in the nine months through September, up 11.9%, as its market share climbed to 73%.
Nigerian billionaire Tunde Folawiyo's T1 Marine fights $1.2 million tax demand
T1 Marine Services, chaired by Nigerian tycoon Tunde Folawiyo, is disputing ₦1.65 billion in tax demands that date back to its 2014 to 2016 accounts.
South African billionaire Mark Shuttleworth wins approval for Cape Town botanical garden
Mark Shuttleworth's investment firm has won approval to turn eight properties it bought in a Cape Town suburb into a botanical garden and events venue.
South African billionaire Johann Rupert’s Richemont undecided on joining bid for De Beers majority stake
Johann Rupert says Richemont has not made up its mind on joining the consortium bidding for De Beers, as Botswana moves to raise its stake.
American billionaire Elon Musk's SpaceX pressed by EU to restore Ukraine satellite service
Ukraine says Starshield, the military version of Starlink, was impeded for the second time in weeks. Brussels wants full service back. SpaceX denies throttling.
American billionaire and Palantir boss Alex Karp says military built Silicon Valley
The Palantir co-founder said the tech hub was built as a hybrid of universities, government agencies and private capital, and owes its rise to defense.
American investor Mellody Hobson says Wall Street's Anthropic IPO fixation is 'worrisome'
The Ariel Investments co-CEO and Denver Broncos part-owner said get-rich-quick schemes always end badly, as Wall Street awaits a record artificial intelligence listing.
Infosys billionaire Narayana Murthy calls for $20 billion plan to train India's teachers
Infosys co-founder N.R. Narayana Murthy says India should spend $20 billion over two decades training teachers if it wants to invent, not just adopt, technology.
Japanese billionaire Hiroshi Mikitani's Rakuten gets $1 billion state backing for Starlink rival
Hiroshi Mikitani's Rakuten and AST SpaceMobile have formed a joint venture backed by about $1 billion in Japanese government grants to offer satellite phone service.
American billionaire Carl Icahn sells $30.1 million of Centuri shares in four days
Activist investor Carl Icahn sold about 1.5 million shares of utility contractor Centuri Holdings over four trading days, cutting his stake to 12.8 million shares.
