Connect with us

Hot News

Billionaire Black family seeks $50 million from wealthy families for diverse content production

The Steward family has a net worth of $5.7 billion.

Published

on

David Steward II.

The Steward family, known for their vast Black fortune and successful business ventures, is turning their attention to the film and television industry.

The family, through David Steward II, the son of David Steward, America’s second-richest Black billionaire, is actively seeking funding to further their efforts to create inclusive content through their Oscar-winning production studio, Lion Forge Animation.

According to Bloomberg, Lion Forge Animation is looking to raise as much as $50 million from the investment companies of wealthy families and institutional firms. The animation business plans to expand its staffing levels, media library and acquisition efforts with the new funds.

David Steward II has established himself as a leader in promoting racial diversity in the film and television industry through his founding of Lion Forge Animation in 2019 and ownership of comic book businesses through his holding company, Polarity.

His father, David Steward, a leading U.S. technology billionaire, has made a concerted effort to address racial inequalities through his business dealings, including having World Wide Technology sponsor Black NASCAR driver Bubba Wallace.

He has vowed to promote diversity in the National Hockey League as part of a local investor group that owns the St. Louis Blues team, while the family’s foundation provides money to initiatives throughout St. Louis.

In 2022, HBO Max and Cartoon Network announced a 2D animated adaptation of “Iyanu: Child of Wonder,” a Dark Horse Comics/YouNeek Studios graphic novel series heavily influenced by the Yoruba people of Nigeria.

The project will be financed and overseen by the Black-owned animation studio Lion Forge Animation. “Iyanu: Child of Wonder” is a superhero tale set in the magical kingdom of Yorubaland, which draws from Nigerian culture, music, and mythology.

The Steward family has a net worth of $5.7 billion, mainly from their controlling stake in World Wide Technology, a successful cloud computing company and the largest privately-owned Black-owned business in the United States.

The family’s efforts to create racially diverse film and television content are admirable and much-needed in an industry long chastised for its lack of diversity.

The Stewards have the potential to make a significant impact on the industry with their vast resources and influence, and it will be exciting to see the results of their fundraising efforts and the projects they bring to life.

Hot News

Ye faces new hurdle in business and personal life as Australian visa denial looms

The potential denial of a visa may be the latest in a long list of repercussions facing Ye.

Published

on

Ye
Kanye West, now formerly known as Ye.

Kanye West, who is now formerly known as Ye, may face a new hurdle in his business and personal life as he may be denied entry into Australia.

The African-American rapper-turned-mogul had reportedly planned to meet the family of his new partner, Melbourne native Bianca Censori, but his anti-Semitic comments in October may prevent him from entering the country.

The news of a potential ban was confirmed by Australian Minister for Education Jason Clare, who stated that individuals who have made similar comments have been denied visas in the past and that Ye will have to go through the same process and answer the same questions.

“People like that who’ve applied for visas to get into Australia in the past have been rejected,” Clare said. “I expect that if he does apply, he would have to go through the same process and answer the same questions that they did.” 

Anti-Defamation Commission Chairman Dvir Abramovich and opposition leader Peter Dutton have joined in calling for Ye to be banned from entering Australia due to his “appalling” comments.

The backlash from Ye’s anti-Semitic remarks has already had a significant impact on his business ventures and wealth. In October, he lost all of his partnerships through his brand Yeezy with companies such as Adidas and Balenciaga.

The termination of the Adidas partnership, which began in 2013, had a substantial impact on Ye’s net worth. Forbes reported that the termination of the deal led to a decline of more than $1.6 billion, taking Ye’s net worth from $2 billion to $400 million.

The cancellation of the partnership that grew the Yeezy line into a brand that accounted for up to €1.5 billion ($1.47 billion) of Adidas’ total sales over the last decade is expected to cost the German behemoth up to €250 million ($247 million) in earnings.

The aftermath of Ye’s anti-Semitic comments has been negative for his wealth and ranking as one of the richest Black individuals in the US and one of the richest businessmen globally.

The potential denial of a visa to enter Australia may be the latest in a long list of repercussions facing Ye because of his anti-Semitic comments. 

Continue Reading

East Africa

James Mwangi’s Equity Group to receive $4.1 million for acquisition of Spire Bank

Equity Group is the largest financial services conglomerate in East Africa.

Published

on

James Mwangi.

Equity Group Holdings, the Kenyan financial services giant led by James Mwangi, is set to receive millions of dollars from Mwalimu Sacco’s acquisition of financially distressed Spire Bank, as the teachers-backed lender agreed to pay Equity Group Ksh510 million ($4.1 million).

The deal is structured as an asset purchase transaction, backed by the Central Bank of Kenya (CBK), and will see Equity Group assume control over the assets and liabilities of the troubled bank.

The $4.1-million payment by Mwalimu Sacco to Equity represents the difference between the assets and liabilities of Spire Bank, implying that the bank holds zero value and the teachers have lost millions of dollars after purchasing a majority stake in 2014.

Mwalimu Sacco CEO Kenneth Odhiambo said the key consideration was to stop the bleeding and preserve Sacco’s bottomline for its members.

Equity Group will settle all redundancy costs for the more than 100 employees who will lose their jobs following the deal. The bank’s non-performing loans stand at Ksh2.63 billion ($21.1 million), and Equity’s immediate task will be to step up collections and recoveries.

The process of exiting Spire Bank was not as seamless as the initial acquisition, with Mwalimu Sacco citing the bank’s decline as beginning after the withdrawal of Naushad Merali’s deposits worth Ksh1.7 billion ($13.7 million), which represented one-fifth of the bank’s total deposits. 

The takeover of the troubled Spire Bank may present additional challenges and opportunities for Equity Group, which under the leadership of Kenyan businessman, Mwangi reported profits in excess of $280 million in the first nine months of 2022.

As of today, Equity Group shares on the Nairobi Securities Exchange are trading at Ksh44.95 ($0.361) per share, a 0.99 percent decrease from their closing price on Fri., Jan. 27.

This values the company at Ksh170 billion ($1.36 billion) and Mwangi’s 3.38-percent stake at Ksh5.74 billion ($46.1 million).

Continue Reading

Hot News

Nigerian billionaire Abdul Samad Rabiu’s food conglomerate achieves milestone with $195-million profit

Rabiu and his son, Isyaku Naziru Rabiu, own 99.8 percent of BUA Foods.

Published

on

Abdul Samad Rabiu
Abdul Samad Rabiu. ©Billionaires.Africa

BUA Foods Plc, a leading food conglomerate majority owned by Africa’s fourth-richest man Nigerian billionaire Abdul Samad Rabiu, has achieved a milestone in its financial performance as it reported record-high earnings at the end of its 2022 fiscal year.

With a profit surge surpassing N90 billion ($195 million), the company’s latest earnings report highlights its impressive growth and financial strength. The Abdul Samad Rabiu-led food conglomerate has reported a record high in its financial performance, with its profit for the year ending Dec. 31, 2022, surging by a staggering 30 percent.

The unaudited financial statements reveal that the group’s earnings rose from N69.77 billion ($151.5 million) in 2021 to N90.4 billion ($196.3 million) at the end of 2022, driven by an increase in revenue from its diverse product portfolio of sugar, pasta, bakery flour, and wheat bran.

The remarkable growth reflects the company’s ability to continuously expand its offerings and maximize profitability in a competitive market.

BUA Foods’ revenue surged from N333.37 billion ($723.8 million) to N417.82 billion ($907.1 million) due to increased sales of non-fortified sugar N79.15 billion ($171.8 million) to N144.29 billion ($313.2 million) and other food items such as sugar molasses, bakery flour, pasta, and wheat bran.

The increase in consumer demand for food items, including stockpiling, resulted in higher prices and a corresponding boost in revenue for the group.

The robust performance led to an increase in retained earnings and shareholder equity from N192.66 billion ($418.26 million) and N200.7 billion ($435.7 million) in 2021 to N237.15 billion ($514.86 million) and N245.21 billion ($532.35 million) in 2022.

The outstanding financial performance is expected to result in a substantial increase in dividend earnings for Rabiu and his son, Isyaku Naziru Rabiu, with their 99.8-percent ownership in the consolidated food conglomerate.

This will be a marked improvement from the N62.9 billion ($151.6 million) that they received in dividends last year.

Continue Reading

Trending