Home » This Week In Review: A Snapshot of African Wealth Dynamics — Soon-Shiong Loses $520 Million in First Week of 2024, Adebutu’s Wema Bank Stake Rises by $7.2 Million (Jan. 8 to 12)

This Week In Review: A Snapshot of African Wealth Dynamics — Soon-Shiong Loses $520 Million in First Week of 2024, Adebutu’s Wema Bank Stake Rises by $7.2 Million (Jan. 8 to 12)

Africa's wealth in motion: Billion-dollar deals, surging fortunes, and market shifts

by Marshall Comins

As we step further into 2024, Africa’s financial scene continues to demonstrate remarkable wealth shifts and strategic moves among its leading entrepreneurs and business magnates. This edition of “This Week In Review: A Snapshot of African Wealth Dynamics” brings into focus the major financial stories across Africa for the week spanning Jan. 8 to 12, as reported by Billionaires.Africa.

BlackRock Acquires Adebayo Ogunlesi’s GIP for $12.5 Billion

In a historic transaction, BlackRock, the world’s largest asset manager, acquired Global Infrastructure Partners (GIP), founded by Nigerian billionaire Adebayo Ogunlesi. The $12.5-billion deal, involving cash and stock, marks a significant milestone in creating a leading multi-asset-class infrastructure platform. Ogunlesi’s remarkable journey, from his days at Credit Suisse to leading GIP, has been marked by visionary leadership and strategic investments.

Johann Rupert’s Wealth Declines by Over $600 Million

South Africa’s richest man Johann Rupert witnessed a $618-million drop in his fortune in just 12 days of 2024. This decline, primarily due to a decrease in Richemont shares, has brought his net worth down from $12.4 billion to $11.8 billion.

Aliko Dangote Reclaims Title as Africa’s Richest Man

Nigerian business magnate Aliko Dangote has reclaimed his position as Africa’s richest individual. Forbes now values his net worth at $14.6 billion, surpassing South African billionaire Johann Rupert. This valuation includes his billion-dollar fertilizer plant, confirming Dangote’s dominance in Africa’s wealth landscape.

Naspers Ramps Up Investments Ahead of Amazon’s Entry

In response to Amazon.com Inc.’s anticipated entry into South Africa, Naspers, under Koos Bekker’s leadership, is bolstering investments in its online retail arm, Takealot. This move aims to solidify Takealot’s market position amidst increasing global competition.

Filipino Billionaire Enrique Razon Faces Union Opposition in South African Port Venture

Enrique Razon’s ICTSI, eyeing a significant stake in South Africa’s largest container port, is encountering resistance from powerful labor unions demanding job security guarantees. This situation creates uncertainty around the billion-dollar venture and Razon’s fortune.

Femi Otedola Returns to Forbes Rich List with $1.2-Billion Fortune

Nigerian billionaire Femi Otedola has re-emerged on the Forbes Africa’s Richest List with an estimated net worth of $1.2 billion, marking his third appearance on the list. His wealth is attributed to stakes in Geregu Power, extensive real estate, and holdings in Nigerian banks.

Mike Adenuga Regains Position as Nigeria’s Second-Richest Man

Telecom and oil magnate Mike Adenuga has once again become Nigeria’s second-richest man, with a net worth of $7.4 billion, following Forbes’ revaluation of Globacom. Adenuga’s diverse business interests continue to solidify his status as a key figure in Africa’s business landscape.

Nassef Sawiris Suffers $271-Million Loss

Egyptian tycoon Nassef Sawiris, the richest man in North Africa, saw a $271-million decrease in his fortune due to market value drops in his industrial assets. Despite this setback, Sawiris maintains his position as Egypt’s wealthiest individual.

Sue Nabi Gains $20.6 Million from Coty Stake

Algerian-born French entrepreneur Sue Nabi experienced a $20.6-million increase in the market value of her Coty Inc. stake, driven by a surge in the company’s shares on the New York Stock Exchange.

Benedict Peters Announces Plans for New Oil Pipeline

Pan-African billionaire Benedict Peters, through Aiteo Eastern E&P Company, unveiled ambitious plans for a new oil pipeline. This strategic move underlines the company’s commitment to infrastructure development and energy sector leadership in Africa.

Natie Kirsh, Eswatini’s Richest Man, Loses $55 Million

Natie Kirsh, the wealthiest individual in Eswatini, witnessed a $55.4-million decline in his net worth due to the performance of his private investments, including his majority stake in Jetro Holdings.

Late Pathe Dione’s Legacy Continues as Sunu Group Expands

Sunu Group, founded by the late Senegalese tycoon Pathe Dione, acquired a minority stake in Africa Golden Bank, extending its influence in the Central African banking sector and continuing Dione’s visionary approach.

America’s Second-Richest Black Billionaire, David Steward, Loses $390 Million

David Steward, America’s second-wealthiest Black individual, faced a $390-million reduction in his fortune due to market fluctuations, primarily in his stake in World Wide Technology.

Cameroon’s Richest Man Ventures into Maritime Transport

Baba Ahmadou Danpullo, Cameroon’s wealthiest man, diversified into maritime transport with the establishment of Societe Cameroon Port Operators, broadening his business empire in the Central Africa sub-region.

Hani Berzi Rakes in $13.7 Million from Edita Stake

Egyptian businessman Hani Berzi saw a $13.7-million increase in the market value of his stake in Edita Food Industries, as the company’s share price rose on the Egyptian Exchange.

Jim Ovia’s Zenith Bank Shares Surge by $25 Million

Jim Ovia, Nigeria’s richest banker, experienced a $25-million surge in the market value of his stake in Zenith Bank, thanks to the bank’s share price increase on the Nigerian Exchange.

Patrick Soon-Shiong Loses $520 Million in First Week of 2024

South African-born billionaire Patrick Soon-Shiong’s net worth declined by $520 million in the first week of 2024, dropping his wealth below $10 billion, mainly due to a decrease in the value of his stake in ImmunityBio.

Kessington Adebutu’s Wema Bank Stake Increases by $7.2 Million

Nigerian gambling magnate Kessington Adebutu’s equity stake in Wema Bank surged by more than $7 million in the first week of 2024, driven by an upswing in the bank’s shares on the NGX.

These stories reflect the dynamic nature of Africa’s business environment, highlighting the resilience and strategic agility of its business leaders amid global financial trends.

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