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Black billionaire Alex Karp sells more than $50 million in Palantir stock
The sale was part of automatic transactions to cover tax obligations related to vested restricted stock units.
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Ghabbour family’s GB Corp stake surges past $300 million
The recent rally has boosted the market value of the Ghabbour family’s 63.4% stake by $23.48 million, increasing from $279.94 million to $303.42 million.
Edha Nahdi's Bamburi Cement launches concrete plant in Mombasa
Bamburi Cement, now owned by Edha Nahdi’s Amsons Group, has launched a new concrete plant in Mombasa to meet rising demand and fuel its recovery.
Manu Chandaria: Kenyan industrialist behind billion-dollar conglomerate
At 96, Chandaria is still at the helm, guiding Comcraft into its next phase with plans to take key subsidiaries public.
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U.S.-Nigerian telecom executive Sam Darwish’s stake in IHS gains nearly $6 million
The recent rally has driven Sam Darwish’s stake to nearly $50 million.
Ghabbour family, one of Egypt’s wealthiest, gains $21.5 million from GB Corp.
The recent rally in GB Corp.’s shares has pushed the Ghabbour family’s stake to nearly $234 million.
Alan Pullinger, South African banker, sees stake in FirstRand dip below $30 million
The decline in Pullinger’s stake reflects the broader uncertainty among investors.
Nassef Sawiris’ OCI targets ammonia project completion amid $1 billion payout
OCI nears completion of Beaumont ammonia plant and plans $1 billion shareholder payout as part of a wider transformation under billionaire Nassef Sawiris.
Moroccan real estate tycoon Alami Lazraq’s stake in ADI drops by $61 million
Shares of Alliances Développement Immobilier tumble nearly 10% as investor confidence wanes in Morocco’s property market.
Moroccan businesswoman Lamia Tazi's stake in Sothema nears $90 million
This boost comes on the heels of a strong rally in Sothema’s share price on the Casablanca Bourse.
Khamis family's Oriental Weavers starts 2025 with $11 million profit
Oriental Weavers posted $128 million in Q1 revenue, up 27%, but net profit dipped 1.2% to $11 million as currency woes and input costs pressured margins.
Algeria’s richest Issad Rebrab’s Cevital taps European partner for Béjaïa project
The wastewater treatment plant is a practical step that helps the company stay productive, meet regulatory requirements, and reduce its environmental impact.
Egyptian tycoon Sadek El-Sewedy sees $55 million gain from company shares
Elsewedy Electric stock gains boost chairman's net worth amid infrastructure boom and energy transition in MENA region.
Moroccan billionaire Anas Sefrioui sees $102 million loss in 30 days
This follows a sustained downturn on the Casablanca bourse and rising investor concerns over the company’s financial performance in the 2025 fiscal year.
Dalia Khorshid drives Beltone to $56 million revenue in Q1 2025
Beltone’s Q1 revenue surged 111% to $56 million, driven by strong growth in NBFI and investment banking, reinforcing its lead in Egypt’s financial sector.
Sam Darwish’s IHS reports $440 million in Q1 2025 revenue
IHS rebounds with $439.6 million in Q1 2025 revenue, driven by 25.6% organic growth and improved margins despite naira headwinds and prior regional divestments.
Otedola hails Tinubu, Cardoso’s reforms as FirstHoldCo regains profitability
At the 13th Annual General Meeting of FirstHoldCo, Otedola pulled back the curtain on the scale of his vision.
Aliko Dangote's refinery set to start polypropylene exports
The move marks a major milestone for Nigerian industrial exports as the country shifts from import dependence to value-added manufacturing.
Hisham Talaat Moustafa's TMG eyes $4.7 billion sales from mixed-use development in Oman
TMG enters Oman with two smart city projects, targeting $4.7 billion in sales as it scales its proven Egypt-Saudi urban model across the Gulf.
Ghana gives Elon Musk’s Starlink one-month deadline to comply with regulations
The move aligns with Ghana’s broader push to tighten oversight of big tech and ensure equitable participation in its growing digital economy.
Aliko Dangote's refinery receives 146,000 tonnes of global oil supply
The latest delivery, discharged by the vessel Hercules, comes ahead of another 125,000-tonne shipment expected via the Sienna.
Tope Shonubi’s Sahara and NNPC agree to improve energy access across Nigeria
The agreement was reached during a recent meeting between Sahara Group’s leadership team and NNPC’s Group CEO.
Jim Ovia makes over $4.6 million from Zenith Bank stake
Zenith Bank shares climb, lifting market cap above $1 billion, as investor sentiment strengthens.
Kenyan banker Paul Russo-led KCB Group posts $127 million Q1 profit
KCB Group, led by CEO Paul Russo, posted a $127.9 million Q1 profit, driven by regional growth and digital focus despite non-interest income slipping 9.7%.
NCBA, backed by Kenya's richest families, posts $42.3 million Q1 profit
NCBA, backed by Kenya’s elite families, posted a modest 3.41% Q1 profit rise to $42.4 million despite loan book contraction and macroeconomic headwinds.
Mauritian-based firm takes $19 million stake in Suresh Bhagwanji Shah’s I&M Group
Mauritius-based EAGH boosts its I&M Group stake to 15.14% with a $19 million investment, signaling rising confidence in East Africa's banking sector.
James Mwangi-led Equity Group fires 200 Kenyan staff over $11.6 million scandal
The bank, East Africa’s largest by assets, revealed that the affected employees spanned senior managers and junior staff across its branch network and head office.
Mauritian businessman Arnaud Lagesse’s IBL Group posts $87 million profit
The results reflect the continued strength of its international operations, which helped cushion the impact of rising costs in its home market.
Co-op Bank delivers Q1 profit of $53.3 million under Gideon Muriuki
Co-op Bank posted a $53.3 million Q1 profit, up 5.3%, driven by digital lending, strong interest income, and operational efficiency under CEO Gideon Muriuki.
James Mwangi gains $5.8 million as Equity Group shares soar
Mwangi’s stake has grown in value from Ksh5.44 billion ($42.06 million) to Ksh6.19 billion ($47.84 million).
Workers seek dues at Bernard Soi’s recently acquired Muhoroni firm
Bernard Soi’s takeover of Muhoroni Sugar sparks labor protests as workers demand unpaid dues, exposing tensions in Kenya’s push to privatize state mills.
Stephen Saad’s Aspen stake drops $21 million in value
This mirrors wider investor caution amid challenges facing the global pharmaceutical sector and instability in emerging markets.
Malawi’s richest man sees $89 million decline in FMB Capital stake
The continued slide in the company’s share price on the Malawi Stock Exchange has dragged down his holdings significantly.
Neal Froneman-led Sibanye reports 289 workers trapped in South Africa mine
Details on the cause of the incident remain scarce, but the company is actively conducting safety checks and shaft inspections before hoisting workers to the surface.
Fani Titi-led Investec targets $139 million share buyback
Investec, led by Fani Titi, will repurchase $139 million in shares over 12 months, signaling strong earnings and capital discipline despite global headwinds.
South Africa’s Giovanni Ravazzotti takes $33.6 million loss on Italtile investment
The downturn reflects mounting investor caution regarding the company’s near-term growth prospects amid a challenging economic climate in South Africa.
Shameel Joosub-led Vodacom bets big on contracts beyond mobile
The company’s results for the year ending March 31, 2025, underscore a business in transformation, yet also raise questions about financial transparency and consumer risk.
Patrice Motsepe's Tyme Bank, Sanlam to launch retail credit venture
TymeBank and Sanlam are launching a 50-50 joint venture to expand digital credit access to underserved South Africans through unsecured loans and insurance.
Rupert joins Dangote, Ogunlesi among African billionaires visiting Washington
Johann Rupert, South Africa’s richest man and Richemont chairman, arrived in Washington during tense talks between Trump and President Ramaphosa.
Preem, formerly owned by Mohammed Al-Amoudi, posts $3.29 billion in Q1 sales
Preem's Q1 2025 sales dropped 8.3% to $3.29 billion, with weaker margins and downtime impacting profits.
Samuel Tafesse: Ethiopian developer behind Africa’s first Marriott hotel
From fixing roofs in Addis Ababa to developing sub-Saharan Africa’s first Marriott hotel, Tafesse has become one of Ethiopia’s top businessmen.
VARO Energy to acquire Preem from Ethiopian billionaire Mohammed Al-Amoudi
This acquisition signals the end of Ethiopian billionaire Mohammed Al-Amoudi’s long-standing role in Sweden’s energy sector.
Belayneh Kindie ventures into Ethiopia’s electric mobility space with 100 e-buses
Ethiopian businessman Belayneh Kindie launches 100 locally assembled electric buses in Addis Ababa, advancing Ethiopia’s clean transit and electric mobility goals.
Ethiopia’s richest man Mohammed Al-Amoudi sees Preem stake soar to $4.7 billion
Preem’s newly published 2024 annual report provided fresh insights into its valuation, driving up the value of Mohammed Al-Amoudi’s stake.
Ethiopian billionaire Mohammed Al-Amoudi’s Preem posts $12.8 billion in 2024 revenue
The company reported lower revenue and profit for the second straight year, reflecting weaker refining margins and a challenging market environment.
Ethiopia’s 10 richest businessmen
These business leaders are not just accumulating wealth; they are pivotal players in Ethiopia’s transformation.
Ethiopia's richest man adds $552 million to his net worth in 2025 after last year's loss
His net worth now stands at $9.4 billion, reinforcing his status among the world’s wealthiest individuals.
Latest Posts
Sam Darwish’s IHS reports $440 million in Q1 2025 revenue
IHS rebounds with $439.6 million in Q1 2025 revenue, driven by 25.6% organic growth and improved margins despite naira headwinds and prior regional divestments.
Stephen Saad’s Aspen stake drops $21 million in value
This mirrors wider investor caution amid challenges facing the global pharmaceutical sector and instability in emerging markets.
Black billionaire Alex Karp sells more than $50 million in Palantir stock
The sale was part of automatic transactions to cover tax obligations related to vested restricted stock units.
Nassef Sawiris’ OCI targets ammonia project completion amid $1 billion payout
OCI nears completion of Beaumont ammonia plant and plans $1 billion shareholder payout as part of a wider transformation under billionaire Nassef Sawiris.
Zak Calisto joins African billionaire ranks after Karooooo stake tops $1 billion
His controlling stake in Karooooo has surpassed the $1 billion mark, a milestone first reported by Billionaires.Africa.
Malawi’s richest man sees $89 million decline in FMB Capital stake
The continued slide in the company’s share price on the Malawi Stock Exchange has dragged down his holdings significantly.
Neal Froneman-led Sibanye reports 289 workers trapped in South Africa mine
Details on the cause of the incident remain scarce, but the company is actively conducting safety checks and shaft inspections before hoisting workers to the surface.
Kenyan banker Paul Russo-led KCB Group posts $127 million Q1 profit
KCB Group, led by CEO Paul Russo, posted a $127.9 million Q1 profit, driven by regional growth and digital focus despite non-interest income slipping 9.7%.
Moroccan real estate tycoon Alami Lazraq’s stake in ADI drops by $61 million
Shares of Alliances Développement Immobilier tumble nearly 10% as investor confidence wanes in Morocco’s property market.
Fani Titi-led Investec targets $139 million share buyback
Investec, led by Fani Titi, will repurchase $139 million in shares over 12 months, signaling strong earnings and capital discipline despite global headwinds.
Otedola hails Tinubu, Cardoso’s reforms as FirstHoldCo regains profitability
At the 13th Annual General Meeting of FirstHoldCo, Otedola pulled back the curtain on the scale of his vision.
Mostbet Bonus Codes: Redeem Your Mostbet Bonus Codes: Easy Steps Explained
Learn how to redeem Mostbet bonus codes with this simple step-by-step guide. Claim your rewards quickly and maximize your betting experience.
Aliko Dangote's refinery set to start polypropylene exports
The move marks a major milestone for Nigerian industrial exports as the country shifts from import dependence to value-added manufacturing.
NCBA, backed by Kenya's richest families, posts $42.3 million Q1 profit
NCBA, backed by Kenya’s elite families, posted a modest 3.41% Q1 profit rise to $42.4 million despite loan book contraction and macroeconomic headwinds.
South Africa’s Giovanni Ravazzotti takes $33.6 million loss on Italtile investment
The downturn reflects mounting investor caution regarding the company’s near-term growth prospects amid a challenging economic climate in South Africa.
Mauritian-based firm takes $19 million stake in Suresh Bhagwanji Shah’s I&M Group
Mauritius-based EAGH boosts its I&M Group stake to 15.14% with a $19 million investment, signaling rising confidence in East Africa's banking sector.
