Egyptian billionaire Samih Sawiris sells UAE tourism company for $40 million
The $40 million transaction includes the entire share capital of RAK, which holds leasehold rights to The Cove Rotana Hotel, a 349-room luxury resort in Ras Al Khaimah.
Nigerian oil magnate Wale Tinubu’s Oando posts $51 million in profit in 2023
Oando’s average production for 2023 was 20,837 barrels per day, slightly up from 20,703 barrels per day in 2022.
Adidas finds success with 22-year-old NBA star’s sneaker after cutting ties with Kanye West
The new sneaker line has been a smash hit in its first six months on the market, drawing comparisons to the initial triumph of the Yeezy sneakers launched in collaboration with Kanye West.
South African billionaire Patrice Motsepe’s net worth falls below $3 billion
Motsepe’s fortune peaked above $3 billion in May, but a $200 million decline linked to his stake in African Rainbow Minerals (ARM) has pushed his net worth to $2.8 billion.
Nigerian billionaire Femi Otedola’s Geregu Power inks deal with Siemens Energy to triple capacity
The MoU, signed in Berlin on May 29, 2024, focuses on developing solutions for sustainable, resilient, and efficient power generation at Geregu’s existing plant.
Moroccan real estate magnate Alami Lazraq makes $10.8 million from ADI stake
This gain follows a period of decline, with Alami Lazraq’s shares in ADI dropping by $17.39 million between May 15 and 23
South African billionaire Saltzman family’s Dis-Chem sees earnings top $73 million
The South African billionaire Saltzman family holds a 35.1 percent stake in the company, valued at R9.97 billion ($529.23 million).
Egyptian billionaire Yasseen Mansour’s company records $131-million revenue in Q1 2024
Executive Chairman Yasseen Mansour attributed the impressive results to strong sales across various regions.
Nigerian billionaire Femi Otedola locks horns with Zenith Bank over alleged debt fraud
Otedola, who ranks among Africa’s billionaires, accuses Zenith Bank of perpetrating banking fraud.
South African billionaire Jannie Mouton sees $46.9 million loss on Capitec shares
This comes on the heels of a $94 million gain recorded between April 17 and May 4 when the market value of his stake surged from $646.08 million to $740.15 million.
Africa’s richest man Aliko Dangote’s refinery seeks dual listing in Nigeria, London
The choice to pursue a dual listing on both exchanges reflects considerations arising from the NGX’s current limitations in accommodating the scale of the refinery.
Dutch giant Heineken to pay $13.1 million to Kenyan tycoon Ngugi Kiuna’s firm
This follows the Court of Appeal’s ruling that upheld a High Court order for Heineken to compensate Maxam for the unlawful termination of their distribution contract in Kenya.
South Africa’s richest man Johann Rupert makes $900 million in just three weeks
While his commanding stake in Richemont forms the cornerstone of his wealth, Johann Rupert has diversified his investment portfolio across a spectrum of industries.
Bank led by Nigerian billionaire Femi Otedola partners with French financier on climate initiative
This collaboration aims to establish FBN Holdings as a frontrunner in African climate finance.
Bravura Sets the Record Straight: Rebuttal to Inaccurate Claims in Zimbabwean Mail
Bravura clarifies that the Kamativi Lithium Tailings Project, launched in December 2021, is progressing steadily despite encountering regulatory hurdles and global economic challenges.
Nigerian billionaire Femi Otedola’s FBN Holdings posts $149.7 million profit in Q1 2024
Femi Otedola’s leadership continues to be a driving force behind the group’s sustained growth and expansion, with high expectations for the remainder of the fiscal year.
