Cemtech eyes 5,500 clinker plant as Narendra Raval tightens grip on Kenyan market
Under Raval’s leadership, Cemtech has submitted an environmental impact assessment (EIA) report to the National Environment Management Authority (NEMA) for review.
East Africa’s first billionaire Sudhir Ruparelia buys Lotis Towers from dfcu Bank
The acquisition of Lotis Towers, a 14-storied upscale building located at plot 16 MacKinnon Road, Nakasero, was confirmed by Sudhir Ruparelia himself following a bank auction.
South African billionaire Christo Wiese’s Shoprite shares rebound above $900 million
With his Shoprite stake now reapproaching the $1-billion mark, Wiese remains a billionaire, with his net worth likely exceeding $1.2 billion.
Zimbabwean tycoon Ken Sharpe’s WestProp begins development of $300-million mixed-use estate
The development encompasses an 18-hole championship golf course modeled after those used on the PGA Tour
Moroccan billionaire’s son acquires $15.4-million Miami Beach waterfront home
The purchase of the two-story mansion at 394 S. Hibiscus Drive, exemplifies the family’s penchant for exclusivity and grandeur.
South African tycoon Laurie Dippenaar gains $31.5 million from FirstRand in 18 days
The $31.46-million increase in the market value of Dippenaar’s investment in FirstRand solidifies his position as one of South Africa’s wealthiest businessmen.
Nigerian billionaire Abdul Samad Rabiu’s BUA Cement reports $118.8-million Q1 revenue
The company showcased robust revenue growth, surging past $110 million, yet faced a notable decline in profit due to escalating costs and currency devaluation.
Bank backed by Nigerian gambling magnate Kessington Adebutu seeks $145-million capital raise
Adebutu, founder of Premier Lotto Limited, Nigeria’s oldest gaming company, owns a significant stake (28.09 percent) in Wema Bank.
Swazi billionaire Natie Kirsh gains $210 million in 18 days
The primary driver behind this growth is the exceptional performance of Jetro Holdings, a New York-based consumer goods holding company in which Kirsh holds a 75-percent stake.
Glencore-led by South African executive Gary Nagle eyes $46-billion British mining firm
Glencore’s recent interest in Anglo-American comes roughly three months after expressing interest in acquiring Shell’s refinery and petrochemical complex in Singapore.
Nigerian tycoon Tony Elumelu’s UBA delivers $102.25-million profit in Q1 2024
Under Elumelu’s leadership, UBA’s total comprehensive income for the period also rose, from N51.03 billion ($36.56 million) to N581.47 billion ($416.7 million).
Co-op Bank led by Gideon Muriuki secures $25.2 million to support women-owned businesses in Kenya
Muriuki, Co-op Bank’s CEO and managing director, welcomed the financing, emphasizing the critical need to bolster support for women-owned businesses.
Nigeria’s richest banker Jim Ovia loses $13.3 million from Zenith Bank stake
Despite this short-term setback, Ovia retains his position as Nigeria’s richest banker, underscoring his enduring success as a prominent businessman in the country.
Ugandan tycoon Charles Mbire’s MTN Uganda hits 20 million customer milestone
MTN Uganda boasts an impressive 98 percent coverage area, serving a vast majority of the Ugandan population.
Moroccan billionaire Othman Benjelloun loses $41 million from Bank of Africa stake
Benjelloun remains not only Morocco’s second-wealthiest individual after Prime Minister Aziz Akhannouch but also one of the most prosperous investors on the local bourse.
Egyptian magnate Abdallah Sallam’s Madinet Masr’s Sheya project records $106.6 million in sales
Located near the New Administrative Capital on a 228,212-square-meter plot, Sheya is slated for completion within four years.
