Egyptian auto tycoon Raouf Ghabbour’s GB Auto spends $7.6 million of capital raise proceeds
Ghabbour founded GB Auto in 1985 as an Egyptian manufacturer of vehicles, buses, trucks, and motorcycles.
East African Court of Justice orders Rwanda to pay tobacco tycoon Tribert Rujugiro $1 million
The court ruled that Rwanda violated a regional treaty when it took over and sold Rujugiro’s shopping mall.
Somali tycoon Abdirashid Duale’s Dahabshiil says diaspora remittances to boost regional economy
Diaspora remittances are a lifeline for many people in the Horn of Africa
Kenyan businessman John Kimani acquires additional $1.7-million stake in Centum
Aside from his ownership interest in Centum, Kimani controls 32.3 percent of Kakuzi and 2.99 percent of Nation Media Group.
Kenyan mogul Manu Chandaria regains control of Kaluworks as banks write off $55-million debt
Kaluworks is a manufacturing firm and a subsidiary of Chandaria’s main company, Comcraft Group.
Nigerian tycoon Herbert Wigwe’s Access Holdings gets approval to acquire Lagos-based First Guarantee Pension
Wigwe holds a 4.26-percent stake in the pan-African group.
Nigerian banker Jim Ovia to pocket $3.6 million in interim dividends from Zenith Bank
The news puts his total dividend earnings from Zenith Bank this year at $17.7 million.
Egyptian billionaire Yasseen Mansour, Ahmed El-Sewedy donate $5.9 million to build Cairo monorail
Egypt’s first monorail, worth $4.5 billion, will be finished by 2023.
Moroccan businesswoman Lamia Tazi’s Sothema records over $108 million in revenue in H1 2022
Sothema produces more than 60 million units of pharmaceuticals every year.
Mauritian Espitalier-Noel family loses $9.1 million from stake in ENL in 96 days
The family remains one of the country’s wealthiest investors.
Nigerian banker Tony Elumelu commissions ultra-modern UBA Experience Center in Abuja
The center’s launch comes nearly one month after Elumelu opened a new UBA branch in Dubai.
African-American comedy mogul Kevin Hart to launch plant-based restaurant in LA next week
The restaurant chain will open in New York in a bid to uproot the fast-food industry.
South African billionaire Michiel Le Roux’s stake in Capitec Bank surges above $1.7 billion
The billionaire has recorded an impressive $149-million surge in the value of his stake in the past 16 days.
London-based Egyptian billionaire Mohamed Al Fayed loses $100 million in 110 days
Despite the drop in his net worth, Al Fayed still ranks as one of Africa’s wealthiest billionaires.
Egyptian auto tycoon Raouf Ghabbour’s GB Auto posts $37.6 million in profit in H1 2022
The wealthy Ghabbour family owns 62.9 percent of the leading automaker.
Nigerian billionaire Abdul Samad Rabiu unveils $23.8-million security support fund
It is the single largest donation to a philanthropic cause made by a Nigerian businessman.