Court blocks East Africa's first billionaire from recovering $2.2 million from dfcu
This marks a twist in the ongoing legal battle between Ruparelia’s Crane Management Services and dfcu bank.
East Africa
Sanlam Kenya, backed by Kenyan investor Baloobhai Patel, to raise $19.3 million in rights issue
Sanlam Kenya, backed by tycoon Baloobhai Patel, plans a $19.3 million rights issue to cut debt, strengthen its balance sheet, and revive profitability.
Moi family’s Sosian Energy loses geothermal license in Kenya
The Moi family's energy company, Sosian Energy, faces setbacks as its geothermal project’s progress is halted amid growing scrutiny.
Nigerian energy tycoon Tope Shonubi’s Asharami Energy wins Kenya’s LPG deal
This win pushes aside the state-owned Kenya Pipeline Company (KPC) and challenges the expansion plans of Tanzanian energy giant Lake Oil, owned by Ally Edha Awadh.
Arnaud Lagesse's Phoenix acquires $80 million stake in Seychelles Breweries from Diageo
The agreement strengthens the relationship between Diageo and Phoenix Beverages—a subsidiary of the Mauritius-based IBL Group.
Centum, controlled by Kirubi family, cuts stake in Sidian amid cash call
The fresh funds are expected to boost Sidian’s lending capacity and sharpen its competitive edge against established rivals.
Tullow Oil, backed by Samuel Dossou-Aworet, writes down Kenya assets by $145.4 million
This underscores growing doubts about whether the company can push its long-delayed Turkana oil project to commercial production.
Equity Group to reward Kenyan banker Mwangi with $4.2 million dividend payout
His stake in the lender, worth over $45 million, represents a 3.39 percent share in the leading financial services group.
CIC Group, linked to Kenyan tycoon Gideon Muriuki, unveils $5.6 million bonus issue
It underscores CIC Group’s commitment to enhancing superior shareholder value while strengthening liquidity and accessibility in the market.
Tanzanian tycoon Ally Edha Awadh hit by regulatory hurdle in Kilifi LPG project
The ruling adds to Kenya’s growing regulatory scrutiny of LPG projects, following past crackdowns by the EPRA on non-compliant firms.
Equity Group, led by James Mwangi, plans $30 million capital boost for subsidiaries
The move reinforces the bank’s regional presence and strengthens balance sheets to keep pace with expansion.
Britam, backed by leading Kenyan investors, reports $38.9 million profit in 2024
Britam’s net profit surged 53% to $38.9 million in 2024, fueled by higher investment income, disciplined cost management, and strong underwriting performance.
Sim Tshabalala-led Standard Bank backs $5 billion oil pipeline
Standard Bank leads a $5 billion financing deal for Uganda-Tanzania oil pipeline, signaling cautious investor confidence despite environmental opposition.
Top 10 richest people in Tanzania
Billionaires.Africa ranks Tanzania’s 10 richest individuals, highlighting their investments, influence, and impact on the nation’s economic transformation.
James Mwangi leads East Africa’s largest bank to $377 million profit in 2024
Under James Mwangi, Equity Group has strengthened its presence across Uganda, Tanzania, South Sudan, Rwanda, and the Democratic Republic of the Congo.
Kenyatta family, Kenya’s largest landowners, sees $9 million gain from NCBA stake
The gain follows a strong rebound in the bank’s shares on the Nairobi Securities Exchange (NSE).