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Egypt’s richest man Nassef Sawiris gains $260 million in four days

Sawiris’ stake in Adidas, the largest sportswear company in Europe, accounts for the bulk of his $6.69-billion fortune.

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Nassef Sawiris.

Egypt’s richest man and one of the wealthiest billionaires on the African continent, Nassef Sawiris has recorded a multimillion-dollar net-worth gain in the past four days, as shares surge in the German sportswear manufacturer, Adidas.

According to the Bloomberg Billionaire Index, since the start of business and trading on Jan. 10, his fortune has increased by more than $260 million. The boost comes off a rise in Adidas’ share price, which triggered an increase in the value of his 3.72-percent stake in the sportswear company.

His beneficial stake in Adidas, the largest sportswear company in Europe and the second-largest sports brand in the world, accounts for the majority of his $6.69-billion fortune.

Research conducted by Billionaires.Africa revealed that, since Jan. 10, Sawiris’ net worth has grown from $6.43 billion to $6.69 billion.

The surge in his wealth can be directly linked to the company’s recent performance on the Deutsche Börse stock exchange in Frankfurt.

Since Jan. 10, shares in the multinational sportswear company have increased by over 3.7 percent from a price of €246.95 ($283.07) per share four days ago to €256.20 ($293.63) per share at the time of drafting this report.

The recent gains in the company’s shares, which led to the increase in Sawiris’ stake, can be linked to investor reactions to its announced buyback program, coupled with a report that the stockbroking platform, Freetrade, struck a deal to plug directly into the German stock market.

Experts believe the move by the stockbroking platform will give British clients access to buy stocks in German behemoths such as Adidas and BMW.

Sawiris remains the wealthiest man in Egypt and the 427th richest person in the world. His net worth represents an increase of about $190 million compared to his fortune in late December 2021.

In 2021, the billionaire recorded a wealth loss of $130 million as a result of a single-digit decline in the Adidas share price.

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Benin seizes assets of exiled chicken tycoon Sebastien Ajavon over alleged tax fraud

Ajavon is the founder of Cajaf-Comon, Benin’s largest supplier of frozen chicken.

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Sebastien Ajavon.

Law enforcement agencies in Benin on Fri., July 1, seized household items from the Contonou residence of Beninese chicken tycoon and 2016 presidential candidate Sebastien Ajavon.

On March 22, the Supreme Court ordered the seizure of the businessman’s house and gave him one month to sell his property and start paying a fine amounting to more than 160 million CFA francs ($934,800) for alleged VAT fraud. He was also sentenced to five years in prison.

On Friday, local television stations in Benin broadcasted videos of movers taking furniture from his house, including armchairs and golden tables. A black luxury sedan was also seized from the property and loaded onto a truck. The movers were accompanied by security forces and a bailiff. The seizure of the property was requested by Beninese government.

Ajavon, who came in third after the first round of the presidential elections, has since lived in exile in France where he obtained political refugee status. He has granted numerous interviews in the past and noted that he considers himself the victim of legal harassment.

While Ajavon has been sentenced to five years in prison for VAT fraud, he has also been sentenced in absentia to 20 years in prison in another case for alleged international drug trafficking. He is listed as a wanted person on a website of the Beninese Justice Ministry and an international arrest warrant was issued against him on Oct. 18, 2018.

Ajavon, 52, built his fortune in the food and media industries. He is the founder of Cajaf-Comon, Benin’s largest supplier of frozen chicken, and he owns the Sikka TV station and Radio Soleil FM, among other ventures.

In 2016, he ran for president and received almost one-quarter of the votes in the first round of the election. He subsequently dropped out of the race and supported fellow businessman Patrice Talon, who ultimately won the elections. The two have since fallen out with each other.

 

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Burkinabe tycoon Mahamadou Bonkoungou’s IB Bank plans to crash interest rates in Togo

Bonkoungou acquired IB Bank in Togo last December.

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Mahamadou Bonkoungou.

IB Bank, formerly known as the Togolese Bank for Commerce and Industry, plans to contribute to the development of the Togolese economy by offering the lowest interest rates on the market.

The bank, which is owned by Burkinabe construction tycoon Mahamadou Bonkoungou’s IB Holding, wants to support companies in the agro-industry, transport and infrastructure sectors.

The bank’s CEO Nabil Tahari made the statement on Friday to the Togolese press during a meeting with President of the National Council of Employers of Togo Laurent Coami Tamegnon.

“Our credit rates will remain very reasonable between seven and 11 percent, maximum,” he said, according to a news report by Republic of Togo. “We have not come to do a spot operation with young companies and not see them tomorrow, we are going to help them develop and prosper.”

“We cannot operate in a country and forget the SMEs-SMIs which constitute 90 percent of its economic fabric,” he said. “We are not a selective bank.”

Last year, IB Holding acquired the Togolese Bank for Commerce and Industry. It was renamed IB Bank Togo, and marked the entry of the Burkinabe construction and aviation tycoon into Togo’s commercial banking and financial services industry. Bonkoungou’s company owns a 90-percent shareholding in IB Holding, while the Togolese state owns 10 percent of the bank.

Bonkoungou, 52, is the founder and chairman of EBOMAF Group, the largest construction company in Burkina Faso. The company builds and maintains roads, bridges, runways, and other infrastructure. He also owns Liza Aviation, a private jet charter company.

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Malawian banking mogul Hitesh Anadkat gains $40 million from stake in FMB Capital

Anadkat owns 35.51 percent of the Port Louis-based firm.

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Malawian banking mogul Hitesh Anadkat.

Malawian banking mogul Hitesh Anadkat has recorded a MWK41-billion ($40 million) boost in his net worth since the start of the year, as shares in FMB Capital Holdings (FMB Capital) increased by nearly 60 percent following a stellar performance at the end of 2021.

FMB Capital is the Mauritius-based investment holding company of FMB Capital Group, which operates in Botswana, Malawi, Mozambique, Zambia, and Zimbabwe.

Anadkat, who founded the leading financial services firm in 1995, owns 35.51 percent of the Port Louis-based firm, which translates to 872,924,575 ordinary shares.

At the time of writing, FMB Capital shares on the Malawi Stock Exchange were worth MWK126.93 ($0.124) per share, giving the Mauritius-based investment holding a market capitalization of MWK312 billion ($304.5 million).

Shares in the financial services group have risen from MWK80 ($0.078) at the start of the year to MWK126.93 ($0.124) at the time of writing, representing a 58.7-percent gain for shareholders.

As a result of the double-digit surge in the shares of FMB Capital, the market value of Anadkat’s 35.51-percent stake has increased by MWK41 billion ($40 million) in the past 184 days, rising from MWK69.84 billion ($68.1 million) to MWK110.8 billion ($108.1 million) at the time of writing this report.

The surge in the group’s shares since the beginning of 2022 has largely been driven by investor reactions to its 2021 financial results, which showed solid performance during the fiscal year.

According to data retrieved from its annual report, profit increased to $40.4 million in 2022, up from $21.3 million in 2022. The solid financial performance reflects the underlying robustness of FMB Capital’s banking operations.

During the period under review, the group’s loans and advances increased by 35 percent during the period under review, with all operations contributing to the growth.

Anadkat, who owns a significant stake in FMB Capital, is one of the wealthiest investors on the Malawi Stock Exchange.

Apart from FMB Capital Holdings, the Malawian businessman has a beneficial interest in Botswana-based microfinance corporation Letshego Holdings and Malawi’s pioneer telecom operator, Telekom Networks Malawi Plc.

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