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Elon Musk nominated as board member at U.S. entertainment giant

Endeavor has nominated Elon Musk to join its board in an IPO filed with the U.S. Security Exchange Commission on March 31.

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Tesla's Cyber Truck. ©Billionaires.Africa

The U.S-based media conglomerate Endeavor has nominated Elon Musk to join its board in an initial public offering filed with the U.S. Security Exchange Commission (SEC) on March 31, CNBC reported. The company owns the Ultimate Fighting Championship and Miss Universe Pageant and is pushing to go public after a failed attempt in 2019.

The South African billionaire has received global acclaim for his business acumen and widespread criticism for tweets that have informed critical market decisions.

Many thought the news of Musk’s nomination to the Endeavor board was an April Fool’s Day prank, as the listing was filed on April 1. However, the company’s investors Elliott Management and Silver Lake Partners later confirmed the nomination.

Led by Ari Emanual, a U.S. multimillionaire and long-time Musk associate, Endeavor seeks to onboard the self-acclaimed “Technoking” to tap into his professional wealth and experience as the founder of several internationally renowned companies. Musk is the CEO of Tesla and SpaceX and founded Neuralink and The Boring Company.

The report quoted the IPO listing as stating: ″Mr. Musk was selected to serve on our board of directors because of his professional background and experience running a public company, his previously held senior executive-level positions, his service on other public company boards and his experience starting, growing and integrating businesses.” 

In March, the tech mogul faced investor lawsuits over comments made on Twitter. The lawsuits asserted that Musk’s tweets violated a 2018 settlement with the SEC, which cost Musk and Tesla $40 million. The 2018 settlement aimed at moderating how the CEO dispersed information to the public.

The IPO listing stated that: “There are no restrictions on Mr. Musk’s ability to serve as an officer or a director on a company’s board.”

Endeavor is a U.S- based media and talent management agency that represents artists in movies, television, music, theater, digital media and publishing. The company is based in Beverly Hills, California.

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African billionaire heirs are making their mark in philanthropy

The progeny of some of Africas’s wealthiest people are putting in more of their time to giving and impacting.

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Tsitsi Mutendi, co-founder of African Family Firms.

For many years philanthropy and Africa have been marred by the images of poor African children, starvation and refugees fleeing war-torn zones. However, if you live on the continent, you will know that it’s a vibrant and colorful place that has its challenges like all geographic locations. Some of the images that have plagued Africa have been real, but they do not tell the holistic story.

As the world has evolved, so has Africa. With a lot more homegrown wealth and an increase in millionaires and billionaires on the continent, we have seen the introduction of African foundations created and led by African families, African family offices and African family businesses. Africa has one of the fastest-growing markets of high net-worth individuals, and many of these individuals are becoming entrenched in sustainable philanthropy.

You may ask, “Where is this money coming from?”

According to a report authored by AfrAsia bank in 2021, the total private wealth held in Africa was standing at $2 trillion as of December 2020. In addition to this homegrown wealth, according to the World Bank, Africa diaspora remittances being sent home were about $48 billion in 2020.

With all this money being found on the continent in its various forms, we are beginning to see African giving becoming the norm and pushed forward by the spirit of Ubuntu.

Ubuntu (Zulu pronunciation: [ùɓúntʼù]) is a Nguni Bantu term meaning, “humanity.” It is sometimes translated as, “I am because we are.” Ubuntu is essentially about togetherness and how all of our actions impact others and society.

In Africa, this culture and way of life permeates to everyday gestures in the course of life. In the past, it applied to family, friends and community members, but now we are seeing it expand to a broader audience and in various ways. African philanthropists are looking towards impact and addressing issues they experienced or their communities experience in a way that changes the narrative and creates opportunities for their recipients.

Most notable about the giving is that the conversation is not only being led by the African founders or matriarchs and patriarchs, but next-gens are also equally putting in their weight and names to giving and impacting. Some of the notable next-gen givers are:

  • Florence “Cuppy” Otedola, and the Cuppy Foundation. Cuppy is the daughter of billionaire Femi Otedola. The Cuppy Foundation tackles child protection and education issues for girls and persons with disabilities (minorities). Cuppy has spearheaded several initiatives, such as her “Cuppy Takes Africa” tour in 2015 in partnership with Guarantee Trust Bank and the Dangote Foundation. She has also personally paid for multiple students to go to university in Nigeria and worked with various organisations such as the Global Citizen, Royal Commonwealth Society, and the Save The Children Initiative, where she raised over $13 million.
  • Elizabeth Tanya Masiyiwa, the daughter of Strive and Tsitsi Masiyiwa, is an executive director at Delta Philanthropies. Delta Philanthropies is a UK-registered charity founded by the Masiyiwa family and governed under the UK Charity Commission. Its strategic pillars include education, health, rural transformation and sustainable livelihoods, disaster relief and preparedness. Its impact has seen millions of dollars being put into creating a difference, and according to their website, it has impacted over 15 million people and counting.
  • Halima Aliko Dangote is a trustee for the Dangote Foundation. The foundation has become the largest private foundation in Sub-Saharan Africa, with the largest endowment by a single African donor. The foundation is interested in health, education, empowerment and humanitarian relief.
  • Naguib, Samih and Nassef Sawiris all sit on the Sawiris Foundation for Social Development board, a charity that provides microcredit to Egyptian entrepreneurs and grants scholarships to outstanding Egyptian students in tertiary institutions. 
  • A most notable next-gen founder and philanthropist is Mohammed Dewji. The Tanzanian billionaire joined the Giving Pledge, promising to give away at least half of his wealth to philanthropic causes. Dewji’s Mo Dewji Foundation focuses on three areas: health, education, and community development. Over five years, the Mo Dewji Foundation has spent more than $3 million in grants and other forms of funding for community service projects, supporting schools, hospitals and wells.

As we can now see, philanthropy is no longer just a buzzword. The global pandemic has highlighted why philanthropy is essential, especially when people are left marginalised. And Africa’s families have heeded the call and put their charitable giving to use. Next-gens being the key to continued giving, when they actively participate and lead the charge, they start exploring sustainable solutions in regions they are familiar with and communities they live amongst. It’s well worth seeing how the next-gens will drive the philanthropic future of the continent.

Through this work, we will see the values and vision of the various financial leaders of the continent and the future stewards of their wealth.

Tsitsi Mutendi is a co-founder of African Family Firms, an organization that aims to facilitate the continuity of African family businesses across generations. She is also the lead consultant at Nhaka Legacy Planning and the host of the Enterprising Families Podcast.

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Led by Aisha Cassam Timol, CIM prepares to list 17 million shares worth $3.65 million under employee scheme

CFSL is a non-deposit-taking financial services holding.

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Aisha Cassam Timol.

Mauritius-based financial services group, CIM Financial Services Limited (CSFL), has obtained approval for the block listing of new shares worth $3.65 million under its employee share option scheme.

CFSL is a non-deposit-taking financial services holding led by leading business executive, Aisha Cassam Timol. It maintains active operations in four major segments, namely: global business, finance, property and investments. 

The group provides individuals, small and medium enterprises, and corporations with a broad array of financial services products through its network of 100 domestic retail points of sale.

According to a communique published by the Executive Committee of the Stock Exchange of Mauritius, the equity market regulator revealed that the Mauritius-based group can proceed with the listing of up to 16,999,998 new ordinary shares.

The new shares, which will be listed in connection with CIM’s employee share option scheme on the Stock Exchange of Mauritius, will give the group’s employees the right to buy its stock at a specified price for a finite period of time.

As of press time, Jan. 17, shares in the Mauritius-based group were trading at MUR9.4 ($0.2145) on the local bourse, giving the financial services group a MUR6.4-billion ($146 million) market capitalization. 

At the current price, the newly issued shares under the employee share option scheme are valued at MUR159.8 million ($3.65 million).

The recent disclosure comes nearly one month after CIM reached an agreement to acquire fellow Mauritius-based Tsusho Capital Limited for an undisclosed fee, subject to regulatory approvals.

In its recently concluded full-year results on Sept. 30, 2021, its net income rose by 119 percent year-on-year from MUR 190.8 million ($4.4 million) in 2020 to MUR 417.1 million ($9.7 million).

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Malawian tycoon Hitesh Anadkat gains $16 million from stake in Mauritius-based FMB Capital Holdings

Anadkat is the founder of FMB Capital Holdings and holds a substantial 35.51-percent stake in the company.

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Hitesh Anadkat.

Malawian banking mogul Hitesh Anadkat has recorded impressive gains in his stake in FMB Capital Holdings in the past 45 days thanks to s surge in the value of his shareholding.

Anadkat is the founder of FMB Capital Holdings and holds a substantial 35.51-percent equity position in the company.

Research conducted by Billionaires.Africa revealed that his stake amounting to 872,924,575 shares has risen by MWK13.14 billion ($16.07 million) in the past 45 days, taking the value of his stake above the $85-million mark.

FMB Capital Holdings Plc is the Mauritius-based investment holding of FMB Capital Group, which maintains banking and finance operations in Botswana, Malawi, Mozambique, Zambia and Zimbabwe.

As of press time, Jan. 15, shares in the investment holding were trading at MWK79.98 ($0.2484), relatively stable from their opening price on the Malawi Stock Exchange at the start of the year.

Since Dec. 1, 2021, shares in the group have increased from a price of MWK64.93 ($0.0795) to MWK79.98 ($0.2484) at the time of writing. This led to a 23.3-percent gain for shareholders in the past 45 days.

As a result, the market value of Anadkat’s stake has increased from MWK56.68 billion ($69.35 million) on Dec. 1, 2021 to MWK69.82 billion ($85.43 million) on Jan. 15.

This translates to a MWK13.14-billion ($16.07 million) gain for the multimillionaire in the past 45 days.

The recent surge in the company’s share price and the value of his stake can be linked to investor reactions to a recent trading update on its financial performance for 2021, which is in compliance with the listings requirements of the Malawi Stock Exchange.

The group noted that its profit after tax for the year ending Dec. 31, 2021 will be at least 40-percent higher than its figures posted at the end of the previous financial year, on Dec. 31, 2020.

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