Connect with us

Hot News

How sanctioned Zimbabwean billionaire Kudakwashe Tagwirei keeps earning incredible cash

They call him “Queen Bee” because of his sprawling business empire.

Published

on

Despite being sanctioned by the United States and United Kingdom, controversial businessman Kudakwashe Tagwirei keeps earning billions of dollars from Zimbabwe’s perforated economy. 

“Queen Bee,” as he is popularly called given his sprawling business empire, has been the subject of scandal as of late due to alleged corrupt business schemes that have deprived the economy of enormous revenue and contributed to its poverty. 

Zimbabwe is a landlocked country bordered by Botswana, Zambia, Mozambique and South Africa. It is ruled by President Emmerson Mnangagwa, who came to power in 2017 after the forced resignation of Robert Mugabe. Mugabe and his inner circle faced U.S. sanctions and targeted embargoes during his three decades in power.

Since Mnangagwa assumed office in 2017, Tagwirei has served in his cabinet as a special advisor — a position that many believe he has leveraged to benefit his business. 

ZimLive recently reported that Tagwirei’s links with the president helped him become a dominant figure on the fuel, platinum and gold markets in Zimbabwe. He has also benefited from opaquely awarded state contracts worth billions of dollars and preferential access to minerals and scarce foreign currency.

Parliamentary documents have revealed that at least $3 billion in treasury bills issued by the country’s Reserve Bank were awarded to Tagwirei’s businesses between 2017 and 2019, which were then used to expand his commercial empire.

Tagwirei is a commodities trader with extensive interests in the energy sector. He is the founder and current CEO of Sakunda Holdings Group, which has a controlling grip on critical sectors of the economy, from mining to real estate to agriculture to banking. 

In July 2019, Tagwirei reportedly held about 30 percent of the shares of one of Zimbabwe’s largest banks, CBZ Holdings (CBZ). However, last month, the government announced a plan to create its largest financial services company focused on banking, insurance, investment, property, and agriculture, through the merger of the country’s leading financial institutions, including CBZ.

The bank is expected to have an asset base of more than $2.5 billion, with the Tagwirei-linked CBZ Holdings leading the merger and consolidation process.

Despite the sanctions and criticism from the media, the businessman has managed to remain calm and audacious in his business dealings. 

Recently, Tagwirei was lambasted for lavishing his “ill-gotten wealth” on Treasury Secretary George Guvamatanga during his 50th-birthday celebration. 

The controversial businessman was said to have pledged a private jet, $50,000 in spending money, an executive box at the Emirates Stadium in London, and a shirt signed by Arsenal Captain Pierre-Emerick Aubameyang.

“We’re on sanctions, but we make things happen over there (in the United Kingdom),” Tagwirei said during the ceremony.

Hot News

Nigerian billionaire Tony Elumelu loses more than $4 million in 36 days

UBA is a leading Nigerian financial group with operations in 20 African countries, as well as the UK, United States and France.

Published

on

Nigerian billionaire Tony Elumelu.

Nigerian businessman and multimillionaire philanthropist Tony Elumelu has recorded a N1.67-billion ($4.06 million) loss in the past 36 days from his stake in one of Nigeria’s leading financial services groups, United Bank for Africa Plc (UBA).

UBA is a leading Nigerian financial services group with operations in 20 African countries, as well as the UK, United States and France.

The pan-African bank ranks among Nigeria’s largest lenders. It operates under Elumelu, the billionaire businessman who holds a 6.96-percent stake in the group, deriving a total wealth of N18.8 billion ($45.8-billion) from his position.

The recent decline in the value of his stake can be linked to a single-digit drop in UBA’s share price on the Nigerian Exchange, as investors trimmed down their stake in the tier-1 lender.

As of press time, Dec. 4, shares in UBA were worth N7.9 ($0.01924) per share, 63-basis points lower than their opening price yesterday morning, Dec. 3.

Data gathered by Billionaires.Africa revealed that shares in the leading lender as of the opening of business and trading on Oct. 29 were worth N8.6 ($0.02094) per share.

Portfolio-rotation activities by investors who trimmed down their holdings in the bank caused its share price to slump by more than eight percent to N7.9 ($0.01924) per share as of the time of writing, accruing a total of N23.9 billion ($58.3 million) in losses for the bank and its shareholders.

While the market value of Elumelu’s 6.96-percent stake declined from N20.48 billion ($49.86 billion) to N18.81 billion ($45.8 million), this translates to a N1.67-billion ($4.06 million) loss for the Nigerian businessman in the past 36 days.

So far this year, the valuation of UBA and the market value of Elumelu’s stake in the bank is down by nearly nine percent.

Elumelu, who holds more than 2.3 billion shares in the pan-African bank, has earned a total of N1.72 billion ($4.18 million) in dividends from his stake.

The multimillionaire philanthropist recently paid out a total of $24.75 million in funding support to 4,949 entrepreneurs in Africa in line with his commitment to empower entrepreneurs on the continent.

Continue Reading

Hot News

Egypt’s Ghabbour family gains $15.8 million in 11 days as shares in GB Auto rebound

The wealthy Ghabbour family holds a majority 62.9-percent stake in the leading auto manufacturer.

Published

on

Businessman Raouf Ghabbour.

Egypt’s Ghabbour family has gained EGP247.73 million ($15.8 million) in the past 11 days from their stake in GB Auto.

GB Auto is an Egyptian manufacturer of automobiles, buses, trucks and motorcycles founded by   Kamal and Sadek Ghabbour in 1960. Since then, the company has grown into the largest automobile manufacturer in Egypt under the Ghabbour Group.

The wealthy Ghabbour family holds a majority 62.9-percent stake in the leading auto manufacturer.

The recent gain in the market value of their stake can be linked to the performance of the company’s shares in the past 11 days as investors renewed interest in the automaker after its share price on the Egyptian Stock Exchange plummeted below EGP3.7 ($0.232) per share.

Data retrieved by Billionaires.Africa revealed that shares in the Egypt-based automaker were worth EGP4.01 ($0.255) per share as of press time, Dec. 4, 282-basis points higher than their opening price for the week.

As a result of the renewed buying interest in the automaker, its stock price soared by 10 percent from a valuation of EGP3.65 ($0.232) per share on Nov. 22, to a price of EGP4.01 ($0.255) per share as of the time of writing.

Meanwhile, the market value of the Ghabbour family’s stake in the automaker increased from EGP2.51 billion ($159.91 million) to EGP2.76 billion ($175.69 million), accruing total gains of EGP247.73 million ($15.8 million) for the family in 11 days.

So far this year, the valuation of GB Auto and the market value of the family’s stake in the company is up by nearly 21 percent.

The company’s stock performance in 2021 can be linked to its robust financial performance during the year.

Figures contained in its first-nine-month financial report for 2021 revealed that its revenue rose by 39 percent to EGP22.4 billion, while its net income increased by 59.8 percent to EgP1.01 billion.

The robust performance can be linked to the benefits that the company reaped from operational efficiency initiatives, operational leverage from higher revenues and the overall improved demand in the period.

Continue Reading

Hot News

Led by Ivorian banker Tiemoko Yade Coulibaly, Societe Generale Cote d’Ivoire loses $42.6 million in three days

Societe Generale Cote d’Ivoire SA is an Ivory Coast-based bank offering financial products and services.

Published

on

Businessman Tiemoko Yade Coulibaly.

Leading Ivorian bank Societe Generale Cote d’Ivoire has accrued XOF24.73 billion ($42.65 million) in losses for shareholders after its shares slumped by nearly seven percent in the past three days.

Societe Generale Cote d’Ivoire SA is an Ivory Coast-based bank offering banking and financial products and services to individuals and corporate institutions.

Under the leadership of its chairman, Ivorian banker Tiemoko Yade Coulibaly, the comapny operates as a subsidiary of the French multinational investment bank Societe Generale, which is headquartered in Paris, France. 

As of press time, Dec. 3, shares in the bank were trading at XOF10,705 ($18.46) per share, 4.5-percent lower than their opening price this morning on the Bourse Regionale des Valeurs Mobilieres, a regional stock exchange for companies in West African countries.

Data gathered by Billionaires.Africa revealed that shares in Societe Generale Cote d’Ivoire at the opening of business and trading this month on Dec. 1 were worth XOF11,500 ($19.83) per share.

Profit-taking activities on the regional bourse, as investors trimmed down their holdings in the bank, caused its share price to slump by nearly seven percent to XOF10,705 ($18.46) per share.

As a result of the decline in the bank’s shares, its market capitalization dropped from XOF357.78 billion ($616.95 million) on Dec. 1 to close the week at XOF333.04 billion ($574.3 million).

This resulted in a total value loss of XOF24.73 billion ($42.65 million) for the bank and its shareholders in just three days.

So far this year, the valuation of Societe Generale Cote d’Ivoire is up by more than 30 percent.

In the first nine months of its current financial year, the bank reported a 40-percent hike in its net income from the XOF34.65 billion ($60 million) that it posted last year to XOF48.44 billion ($82.8 million).

The surge in earnings can be linked to a contained growth in overheads and reasonable control over the net cost of risk despite the impact of the COVID-19 pandemic on its interest-bearing assets.

Continue Reading

Trending