South African billionaire Michiel Le Roux’s Capitec Bank eyes international markets
This ambitious move follows its acquisition of Avafin, a Cyprus-based online lender with operations across Europe and Latin America.
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Morocco’s Royal family backs startup in $7-million pre-Series-A round
YoLa Fresh, a Moroccan agritech startup owned by Youssef Mamou and Larbi Alaoui Belrhiti, secured a $7-million pre-Series-A funding round.
Nigerian business tycoon Abdul Samad Rabiu begins construction of world-class research laboratory for FUL
The world-class research laboratory is one of many interventions under ASR Africa’s Tertiary Education Grants Scheme (TEGS), which is funded by ASR Africa’s $100-million Fund for Social Development and Renewal.
South African tech mogul Zak Calisto faces $17-million loss in Karooooo stake
Despite this setback, Calisto remains one of Africa’s leading tech entrepreneurs, underscoring Karooooo’s continued prominence in smart transportation management.
Egyptian billionaire Hisham Talaat Moustafa’s TMG stake falls below $1.1 billion
This follows a $59.19 million gain between May 15 and 23, when the market value of his shares climbed from EGP51.4 billion ($1.1 billion) to EGP54.1 billion ($1.16 billion).
Kenyan tycoon Suresh Bhagwanji Shah’s I&M Bank adds 299 jobs in growth initiative
Kenyan financial services group I&M Group, founded by businessman Suresh Bhagwanji Shah, added 299 new jobs last year in its growth initiative
Nigerian food giant majority owned by Greek businessman rakes in $1.5 billion
Despite a tough fiscal year, the group plans to reward shareholders with a proposed dividend of N7.38 billion ($4.9 million)
Nigerian oil magnate Wale Tinubu’s Oando posts $51 million in profit in 2023
Oando’s average production for 2023 was 20,837 barrels per day, slightly up from 20,703 barrels per day in 2022.
Nigerian oil mogul Dumo Lulu-Briggs seeks $1 billion to boost country’s oil output
This ambitious plan relies on bringing three marginal fields online within the next year. Lulu-Briggs unveiled the strategy at the recent Offshore Technology Conference (OTC) in Houston.
Adidas finds success with 22-year-old NBA star’s sneaker after cutting ties with Kanye West
The new sneaker line has been a smash hit in its first six months on the market, drawing comparisons to the initial triumph of the Yeezy sneakers launched in collaboration with Kanye West.
South African billionaire Michiel Le Roux’s Capitec Bank stake drops below $1.5 billion
Michiel Le Roux, who owns 11.39 percent of Capitec Bank, or 13,190,043 shares, has seen the value of his stake decrease from $1.6 billion on May 20 to $1.49 billion.
South African tycoon Terrence Moolman loses $3.6 million in Caxton stake in just 6 days
This setback comes after a previous gain of $5.6 million recorded between April 3 and May 20.
Africa’s richest man Aliko Dangote’s refinery makes first jet fuel export to Europe
The maiden consignment, comprising 45,000 metric tons of jet fuel, embarked on its journey to Rotterdam, Netherlands, aboard the vessel “Doric Breeze” from the Lekki Free Zone in Lagos on May 27.
South African billionaire Patrice Motsepe’s net worth falls below $3 billion
Motsepe’s fortune peaked above $3 billion in May, but a $200 million decline linked to his stake in African Rainbow Minerals (ARM) has pushed his net worth to $2.8 billion.
Khamis family leads Oriental Weavers to record $106-million revenue in Q1 2024
Oriental weavers led and majority owned by the Egyptian Khamis family recently published its Q1, 2024 results.
Nigerian billionaire Femi Otedola’s Geregu Power inks deal with Siemens Energy to triple capacity
The MoU, signed in Berlin on May 29, 2024, focuses on developing solutions for sustainable, resilient, and efficient power generation at Geregu’s existing plant.