Mary-Ann Musangi’s HACO Industries completes second phase of solar expansion
The new system adds 311 solar panels and will generate about 180 kWh of power, covering roughly 60 percent of that division’s energy needs.
East Africa
Baloobhai Patel linked-Absa Kenya recovers $1.8 million lost to fraud
The Nairobi-listed lender said its systems helped avert an additional Ksh334 million ($2.59 million) in potential losses.
Britam, backed by Kenya’s Elite, buys $5.9 million stake in Nigerian reinsurer
The group invested $5.9 million through its wholly-owned unit, Britam Life Assurance Company (Kenya), to acquire a 30 percent stake in Continental Re Kenya.
Ally Awadh’s Lake Gas receives Nigerian cooking gas shipment to cut prices in Kenya
Lake Gas, led by Ally Awadh, lands Nigerian LPG at Kenya’s Vipingo terminal to lower prices and boost East Africa’s clean energy supply.
Britam, backed by Kenya’s elite, reverses $16 million paper loss on HF investment
Britam has reversed a $16 million impairment loss on HF Group, signaling renewed confidence and bolstering its capital position after strong 2024 earnings.
Kenyatta family, Kenya’s largest landowners, gains $10 million from NCBA stake
Kenyatta family gains $10 million as NCBA stock rallies 12%, lifting their 13.2% stake to over $92 million in just 22 days.
Kenya banker James Mwangi leads Equity Group to $119 million profit in Q1 2025
Equity Group posted $119.2 million Q1 profit, down 4.24% on weak income growth and currency losses, offset by digital and regional expansion momentum.
Emmanuel Katongole’s QCIL gets $36 million for new pharma plant in Uganda
Uganda’s QCIL gets $36 million Stanbic loan for second pharma plant, aims to scale drug output and locally manufacture TB treatments for regional markets.
Sam Darwish’s IHS to sell Rwandan tower assets for $274 million
IHS Holding divests its 1,465 Rwandan towers to Paradigm Tower Ventures for $274.5 million, refocusing on core markets amid global portfolio reshuffle.
Legal dispute threatens Tanzanian billionaire Rostam Aziz’s Mombasa LPG project
Rostam Aziz’s Mombasa LPG project faces court challenge over alleged environmental harm, coral disruption, and lack of community consultation.
Kenyan businessman Julius Mwale cleared as U.S. court dismisses $1.7 million lawsuit
The court upheld a 2023 loan modification and release agreement barring future claims, ending disputes over alleged business loan issues linked to MMTC.
Suresh Bhagwanji Shah’s I&M acquires prime commercial building in Tanzania
The property, now known as I&M House@1046, will serve as the new Tanzanian headquarters for the Nairobi-listed lender and host one of its flagship branches.
Court clears James Mwangi-led bank to sell EAC assets over $17 million loan
Kenya’s court cleared James Mwangi-led Equity Bank to sell EAC assets tied to a $17 million loan, ending a years-long legal battle over the debt.
Kenyan banker Paul Russo-led KCB Group posts $127 million Q1 profit
KCB Group, led by CEO Paul Russo, posted a $127.9 million Q1 profit, driven by regional growth and digital focus despite non-interest income slipping 9.7%.
NCBA, backed by Kenya's richest families, posts $42.3 million Q1 profit
NCBA, backed by Kenya’s elite families, posted a modest 3.41% Q1 profit rise to $42.4 million despite loan book contraction and macroeconomic headwinds.
Mauritian-based firm takes $19 million stake in Suresh Bhagwanji Shah’s I&M Group
Mauritius-based EAGH boosts its I&M Group stake to 15.14% with a $19 million investment, signaling rising confidence in East Africa's banking sector.