East Africa
Britam, owned by Kenya’s richest investors, plans entry into DRC market
DRC’s liberalized insurance sector, valued at $300 million in 2023, presents substantial growth prospects for Britam Holdings.
UK impact investor sells $27-million stake in bank founded by Kenyan businessman
The recent acquisition of BII’s stake by the local investor enhances I&M Group’s local ownership and strengthens its market understanding and operational agility.
Kenyan businessman Samuel Macharia closes company, lays off employees
Earlier this year, Directline had outlined ambitious plans to diversify its product portfolio.
Kenyan businessman Julius Mwale inks deal with Zambia
Mwale, the visionary founder of Mwale Medical and Technology City (MMTC), has inked a deal for smart cities, mining, infrastructure and agriculture.
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
Indian billionaire Gautam Adani acquires stake in Tanzanian container terminal
Indian billionaire Gautam Adani has signed a 30-year concession agreement with the Tanzania Ports Authority to operate and manage Container Terminal 2 at the Dar es Salaam Port in Tanzania.
Kenyan tycoon Gideon Muriuki buys 20 million shares in CIC Insurance Group
Gideon Muriuki’s increased stake in CIC Group, alongside his 1.75 percent stake in Co-op Bank, solidifies his position among the wealthiest investors on the Nairobi Securities Exchange.
Ugandan tycoon Charles Mbire’s MTN Uganda announces record dividend payout
MTN Uganda’s success in 2023, brought about the increase in dividend dividend of Shs 403 billion ($103.95 million).
Dutch giant Heineken to pay $13.1 million to Kenyan tycoon Ngugi Kiuna’s firm
This follows the Court of Appeal’s ruling that upheld a High Court order for Heineken to compensate Maxam for the unlawful termination of their distribution contract in Kenya.
Absa Bank, linked to Kenyan tycoon Baloobhai Patel, posts $42 million profit in Q1 2024
Customer deposits also climbed 14.47 percent to Ksh359.46 billion ($2.74 billion), reflecting the bank’s customer-centric approach.
Equity Group led by Kenyan banker James Mwangi cuts debt by $191 million amid high interest rates
James Mwangi, a prominent figure in Kenyan finance, holds a 3.38-percent stake in Equity Group, representing 127,809,180 ordinary shares.
Backed by Kenya’s richest families, NCBA posts $40.1-million profit in Q1 2024
John Gachora, the managing director of NCBA Group, attributed the lender’s strong financial results in the first quarter of 2024 to the growth and resilience of its diversified business model.