Firm owned by Kenya’s Merali family to settle debts with $6.3-million land sale proceeds
The Merali family, overseeing the estate of the late tycoon Naushad Merali, commands a 74-percent stake in Sameer Africa.
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Zimbabwean tycoon John Moxon faces $130-million loss in 55 days
Moxon owns a 10.8-percent stake in Meikles, or 27,933,226 shares.
Adidas takes $364-million hit in wake of Kanye West’s Yeezy sneakers resale
The recent downturn came shortly after the German sportswear giant announced the launch of the second sale of West’s Yeezy sneakers.
Billionaire Michael Lee-Chin-linked fund faces stunning $7-million loss
Lee-Chin is the founder of Portland Private Equity, the private equity fund company in charge of Portland JSX Limited.
Kenya’s Biwott family sells Yaya Center in multimillion-dollar deal
The late Nicholas Biwott was part of a generation of public servants who ventured into various businesses, impacting Kenya’s economy.
Africa’s first Black billionaire Patrice Motsepe hit by $200-million loss
The decline in Motsepe’s net worth can be attributed to the downturn in the market value of his 39.7-percent stake in African Rainbow Minerals.
Kanye West’s Yeezy sneakers return for second sale amid high demand
In May, Adidas announced its decision to sell off the inventory of Yeezy sneakers created in partnership with West.
Ugandan tycoon Charles Mbire’s MTN Uganda posts more than $60-million profit in H1 2023
Holding a 3.99-percent stake in the telecom services provider, Mbire’s stake in MTN Uganda is $42 million.
5 richest bankers in Nigeria
Billionaires.Africa has identified and ranked the five richest bankers who have redefined the Nigerian financial landscape.
Nigerian tycoon Akintoye Akindele arrested over alleged fraud
As an entrepreneur, venture capitalist, and lecturer, Akindele has held significant positions in various companies across the world.
Africa’s powerhouse executive Tony Elumelu suffers $3.1-million loss in UBA stake
Despite this substantial loss, Elumelu maintains his position as one of the wealthiest investors on the local bourse and continues to be one of Nigeria’s richest businessmen.
Billionaire Abdul Samad Rabiu’s food empire shines bright with $120 million profit in H1 2023
BUA Foods, which is majority owned by Rabiu, is the unified food business segment of BUA Group.
South African tycoon Jens Montanana loses $10 million within 47 days on Datatec investment
Montanana founded Datatec in 1986 and owns an impressive 11.98-percent share in the South African tech company.
Aliko Dangote’s sugar empire reports $36-million loss amid naira devaluation
Dangote Sugar has also announced plans for a proposed merger with Nascon Allied Industries Plc and Dangote Rice Limited.
Dangote’s cement company rakes in $230-million profit in first half of 2023
Dangote Cement’s performance and proactive approach to boosting shareholder value have continued to solidify its position as the leader in the cement industry.
Richemont, led by Africa’s richest man Johann Rupert, acquires controlling stake in Italian shoemaker
Finalized in a private transaction, the deal marks a significant step for Richemont.