Companies linked to Africa’s first Black billionaire donate $1.2 million to South African parties
Recent disclosures reveal that companies linked to Motsepe donated heavily across the political spectrum in the first quarter of 2024.
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South African billionaire Ivan Glasenberg’s net worth jumps $640 million
The recent surge in Glasenberg’s fortune translates to an average daily gain of $37.6 million since May 1.
Led by South African executive Gary Nagle, Glencore sells Volcan stake for $20 million
Glencore’s exit from Volcan serves as a cautionary tale for investors in the mining sector.
South Africa’s richest man Johann Rupert’s Richemont sales hit $22.4 billion
Richemont’s impressive sales results ignited a surge in its share price, jumping 5.9 percent from CHF137.25 ($150.913) on May 16 to CHF145.35 ($159.815) at the time of writing.
Kenyan tycoon Gideon Muriuki’s Co-op Bank eyes expansion after robust Q1 2024 performance
The bank aims to open 15 new branches this year, reaching 210 outlets. Recent openings include Imaara Mall on Mombasa Road and Ugunja in Siaya.
Nigerian billionaire Olugbenga Agboola’s Flutterwave denies losing $7.25 million in security breach
As a security precaution, Flutterwave will notify some customers to migrate their accounts and is urging all customers to enable multifactor authentication, 3D security, and IP whitelisting.
Egyptian tycoon Hassan Allam’s group secures land access for $10-billion wind farm project
The landmark wind project, one of the world’s largest, will generate 47,790 gigawatt-hours (GWh) of clean energy annually.
Refinery of Africa’s richest billionaire Aliko Dangote to buy 24 million barrels of U.S. crude
Boasting the world’s largest single-train capacity (650,000 barrels per day), the Dangote Oil Refinery aims to wean Nigeria off its reliance on imported fuels.
Egyptian billionaire Samih Sawiris’ firm sees revenue soar to $89 million in Q1 2024
The double-digit growth in Q1 2024 is attributed to accelerated construction activity across its various destinations and improved performance across all its operating segments.
Discovery stake dips, South African tycoon Barry Swartzberg sees $7.9-million loss
Despite this setback, Swartzberg remains one of South Africa’s wealthiest businessmen and a leading investor on the JSE.
Bank linked to Ghanaian serial investor Daniel Ofori halts $42.9-million rights issue
The suspension follows the filing of an injunction by minority shareholders, specifically targeting the allotment of shares. Court hearings are scheduled to commence this week.
South African billionaire Michiel Le Roux loses $34.5 million from Capitec Bank stake
This recent slump compounds a previous loss of $76 million recorded between April 8 and 11, when the market value of his stake in Capitec Bank fell below $1.5 billion.
Nigeria’s naira woes hit billionaires as Africa’s richest man loses $8.6 billion
Dangote, Africa’s richest man and Nigeria’s wealthiest individual, has seen his fortune plummet by $8.6 billion since Jan. 30.
South African tycoon Adrian Gore’s Discovery gets green light for $81.6-million bond listing
The two newly issued bonds, detailed in filings with the JSE on May 14, have nominal values of R576 million ($31.33 million) and R924 million ($50.26 million).
Egyptian billionaire Hisham Talaat Moustafa’s group breaks ground on $8.4-billion project in Saudi Arabia
The development project builds on TMG’s successful track record in Africa and the Middle East.
South African tycoon Adrian Gore’s Discovery stake slumps by $14 million
Despite the recent plunge, Gore remains a prominent figure on the JSE and one of South Africa’s wealthiest businessmen.