Zimbabwean exec Ralph Mupita led MTN set to launch joint tech innovation lab in Johannesburg
This stems from a Memorandum of Understanding signed during the Mobile World Congress (MWC) 2024, underscoring commitment to technological evolution.
Hot News
Egyptian tycoon Hassan Allam’s group secures additional contract for Amaala Triple Bay Marina hotel
The Saudi unit of Hassan Allam Holding is set to oversee the civil construction, secondary infrastructure, and inground services for the prestigious Marina Hotel project.
South African tycoon Saki Macozoma-linked Mondi drops $6.2-billion bid for UK firm
Mondi Plc has announced its withdrawal from the £5-billion ($6.2 billion) bid to acquire DS Smith, a UK-based paper, packaging, and recycling group.
Bamburi Cement, backed by Kenyan tycoon Baloobhai Patel, to distribute $15 million to shareholder
The proposed dividend payout represents a notable increase from the previous dividend of Ksh0.75 ($0.00563) per share, amounting to Ksh272 million ($2 million).
Kenyan entrepreneur Tesh Mbaabu’s startup shuts down B2B distribution unit after $40-million fundraise
Kenyan entrepreneur, Mbaabu, CEO of MarketForce, cited challenging profit margins and a funding drought as primary reasons behind the decision.
Nigerian tycoon Tony Elumelu’s Transcorp Hotels sells entire stake in Calabar unit
The recent decision to sell Transcorp Hotels Calabar exemplifies a wider consolidation trend within the Nigerian hospitality sector.
Africa’s richest man Aliko Dangote’s refinery ramps up production with U.S. crude
The recent decision to ramp up operations, follows Dangote Refinery’s move to slash diesel prices in Nigeria, marking a substantial decrease from previous rates.
Kenyan tycoon Suresh Bhagwanji Shah loses $6.2 million from I&M Bank stake
This contrasts sharply with the $6.9-million profit he made between Feb. 14 and March 26 when the value of his I&M Bank Group stake soared from $23.47 million to $30.43 million.
Kenyan tycoon Gideon Muriuki’s Co-op Bank provides $3.75-million boost to brokerage unit
The loan, marking an increase from the previous year’s advances, underscores Co-op Bank’s steadfast support for Kingdom Securities.
Top Black CEO Marvin Ellison loses $4.6 million from Lowe’s shares
This recent setback comes on the heels of a previous surge in Ellison’s wealth between Feb. 20 and April 1, when his stake in Lowe’s increased by $6.63 million.
Nigerian billionaire Femi Otedola nears $2-billion net worth as naira strengthens
Otedola’s focus on operational efficiency across his portfolio has fueled earnings growth and valuations.
Tyler Perry signs new deal with BET following multimillion-dollar Netflix contract
The new agreement with BET marks Perry’s latest expansion of his creative empire. This follows his October 2023 multimillion-dollar first-look deal with Netflix.
South African media tycoon Terrence Moolman loses $7.6 million from Caxton stake
Moolman’s stake in Caxton & CTP Publishers has seen a decline of $7.66 million over the last 72 days, signaling waning investor interest in Caxton on the JSE.
Nigerian gambling magnate Kessington Adebutu faces $4-million loss in Wema Bank shares
This recent setback follows a surge in his fortune between March 8 and March 20, when his stake in Wema Bank increased by $2.3 million.
South African-British billionaire Clive Calder’s net worth takes $320-million hit
Calder’s wealth has decreased by $320 million since April 2. This equates to an average daily loss of $20 million over the specified period.
South African exec Anthony Leeming-led Sun Int’l finalizes $14.4-million exit from Nigeria
With Leeming at the helm, the leading hospitality and leisure group will sell a 43.3-percent equity stake in TCN, which operates the Federal Palace Hotel in Lagos.