Aliko Dangote explores independent oil trading venture for $20-billion refinery
This strategic maneuver by Dangote is expected to bring about a significant transformation in power and profit dynamics within the petroleum industry,
Hot News
French billionaire’s firm boosts bid for DStv owner, pushing valuation above $2.9 billion
Following the announcement of the increased offer, MultiChoice shares surged by 52 percent since the original bid on Feb. 1, with an additional 4.1-percent increase on Tuesday.
South African-born billionaire Patrick Soon-Shiong gains $800 million in 29 days
The recent surge in Soon-Shiong’s fortune is largely fueled by the notable increase in the market value of his 76-percent stake in ImmunityBio.
Egyptian tycoon Hassan Allam’s group expands presence with Riyadh headquarters
The inauguration of the Riyadh headquarters marks a significant milestone in Hassan Allam Holding’s international expansion.
Africa’s richest man dedicates refinery road to late Nigerian banker Herbert Wigwe
The announcement was made during a special event titled, Celebrating Herbert Wigwe – A Professional Legacy’ at Eko Hotel, Lagos.
South African executive Pieter Engelbrecht leads Shoprite to $6.3 billion in half-year sales
Since taking the helm in January 2017, Engelbrecht has continued to enhance the legacy established by his predecessor, Whitey Basson.
South African tycoon Stephen Saad’s investment in Aspen surpasses $620 million
According to data compiled by Billionaires.Africa, the market value of Saad’s stake in Aspen has increased by $52.4 million to $623.6 million.
Egyptian magnate Abdallah Sallam’s MNHD posts $68.5 million in profit in 2023
Under the leadership of Abdallah Sallam, a prominent figure holding a five-percent stake in the company, MNHD displayed exceptional performance in 2023.
South African billionaire Koos Bekker loses $34.4 million from Naspers stake
Bekker, a top figure in South Africa’s business landscape, is credited with transforming Naspers from a newspaper publisher into a top player in e-commerce and cable TV.
Kenyan tycoon Jimnah Mbaru faces lawsuit over alleged neglect of parental duties
The conflict arises from a lawsuit filed by 25-year-old Elizabeth Nadupoi Kimiti, accusing Mbaru of neglecting his parental duties.
Backed by South Africa’s richest man, RCL to unbundle and list Rainbow Chicken
RCL Foods is 77-percent owned by Remgro, an investment holding company controlled by South Africa’s richest man Johann Rupert.
Algerian-born French tycoon Sue Nabi led-Coty completes first phase of share buyback program
This strategic move, driven by Coty’s robust balance sheet and strong cash flows, reaffirms the company’s commitment to enhancing shareholder value over time.
Earnings from Kanye West’s ‘Vultures 1’ listening events surpass $12 million
The success of these events comes amid challenges, including recent controversies causing a $1.6-billion dip in West’s fortune and delays in the album’s release.
Nigerian gas tycoon Julius Rone advocates for foreign investment to drive African energy
A central figure in Nigeria’s energy sector, Rone outlined his vision for leveraging international partnerships to tap into the vast untapped natural gas reserves across the continent.
Ralph Mupita-led MTN Group expects profits to plunge by up to 90% due to naira devaluations
MTN Group under Ralph Mupita has solidified its position as Africa’s leading telecom service provider, with a customer base exceeding 292 million across 19 markets.
South Africa’s Ackerman family loses nearly $50 million as Pick ‘n Pay shares plunge 26%
The recent decline in Pick ‘n Pay shares has led to a reduction in the market value of the Ackerman family’s stake by R906.4 million ($47.43 million) over the last 15 days