Africa’s first Black billionaire Patrice Motsepe suffers $100-million loss
Despite the recent setback, Motsepe retains his position as the wealthiest Black individual in Southern Africa.
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South African exec Kennedy Bungane-led African Bank acquires Sasfin Bank’s unit in $166-million deal
Under the leadership of Kennedy Bungane, African Bank Limited has experienced massive growth, becoming one of the fastest-growing financial services providers in South Africa.
Nigerian entrepreneur Emmanuel Okeleji’s SeamlessHR processes $311-million payroll across Africa in 2023
Under the leadership of Okeleji, CEO and co-founder, SeamlessHR remained the go-to partner for businesses across various sectors.
South African tycoon Giovanni Ravazzotti’s Italtile posts $250 million in half-year revenue
Italtile, controlled by Ravazzotti, recorded revenue amounting to $250.01 million in the first half of its 2024 fiscal year, highlighting operational resilience.
Financial loss forces delisting of Arbico, owned by Nigerian gambling magnate Kessington Adebutu
The company has engaged with regulatory authorities and stakeholders in the decision-making process and has initiated necessary procedures to ensure a smooth transition from NGX.
Tyler Perry halts $800-million studio expansion in Atlanta after OpenAI’s Sora launch
Perry reportedly expressed reservations about AI’s impact on creative storytelling and its ability to replicate the human touch in filmmaking.
Fortunes to Felony: The Merciless Bludgeoning of a Forbes Folk Hero
The media’s narrative craftsmanship shines through in the saga of dos Santos, where the portrayal of Africa’s former richest woman ascends into fame and descends into infamy.
Africa’s largest salt mine owner advocates for secure global pharmaceutical salt supply
Daniel McKorley’s key recommendation was the establishment of a global consortium to ensure a steady pharmaceutical salt supply.
Fani Titi-led Investec secures Takealot as tenant for $313-million logistics park
The move highlights the diversified nature of its business, extending beyond financial services.
Mauritian tycoon Arnaud Lagesse’s IBL nearly doubles half-year revenue to over $1.1 billion
Arnaud Lagesse, along with his siblings Benoit, Hugues, Jean-Pierre, Thierry, and Stephane Lagesse, collectively holds a substantial 16.8-percent joint stake in IBL Group.
Moroccan tycoon Lamia Tazi’s Sothema strikes major deal to boost healthcare in Mauritania
Sothema and CAMEC: Collaborative commitment to addressing healthcare challenges in Mauritania/
Led by South African Ackerman family, Pick ‘n Pay plans $210-million rights issue, listing of Boxer
Pick ‘n Pay announces plans for a rights issue to raise up to R4 billion ($210 million) and the listing of its discount grocery chain, Boxer.
Shoprite backed by South African tycoon Christo Wiese secures $64 million from Standard Bank
The funding, part of Shoprite’s ongoing expansion initiative, is set to address the anticipated volume and logistics demands for the next decade.
Hassanein Hiridjee’s AXIAN Group acquires solar assets in Madagascar and Burkina Faso
This acquisition follows AXIAN’s collaboration with GreenYellow a year ago, which brought a groundbreaking 1.8MW solar photovoltaic power plant to Madagascar’s Sava region.
Nigerian tycoon Michael Nzewi’s firm sells stake in i-Fitness for $12 million
The transaction, valued at $18.5 million, marks a significant achievement for Cardinal Stone, which realized $12 million from the sale of its 65-percent stake in i-Fitness.
Nigerian tycoon Wale Tinubu promotes resilient oil and gas value chain at Guyana Energy Conference
At the Guyana Energy Conference, Tinubu emphasized the imperative of fostering conducive environments for the oil and gas industry’s growth.