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Nigerian billionaire Femi Otedola’s First HoldCo posts $684 million nine-month pre-tax profit
First HoldCo, the FirstBank parent chaired by billionaire Femi Otedola, grew nine-month pre-tax profit 61% to 911 billion naira on strong fee and trading income.
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Ackerman family’s supermarket giant Pick n Pay scraps pay cuts for 22,000 workers
Pick n Pay, built by the Ackerman family, dropped a plan to cut pay and benefits for 22,000 store workers and expects a narrower loss.
Moroccan billionaire Moulay Hafid Elalamy's Saham Bank launches family office for the super-rich
Moulay Hafid Elalamy's Saham Bank has launched a private banking and family office unit to help Morocco's richest families manage and pass on their wealth.
Ugandan tycoon Patrick Bitature ends seven-year $17 million fight with South African lender
Ugandan tycoon Patrick Bitature has settled a seven-year, $17 million legal battle with South African lender Vantage Capital, ending 34 cases in two countries.
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Deep-Dive Report: Dangote's Next Five Years — $50 Billion, a Continental Fuel Network and Three Daughters in Senior Roles
Aliko Dangote has set aside $50 billion for investment to 2030, bought a quarter of Kenya Pipeline and is building fuel routes from Djibouti to Namibia. His three daughters now hold senior roles. As the refinery IPO closes on Tuesday, a deep-dive on the plan and who will run it.
Investor Memo: EGP 11 Trillion — What Hisham Talaat Moustafa's $202 Billion Agreement With the Egyptian State Means for TMG and Its Shareholders
Hisham Talaat Moustafa's TMG has agreed four projects with the Egyptian state, with targeted investment of EGP 11 trillion, about $202 billion. That is roughly 60 times the company's market value. What has been agreed, what has not been disclosed, and how investors should read it.
The Inside Story: From a Chemist's Shop in Somolu — How Stella Okoli Built Emzor, and Why She Is Stepping Back Now
In 1977 Stella Okoli opened a chemist's shop in Lagos with ₦5,000, using her father's house as collateral. Emzor now makes more than 140 medicines and is building what it says will be sub-Saharan Africa's first plant for active ingredients. The story of the founder, as she steps back.
Egyptian billionaire Naguib Sawiris launches own hotel brand with $112 million Mykonos resort
Egyptian billionaire Naguib Sawiris is passing over global hotel chains and launching his own ultra-luxury brand, starting with a €100 million resort on Mykonos.
Egyptian billionaire Hisham Talaat Moustafa's TMG signs $202 billion government deal
Hisham Talaat Moustafa's TMG will develop four mixed-use projects worth EGP 11 trillion with the Egyptian state, sending its shares up about 7% in Cairo.
Egyptian fintech tycoon Mounir Nakhla's MNT-Halan valued at $775 million on stock debut
Shares of MNT-Halan, the fintech group founded and run by Mounir Nakhla, closed 6.6% above the IPO price on their first day of trading.
Egyptian billionaires Nassef Sawiris and Mohamed Mansour wrongly counted in $160 billion UK exodus
A Tax Justice Network review says Bloomberg wrongly counted Egyptian billionaires Nassef Sawiris and Mohamed Mansour in its $160 billion UK exodus.
Moroccan billionaire Othman Benjelloun’s Bank of Africa to issue 5.1 million free shares to investors
Moroccan billionaire Othman Benjelloun’s Bank of Africa will issue over 5.1 million free shares as it moves MAD51.2 million of reserves into capital.
Egyptian hotel tycoon Kamel Abou Aly secures $250 million to expand in Morocco
Kamel Abou Aly's Pickalbatros Hotels & Resorts has raised $250 million from IFC and Attijariwafa Bank to buy and upgrade hotels in Morocco.
Moroccan billionaire Aziz Akhannouch leaves office after five years as prime minister
Aziz Akhannouch, whose family controls Morocco's biggest fuel distributor, handed over to Fatima Ezzahra El Mansouri and said he leaves with a clear conscience.
Moroccan billionaire Moulay Hafid Elalamy shares his 10 rules for building a business
Saham founder Moulay Hafid Elalamy gave Moroccan and African business owners 10 rules, from staying tax-compliant to knowing when to sell a company.
Nigerian billionaire Femi Otedola’s First HoldCo posts $684 million nine-month pre-tax profit
First HoldCo, the FirstBank parent chaired by billionaire Femi Otedola, grew nine-month pre-tax profit 61% to 911 billion naira on strong fee and trading income.
Nigerian billionaire Folorunsho Alakija threatens legal action over $1.27 million fraud report
Nigerian oil tycoon Folorunso Alakija has demanded the removal of a report claiming anti-graft agents are investigating her Famfa Oil over a $1.27 million fraud.
Ghanaian billionaire Ibrahim Mahama, the president's brother, seeks $740 million from Gold Fields
Ibrahim Mahama's Engineers and Planners is pursuing a $740 million claim against Gold Fields, as Ghana signals the Tarkwa mine may stay with the miner.
Nigerian agribusiness tycoon John Alamu’s Johnvents set for $72 million World Bank loan
The World Bank's private-sector arm plans to lend $72 million to John Alamu's Johnvents for new sesame and cashew processing plants in West Africa.
Nigerian billionaire Aliko Dangote grooms three daughters to run his $58 billion empire
Africa's richest man is handing more of his empire to his three daughters as a refinery IPO lifts his fortune toward $58 billion.
Madagascar's richest man Ylias Akbaraly eyes $450 million Nigeria TV deal
Ylias Akbaraly’s Thomson Broadcast is counting on Emmanuel Macron’s state visit to Nigeria to clinch a contract to rebuild the country’s TV and radio network.
Nigerian oil tycoon Leemon Ikpea donates 62-bed hospital to his hometown
Nigerian oil services tycoon Leemon Ikpea has donated a 62-bed hospital to Ewatto, his hometown in Edo State, run with a federal teaching hospital.
Nigerian music star Burna Boy launches $180 sneakers with Federer-backed brand On
Burna Boy's first sneaker collection with On, the Swiss brand backed by Roger Federer, goes on sale this week with three shoes up to $180.
Sudanese-British billionaire Mo Ibrahim tells Zambia's president not to waste his first term
Mo Ibrahim told Zambia's Hakainde Hichilema not to waste his first-term progress, citing arrests, the death of a former MP and court closures.
Billionaires Narendra Raval, Edha Nahdi bet $600 million on clinker as Sarbjit Rai enters cement business
Narendra Raval's West Pokot plant and Edha Nahdi's Kwale project commit roughly Sh77 billion ($600m) to clinker, the input East Africa has always imported. Now Sarbjit Singh Rai has filed for a third plant in Nyeri.
President Paul Kagame says Rwanda wants a stake in Dangote's $16 billion Kenyan refinery
Rwanda's President Paul Kagame has confirmed his country is in early talks about taking a stake in Aliko Dangote's planned $16 billion Lamu oil refinery, saying Rwanda would be "very happy" to participate.
Aliko Dangote offers Kenya a $500 million stake in $20 billion Lamu refinery as September groundbreaking nears
Aliko Dangote has offered Kenya a $500 million stake in his planned $20 billion Lamu oil refinery, with groundbreaking now targeted for September as East African governments weigh their participation.
Madagascar's richest man Ylias Akbaraly attacks Elon Musk's layoffs in a new book
Madagascar's richest man Ylias Akbaraly criticises Elon Musk's mass layoffs in a new memoir, saying job cuts expose people to social death.
Esther Koimett becomes Middle East Bank Kenya's largest shareholder after inheriting Nicholas Biwott's stake
Esther Koimett, daughter of the late Kenyan billionaire and cabinet minister Nicholas Biwott, has emerged as Middle East Bank Kenya's largest individual shareholder with a 17.48% stake.
Aliko Dangote plans $17 billion refinery on Kenya's Lamu Island to end East Africa's fuel imports
Africa's richest man Aliko Dangote has selected Kenya's Lamu Island as the site for a $17 billion refinery that would transform East Africa's fuel supply.
High Court clears the way to distribute Simeon Nyachae's estate
A Kenyan court has dismissed a challenge by Simeon Nyachae's son, clearing the way to distribute the late politician's sprawling estate and business empire
Ackerman family’s supermarket giant Pick n Pay scraps pay cuts for 22,000 workers
Pick n Pay, built by the Ackerman family, dropped a plan to cut pay and benefits for 22,000 store workers and expects a narrower loss.
South African banker Sim Tshabalala's Standard Bank stake is now worth $13.5 million
Sim Tshabalala has run Standard Bank since 2013. His 753,724 shares in Africa's largest lender are worth $13.5 million ahead of his 2027 retirement.
Zimbabwean billionaire Kudakwashe Tagwirei gets boost as party pushes succession to 2029
Zimbabwe's ruling party pushed its leadership vote to 2029, a setback for Vice President Chiwenga as fuel and mining tycoon Kuda Tagwirei's political rise continues.
South African billionaire Zak Calisto’s fortune quintuples to $1.1 billion in eight years
South African billionaire Zak Calisto’s Karooooo stake is now worth about $1.1 billion, more than five times its 2018 value, as Cartrack keeps growing.
Zimbabwean billionaire Strive Masiyiwa’s Cassava joins Nvidia in World Bank push to bring AI computing to Africa
Strive Masiyiwa’s Cassava has joined Nvidia as a partner in a new World Bank program to give developing nations shared access to AI computing power.
Jailed Angolan tycoon Carlos São Vicente's wife fights to unfreeze Portugal bank accounts
The wife of jailed Angolan tycoon Carlos São Vicente is fighting in Lisbon to unfreeze dozens of family bank accounts that Angola wants handed over.
South African tycoon Adrian Gore's Discovery makes second US push with Google AI
Adrian Gore's Discovery is selling its Google-built Vitality AI platform to American health plans and employers after buying Icario for up to $59.5 million.
South African billionaires Johann Rupert, Patrice Motsepe back Bulls rugby boss's third term
South African billionaires Johann Rupert and Patrice Motsepe backed Willem Strauss after he won a third term as Blue Bulls Rugby Union president.
Somali tycoon Abdirashid Duale's Dahabshiil to sell Chinese carmaker Chery's cars in Somalia
Dahabshiil Motors, the car arm of Abdirashid Duale's Dahabshiil Group, has signed a deal to become an authorized dealer for China's Chery in Somalia.
Billionaire Mohammed Al-Amoudi accused of funding al-Qaeda in secret Pentagon report
A classified 2002 Pentagon report names billionaire Mohammed Al-Amoudi in an alleged money trail to Osama bin Laden, Swedish broadcaster SVT reports. He denies it.
Ethiopian billionaire Mohammed Al-Amoudi's failed refinery cost Morocco $7 billion
Mohammed Al-Amoudi bought Morocco's only refinery for 4 billion dirhams in 1997. It shut in 2015 owing over $4 billion and has never reopened.
Billionaire Mohammed Al-Amoudi orders his conglomerate to hire 40,000 more Ethiopians
Mohammed Al-Amoudi has instructed MIDROC's chief executive to lift the workforce from about 80,000 to between 100,000 and 120,000 employees.
Tewodros Ashenafi is the man foreign companies use to get into Ethiopia
Tewodros Ashenafi was the local partner on Ethiopia's largest privatisation, a $1.4 billion tobacco deal, and co-owns Ambo with Coca-Cola.
Ethiopian billionaire Mohammed Al-Amoudi is rebuilding his gold business in a new region
MIDROC has ordered Austrian machinery for a plant treating 1.25 million tonnes of ore a year, eight years after Ethiopia suspended its main mine.
Morocco rejects plan to nationalise Ethiopian billionaire Mohammed Al-Amoudi's collapsed SAMIR refinery
Morocco's upper house has rejected a bid to nationalise the SAMIR refinery, the shuttered facility once owned by billionaire Mohammed Al-Amoudi that collapsed under $4 billion in debt.
Saudi-Ethiopian billionaire Mohammed Al Amoudi's MIDROC secures $80 million for Sheraton Addis upgrade
Mohammed Al-Amoudi's MIDROC Ethiopia has signed an $80 million IFC loan to refurbish the Sheraton Addis and build a second Sheraton hotel in Addis Ababa.
Latest Posts
Ackerman family’s supermarket giant Pick n Pay scraps pay cuts for 22,000 workers
Pick n Pay, built by the Ackerman family, dropped a plan to cut pay and benefits for 22,000 store workers and expects a narrower loss.
Moroccan billionaire Moulay Hafid Elalamy's Saham Bank launches family office for the super-rich
Moulay Hafid Elalamy's Saham Bank has launched a private banking and family office unit to help Morocco's richest families manage and pass on their wealth.
Ugandan tycoon Patrick Bitature ends seven-year $17 million fight with South African lender
Ugandan tycoon Patrick Bitature has settled a seven-year, $17 million legal battle with South African lender Vantage Capital, ending 34 cases in two countries.
Indian billionaire Gautam Adani’s Adani Power reports 134% rise in quarterly profit
Adani Power’s Q2 net profit climbed 134% to ₹69.19 billion as stronger electricity demand and one off gains boosted earnings.
Kenyan betting tycoon Ronald Karauri's insurance bet grabs 25% of minibus market
First HoldCo, the FirstBank parent chaired by billionaire Femi Otedola, grew nine-month pre-tax profit 61% to 911 billion naira on strong fee and trading income.
Jamaican billionaire Michael Lee-Chin's Portland fund posts record $9.4 million loss
Portland JSX, the listed private equity fund run by Michael Lee-Chin's Portland Private Equity, more than doubled its annual loss to a record $9.4 million.
American billionaire Palmer Luckey helps launch $200 million military dog-cloning startup
Warhound, started by Anduril founder Palmer Luckey and Colossal Biosciences chief Ben Lamm, raised $200 million to clone and gene-edit working dogs for the military.
Nigerian billionaire Femi Otedola’s First HoldCo posts $684 million nine-month pre-tax profit
First HoldCo, the FirstBank parent chaired by billionaire Femi Otedola, grew nine-month pre-tax profit 61% to 911 billion naira on strong fee and trading income.
American billionaire surgeon Gary Michelson asks California voters for $8.4 billion research bond
American billionaire Gary Michelson is bankrolling a California ballot measure that could steer about $4.2 billion to a Los Angeles institute he co-founded.
American trading billionaire Jeff Yass gives $110 million to Republicans for midterms
Trading billionaire and early ByteDance investor Jeff Yass has become one of the biggest donors of the U.S. midterms, giving Republicans about $110 million.
Kenya defends $327 million Dangote pipeline deal after backlash
Kenya’s Treasury chief has defended the sale of a 24.76% stake in Kenya Pipeline Company to Aliko Dangote, dismissing allegations of political interference.
Mukesh Ambani’s $3.2 billion Jio IPO attracts more than $16 billion in bids
Mukesh Ambani’s Jio Platforms has drawn more than $16 billion in estimated demand for its $3.2 billion IPO, India’s largest share sale.
Irish billionaire John Collison nominated to Microsoft board as two directors exit
Stripe co-founder John Collison has been nominated to Microsoft's board, bringing his technology and entrepreneurial experience to the company as two directors prepare to depart.
African Wealth Briefing — Fri., Oct. 23, 2026
TMG has agreed four projects with the Egyptian state worth a targeted $202 billion. Aliko Dangote has set aside $50 billion for investment to 2030, bought a quarter of Kenya Pipeline and promoted his daughters, days before his refinery IPO closes. And Edha Nahdi's Amsons is buying Oryx in Tanzania.
The Inside Story: Started at 19 — How Edha Nahdi Built Amsons Into One of East Africa's Biggest Industrial Groups
Edha Nahdi was 19 when he started a fuel importer in Dar es Salaam. Since then his family's Amsons Group has bought Kenya's Bamburi Cement, taken control of East African Portland and now agreed to buy Oryx's Tanzanian business for over $230 million. The story of Tanzania's youngest billionaire.
Deep-Dive Report: Dangote's Next Five Years — $50 Billion, a Continental Fuel Network and Three Daughters in Senior Roles
Aliko Dangote has set aside $50 billion for investment to 2030, bought a quarter of Kenya Pipeline and is building fuel routes from Djibouti to Namibia. His three daughters now hold senior roles. As the refinery IPO closes on Tuesday, a deep-dive on the plan and who will run it.
