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South African retail mogul Gareth Ackerman's Pick n Pay shuts 284 stores
Pick n Pay, the grocer built by the Ackerman family, has shut 284 stores since Sean Summers returned as chief executive in September 2023.
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South African tycoon Robert Gumede's Tongaat sugar deal reported to police
The Zulu Royal House has lodged allegations with police over Robert Gumede's purchase of Tongaat Hulett, and police want payments under the deal paused.
South African retail mogul Gareth Ackerman's Pick n Pay shuts 284 stores
Pick n Pay, the grocer built by the Ackerman family, has shut 284 stores since Sean Summers returned as chief executive in September 2023.
Malagasy billionaire Hassanein Hiridjee's Axian funds 100-bed residence for female students
Axian, the Madagascar group run by tycoon Hassanein Hiridjee, is funding a 100-bed residence for young women studying at Father Pedro Opeka's Akamasoa university.
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The Inside Story: The Planter — How Jean-Louis Billon Took Over His Father's SIFCA, Ran for President and Is Turning Palm Waste Into Power
Jean-Louis Billon took over the agribusiness group his father founded in 1964, served as trade minister and finished second in last year's presidential race. This week SIFCA opened a $256 million biomass plant. The story of the planter, his family's business and its tests.
Deep-Dive Report: After the Record IPO — Dangote's Refinery at 84%, the Crude It Needs, the Cost of Capital and What Happens When Trading Starts
Dangote's refinery IPO drew ₦6.4 trillion of orders for ₦2.15 trillion of shares, and his stake will fall to about 84%. Only about 3% of the company will trade. A deep-dive on the allotment, the crude supply, the cost of capital and what to expect when trading starts in December.
Wealth Intelligence: Who Owns Africa's Banks — Founders, Families and the New Shareholders Reshaping the Continent's Lenders, From Capitec to Afriland
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Morocco's royal holding Al Mada leads $12 million round in AI startup Journify
Al Mada Ventures, backed by the investment holding of Morocco's royal family, led a $12 million Series A in advertising data startup Journify.
Egypt’s richest man Nassef Sawiris wins 99.85% vote to merge OCI and Orascom
Egypt’s richest man won near-unanimous approval to fold OCI into Orascom Construction, creating an Abu Dhabi investment group he will chair.
Egyptian billionaire Nassef Sawiris' Aston Villa commits to Unai Emery beyond 2029
Egyptian billionaire Nassef Sawiris's Aston Villa says it has a clear commitment from manager Unai Emery beyond 2029, after interest from Manchester United.
Egyptian billionaire Mohamed Mansour's $150 million electric car plant to open in 2027
Egyptian billionaire Mohamed Mansour's group expects to finish its electric-vehicle plant near Cairo by early 2027, as his Right to Dream academy partners with Egypt.
Egyptian billionaire Nassef Sawiris wins shareholder approval to merge OCI with Orascom Construction
OCI shareholders have approved its combination with Orascom Construction, advancing Egyptian billionaire Nassef Sawiris’s plan to create a broader infrastructure and investment platform.
Egyptian billionaire Ahmed Elsewedy's Elsewedy Electric moves into elevators
Elsewedy Electric, the industrial group run by Egyptian tycoon Ahmed Elsewedy, has launched an elevator brand and wants 1 billion pounds in sales in 2027.
Egyptian billionaire Nassef Sawiris wins apology from TV pundit Jamie Carragher
TV pundit Jamie Carragher apologized to Aston Villa, its owners and fans less than 24 hours after Egyptian billionaire Nassef Sawiris threatened legal action.
Egyptian pharma tycoon Ahmed Abu Al-Naga sells half of ATCO for $50 million
Private equity firm RMBV is taking 50% of ATCO Pharma, the Egyptian drugmaker run by Ahmed Abu Al-Naga, in a $50 million deal.
Nigerian tycoon Wale Babalakin gives up $97 million to end Lagos airport feud
Bi-Courtney, controlled by lawyer and tycoon Wale Babalakin, waived a ₦132 billion court award to settle its long fight over Lagos airport's MMA2 terminal.
Nigerian tycoon Tayo Amusan's $100 million Lagos arena opening slips two years
The $100 million Lagos Arena, led by Persianas Group founder Tayo Amusan and backed by Live Nation, may not open until 2028.
Nigerian billionaire Aliko Dangote to join Ghana’s President Mahama at summit seeking $10 billion in investment
Aliko Dangote will join President John Mahama to open the Invest Ghana Summit in Accra, as Ghana seeks investors for a $10 billion program.
Nigerian billionaire Aliko Dangote says his $1.6 billion refinery IPO missed its 10 million investor goal
Aliko Dangote says his refinery’s $1.6 billion IPO missed its 10 million investor target, blaming time limits, though orders hit about three times the offer.
Former Nigerian militant Government 'Tompolo' Ekpemupolo is Fidelity Bank's top shareholder, report says
Pipeline security chief Tompolo has kept buying Fidelity Bank shares and now tops its register, a column said, as the bank seeks a new CEO.
Late Nigerian billionaire Bode Akindele’s will tested in court as son claims exclusion
The lawyer who prepared the late Bode Akindele's 2017 will faced cross-examination in Lagos as the businessman's first son pressed his challenge to the document.
Ivorian tycoon Jean-Louis Billon's SIFCA and EDF open $256 million power plant
A 46-megawatt power plant co-owned by the Billon family's SIFCA group, EDF and Meridiam has opened in Ivory Coast, running on palm oil waste.
Nigerian billionaire Aliko Dangote's refinery stake to drop to 84% after record IPO
Aliko Dangote will own about 84.4% of his oil refinery once shares from its record IPO are issued, down from 87.3%, a $40 billion stake.
Kenya's wealthy Kinuthia family sees Quickmart IPO oversubscribed with $142 million in bids
Investors bid Sh18.4 billion for Quickmart's Sh15 billion share sale, securing a $37 million payout for the Kinuthia family that founded the chain.
Kenyan billionaire Narendra Raval’s $539 million Kitui cement plant to create 4,000 jobs
Kenyan President William Ruto valued Narendra Raval’s Kitui cement plant at Sh70 billion ($539 million) and said it will create 4,000 jobs.
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.
South African tycoon Robert Gumede's Tongaat sugar deal reported to police
The Zulu Royal House has lodged allegations with police over Robert Gumede's purchase of Tongaat Hulett, and police want payments under the deal paused.
South African retail mogul Gareth Ackerman's Pick n Pay shuts 284 stores
Pick n Pay, the grocer built by the Ackerman family, has shut 284 stores since Sean Summers returned as chief executive in September 2023.
South African billionaire Patrice Motsepe lobbied to lead ANC after election rout
Senior ANC members are quietly urging Patrice Motsepe, the mining billionaire and CAF president, to seek the party's leadership after a heavy local election defeat.
Zimbabwean billionaire Strive Masiyiwa's Cassava builds out 12,000-GPU Nvidia AI network
Cassava Technologies, controlled by Zimbabwean billionaire Strive Masiyiwa, is rolling out 12,000 Nvidia GPUs across Africa in a plan worth up to $720 million.
South African billionaire Ivan Saltzman's Dis-Chem faces Constitutional Court fight over cancer drug
A patent battle over a prostate cancer drug sold through Ivan Saltzman's Dis-Chem pharmacy chain is heading to South Africa's Constitutional Court this month.
South African mining tycoon Daphne Mashile-Nkosi opens multimillion-rand community centre in Soweto
Manganese mining tycoon Daphne Mashile-Nkosi's family foundation has opened a multimillion-rand community centre in Soweto's Naledi, named after her late mother, Linah Mashile.
Namibian tycoon Sven Thieme's Model returns to Walvis Bay with $2 million investment
Ohlthaver & List, the Namibian group led by Sven Thieme, has invested N$33 million in a Model Food supermarket at Walvis Bay's Seagulls Mall.
South African billionaires GT Ferreira, Laurie Dippenaar's Airbnb rival hacked weeks after buyout
LekkeSlaap, the South African booking platform backed by FirstRand co-founders GT Ferreira and Laurie Dippenaar, says hackers accessed some guests' names, emails and phone numbers.
Billionaire Mohammed Al-Amoudi to build stadium for Ethiopia's most successful football club
MIDROC, owned by Saudi-Ethiopian billionaire Mohammed Al-Amoudi, will fund a new stadium for Saint George, as sponsors pledge more than $3.1 million a season.
Ethiopian billionaire Mohammed Al-Amoudi's Nyala Insurance tops $6 million in profit
Nyala Insurance, the Ethiopian insurer co-founded by billionaire Mohammed Al-Amoudi, says annual profit passed 1 billion birr as paid-up capital topped 2 billion birr.
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.
Latest Posts
South African tycoon Robert Gumede's Tongaat sugar deal reported to police
The Zulu Royal House has lodged allegations with police over Robert Gumede's purchase of Tongaat Hulett, and police want payments under the deal paused.
South African retail mogul Gareth Ackerman's Pick n Pay shuts 284 stores
Pick n Pay, the grocer built by the Ackerman family, has shut 284 stores since Sean Summers returned as chief executive in September 2023.
Malagasy billionaire Hassanein Hiridjee's Axian funds 100-bed residence for female students
Axian, the Madagascar group run by tycoon Hassanein Hiridjee, is funding a 100-bed residence for young women studying at Father Pedro Opeka's Akamasoa university.
Nigerian tycoon Wale Babalakin gives up $97 million to end Lagos airport feud
Bi-Courtney, controlled by lawyer and tycoon Wale Babalakin, waived a ₦132 billion court award to settle its long fight over Lagos airport's MMA2 terminal.
Nigerian tycoon Tayo Amusan's $100 million Lagos arena opening slips two years
The $100 million Lagos Arena, led by Persianas Group founder Tayo Amusan and backed by Live Nation, may not open until 2028.
Billionaire Changpeng Zhao’s Binance loses its CFO days after record $6.3 billion hack
Binance CFO Kaiser Ng is leaving Changpeng Zhao’s exchange days after a record $6.3 billion hack, with Airwallex’s Justin Yek named as his replacement.
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Nvidia launches independent probe into billionaire Jensen Huang after he admits affair with suspected Chinese spy
Nvidia's board has launched an independent probe into billionaire CEO Jensen Huang after he admitted an affair with a suspected Chinese intelligence asset.
Tanzanian billionaire Rostam Aziz says foreign firms crowd out local contractors
Tanzanian billionaire Rostam Aziz says foreign companies win most large government contracts and wants mining-style local content rules extended to construction and energy.
South African billionaire Patrice Motsepe lobbied to lead ANC after election rout
Senior ANC members are quietly urging Patrice Motsepe, the mining billionaire and CAF president, to seek the party's leadership after a heavy local election defeat.
Zimbabwean billionaire Strive Masiyiwa's Cassava builds out 12,000-GPU Nvidia AI network
Cassava Technologies, controlled by Zimbabwean billionaire Strive Masiyiwa, is rolling out 12,000 Nvidia GPUs across Africa in a plan worth up to $720 million.
Nigerian billionaire Aliko Dangote to join Ghana’s President Mahama at summit seeking $10 billion in investment
Aliko Dangote will join President John Mahama to open the Invest Ghana Summit in Accra, as Ghana seeks investors for a $10 billion program.
Canadian billionaire Changpeng Zhao’s Binance loses its CFO a week after $6.3 billion hack
Changpeng Zhao’s Binance is replacing CFO Kaiser Ng with Airwallex’s Justin Yek, in a planned change announced days after its record $6.3 billion hack.
American billionaire Warren Buffett’s Berkshire Hathaway more than doubles buybacks to $9.6 billion as profit dips
Warren Buffett’s Berkshire Hathaway more than doubled buybacks to $9.6 billion in the third quarter as operating earnings fell 5.8% to $12.7 billion.
American billionaire Jensen Huang faces Nvidia board probe after admitting affair with alleged Chinese spy
Nvidia’s board is investigating Jensen Huang after he admitted an affair with a woman accused of spying for China, as lawmakers call him to testify.
Nigerian billionaire Aliko Dangote says his $1.6 billion refinery IPO missed its 10 million investor goal
Aliko Dangote says his refinery’s $1.6 billion IPO missed its 10 million investor target, blaming time limits, though orders hit about three times the offer.
