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Madagascar billionaire Hassanein Hiridjee joins IFC in Jumia's $50 million capital raise
Hassanein Hiridjee's Axian has backed Jumia's $50 million raise alongside the World Bank's IFC, as the e-commerce group narrows its losses.
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Ugandan tycoon Amos Nzeyi is still farming land he sold to the state pension fund in 2008
Uganda's Parliament has summoned Pepsi bottler Amos Nzeyi over 55 acres he sold the state pension fund in 2008 but never handed over.
Madagascar billionaire Hassanein Hiridjee joins IFC in Jumia's $50 million capital raise
Hassanein Hiridjee's Axian has backed Jumia's $50 million raise alongside the World Bank's IFC, as the e-commerce group narrows its losses.
Egyptian billionaire Ahmed Elsewedy's Elsewedy Electric lifts sales 37% as margins narrow
Elsewedy Electric, run by Egyptian billionaire Ahmed El-Sewedy, grew quarterly sales 37% while net income rose 12% and the stock fell 2%.
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The Inside Story: The Madagascar Billionaire Quietly Buying His Way Into Jumia — Inside Hassanein Hiridjee's Axian Empire
Most people have never heard of Hassanein Hiridjee, and that is rather the point. From a family business in Madagascar, he has quietly built Axian into one of Africa's largest telecoms and energy groups, and is now positioning around Jumia, the continent's biggest online retailer.
Wealth Intelligence: Why Pick n Pay Fell Behind Shoprite — The Dividend Trap
Christo Wiese chaired Shoprite for 29 years as it became Africa's largest retailer. This week he explained why its great rival fell behind: Pick n Pay, he said, spent decades handing cash to shareholders instead of reinvesting it.
Deep-Dive Report: Inside the $1 Billion MSC-Nigerdock Deal Reshaping Nigerian Trade
MSC, the world's largest shipping line, has committed to a 45-year terminal at Maher Jarmakani's Snake Island Port in Lagos — part of a Nigerian infrastructure bet it puts above $1 billion. Inside a deal that quietly reshapes Nigerian trade.
Egyptian billionaire Ahmed Elsewedy's Elsewedy Electric lifts sales 37% as margins narrow
Elsewedy Electric, run by Egyptian billionaire Ahmed El-Sewedy, grew quarterly sales 37% while net income rose 12% and the stock fell 2%.
Egypt's wealthy Khamis family nearly doubles Oriental Weavers profit on export subsidy windfall
Oriental Weavers, controlled by Egypt's Khamis family, nearly doubled quarterly profit as US and European buyers offset weak demand at home.
Egypt's billionaire El-Sewedy family will supply the transformers for a giant New Zealand AI hub
Elsewedy Electric, controlled by Egypt's billionaire El-Sewedy family, will build the transformers for a planned New Zealand AI data centre.
Egyptian billionaire Hisham Talaat Moustafa ranks 30th on Forbes Middle East's CEO list
Hisham Talaat Moustafa is the highest-placed Egyptian on Forbes Middle East's Top 100 CEOs list, after TMG booked $8 billion in sales.
Mounir Nakhla plans to list only MNT-Halan's Egyptian arm and keep the rest private
MNT-Halan's planned Cairo listing covers only its Egyptian arm, valued at up to $1 billion, with its Turkish, Pakistani and Gulf operations staying private.
Moroccan tycoon Chakib Alj has taken control of Forafric Maroc's flour and pasta brands
Chakib Alj's Cap Holding has completed its takeover of Forafric Maroc, adding the Tria and Maymouna brands to Morocco's largest milling group.
Moroccan King Mohammed VI names $1 billion Western Sahara highway after Donald Trump
King Mohammed VI has confirmed Morocco's 1,055km Tiznit-Dakhla expressway, built at close to $1 billion, will be called the Donald J. Trump Highway.
Algeria's wealthy Benhamadi family is now shipping air conditioners to Europe, with 250,000 units ordered
Condor, owned by Algeria's Benhamadi family, has sent its first air conditioners to Europe and holds export orders for more than 250,000 units.
Nigerian-Spanish investor Adeyemi Ajao backs a startup clearing $100 billion in insurance a year
Adeyemi Ajao's Base10 Partners led a $17.5 million round in Axle, which clears more than $100 billion in insurance coverage a year.
Nigerian tycoon Maher Jarmakani's Lagos port lands $1 billion from the world's biggest shipping line
Maher Jarmakani's Nigerdock has signed the world's biggest shipping line to a 45-year terminal deal at Snake Island Port in Lagos.
Africa's richest man Aliko Dangote says his $16 billion Kenya refinery needs state protection
Aliko Dangote will fund 70 percent of his $16 billion Lamu refinery with debt and says it needs protection from cheap imports.
Nigerian tycoon Eruani Azibapu's $1 billion Niger Delta refinery is nearing completion
Azibapu Eruani's Azikel Refinery in Bayelsa is at finishing stage, with capacity redesigned to 25,000 barrels a day and cost near $1 billion.
Nigerian politician Abdulaziz Yari's Geregu Power defaults on bond after $750 million takeover
Geregu Power has defaulted on its ₦40.09 billion bond, eight months after Abdulaziz Yari's MA'AM Energy took control in a $750 million deal.
Ivorian tycoon Ahmed Cissé is buying a $180 million stake in the bank he already chairs
Ahmed Cissé has chaired BICICI since 2023. The Ivorian state is now selling him a $180 million stake, at a price nobody will state.
Nigerian gas tycoon Julius Rone targets September go-ahead for $3 billion floating LNG plant
Julius Rone is targeting a September investment decision on Nigeria's first floating LNG plant, with one agreement still to be signed.
Late Nigerian billionaire Bode Akindele's estate placed under state control in will dispute
A Lagos court has placed Bode Akindele's estate under the state Administrator-General while his first son challenges the validity of the will.
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
Kenya signs $1.2 billion JKIA deal with China Road and Bridge; government says Chivayo firm did not bid
Chirchir stated that no Chivayo-linked company bid for the JKIA contract, naming China Road and Bridge Corporation as the signatory.
Family Bank founder Titus Muya and associates pocket $36.6 million paper gain as Kenyan lender surges 44% on NSE debut
Family Bank founder Titus Muya and his associates pocketed a $36.6 million paper gain as the Kenyan lender surged 44% on its NSE debut Tuesday.
Billionaire Rostam Aziz's Taifa Mining clears key hurdle at Tanzania gold project set for construction
Rostam Aziz's Taifa Mining has cleared a critical pre-construction drilling milestone at Lake Victoria Gold's fully permitted Imwelo gold project in Tanzania.
Tanzanian billionaire Edha Nahdi's cement bets pay off as EAPC profit jumps five-fold
Tanzanian tycoon Edhah Abdallah Munif's investments in Kenya's two biggest cement companies are already paying off handsomely, with both posting sharply improved financial results.
Madagascar tycoon Mamy Ravatomanga's security firm severs ties with France's Amarante International
A security firm formerly linked to Madagascar's Mamy Ravatomanga has broken with France's Amarante International as his Sodiat Group empire faces deepening judicial pressure.
South African tycoon Adrian Gore sets out the four principles behind Discovery's rise
Discovery founder Adrian Gore has published a book on leadership endorsed by BlackRock's Larry Fink and Alphabet's Ruth Porat.
Lavish $20 million wedding of son of sanctioned Zimbabwe tycoon Kudakwashe Tagwirei lays bare elite state capture
Kudakwashe Tagwirei gifted his son $17.5 million in cash and prime land at a $20 million wedding attended by Zimbabwe's president, exposing the architecture of elite wealth accumulation in one of Africa's most impoverished economies.
South African tycoon Saki Macozoma to step down as Vodacom chair in 2027
Vodacom named Khumo Shuenyane to succeed Saki Macozoma as chairman in 2027 and appointed former Airtel Africa CEO Segun Ogunsanya to its board.
South African billionaire Christo Wiese blames Pick n Pay's decline on its dividends
Christo Wiese says Pick n Pay's habit of paying out cash rather than reinvesting left it unable to keep pace with Shoprite.
Billionaire Patrice Motsepe triumphs as Tanzanian court strikes off $195 million claim
The High Court of Tanzania removed the claim from its roll over unjoined parties, leaving the underlying allegations against Patrice Motsepe's companies undecided.
South African billionaire Zak Calisto has sold $11.5 million of Karooooo stock in three weeks
Zak Calisto has sold 180,282 Karooooo shares worth about $11.5 million since late July, while keeping a stake valued above $1.1 billion.
Standard Bank CEO Sim Tshabalala warns Temu and Shein could wipe out South Africa's manufacturing sector
Standard Bank CEO Sim Tshabalala has warned that cheap Chinese imports from platforms like Temu and Shein could decimate South Africa's manufacturing sector if Africa fails to act.
South African tycoon Giovanni Ravazzotti's Italtile warns earnings will fall on cheap imports
Italtile expects headline earnings to fall up to 12.4% as cheap imported tiles squeeze margins at Ceramic Industries, its manufacturing arm.
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.
Qatar's billionaire Al-Khayyat family is bidding to build Africa's largest airport in Ethiopia
Qatar's Al-Khayyat family, through Power International Holding, is bidding to build Ethiopia's planned $12.5 billion Bishoftu airport and a 400-kilometre highway in the DRC.
Somali tycoon Amina Moghe Hersi's Atiak Sugar Factory has eaten $204 million and produced nothing in years. Uganda is demanding answers.
Uganda's parliament is demanding answers after Amina Moghe Hersi's Atiak Sugar Factory consumed $204 million in public and private funds without producing sugar in years.
Saudi-Ethiopian Mohammed Al-Amoudi is worth $9 billion on Bloomberg but missing from the Forbes 2026 billionaires list and here is why
Mohammed Al-Amoudi is worth $9.12 billion on Bloomberg but does not appear on the Forbes 2026 billionaires list. Here is why.
How Djiboutian tycoon Abdourahman Boreh helped Dubai build a port empire in the Horn of Africa, then became its most inconvenient witness
Abdourahman Boreh brokered DP World's entry into Djibouti, collected fees from both sides, then fled into exile as the whole deal unravelled.
Dahabshiil founder Abdirashid Duale pledges $150,000 as drought deepens in northern Somalia
Dahabshiil pledged $150,000 for drought relief in northern Somalia, with founder Abdirashid Duale urging faster action as shortages spread.
Ethiopia’s richest man Mohammed Al-Amoudi brings Carrefour into Ethiopia
Ethiopia’s richest man, Mohammed Al-Amoudi, brings Carrefour to 13 Midroc stores, marking the retailer’s first physical presence in Ethiopia.
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South African tycoon Adrian Gore sets out the four principles behind Discovery's rise
Discovery founder Adrian Gore has published a book on leadership endorsed by BlackRock's Larry Fink and Alphabet's Ruth Porat.
Ugandan tycoon Amos Nzeyi is still farming land he sold to the state pension fund in 2008
Uganda's Parliament has summoned Pepsi bottler Amos Nzeyi over 55 acres he sold the state pension fund in 2008 but never handed over.
How Isaiah Stewart turned NBA toughness into a multimillion-dollar fortune
Detroit Pistons big man Isaiah Stewart turned a reputation as one of the NBA's toughest enforcers into a fortune of about $8 million to $10 million.
Lavish $20 million wedding of son of sanctioned Zimbabwe tycoon Kudakwashe Tagwirei lays bare elite state capture
Kudakwashe Tagwirei gifted his son $17.5 million in cash and prime land at a $20 million wedding attended by Zimbabwe's president, exposing the architecture of elite wealth accumulation in one of Africa's most impoverished economies.
Jonathan Isaac turned an injury-hit NBA career and his faith into a sneaker brand
Orlando Magic forward Jonathan Isaac turned an injury-hit NBA career and his Christian faith into UNITUS, a footwear and apparel brand pitched against Nike.
Fidson founder Fidelis Ayebae targets Sub-Saharan Africa's biggest drug factory after record N119 billion revenue
Fidson Healthcare founder Fidelis Ayebae says ongoing expansion will make the company Sub-Saharan Africa's largest pharmaceutical manufacturer after a record N119 billion revenue year.
How Jabari Smith Jr. built a $40 million fortune before turning 25
Houston Rockets forward Jabari Smith Jr. has parlayed a top-three draft slot, a $122 million extension and an Adidas deal into a roughly $40 million fortune.
Coleman boss George Onafowokan says manufacturing is the missing link in Nigeria's $1 trillion economy push
Coleman Technical Industries managing director George Onafowokan says Nigeria's $1 trillion economy target by 2030 is achievable but hinges entirely on manufacturing, affordable power and patient capital.
African Wealth Briefing — Thurs., Aug. 13, 2026
Christo Wiese, who built Africa's largest retailer, says Pick n Pay fell behind for one reason: it paid dividends instead of reinvesting. And MSC, the world's biggest shipping line, has committed to a 45-year, billion-dollar terminal at Maher Jarmakani's private Lagos port.
The Inside Story: The Madagascar Billionaire Quietly Buying His Way Into Jumia — Inside Hassanein Hiridjee's Axian Empire
Most people have never heard of Hassanein Hiridjee, and that is rather the point. From a family business in Madagascar, he has quietly built Axian into one of Africa's largest telecoms and energy groups, and is now positioning around Jumia, the continent's biggest online retailer.
Wealth Intelligence: Why Pick n Pay Fell Behind Shoprite — The Dividend Trap
Christo Wiese chaired Shoprite for 29 years as it became Africa's largest retailer. This week he explained why its great rival fell behind: Pick n Pay, he said, spent decades handing cash to shareholders instead of reinvesting it.
Deep-Dive Report: Inside the $1 Billion MSC-Nigerdock Deal Reshaping Nigerian Trade
MSC, the world's largest shipping line, has committed to a 45-year terminal at Maher Jarmakani's Snake Island Port in Lagos — part of a Nigerian infrastructure bet it puts above $1 billion. Inside a deal that quietly reshapes Nigerian trade.
Madagascar billionaire Hassanein Hiridjee joins IFC in Jumia's $50 million capital raise
Hassanein Hiridjee's Axian has backed Jumia's $50 million raise alongside the World Bank's IFC, as the e-commerce group narrows its losses.
Egyptian billionaire Ahmed Elsewedy's Elsewedy Electric lifts sales 37% as margins narrow
Elsewedy Electric, run by Egyptian billionaire Ahmed El-Sewedy, grew quarterly sales 37% while net income rose 12% and the stock fell 2%.
Nigerian-Spanish investor Adeyemi Ajao backs a startup clearing $100 billion in insurance a year
Adeyemi Ajao's Base10 Partners led a $17.5 million round in Axle, which clears more than $100 billion in insurance coverage a year.
South African tycoon Saki Macozoma to step down as Vodacom chair in 2027
Vodacom named Khumo Shuenyane to succeed Saki Macozoma as chairman in 2027 and appointed former Airtel Africa CEO Segun Ogunsanya to its board.
