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Nigerian billionaire Femi Otedola makes $36.5 million in paper gains in one day as First HoldCo surges 10% on record Q1 results
FirstHoldCo surged nearly 10% on the NGX after Q1 profit jumped 72%, adding N49.6 billion in paper gains to Femi Otedola's 18.12% stake in a single session.
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Aliko Dangote plans London listing of $13 billion Dangote Cement, reviving 2018 attempt
Aliko Dangote is planning a London listing of his $13 billion Dangote Cement business this year, reviving an attempt last shelved in 2018.
Nigerian billionaire Femi Otedola makes $36.5 million in paper gains in one day as First HoldCo surges 10% on record Q1 results
FirstHoldCo surged nearly 10% on the NGX after Q1 profit jumped 72%, adding N49.6 billion in paper gains to Femi Otedola's 18.12% stake in a single session.
Nigerian oil tycoon Tein Jack-Rich to run for Senate
Oil mogul Tein Jack-Rich entered the Rivers West APC senatorial race and warned the party against sidelining founding members for new defectors.
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The Inside Story: Rostam Aziz’s Junior Gold Bet — What the Taifa-Lake Victoria Partnership Tells Us About African Operator Capital and the Tanzanian Gold Cycle
Rostam Aziz's Taifa Group is taking equity in Toronto-listed Lake Victoria Gold and running construction at its Imwelo project — an archetype of African operator capital backing junior gold development.
Executive Insight: Nedbank Buys the Kenyatta Family’s Bank — What the $751 Million NCBA Acquisition Tells Foreign Investors About South-Africa-Driven East African Banking Consolidation
Nedbank's $751 million NCBA acquisition restructures the Kenyatta family's banking wealth and signals a working template for South-Africa-driven East African banking consolidation.
Executive Insight: Dangote’s 20,000MW Bet and the $20 Billion Dividend Promise — What the IFC Conversation Tells Us About the IPO’s Real Underwriting Case
Aliko Dangote's IFC conversation with Makhtar Diop unveiled a 20,000MW power plan and a $20 billion dividend promise — a reframing of the refinery IPO into an African industrial conglomerate offering.
Meet Issad Rebrab, the accountant who turned a small metals stake into a $5 billion empire
Issad Rebrab started with a 20% stake in a metals firm. Five decades later, he had built Algeria's largest private company and its first billion-dollar fortune.
Algerian billionaire Issad Rebrab's Cevital launches $600 million Sugar Beet project
Cevital has launched a $600 million sugar beet farming and refining project in Algeria's Ghardaïa region, with a processing plant scheduled for 2028.
Egyptian billionaire Naguib Sawiris and Tarak Ben Ammar sell their loss-making Italian DTT multiplex for €2.5 million after bleeding €29 million in 2 years
Prima TV, co-owned by Naguib Sawiris and Tarak Ben Ammar, has sold its Italian digital terrestrial TV multiplex for €2.5 million after losing €29.5 million over 2 consecutive years.
Billionaire Othman Benjelloun's shipping company AML plans a Morocco-to-Canary Islands ferry route as it grows its fleet to 7 ships and adds France and Algeria crossings
Africa Morocco Link, co-owned by Othman Benjelloun's O Capital Group, plans a Morocco to Canary Islands route within 3 years as it expands its 2-ship fleet to 7 vessels.
King Mohammed VI gives Crown Prince Moulay Hassan his first real military job in a move that mirrors the king's own path to the throne 40 years ago
King Mohammed VI has appointed Crown Prince Moulay El Hassan as coordinator of Morocco's military general staff, giving the 22-year-old his first substantive role in the Royal Armed Forces.
Egyptian tycoon Hassan Allam meets Syria's President al-Sharaa in Damascus to discuss infrastructure and real estate investment
Egyptian construction billionaire Hassan Allam met Syrian President al-Sharaa in Damascus to explore real estate and infrastructure investment in post-war Syria.
Billionaire property developer Hisham Talaat Moustafa warns Egypt's new real estate fees could push project costs up by 15 percent
New Egyptian real estate fees could push project costs up by 15 percent, developers including Talaat Moustafa warn, adding to already elevated costs.
Egyptian billionaire Sawiris family-linked HOF Capital buys Porsche's Bugatti stake in a deal valuing the brand above $1 billion
HOF Capital, co-founded by Onsi Sawiris of Egypt's billionaire Sawiris dynasty, has led a consortium to buy Porsche's full 45% stake in Bugatti Rimac.
Ibukun Awosika opens THE HUB in Lekki as premium executive meeting and events destination
Nigerian business leader Ibukun Awosika has launched THE HUB, a premium booking-only executive venue in Lekki built for boardrooms, conferences and high-value business engagements.
Mustafa Rawji's Rawbank posts 232 million dollars profit as DRC's largest lender targets regional investment banking
Mustafa Rawji's Rawbank posted a 9% rise in net profit to $232 million for 2025, with the DRC's largest lender pushing into regional investment banking.
Aliko Dangote plans London listing of $13 billion Dangote Cement, reviving 2018 attempt
Aliko Dangote is planning a London listing of his $13 billion Dangote Cement business this year, reviving an attempt last shelved in 2018.
Nigerian billionaire Femi Otedola makes $36.5 million in paper gains in one day as First HoldCo surges 10% on record Q1 results
FirstHoldCo surged nearly 10% on the NGX after Q1 profit jumped 72%, adding N49.6 billion in paper gains to Femi Otedola's 18.12% stake in a single session.
Nigerian oil tycoon Tein Jack-Rich to run for Senate
Oil mogul Tein Jack-Rich entered the Rivers West APC senatorial race and warned the party against sidelining founding members for new defectors.
Nigerian multimillionaire Oba Otudeko delivers 2,400sqm building to Olabisi Onabanjo University
The Oba Otudeko Foundation has delivered a 2,400-square-metre administrative complex to Olabisi Onabanjo University in Ogun State, adding to the Honeywell chairman's growing education legacy.
Billionaire Femi Otedola executes a surgical turnaround as First HoldCo profit rockets 72% in Q1 2026 to $233 million, overtaking GTCO, UBA and Access Holdings
Femi Otedola's FirstHoldCo rises from the ashes with a 72% profit jump in Q1 2026, overtaking GTCO and Access Holdings to become Nigeria's 2nd most profitable bank
Muhammed Jah's QGroup opens what it calls The Gambia's first data center
Gambian businessman Muhammed Jah's QGroup has opened QGroup House on Kairaba Avenue, billed as The Gambia's first data center, inaugurated by President Adama Barrow.
Ruto and Macron break a 53-year tradition as Nairobi hosts the Africa-France Summit
Heirs Holdings chairman Tony Elumelu leads the new business coalition as Emmanuel Macron and William Ruto co-host the first non-Francophone Africa-France summit.
Rostam Aziz's Taifa Group backs Lake Victoria Gold's push toward gold production in Tanzania
Tanzanian tycoon Rostam Aziz's Taifa Group is acquiring equity in Lake Victoria Gold and handling construction at its Imwelo project, which is preparing for production.
Muhoho Kenyatta, son of Kenya's founding president, is revealed as NCBA's top individual shareholder with a $154 million stake
Muhoho Kenyatta, son of Kenya's founding president Jomo Kenyatta, holds 227.3 million NCBA shares worth Sh20 billion ($153.8 million), the largest disclosed individual fortune on the Nairobi Securities Exchange.
Kenya's Auditor-General flags tycoon Jaswant Rai's Nzoia Sugar takeover as opaque
Kenya's Auditor-General has flagged the 30-year lease of Nzoia Sugar to Jaswant Rai's West Kenya as opaque, saying no handover document or asset valuation was provided to auditors.
Tanzanian billionaire Rostam Aziz says his Taifa Gas plant in Mombasa will open in months
Tanzanian billionaire Rostam Aziz says his Sh16 billion Taifa Gas LPG terminal in Mombasa's Dongo Kundu SEZ will open in coming months, breaking a duopoly that controls 98% of Kenya's cooking gas imports.
Warren Buffett's foundation gives Kenya $29 million for a second straight year
Warren Buffett's Susan Thompson Buffett Foundation is giving Kenya Sh3.8 billion ($29.2 million) for a second consecutive year as Trump's USAID cuts leave a Sh24.9 billion hole in the health budget.
Billionaire Rostam Aziz calls on Kenya and Tanzania to build a single commercial system to compete for global capital
Tanzanian billionaire Rostam Aziz urged Kenya and Tanzania to move beyond trade to a single commercial system to draw the capital both economies need.
Billionaire Mohammed Al-Amoudi's MIDROC signs deal to build 10 Marriott hotels across Ethiopia
Mohammed Al-Amoudi's MIDROC Investment Group has signed a deal to develop 10 Marriott-branded hotels across Ethiopia with 1,140 keys opening by 2031.
Cobus Loots's $219 million move on Emmerson Resources gives Pan African full control of Australia's richest gold district
Cobus Loots's Pan African Resources has received court approval to acquire Emmerson Resources in a $219 million all-share deal that will consolidate full ownership of the Tennant Creek gold project and add a third stock exchange listing.
Patrice Motsepe's foundation hands $1 million to the Cameroon startup turning trash into industrial gold
BleagLee, a Cameroonian startup converting plastic and e-waste into high-value materials using AI, has taken the $1 million Milken-Motsepe grand prize.
Zimbabwean billionaire Strive Masiyiwa's Cassava plans 20MW Joburg AI factory as Cape Town goes live
Strive Masiyiwa's Cassava Technologies is planning a 20MW AI factory in Johannesburg with 12,000 to 13,000 GPUs targeted across Africa as its Cape Town facility prepares to go live.
James Makamba's Telecel Zimbabwe stake is every buyer's biggest headache
Buying Telecel Zimbabwe means inheriting a tangle of ownership claims, including James Makamba's Kestrel Corporation stake and other unresolved competing interests.
Jason Quinn's Nedbank opens its $855 million bid for Kenya's NCBA and shareholders have six weeks to decide
Nedbank CEO Jason Quinn has opened a $855 million tender offer for a 66% controlling stake in Kenya's NCBA Group, one of the largest cross-border banking transactions in African history, with shareholders given until July 10 to respond.
Johann Rupert saved his father's car collection from oblivion and turned it into one of the Southern Hemisphere's finest museums
Johann Rupert rescued his father's historic car collection from closure in 2003 and turned it into the Franschhoek Motor Museum, now one of the finest collections in the Southern Hemisphere.
Evidence emerges that Zanu PF held a secret 45 percent stake in tycoon Kudakwashe Tagwirei's Sakunda Holdings
Leaked financial records partially support claims that Zanu PF held a hidden 45 percent stake in Kudakwashe Tagwirei's Sakunda Holdings.
Angolan tycoon Álvaro Sobrinho suspected of bribing Lisbon Appeal Court judge to free impounded property empire
Angolan-Portuguese businessman Álvaro Sobrinho is suspected of paying a Lisbon appeal court judge to release his impounded 80 million euro property empire.
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.
Ethiopia’s richest man Mohammed Al-Amoudi sees wealth rebound past $8.1 billion
Mohammed Al-Amoudi’s net worth rebounds to more than $8.1 billion after a $2.42 billion gain tied to his stake in Preem.
Somali e-visa controversy: Ismail Ahmed points to Premier Bank involvement
Ismail Ahmed claims Premier Bank helped design Somalia’s e-visa system and benefits from visa fees through Empire Tech Solutions.
Ahmed Osman Guelleh, one of Djibouti's richest men, recalibrates for a tougher market
Ahmed Osman Guelleh built a logistics and beverage empire around Djibouti’s ports and Somaliland’s Coca-Cola plant. Now competition is testing his hold.
Somali businessman Abdiweli Hassan to invest $503 million in Kenya’s Tatu City
Somali businessman Abdiweli Hassan plans a $503 million mixed-use project at Kenya’s Tatu City, expanding his footprint from retail into urban development.
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Cobus Loots's $219 million move on Emmerson Resources gives Pan African full control of Australia's richest gold district
Cobus Loots's Pan African Resources has received court approval to acquire Emmerson Resources in a $219 million all-share deal that will consolidate full ownership of the Tennant Creek gold project and add a third stock exchange listing.
How Ibrahim Mahama turned a 1997 mining startup into West Africa's largest indigenous mining company
Ibrahim Mahama built West Africa's largest indigenous mining company from nothing, and now he owns the gold mine he once contracted.
Ibukun Awosika opens THE HUB in Lekki as premium executive meeting and events destination
Nigerian business leader Ibukun Awosika has launched THE HUB, a premium booking-only executive venue in Lekki built for boardrooms, conferences and high-value business engagements.
Mustafa Rawji's Rawbank posts 232 million dollars profit as DRC's largest lender targets regional investment banking
Mustafa Rawji's Rawbank posted a 9% rise in net profit to $232 million for 2025, with the DRC's largest lender pushing into regional investment banking.
Meet Issad Rebrab, the accountant who turned a small metals stake into a $5 billion empire
Issad Rebrab started with a 20% stake in a metals firm. Five decades later, he had built Algeria's largest private company and its first billion-dollar fortune.
Aliko Dangote plans London listing of $13 billion Dangote Cement, reviving 2018 attempt
Aliko Dangote is planning a London listing of his $13 billion Dangote Cement business this year, reviving an attempt last shelved in 2018.
The Inside Story: Rostam Aziz’s Junior Gold Bet — What the Taifa-Lake Victoria Partnership Tells Us About African Operator Capital and the Tanzanian Gold Cycle
Rostam Aziz's Taifa Group is taking equity in Toronto-listed Lake Victoria Gold and running construction at its Imwelo project — an archetype of African operator capital backing junior gold development.
Executive Insight: Nedbank Buys the Kenyatta Family’s Bank — What the $751 Million NCBA Acquisition Tells Foreign Investors About South-Africa-Driven East African Banking Consolidation
Nedbank's $751 million NCBA acquisition restructures the Kenyatta family's banking wealth and signals a working template for South-Africa-driven East African banking consolidation.
OnlyFans billionaire Leonid Radvinsky's widow has taken control of the company he built into a $3 billion empire
Yekaterina Chudnovsky has taken control of OnlyFans holding company Fenix International after her husband Leonid Radvinsky died from cancer at 43.
Nigerian billionaire Femi Otedola makes $36.5 million in paper gains in one day as First HoldCo surges 10% on record Q1 results
FirstHoldCo surged nearly 10% on the NGX after Q1 profit jumped 72%, adding N49.6 billion in paper gains to Femi Otedola's 18.12% stake in a single session.
Nigerian oil tycoon Tein Jack-Rich to run for Senate
Oil mogul Tein Jack-Rich entered the Rivers West APC senatorial race and warned the party against sidelining founding members for new defectors.
Ruto and Macron break a 53-year tradition as Nairobi hosts the Africa-France Summit
Heirs Holdings chairman Tony Elumelu leads the new business coalition as Emmanuel Macron and William Ruto co-host the first non-Francophone Africa-France summit.
African Wealth Briefing — Fri., May 8, 2026
Bloomberg ranks Rabiu as Africa's 2nd richest at $19.1 billion while Forbes still has him at 4th — and BUA Cement's 134 percent rally explains the gap; Otedola's FirstHoldCo Q1 profit jumps 72 percent to $233 million.
Algerian billionaire Issad Rebrab's Cevital launches $600 million Sugar Beet project
Cevital has launched a $600 million sugar beet farming and refining project in Algeria's Ghardaïa region, with a processing plant scheduled for 2028.
Nigerian multimillionaire Oba Otudeko delivers 2,400sqm building to Olabisi Onabanjo University
The Oba Otudeko Foundation has delivered a 2,400-square-metre administrative complex to Olabisi Onabanjo University in Ogun State, adding to the Honeywell chairman's growing education legacy.
Billionaire Femi Otedola executes a surgical turnaround as First HoldCo profit rockets 72% in Q1 2026 to $233 million, overtaking GTCO, UBA and Access Holdings
Femi Otedola's FirstHoldCo rises from the ashes with a 72% profit jump in Q1 2026, overtaking GTCO and Access Holdings to become Nigeria's 2nd most profitable bank
