Featured
Egyptian billionaire Hisham Talaat Moustafa's $200 billion TMG deal draws military interest
Egypt's military is seeking a slice of the four megaprojects Talaat Moustafa Group agreed with the government in October, with the revenue split still unsettled.
Editors' Picks
Indian food delivery billionaire Deepinder Goyal's $900 brain wearable draws doctors' fire
Indian billionaire Deepinder Goyal is defending Temple, his $900 brain blood-flow wearable, as doctors question whether the device can measure what it claims.
Wealthy Nigerian industrialist Razaq Okoya moves to reopen idle Eleganza Lagos factory
Nigerian tycoon Razaq Okoya's Eleganza is preparing to restart its Alaba-Suru factory in Lagos, a former hub for its coolers, plastic chairs and household goods.
American billionaire Jensen Huang faces Nvidia ouster as shares shed $600 billion
Nvidia's board is reportedly preparing to remove Jensen Huang as CEO as a second relationship comes to light and Elon Musk offers him a job.
Exclusive Content For Paid Supporters
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
Michiel le Roux's Capitec stake is worth $3.9 billion. The Kenyattas now own part of Nedbank, Paul Fokam has doubled Afriland's capital and Nigeria's bank chairmen have been buying. A guide to who owns Africa's banks, how ownership is changing, and what it means for investors.
Egyptian billionaire Hisham Talaat Moustafa's $200 billion TMG deal draws military interest
Egypt's military is seeking a slice of the four megaprojects Talaat Moustafa Group agreed with the government in October, with the revenue split still unsettled.
Moroccan billionaire Anas Sefrioui's Addoha cleared to join Saudi housing projects
Anas Sefrioui's Addoha has won approval from Saudi Arabia's National Housing Co. to act as a partner developer in Riyadh residential projects.
Egyptian fintech tycoon Mounir Nakhla’s MNT-Halan more than doubles quarterly profit to $16 million in first results since IPO
Mounir Nakhla’s MNT-Halan more than doubled quarterly profit to EGP 836 million ($16 million) in its first results since listing on the Egyptian Exchange.
Moroccan wine tycoon Rita Zniber faces stepson's forgery complaint over $1.5 million debt
A decade after Brahim Zniber's death, a son from his first marriage is pressing a forgery complaint over debt notes his widow Rita relies on.
Egyptian billionaire Hisham Talaat Moustafa's TMG named world's best golf hospitality developer
Hisham Talaat Moustafa's TMG took a top World Golf Awards prize at its own Madinaty club, which was also named Africa's best golf course.
Egyptian billionaire Nassef Sawiris's Orascom clears $1.3 billion share issue for OCI merger
Orascom Construction will issue 97.2 million new shares to OCI N.V., nearly doubling its share count as Nassef Sawiris folds the two companies together.
Egyptian tycoon Medhat Khalil's Raya signs three cloud and cybersecurity deals
Raya Holding, the Egyptian group founded by tycoon Medhat Khalil, signed three cloud and cybersecurity agreements with Nutanix, EgyHosting and Egex Consultant.
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.
Wealthy Nigerian industrialist Razaq Okoya moves to reopen idle Eleganza Lagos factory
Nigerian tycoon Razaq Okoya's Eleganza is preparing to restart its Alaba-Suru factory in Lagos, a former hub for its coolers, plastic chairs and household goods.
Nigerian billionaire Kunle Soname-backed beer maker Champion Breweries plans new listed parent
Champion Breweries has proposed a new listed holding company, Champion Brands Plc, to bring its brewing and beverage businesses under one parent as the group pursues expansion across Africa.
Cameroonian billionaire Baba Danpullo's MTN fight moved out of Douala by Supreme Court
Cameroon's Supreme Court has stripped two Douala courts of the long-running cases between MTN Cameroon and Baba Danpullo's Bestinver group.
Nigerian tycoon Aigboje Aig-Imoukhuede's Access to sell up to 25% of African units
Access Holdings, chaired by Aigboje Aig-Imoukhuede, plans to sell stakes of up to 25% in its African banks to meet a regulatory cap.
Nigerian billionaire Aliko Dangote's refinery IPO draws $4.3 billion in bids
Aliko Dangote's refinery drew ₦5.85 trillion in share applications from nearly 3.8 million investors, close to three times what the IPO sought.
Nigerian billionaire Aliko Dangote's refinery cuts diesel price by 6.5%
Aliko Dangote's refinery cut diesel by ₦120 a litre as falling crude prices pushed down petrol import costs and Nigeria's competition regulator warned fuel sellers.
Indian tycoon Sanjeev Mansotra's Planet One strikes gas in Ghana's Tano Basin
Planet One, controlled by Indian tycoon Sanjeev Mansotra, has made a gas and condensate discovery off Ghana, President John Mahama announced on Tuesday.
Nigerian billionaire Aliko Dangote's Dangote Cement scraps $1 billion London listing
Nigerian billionaire Aliko Dangote has shelved Dangote Cement’s planned $1 billion London listing, citing market conditions, in a setback for the London Stock Exchange.
Absa exits Kenyan insurance as wealthy politician Musalia Mudavadi’s firm takes full control of two insurers
Absa has completed its exit from Kenyan insurance, handing two insurers to a firm majority owned by wealthy politician Musalia Mudavadi, which will rebrand them.
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.
South African billionaire Patrice Motsepe’s ARM faces delay in bid to liquidate two mining firms
Patrice Motsepe’s African Rainbow Minerals is facing another delay in its effort to recover millions of rand from two companies in business rescue, after the Johannesburg High Court postponed its liquidation applications.
South African billionaire Johann Rupert's Cartier owner Richemont set to ride jewelry demand
Richemont, the Cartier owner controlled by South African billionaire Johann Rupert, reports first-half results Friday, with strong jewelry demand expected to lift the group.
South African tycoon Tshepo Mahloele's Harith wins union praise over FlySafair jobs pledge
The head of trade union Solidarity says Harith chair Tshepo Mahloele sought out unions before buying FlySafair and pledged to keep jobs and pay unchanged.
South African billionaire Michiel le Roux's Capitec stake nears $4 billion
Capitec's rise toward a R600 billion market value has pushed co-founder Michiel le Roux's 11.4% stake in South Africa's biggest retail bank near $4 billion.
President Hakainde Hichilema of Zambia agrees to reset ties with commodity trader Trafigura
Zambian President Hakainde Hichilema, a former businessman and cattle rancher, has agreed to reset his government's relationship with commodity trader Trafigura.
South African billionaire Zak Calisto's Karooooo draws analyst upgrades after 22% revenue jump
Analysts are lifting forecasts for Zak Calisto's Karooooo after the Cartrack owner grew second-quarter revenue 22% and signed a record number of subscribers.
Namibian tycoon Sven Thieme's Namibia Dairies spends $3.3 million on long-life milk line
Sven Thieme's Ohlthaver & List Group has put N$54.5 million into a new filling line for Namibia's only locally made long-life milk.
Zimbabwean tycoon Kudakwashe Tagwirei's political rise tied to power broker, investigation alleges
A Zimbabwean investigation alleges that a behind-the-scenes power broker steered fuel and mining tycoon Kudakwashe Tagwirei's rise into the ruling elite.
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
Indian retail billionaire M.A. Yusuff Ali won't drop defamation suits despite journalist's apology
LuLu Group chairman M.A. Yusuff Ali will keep pursuing defamation cases, including a ₹10 crore suit, even after a Malayalam journalist issued a public apology.
Indian food delivery billionaire Deepinder Goyal's $900 brain wearable draws doctors' fire
Indian billionaire Deepinder Goyal is defending Temple, his $900 brain blood-flow wearable, as doctors question whether the device can measure what it claims.
Hong Kong billionaire Li Ka-shing funds Asia's first scalpel-free kidney tumour trials
Hong Kong billionaire Li Ka-shing is paying for 30 patients to join Asia's first trials of a non-invasive ultrasound treatment for kidney tumours.
Italian billionaire Leonardo Maria Del Vecchio's feud threatens Ray-Ban family's Generali plans
A feud between Italian billionaire Leonardo Maria Del Vecchio and the chairman of family holding company Delfin threatens its plans for insurer Generali.
Wealthy Nigerian industrialist Razaq Okoya moves to reopen idle Eleganza Lagos factory
Nigerian tycoon Razaq Okoya's Eleganza is preparing to restart its Alaba-Suru factory in Lagos, a former hub for its coolers, plastic chairs and household goods.
Indian billionaire heiress Lakshmi Venu asks court to gag reports on her divorce
Lakshmi Venu, daughter of TVS billionaire Venu Srinivasan, and tractor maker TAFE have asked a Bengaluru court to restrain media reporting.
BMW billionaire Stefan Quandt gives $7.7 million to university startup platform
Stefan Quandt, BMW's largest shareholder, has given €6.9 million to his old university in Karlsruhe to build KIT FORGE, a new platform for founders.
Indian billionaire Gautam Adani's group lines up $1.4 billion equity for European takeover
Indian billionaire Gautam Adani's group plans to pay for as much as half of its €2.56 billion purchase of European storage firm Evos with equity.
South Korean billionaire Jay Y. Lee's Samsung starts $900 million AI chip plant
Samsung broke ground on a $900 million plant to package AI memory chips and raised its investment in central South Korea to 144 trillion won.
Indian billionaire Rekha Jhunjhunwala's top stock bets are now worth $5 billion
Rekha Jhunjhunwala's six biggest stock holdings are worth about ₹48,000 crore, with her Titan stake alone valued at ₹23,875 crore after a sharp rally.
American billionaire Elon Musk's SpaceX clears FCC hurdle in $8 billion airwaves deal
The FCC has accepted SpaceX's application to buy 546 nationwide 800 MHz licenses from Grain Management, a key step for Elon Musk's mobile phone ambitions.
American billionaire Jensen Huang faces Nvidia ouster as shares shed $600 billion
Nvidia's board is reportedly preparing to remove Jensen Huang as CEO as a second relationship comes to light and Elon Musk offers him a job.
American billionaire Gwynne Shotwell's 2 million SpaceX shares reach kids in December
More than 2 million SpaceX shares pledged by company president Gwynne Shotwell in July will start reaching children's Trump Accounts next month.
Egyptian billionaire Hisham Talaat Moustafa's $200 billion TMG deal draws military interest
Egypt's military is seeking a slice of the four megaprojects Talaat Moustafa Group agreed with the government in October, with the revenue split still unsettled.
American billionaire Jay-Z's Roc Nation brings youth rugby clinic to Cape Town
Jay-Z's Roc Nation is taking its Dream to Play youth program to rugby, with a second Cape Town clinic following September's football session in Nyanga.
Chinese billionaire Jack Ma's $1.5 million Africa prize heads to Kigali finale
Ten founders picked from more than 24,000 applicants will compete in Kigali in December for $1.5 million in grants backed by Jack Ma's foundation.
