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Nigerian billionaire Femi Otedola dines with President Tinubu in Paris and backs his reforms
Femi Otedola had a private dinner with President Bola Tinubu in Paris on Sept. 28 and publicly endorsed his economic reforms the next day.
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Africa's richest man pulls his fertiliser IPO forward to next year
Aliko Dangote told investors in Nairobi he hopes to list Dangote Fertiliser next year, a year earlier than the 2028 date he gave last week.
Elon Musk's Starship finally reaches orbit and delivers its first paying cargo
Elon Musk's Starship reached orbit for the first time on its 14th flight, deploying 26 Starlink V3 satellites despite an engine failure that cut the mission short.
Africa's richest monarch watches his mining company multiply profit tenfold in six months
Managem, the mining arm of the Moroccan royal family's Al Mada, lifted first-half profit to 3.778 billion dirhams from 380 million a year earlier.
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The Inside Story: The Company That Built Its Own Power Station — How the Onafowokans Turned a 1975 Trading Firm Into West Africa's Largest Cable Maker
Coleman was incorporated in 1975 and did not manufacture a cable until 1996. It is now West Africa's largest cable maker, and it spent $20 million building its own power supply to get there. Fifty years, two generations, and the real cost of manufacturing in Nigeria.
Deep-Dive Report: The Quiet Conglomerate — How Cornelis Vink Built Chivita, Sold It to Coca-Cola, and Is Now Buying the Road His Own Goods Travel On
Cornelis Vink founded Chivita, sold it to Coca-Cola, and watched UAC buy it back. Now his TGI Group is buying UAC's 43% of DP World Logistics. The logic is the oldest one in African business: own the road your own goods travel on. Inside Nigeria's least-discussed large fortune.
Investor Memo: The Doubling — Dangote Group Is on Course to Take Revenue From $18 Billion to $36 Billion in a Single Year, and the Cement Arm Is Funding Its Own Expansion
Dangote Group says revenue hit about $17 billion in the first half and is on track to double to $36 billion for the year, from $18 billion in 2025. What the number is made of, why funding 25 million tonnes of cement from cash flow matters more, and what would tell you it holds.
Africa's richest monarch watches his mining company multiply profit tenfold in six months
Managem, the mining arm of the Moroccan royal family's Al Mada, lifted first-half profit to 3.778 billion dirhams from 380 million a year earlier.
Algerian billionaire Abderrahmane Benhamadi's Condor breaks into Mali with 37 containers
Condor is shipping 37 containers of electronics and appliances to six markets, entering Mali for the first time as a gateway to the Sahel.
Billionaire Aziz Akhannouch's party loses Morocco's election and a third of its seats
Morocco's PAM won 97 of 395 seats in provisional results, while Prime Minister Aziz Akhannouch's RNI fell from 102 seats to 66 on 38% turnout.
Egyptian billionaire Nassef Sawiris is merging OCI and Orascom into one Abu Dhabi company
Nassef Sawiris wants to merge OCI into Orascom Construction in Abu Dhabi. A Dutch court froze the deal, so he is offering €4.10 a share in cash.
Egypt's billionaire Elsewedy family opens a Shanghai buying office for its $6 billion group
Elsewedy Electric (Shanghai) began operating on Sept. 15 as the Egyptian group's procurement centre for China, six months after it registered.
Algerian billionaire Issad Rebrab is now barred from running even his smallest companies
Issad Rebrab, 81, has been stripped of the right to manage the small companies he owns outside Cévital, three years after losing the group itself.
Egyptian billionaire Nassef Sawiris opens a €866 million offer to take OCI private
NNS Holding opened its all-cash offer for OCI Global on Sept. 15 at €4.10 a share, valuing the fertiliser group at about €866 million.
Egypt's billionaire Elsewedy family bets $700 million on energy services
Egypt's El Sewedy family has announced about $700 million of investment as Elsewedy Electric pushes from cables into power services.
Africa's richest man pulls his fertiliser IPO forward to next year
Aliko Dangote told investors in Nairobi he hopes to list Dangote Fertiliser next year, a year earlier than the 2028 date he gave last week.
Nigerian billionaire Femi Otedola dines with President Tinubu in Paris and backs his reforms
Femi Otedola had a private dinner with President Bola Tinubu in Paris on Sept. 28 and publicly endorsed his economic reforms the next day.
Nigerian tycoon Kola Karim lands $500 million from Qatar to double oil production
Kola Karim's Shoreline will use a $500 million Islamic financing package from Qatar Islamic Bank to push OML 30 past 100,000 barrels a day.
Billionaire Aliko Dangote wins the first round as a judge refuses to halt his Lamu refinery
A Malindi judge declined to stop construction of the Lamu refinery
Dutch-Nigerian billionaire Cornelis Vink buys UAC's 43% of DP World's Nigerian logistics arm
Cornelis Vink's TGI Group is buying UAC of Nigeria's entire 43% holding in DP World Logistics, in a deal disclosed to the exchange on Sept. 24.
Nigerian billionaire Aliko Dangote's cement arm targets 80 million tonnes of capacity
Dangote Cement will add about 25 million tonnes to reach 80 million tonnes, funded mainly from cash flow and supplier credit, Arvind Pathak said.
Nigerian cable tycoon George Onafowokan demands a rate cut from the Bank of Industry
George Onafowokan says recapitalisation pushed lending rates to 22-23%, below the CBN's old 26.5% benchmark, before its record cut.
Africa's richest man offers to sell Kenya 500 megawatts from his Lamu refinery
Aliko Dangote says the Lamu refinery will include a 1,000-megawatt power plant, with half the electricity available to the Kenyan government.
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
Wealthy Indian hotelier Jaisal Singh's SUJÁN buys two Zambian safari camps on the Zambezi
Jaisal Singh's SUJÁN has bought Chiawa Camp and Old Mondoro from Chiawa Safaris in Zambia's Lower Zambezi. Terms were not disclosed.
South Africa's Gold Fields tries to buy Australia's biggest gold miner and gets turned down
Gold Fields approached Northern Star Resources about a takeover and was rebuffed, Bloomberg reported. The Australian miner is worth $22.1 billion.
South African tycoon Marcel Golding's pay jumps fivefold as AOE profit falls 72%
Marcel Golding's pay rose to R5.25 million, about $322,000, at AOE, where profit attributable to shareholders fell 72% to R3.5 million.
Mozambican tycoon Salimo Abdula backs Islamic finance as a new funding route for business
Salimo Abdula told a Maputo audience on Sept. 24 that Islamic finance would widen the funding options available to Mozambican companies.
South African billionaire Mark Shuttleworth promised islanders $3.20 a day and paid 46 cents
Mark Shuttleworth's foundation offers Príncipe residents up to $290 a quarter to protect nature. One recipient's first payment was about $42.
South African tycoon Mzi Khumalo turned $15.5 million into Zimbabwe's largest gold miner
Mzi Khumalo bought Lonmin's Zimbabwean gold mines for $15.5 million in 2002 and built Metallon into the country's biggest gold producer.
South African tycoon Iqbal Survé's side loses a bid for the big banks' compliance files
The Supreme Court of Appeal overturned a 2024 order forcing the Financial Intelligence Centre to hand over confidential bank records.
Zimbabwean billionaire Strive Masiyiwa joins Amazon and Google in an African languages AI pact
Strive Masiyiwa's Cassava Technologies is among 60 organisations committing to let 3.4 billion people use AI in their own languages within five years.
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.
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.
Latest Posts
Africa's richest man pulls his fertiliser IPO forward to next year
Aliko Dangote told investors in Nairobi he hopes to list Dangote Fertiliser next year, a year earlier than the 2028 date he gave last week.
Elon Musk's Starship finally reaches orbit and delivers its first paying cargo
Elon Musk's Starship reached orbit for the first time on its 14th flight, deploying 26 Starlink V3 satellites despite an engine failure that cut the mission short.
Billionaire Tyler Perry lists Harry and Meghan's former refuge for $57 million
Billionaire Tyler Perry has listed his Beverly Hills estate, once home to Prince Harry and Meghan Markle, for $57 million, alongside his Wyoming property.
Mark Zuckerberg loses $20 billion in two days as Meta's AI spending spooks investors
Mark Zuckerberg's fortune has fallen nearly $20 billion in two trading days to $246.7 billion after a Goldman Sachs note questioned whether Meta's AI spending can pay off.
Oura CEO Tom Hale pulls $2.2 billion IPO despite strong demand
Oura chief executive Tom Hale has postponed the smart-ring maker's $2.2 billion Nasdaq IPO, putting a $1.2 billion payday for Forerunner Ventures on hold.
Africa's richest monarch watches his mining company multiply profit tenfold in six months
Managem, the mining arm of the Moroccan royal family's Al Mada, lifted first-half profit to 3.778 billion dirhams from 380 million a year earlier.
Nigerian billionaire Femi Otedola dines with President Tinubu in Paris and backs his reforms
Femi Otedola had a private dinner with President Bola Tinubu in Paris on Sept. 28 and publicly endorsed his economic reforms the next day.
Billionaire Aliko Dangote pledges to list Kenya refinery on Nairobi bourse
Nigerian billionaire Aliko Dangote promises to list his planned East African refinery on the Nairobi bourse, a day before breaking ground in Lamu.
Indian billionaire Gautam Adani settles SEBI ownership case for $154,000
Indian ports-to-power billionaire Gautam Adani has paid 14.8 million rupees to settle a six-year SEBI probe into shareholding rules at four group companies.
Jay-Z and Serena Williams near a payday as their Indonesian coffee chain moves toward an IPO
Kopi Kenangan has announced a secondary share sale by existing stakeholders as it moves toward an IPO that could value it at about $1 billion.
British billionaire Lord Bamford picks his youngest son to run JCB over the heir everyone expected
Lord Bamford has appointed his youngest son George co-chairman of JCB from October, passing over elder son Jo, long seen as the heir apparent.
Wealthy Indian hotelier Jaisal Singh's SUJÁN buys two Zambian safari camps on the Zambezi
Jaisal Singh's SUJÁN has bought Chiawa Camp and Old Mondoro from Chiawa Safaris in Zambia's Lower Zambezi. Terms were not disclosed.
Nigerian tycoon Kola Karim lands $500 million from Qatar to double oil production
Kola Karim's Shoreline will use a $500 million Islamic financing package from Qatar Islamic Bank to push OML 30 past 100,000 barrels a day.
African Wealth Intelligence and Digital Economies: How Virgin Bet South Africa Reflects Shifting Capital
African wealth and private capital are shifting toward digital infrastructure and regulated online leisure, reshaping connectivity and consumer platforms.
Billionaire Aliko Dangote wins the first round as a judge refuses to halt his Lamu refinery
A Malindi judge declined to stop construction of the Lamu refinery
Kenyan tycoon Peter Muthoka pockets $19 million profit selling his airport cargo business
Peter Muthoka made a Sh2.5 billion profit selling Transglobal Cargo Centre to Turkey's Celebi for $40.1 million, roughly twice its asset value.
