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Senegalese billionaire oil heir Moussa Diao leads $1 billion buyout of African fuel giant Oryx
Senegalese executive Moussa Diao has led a $1 billion management buyout of Oryx Energies, beating a rival bid from tycoon Simon Tiemtoré.
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Indonesian billionaire Low Tuck Kwong loses $5.8 billion after selling Bayan stake
Low Tuck Kwong's fortune fell by a third after he sold 30.25% of Bayan Resources to Haji Isam at a fifth of the market price.
Indian billionaire Adar Poonawalla's lender posts fivefold jump in quarterly profit
Poonawalla Fincorp, the lender controlled by Adar Poonawalla, posted a fivefold jump in quarterly profit as its loan book and margins grew.
Nigerian billionaire Arthur Eze named in $2 billion fight over oil pipelines
A former rebel leader says Nigeria's elite share $2 billion a year to guard pipelines, and named oil billionaire Arthur Eze. He offered no proof.
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The Inside Story: After Wigwe — How Herbert Wigwe Bought Access to the Top of Nigerian Banking, and What the Bank Has Become Without Him
In 2002 Herbert Wigwe and Aig Aig-Imoukhuede took over Access, then 65th of 89 Nigerian banks, and bought their way to the top. Since his death in February 2024 the shares have lagged every big rival. The story of the deal-maker, and of the bank he left behind.
Deep-Dive Report: The Listing Window — Five African-Facing IPOs in One Month, and Why Day Ninety Matters More Than Day One
A refinery in Lagos, mobile money in London, a fintech in Cairo, a supermarket chain in Nairobi and Africa's biggest phone seller in Hong Kong: five African-facing IPOs in one month. Who is selling, who is buying, and why day ninety matters more than day one.
Wealth Intelligence: The $16 Billion Question — Why Forbes and Bloomberg Disagree on Aliko Dangote, and How His Refinery IPO Will Settle It
Forbes says $51.7 billion, Bloomberg $35.7 billion. Most of the gap is one asset that has never had a market price: the refinery. Its IPO implies a valuation of about $48 billion, and subscriptions close Tuesday. What Dangote owns, how it is valued, and what listing will settle.
Egyptian billionaire Ahmed Elsewedy plans to build electric cars in Algeria
Egyptian billionaire Ahmed Elsewedy’s Elsewedy Electric wants to build electric and hybrid cars in Algeria under its Elsewedy EZZ brand.
Egyptian billionaire Nassef Sawiris wins Dutch court fight with OCI shareholders
The Amsterdam Enterprise Chamber rejected minority shareholders’ request for an inquiry into OCI, a win for Nassef Sawiris as his €4.10 buyout offer proceeds.
Fintech founder Mounir Nakhla's MNT-Halan opens Egypt's biggest IPO in years
MNT-Halan's Egyptian arm opened its 7.84 billion pound IPO at EGP 24.5 a share, Egypt's largest offering since 2021, with trading expected on Oct. 20.
Egyptian cable giant Elsewedy's investment arm exits university venture
Al Ahly Capital is buying El Sewedy Capital's 40% stake in a New Damietta university venture with CIRA due to open in 2027.
Moroccan billionaire Aziz Akhannouch’s Afriquia Gaz posts MAD370 million profit in first half of 2026
Moroccan billionaire Aziz Akhannouch’s Afriquia Gaz reported MAD370.2 million in consolidated net profit for the first half of 2026, up 0.5% year on year.
Egyptian businessman Ahmed Heikal's Qalaa Holdings to raise $74 million to clear bank debts and double refinery stake
Egyptian tycoon Ahmed Heikal’s Qalaa Holdings will seek approval for a EGP3.87 billion capital raise to expand energy investments and strengthen its finances.
Late Moroccan billionaire Miloud Chaabi's heirs remain divided 10 years on
Ten years after Miloud Chaabi died, his heirs are still at odds over Ynna Holding, while the conglomerate's subsidiaries are run by independent managers.
Moroccan tycoon Moncef Belkhayat builds $10.7 million logistics hub in Agadir
Moncef Belkhayat's La Voie Express Group will spend 100 million dirhams on a logistics hub near Agadir, its second site in the region.
Ghanaian billionaire Ibrahim Mahama paid a third of Ghana's disputed evacuation bill
Ibrahim Mahama's Engineers & Planners paid GH¢16 million of the bill to bring Ghanaians home from South Africa. The opposition now wants an independent audit.
Nigerian billionaire Arthur Eze named in $2 billion fight over oil pipelines
A former rebel leader says Nigeria's elite share $2 billion a year to guard pipelines, and named oil billionaire Arthur Eze. He offered no proof.
Senegalese billionaire oil heir Moussa Diao leads $1 billion buyout of African fuel giant Oryx
Senegalese executive Moussa Diao has led a $1 billion management buyout of Oryx Energies, beating a rival bid from tycoon Simon Tiemtoré.
Nigerian billionaire Jim Ovia set to collect N8.7 billion in Zenith Bank dividends
Zenith Bank founder Jim Ovia is set to collect N8.7 billion from the lender's raised interim dividend, even as its half-year profit fell 19%.
How Ghanaian tycoon Manoj Lakhiani built a water and plastics empire from a $25,000 loan
Manoj Lakhiani dropped out of school at 17 and borrowed $25,000 from his father. He turned it into Blow Group, one of Ghana's biggest manufacturers.
Congolese billionaire Lucien Ebata plans a 20-fold jump in his oil output
Congolese oil tycoon Lucien Ebata says his company Trident OGX aims to raise production from 2,500 barrels a day to as much as 50,000.
Africa's richest man's refinery can't get enough Nigerian crude, minister admits
Nigeria's finance minister says the country does not have enough crude to supply Aliko Dangote's giant Lagos refinery, forcing the billionaire to import oil.
Nigerian billionaire Aliko Dangote's $16 billion Kenya refinery deal faces mounting scrutiny
Pressure is building in Kenya for the government to publish the terms of Aliko Dangote's $16 billion Lamu refinery, including taxpayers' share.
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
South African mining mogul Neal Froneman softens US stance after being called unpatriotic
Neal Froneman, who ran Sibanye-Stillwater for 12 years, has softened his call for the US to target South African policymakers after a Presidency rebuke.
South African billionaire Robert Gumede’s takeover target Tongaat Hulett to quit the JSE
Tongaat Hulett will be delisted from the JSE on Nov. 3 with nothing for shareholders, as billionaire Robert Gumede's Vision group moves to buy it.
South African billionaire Patrice Motsepe says his current CAF term will be his last
South African billionaire Patrice Motsepe has confirmed he will step down as president of the Confederation of African Football when his term ends.
How Zimbabwean mogul Kevin James built Country Bird into one of Africa's biggest chicken producers
Zimbabwean poultry tycoon Kevin James bought a struggling chicken firm in 2003 and built Country Bird into a producer across seven African countries.
Zimbabwean billionaire Kudakwashe Tagwirei named economic development minister
President Emmerson Mnangagwa has named his close ally Kudakwashe Tagwirei minister of economic development and investment promotion, with Mthuli Ncube keeping the finance portfolio.
South African billionaire Christo Wiese’s Premier Group faces bid to overturn R6 billion RFG merger
South African billionaire Christo Wiese’s Premier Group is fighting the Competition Commission’s bid to revoke its nearly R6 billion RFG merger.
Zimbabwean billionaire Strive Masiyiwa’s Cassava brings back Dan Kwach to lead AI data centre push
Zimbabwean billionaire Strive Masiyiwa’s Cassava Technologies brings back Dan Kwach to lead its AI data centre expansion across Africa.
South African billionaires GT Ferreira and Laurie Dippenaar buy into Airbnb rival
FirstRand co-founders GT Ferreira and Laurie Dippenaar’s family offices joined a consortium that bought LekkeSlaap, a South African rival to Airbnb.
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.
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.
Latest Posts
Indonesian billionaire Low Tuck Kwong loses $5.8 billion after selling Bayan stake
Low Tuck Kwong's fortune fell by a third after he sold 30.25% of Bayan Resources to Haji Isam at a fifth of the market price.
Ghanaian billionaire Ibrahim Mahama paid a third of Ghana's disputed evacuation bill
Ibrahim Mahama's Engineers & Planners paid GH¢16 million of the bill to bring Ghanaians home from South Africa. The opposition now wants an independent audit.
Indian billionaire Adar Poonawalla's lender posts fivefold jump in quarterly profit
Poonawalla Fincorp, the lender controlled by Adar Poonawalla, posted a fivefold jump in quarterly profit as its loan book and margins grew.
Nigerian billionaire Arthur Eze named in $2 billion fight over oil pipelines
A former rebel leader says Nigeria's elite share $2 billion a year to guard pipelines, and named oil billionaire Arthur Eze. He offered no proof.
American billionaire Bill Gates’s foundation commits $50 million to cut stillbirths
The Gates Foundation and Wellcome Leap will each commit $50 million to Uzima, a program to halve stillbirths in select countries, starting in sub-Saharan Africa.
Elon Musk’s Cybertruck is selling at no more than 13% of his annual goal
Tesla’s third-quarter data implies about 28,000 to 32,000 Cybertrucks a year, at most 13% of the 250,000 billionaire Elon Musk targeted.
Chinese billionaire Yahui Zhou’s OPay revenue jumps 137% ahead of US IPO
Chinese billionaire Yahui Zhou’s OPay reported a 136.5% increase in first half revenue to $467.1 million as the fintech prepares for a proposed New York IPO.
American billionaire Mark Zuckerberg paid €51 million for Ireland’s priciest home of 2026, a Waterford castle
Mark Zuckerberg and Priscilla Chan paid €51.2 million for Strancally Castle in Waterford, nearly double early estimates and Ireland’s highest residential price this year.
French billionaire Pierre Castel's daughter wins court fight over his African beer empire
A Singapore court has upheld Romy Castel's votes to remove CEO Grégory Clerc from the board of a key company in her father's drinks empire.
South African mining mogul Neal Froneman softens US stance after being called unpatriotic
Neal Froneman, who ran Sibanye-Stillwater for 12 years, has softened his call for the US to target South African policymakers after a Presidency rebuke.
Russian billionaire Roman Abramovich's advisers backdated records to hide his fortune
A BBC Panorama investigation says Roman Abramovich's advisers backdated records to hide yachts, mansions and a $10 billion fortune. He denies wrongdoing.
Senegalese billionaire oil heir Moussa Diao leads $1 billion buyout of African fuel giant Oryx
Senegalese executive Moussa Diao has led a $1 billion management buyout of Oryx Energies, beating a rival bid from tycoon Simon Tiemtoré.
South African billionaire Robert Gumede’s takeover target Tongaat Hulett to quit the JSE
Tongaat Hulett will be delisted from the JSE on Nov. 3 with nothing for shareholders, as billionaire Robert Gumede's Vision group moves to buy it.
African Wealth Briefing — Mon., Oct. 12, 2026
Subscriptions for Aliko Dangote's refinery IPO close tomorrow. Forbes puts him at $51.7 billion, Bloomberg at $35.7 billion, and in the same week Nigeria's finance minister said the country cannot supply the refinery with enough crude.
The Inside Story: After Wigwe — How Herbert Wigwe Bought Access to the Top of Nigerian Banking, and What the Bank Has Become Without Him
In 2002 Herbert Wigwe and Aig Aig-Imoukhuede took over Access, then 65th of 89 Nigerian banks, and bought their way to the top. Since his death in February 2024 the shares have lagged every big rival. The story of the deal-maker, and of the bank he left behind.
Deep-Dive Report: The Listing Window — Five African-Facing IPOs in One Month, and Why Day Ninety Matters More Than Day One
A refinery in Lagos, mobile money in London, a fintech in Cairo, a supermarket chain in Nairobi and Africa's biggest phone seller in Hong Kong: five African-facing IPOs in one month. Who is selling, who is buying, and why day ninety matters more than day one.
