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Nigerian billionaire Michael Ade-Ojo's university wins approval to train doctors
Elizade University, founded by Nigerian auto tycoon Michael Ade Ojo, says it can now train doctors, as its nursing graduates post a perfect pass rate.
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Nigerian billionaire Michael Ade-Ojo's university wins approval to train doctors
Elizade University, founded by Nigerian auto tycoon Michael Ade Ojo, says it can now train doctors, as its nursing graduates post a perfect pass rate.
Moroccan billionaire Aziz Akhannouch's party left out of Morocco's new government
Morocco's incoming prime minister has formed a four-party coalition without billionaire Aziz Akhannouch's RNI, which led the government for the past five years.
Nigerian billionaire Aliko Dangote's refinery IPO opens to wealthy Ethiopian investors only
Ethiopia has opened Aliko Dangote's $1.6 billion refinery share sale to as many as 100 qualified investors, but retail buyers are barred.
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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.
Moroccan billionaire Aziz Akhannouch's party left out of Morocco's new government
Morocco's incoming prime minister has formed a four-party coalition without billionaire Aziz Akhannouch's RNI, which led the government for the past five years.
Egyptian billionaire Ahmed Elsewedy's company wins $2.2 billion Saudi power plant deal
Elsewedy Electric, run by Egyptian tycoon Ahmed Elsewedy, and China's Sinohydro have signed a $2.2 billion contract to build a Saudi gas power plant.
Egyptian billionaire Naguib Sawiris apologizes to Saudis over Riyadh airport attack
Egyptian telecom billionaire Naguib Sawiris apologized for his slow response to the deadly Riyadh airport attack and urged Arab states to confront Iran.
Egyptian billionaire Naguib Sawiris's family seeks $150 million in London fraud trial
The family investment arm of Egyptian telecom billionaire Naguib Sawiris has opened a 10-week London trial over an alleged foreign exchange fraud.
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.
Nigerian billionaire Michael Ade-Ojo's university wins approval to train doctors
Elizade University, founded by Nigerian auto tycoon Michael Ade Ojo, says it can now train doctors, as its nursing graduates post a perfect pass rate.
Nigerian billionaire Aliko Dangote's refinery IPO opens to wealthy Ethiopian investors only
Ethiopia has opened Aliko Dangote's $1.6 billion refinery share sale to as many as 100 qualified investors, but retail buyers are barred.
Nigerian billionaire Aliko Dangote’s refinery posts $5.5 billion EBITDA in nine months
Dangote's Lagos refinery made $4.7 billion in nine months, reversing a loss a year earlier, as investors weigh its $1.6 billion share sale.
Nigerian businesswoman Aisha Achimugu loses $7.5 million suit against anti-graft agency
A Federal High Court in Abuja has dismissed oil tycoon Aisha Achimugu's 10 billion naira rights suit over an EFCC search of her home.
Nigerian billionaire Aliko Dangote's refinery moves to appeal ruling backing fuel imports
Aliko Dangote's refinery has asked Nigeria's Court of Appeal for leave to challenge a judgment that keeps fuel import licences flowing to three rival marketers.
The 5 African billionaires with major stakes in Africa's 10 biggest banks
Five African billionaires, including Morocco's King Mohammed VI and Femi Otedola, hold stakes worth about $14 billion in four of Africa's biggest banks.
Nigerian billionaire Aliko Dangote extends his $1.6 billion refinery IPO
Aliko Dangote has extended his $1.6 billion refinery IPO by two weeks to let more Africans buy shares, saying demand already far exceeds the offer.
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.
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 billionaire Patrice Motsepe faces pressure to quit as Africa's football boss
Patrice Motsepe's leadership of African football is under strain after his reversal on the Africa Cup of Nations schedule, the Guardian reported.
South African billionaire Patrice Motsepe's mining company sued by its partner
Assore has sued African Rainbow Minerals over who runs Assmang, the iron ore and manganese miner they own equally. ARM rejects the claims.
South African billionaire Michiel le Roux's bank Capitec sheds its rental finance arm
Capitec, co-founded by billionaire Michiel le Roux, is selling its rental finance unit to Sasfin, and CEO Graham Lee calls it the "odd one out."
South African tycoon Mzi Khumalo risks losing his Zimbabwe gold mines
A $70 million payment Mzi Khumalo guaranteed for his Zimbabwe gold mines is unpaid, and his family trust's shares are pledged as security.
Zimbabwean billionaire Kudakwashe Tagwirei is sworn in as a cabinet minister
Kudakwashe Tagwirei, the US-sanctioned fuel and mining tycoon seen as President Mnangagwa's favored successor, has been sworn in as Zimbabwe's investment minister.
South African billionaire Koos Bekker is buying up a corner of England
Koos Bekker, the billionaire who turned Naspers into a Tencent fortune, now owns more than 2,700 acres of Somerset farmland, pubs and shops.
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.
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.
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South Korean billionaire Jay Y. Lee gets $1.9 billion Samsung shares gift from mother
Hong Ra-hee will give her son 11.16 million Samsung shares, lifting his stake to 1.75% and leaving him a gift tax bill above $1 billion.
Nigerian billionaire Michael Ade-Ojo's university wins approval to train doctors
Elizade University, founded by Nigerian auto tycoon Michael Ade Ojo, says it can now train doctors, as its nursing graduates post a perfect pass rate.
Kenyan billionaire Mary-Ann Musangi wants her late father's company in 30 African countries
Mary-Ann Musangi, who runs the consumer goods maker founded by her late father Chris Kirubi, plans to sell in 30 African countries by 2030.
Moroccan billionaire Aziz Akhannouch's party left out of Morocco's new government
Morocco's incoming prime minister has formed a four-party coalition without billionaire Aziz Akhannouch's RNI, which led the government for the past five years.
Nigerian billionaire Aliko Dangote's refinery IPO opens to wealthy Ethiopian investors only
Ethiopia has opened Aliko Dangote's $1.6 billion refinery share sale to as many as 100 qualified investors, but retail buyers are barred.
Egyptian billionaire Ahmed Elsewedy's company wins $2.2 billion Saudi power plant deal
Elsewedy Electric, run by Egyptian tycoon Ahmed Elsewedy, and China's Sinohydro have signed a $2.2 billion contract to build a Saudi gas power plant.
Egyptian billionaire Naguib Sawiris apologizes to Saudis over Riyadh airport attack
Egyptian telecom billionaire Naguib Sawiris apologized for his slow response to the deadly Riyadh airport attack and urged Arab states to confront Iran.
South African billionaire Patrice Motsepe faces pressure to quit as Africa's football boss
Patrice Motsepe's leadership of African football is under strain after his reversal on the Africa Cup of Nations schedule, the Guardian reported.
South African billionaire Patrice Motsepe's mining company sued by its partner
Assore has sued African Rainbow Minerals over who runs Assmang, the iron ore and manganese miner they own equally. ARM rejects the claims.
Nigerian billionaire Aliko Dangote’s refinery posts $5.5 billion EBITDA in nine months
Dangote's Lagos refinery made $4.7 billion in nine months, reversing a loss a year earlier, as investors weigh its $1.6 billion share sale.
Indian billionaire PNC Menon's Sobha buys land in Australia and eyes Sydney
The Dubai developer founded by billionaire PNC Menon has secured sites in Queensland and is weighing Sydney as it pushes into Australia and Texas.
South Korean billionaire Lee Jae-yong to receive $1.9 billion in Samsung shares from mother
South Korean billionaire Lee Jae-yong is set to receive $1.9 billion in Samsung Electronics shares from his mother, increasing his direct stake to 1.75%.
Italian billionaire heir Leonardo Maria Del Vecchio admits drug use, attacks Ray-Ban boss
The 31-year-old heir to the EssilorLuxottica fortune spoke about drugs and debt on a podcast while stepping up his attacks on CEO Francesco Milleri.
American billionaire Charles Koch joins $533 million rescue of Getty Images
Koch Equity Development and the Getty family will own all of Getty Images after a prepackaged bankruptcy that cuts debt and wipes out public shareholders.
British-American billionaire Len Blavatnik gives $15 million to fund foreign policy internships
The Warner Music Group owner's family foundation is giving $15 million to the Council on Foreign Relations to expand its paid internship program.
Indian billionaire Sridhar Vembu freezes Zoho pay rises as AI costs soar
Zoho founder Sridhar Vembu has told staff there will be no pay rise this year, blaming a fourfold jump in server prices driven by AI.
