Morocco’s richest man Othman Benjelloun sells Quebec estate for $10.4 million

Othman Benjelloun, Morocco’s richest man and one of Africa’s most enduring business figures, has sold his 500-hectare estate in Quebec for CAD14.5 million ($10.4 million). The 93-year-old billionaire, who spent decades shaping Morocco’s banking industry, had owned the property for more than a decade.

The estate sits at 431 Route 257 in Lingwick, surrounded by the forests and lakes of eastern Quebec. The 19,000-square-foot main residence includes 15 bedrooms, 13 bathrooms, and three stone fireplaces—an elegant mix of space and comfort. Beyond the main house, the property features a caretaker’s home, staff quarters, several outbuildings, and a boat shed on the shores of Lake Moffat, reflecting Benjelloun’s preference for privacy and refined simplicity.

Benjelloun offloads Quebec estate to developers

Public records show the property was owned through O Capital Investissements Verts, part of Global Strategic Holdings Sarl, a Luxembourg-based company linked to Benjelloun. He bought it in January 2009 for CAD9.5 million ($6.45 million) from Savane Investissement Inc., a firm controlled by Mount Royal investor Jacqueline Raveau O’Kelley.

Fifteen years later, the estate returned to the market with an asking price of CAD15 million ($10.75 million). The buyer, Domaine du Lac Moffat — a company founded by Quebec developers Marc Vallières and Dany Morency — paid slightly below the listing price. Morency, who has led several residential projects in the Beauce region, plans to turn the site into a 400-lot housing development.

The final sale price represents a 53 percent gain from what Benjelloun paid in 2009 and nearly doubles its municipal valuation of CAD8.15 million ($5.8 million). For Othman Benjelloun the sale adds another profitable outcome to a career built on patience and long-term value.

Othman Benjelloun’s legacy shapes African finance

Othman Benjelloun remains one of the most influential figures in African finance. As chairman of Bank of Africa, he oversees a network spanning 32 countries across Africa, Europe, Asia, and North America. The Casablanca-based lender manages about $46 billion in assets and serves more than 6.6 million customers through roughly 2,000 branches.

His business interests extend beyond banking. In 2014, he supported the $500 million Mohammed VI Tower in Rabat—now among Africa’s tallest buildings. Despite his age, Benjelloun remains active in business and philanthropy, holding a 27.4 percent stake in Bank of Africa. Forbes estimates his fortune at $1.9 billion as of October 2025.

Bank of Africa half-year profit up 16%

Bank of Africa’s recent results reflect that steady hand. The lender’s net profit climbed 16 percent in the first half of 2025 to MAD2.25 billion ($247.5 million), up from MAD1.94 billion ($213.4 million) a year earlier. Growth was strongest in Morocco, which generated 54 percent of earnings, followed by sub-Saharan Africa at 43 percent and Europe at 3 percent.