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Good morning from Billionaires.Africa.
Here is a brief on what we published yesterday.
Three South African founders became instant billionaires after selling their stablecoin startup BVNK to Mastercard for up to $1.8 billion — the biggest fintech exit in the country's history and a landmark moment for the continent's tech ecosystem. In Nigeria, Dangote's refinery powered the country to a $4.23 billion balance of payments surplus in 2025, flipping the oil trade script entirely. And Jim Ovia's Zenith Bank reclaimed its throne as Nigeria's most valuable lender after announcing plans for a London Stock Exchange listing.
Elsewhere, Chevron is selling its stakes in two offshore Angola blocks for $260 million, the Sawiris family's Orascom signed a deal to study a Kampala light rail system, and Turkish billionaire Fuat Tosyalı is pushing his Algeria steel complex toward 8 million tons of capacity with a new cold rolling mill.
TOP STORIES
BVNK founders become billionaires in $1.8 billion Mastercard deal South African co-founders Jesse Hemson-Struthers, Donald Jackson and Chris Harmse sold their stablecoin payments platform to Mastercard, making all three instant billionaires in the biggest SA fintech exit ever.
Dangote Refinery fuels Nigeria's $4.23 billion balance of payments surplus Nigeria swung to surplus in 2025, powered by Dangote Refinery exports and surging diaspora remittances — flipping the country's oil trade script entirely.
Jim Ovia's Zenith Bank reclaims Nigeria's most valued lender Shares surged to an all-time high after the bank announced plans for a full London Stock Exchange listing by 2027, pushing market cap past Guaranty Trust.
DEALS & MOVES
Chevron sells stakes in two offshore Angola oil blocks to Energean for $260 million The U.S. major's latest portfolio trim as it continues reshaping its African exposure.
Saltzman brothers sell R642 million in Dis-Chem shares Mark and Dan Saltzman offloaded $37.9 million in shares just months after inheriting a R6.8 billion stake from their parents.
Amethis backs Egypt's Tiba for Starch & Glucose in minority stake deal Hesham El Ghoroury's company secured private equity backing to scale production capacity and expand into global export markets.
INFRASTRUCTURE & INDUSTRY
Uganda taps Sawiris family's Orascom to study Kampala light rail system An 18-month feasibility study on a proposed rail-based mass transit system for the Greater Kampala Metropolitan Area.
Fuat Tosyalı's Algeria steel complex gets 1.4-million-ton cold rolling mill Tosyalı Algérie will launch the plant in Béthioua between August and September 2026, pushing total output toward 8 million tons.
Hisham Talaat Moustafa meets Egypt's prime minister to discuss TMG expansion Plans include a major new mixed-use project in East Cairo as TMG builds on its Forbes Middle East top developer ranking.
EARNINGS
Juhayna profit drops 20% to EGP 1.9 billion in 2025 Safwan Thabet's dairy and juice company saw margins squeezed even as net sales climbed 23% to nearly EGP 30 billion.
Coris Bank International files to enter Cameroon The West African lender is seeking a foothold in the CEMAC region's largest and most profitable banking market.
Ariel Investments pushes Project Level toward $1 billion for women's sports The fund closed $250 million as it targets a billion-dollar vehicle backing women's professional sports.
This week's Investor Memo and Wealth Intelligence brief are available for Elite subscribers:
→ Investor Memo: $126.7 Billion at the Peak — What Forbes Doesn't Tell You
