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Good morning from Billionaires.Africa.
Here is a brief on what we published yesterday.
Nigeria's banking giants are minting record profits. GTCO posted profit before tax of N1.23 trillion and declared a dividend of N12.76 per share — the strongest set of numbers in the bank's history under CEO Segun Agbaje. It is the latest in a string of Nigerian corporate results that are rewriting the continent's earnings records, coming just days after BUA Foods proposed a N504 billion dividend and BUA Cement reported a 381 percent profit surge.
Meanwhile, Moniepoint made its first major move into East Africa by acquiring a 78 percent stake in Kenya's Sumac Microfinance Bank — giving the Nigerian fintech unicorn a deposit-taking licence in one of the continent's most tightly regulated markets. And in New Jersey, Koos Bekker's plan to build a futuristic succulent dome at his estate is drawing opposition from neighbours who are not impressed.
Top Stories
GTCO posts record N1.23 trillion profit, declares N12.76 dividend The bank delivered its strongest ever results under Segun Agbaje, though questions linger about the CEO's relatively modest 32-million-share stake in the institution he has led for years.
Moniepoint acquires 78% of Kenya's Sumac Microfinance Bank Tosin Eniolorunda's fintech unicorn, which processes over $250 billion in annual transactions in Nigeria, bypassed Kenya's licensing freeze by acquiring Sumac's deposit-taking licence outright. The deal follows the Orda Africa acquisition and signals a full-stack push into East Africa.
Deals & Moves
Innoson denies plans to relocate operations to Ghana Innocent Chukwuma's Innoson Vehicle Manufacturing called the reports "false and misleading," saying Nigeria remains home and the company continues to believe in and invest in the country's industrial future.
Koos Bekker's succulent dome plan upsets New Jersey neighbours The South African tech billionaire behind Naspers and Prosus wants to build a large botanical dome at his US estate. The neighbourhood is pushing back.
Profiles
Robert L. Johnson: The man who made Black wealth possible The BET founder launched Black Entertainment Television from a basement in 1980 with a $15,000 loan, sold it for $3 billion, lost his billionaire status after a $400 million divorce, and quietly rebuilt through diversified investments. At 79, he is back on the Forbes list.
This month's Investor Memo, Deep-Dive Report and Exclusive Briefing are available for subscribers:
→ Investor Memo: South Africa's Fuel Reckoning
