Table of Contents
Good morning from Billionaires.Africa.
Here is a brief on what we published yesterday.
Nassef Sawiris has formally closed his London family office, completing a departure from Britain that began more than two years ago when the government announced the abolition of the non-domicile tax status. NNS Advisers, the single-family office Sawiris founded in London in 2016, is now shut. He registered NNS Group in the Abu Dhabi Global Market in July 2024, resigned as director of the London branch in November 2024, changed his personal residency to Italy in early 2025, and has now closed the London operation entirely. Italy charges a flat annual levy of €200,000 regardless of global income — at Sawiris's level of wealth, a fraction of what the UK's reformed tax treatment would cost. This is the clearest example yet of what happens when a major economy changes its tax terms for ultra-wealthy foreign nationals. They leave.
In South Africa, Tokyo Sexwale's name has entered the race to succeed Cyril Ramaphosa as ANC president. A KwaZulu-Natal lobby group has produced a formal motivation document arguing that the 73-year-old billionaire and Robben Island veteran is the candidate the party needs ahead of its 2027 elective conference. Patrice Motsepe, Paul Mashatile, and Fikile Mbalula are also in contention.
And in Nigeria, the EFCC has arrested former Skye Bank chairman Tunde Ayeni over the alleged diversion of N36.5 billion and $30 million from Polaris Bank — a sum that dwarfs the charges brought against him in 2018 and 2019. The enforcement wave we flagged in this month's Exclusive Briefing continues to accelerate.
Top Stories
Nassef Sawiris formally closes his London family office, completing UK exit triggered by end of non-dom tax status The final institutional step in a two-year departure. Sawiris moved to Italy's flat €200,000 annual levy — a rounding error on a $7 billion fortune — and shut the London office entirely. Every African UHNWI with UK structures is watching.
Tokyo Sexwale's name enters the race to succeed Ramaphosa as ANC president A KwaZulu-Natal lobby group has formally proposed Sexwale for the ANC presidency ahead of the 2027 elective conference. The Mvelaphanda founder brings struggle credentials, governance experience, and a net worth that makes him financially independent of the party apparatus.
EFCC arrests Tunde Ayeni over alleged diversion of N36.5 billion and $30 million from Polaris Bank The former Skye Bank chairman is in EFCC custody. The new figures dwarf the N4.75 billion and $5 million cited in his 2018 charges. Approximately 12 companies linked to Ayeni are under investigation.
UBA posts N405 billion profit in 2025, down 47% as FX trading gains disappear Tony Elumelu's UBA earned N405 billion, down from N767 billion in 2024. The single biggest factor: FX trading swung from a N182 billion gain to a N141 billion loss. Total equity still grew 24% to N4.25 trillion after a N395 billion rights issue.
James Mwangi warns Africa faces food and economic crisis within 3 years The Equity Group CEO spoke at the IMF Spring Meetings. His argument: the fertiliser supply disruption caused by the Hormuz closure is more dangerous than the oil price spike because it threatens planting seasons and food security across the continent. Equity itself posted a 55% profit increase to KSh75.5 billion in 2025.
West Africa
Mukesh Ambani's Africa 5G bet goes live in Ghana amid disputes Ambani's Reliance unit Radisys is powering Ghana's first 5G backbone through Next-Gen InfraCo. The network went commercially live in March 2026 in parts of Accra, Kumasi, and Tamale — but Ghana's Communications Minister called the announcement "misleading" because retail consumers still cannot access it.
Deji Adeleke donates N500 million to launch Osun State Security Trust Fund Davido's father donated N500 million to a security fund launched by his brother, Governor Ademola Adeleke. The state pledged N300 million. Private wealth meeting state power at the intersection where the Adeleke family operates.
Dahiru Mangal's cement company earns 3 ISO certifications at $1.5 billion Kogi plant Mangal Industries secured ISO certifications for quality, environment, and worker safety less than two years after its Kogi State plant began production. A signal that Nigeria's cement sector is deepening beyond Dangote and BUA.
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