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Good morning from Billionaires.Africa.
Here is a brief on what we published yesterday.
Arthur Eze has lost another oil block. South Sudan declined to renew Oranto Petroleum's Block B3 licence after Eze's company failed to conduct seismic surveys, drill a single well, or meet financial obligations since 2017. The pattern is now unmistakable — Senegal revoked Oranto's offshore acreage in January, Equatorial Guinea pressed the company for $10 million in compliance disputes earlier this year, and now South Sudan has joined the list. Governments across the continent are tiring of the buy-and-hold model that defined Eze's empire-building, and the portfolio that relationships built is being clawed back, block by block, by administrations that no longer accept acreage sitting idle.
Meanwhile, Koos Bekker has lost approximately $500 million this year as Naspers and Prosus shares slid more than 24%, erasing the rally that lifted them to a January peak. And Patrice Motsepe is preparing to inject capital into the South African Football Association — a gesture that sits at the intersection of sports philanthropy, business, and his ongoing positioning ahead of the ANC succession contest.
In Nigeria, Q1 earnings have begun landing. Dangote Cement posted $233 million in profit for the first quarter, and BUA Foods grew Q1 profit to $103 million even as revenue fell 11%. BUA Cement shares surged 24.8% in four trading days, adding N2.7 trillion ($1.95 billion) to Abdul Samad Rabiu's stake value after Q1 profit more than doubled to N176 billion.
Top Stories
Arthur Eze loses another license as South Sudan strips Oranto of Block B3 for failing to drill or pay South Sudan declined to renew Oranto's Block B3 licence after Eze's company failed to conduct seismic surveys, drill a single well, or meet financial obligations since 2017. The third African government this year to reclaim acreage from Atlas Oranto.
Koos Bekker loses $500 million as Naspers and Prosus slide 24% this year Bekker has lost nearly $500 million in 2026 as Naspers and Prosus shares fell more than 24%, erasing the January peak. The slide reflects broader pressure on the Tencent-linked holding structure that anchors his fortune.
Dangote Cement posts $233 million profit in Q1 2026 Africa's largest cement producer delivered a strong Q1, building on the operational momentum that has lifted Dangote Group to $30 billion on Forbes for the first time.
BUA Foods grows profit to $103 million in Q1 2026 even as revenue falls 11% Margin expansion offset top-line contraction. Rabiu's industrial empire continues to deliver profitability even as revenue compresses, validating the cost discipline that defined the prior quarter's record results.
Profiles
Gauteng's ultra-wealthy keep their Johannesburg mansions and buy R60 million Cape Town retreats rather than choosing between the two cities Gauteng's UHNWIs are not choosing between the two markets. They are keeping R20-R40 million Joburg primary homes and adding R60 million coastal retreats — a signal that South African wealth is consolidating rather than relocating despite political and economic pressures.
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