African Wealth Briefing — Fri., Nov. 6, 2026

Good afternoon from Billionaires.Africa. Here's the catch-up since Monday's brief.

Dangote's big week. Aliko Dangote stood beside Namibia's President Netumbo Nandi-Ndaitwah outside Walvis Bay to break ground on a $2.5 billion fuel storage and pipeline project, which will hold about 600 million litres of fuel and feed a planned 1,700-kilometre pipeline toward Botswana, Zambia and beyond, and he raised his Africa investment target to $60 billion by 2030. At the same event, Afreximbank president George Elombi said the bank would have "no difficulty" lending him $10 billion, although no facility has been agreed. Dangote is also seeking wider African access to his refinery's $1.6 billion IPO, which drew orders of about three times the amount sought, through talks with exchanges including the BRVM on depositary receipts. And his cement company and Abdul Samad Rabiu's BUA spent a combined $584 million on energy in nine months, though the bill fell as a share of revenue; today's Deep-Dive maps the whole $60 billion plan.

Nigeria. Atedo Peterside, the founder of IBTC, said President Tinubu's reforms are making the rich richer, arguing that the removal of the fuel subsidy and the floating of the naira were not matched by adequate safety nets for the poor. OPay, the Nigerian payments company founded by Chinese billionaire Yahui Zhou, called off its $304 million New York IPO hours after pricing at a $4 billion valuation, after inquiries from China's securities regulator; OPay says the inquiry is not a reflection on its business. Rabiu's foundation handed over a ₦250 million administrative building to Usmanu Danfodiyo University in Sokoto. Caverton's shares rebounded almost 10% on Wednesday after a 36% slide that followed its nine-month loss.

Egypt and North Africa. OCI shareholders voted 99.85% in favour of Nassef Sawiris's plan to merge OCI with Orascom Construction, which will create an Abu Dhabi-based group with a combined reference value of about $2.87 billion, and we set out the full terms and timetable, including NNS's €4.10 cash offer, which closes on 17 November; today's Investor Memo runs the numbers. Mohamed Mansour set out the timetable for a $150 million electric car plant built with China's SAIC, with construction due to finish in early 2027, and today's Inside Story tells the story of the Mansour family. The plant itself is costed at 6.3 billion pounds, about $114 million, with state-owned Banque Misr lending about 43% of it. Sawiris's Aston Villa also committed to Unai Emery beyond 2029, while in Morocco the royal holding Al Mada led a $12 million round in the AI start-up Journify.

South Africa. Johann Rupert warned that global uncertainty "will no longer be episodic" in Remgro's annual report, which showed headline earnings up 42.3% to R11.14 billion, and he called for policy certainty, adding that "a quick no is better than a delayed yes." Shoprite shareholders vote today on chief executive Pieter Engelbrecht's pay, after ISS and Glass Lewis urged investors to reject a new incentive plan; Christo Wiese, who controls about 41% of the votes according to ISS, backs the board. Jebb McIntosh, who co-founded Combined Motor Holdings in 1976, has died at 80, leaving a 37.55% stake worth about $59 million. Patrice Motsepe's GoTyme is targeting 30 million customers by 2036, which would overtake Capitec, while the van der Walt brothers' WeBuyCars stake has fallen to about $41 million as the shares lost about 41% this year, Tshepo Mahloele's Lebashe cut its iOCO holding to 14.36% while remaining the largest shareholder, and Newmont's chief executive Natascha Viljoen gave up 25,780 shares, mostly to cover tax on vested stock.

East and West Africa. Mohammed Al-Amoudi's MIDROC will pay for a stadium for Saint George, Ethiopia's most successful football club, though no site, capacity or cost has been confirmed. In Kenya, Baloobhai Patel's Carbacid lifted annual profit 12% to about $8.7 million and held its dividend at Sh2 a share. In Guinea, Joseph Siaw Agyepong's Zoomlion signed a partnership to manage waste in Conakry, including transfer stations, market collections and a planned recovery plant. The deal adds another country to a Jospong group that says it already operates in 29 African markets.

Further afield. Giannis Antetokounmpo, the Nigerian-Greek star, is the NBA's second-highest earner at about $108.5 million this season, behind Stephen Curry, according to Sportico. Miriam Adelson sold her Dallas Mavericks stake to her daughter, Sivan Ochshorn, and son-in-law, Patrick Dumont, who now hold 69% of the team. Fenway Sports Group has held talks to buy a majority of the Cadillac F1 team from Mark Walter's TWG Global, which denies a sale is imminent. Talks do not mean a deal is near, and no price has been agreed.

The takeaway. This week showed African business families thinking in decades rather than quarters. Dangote's $60 billion target runs to 2030 and beyond, Nassef Sawiris is turning the proceeds of OCI into a long-term infrastructure group, and Mohamed Mansour, at 78, is moving his family from selling cars to making them. The common thread is a shift from trading and distribution toward owning the factories, pipelines and assets that earn for years. The next few weeks will test the plans, with Sawiris's cash offer closing on 17 November and the new Orascom and the Dangote refinery both due to list before the year is out.

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Today's premium briefings:

Elite · Investor Memo — The New Orascom. OCI shareholders voted 99.85% to fold the company into Orascom Construction. Now they must choose between Orascom shares and Nassef Sawiris's €4.10 cash offer, which closes November 17. Our arithmetic on both options, Sawiris's likely stake and the new group's $1 billion plan. In Investor Memo.
Executive · Deep-Dive Report — The $60 Billion Map. Aliko Dangote has raised his Africa investment target to $60 billion by 2030, broken ground on a $2.5 billion fuel hub in Namibia and heard Afreximbank say it would lend him $10 billion. A deep-dive on the projects, the money behind them and the risks of building at this scale. In Deep-Dive Report.
Insider · The Inside Story — The Dealer. Nasser nationalised his father's cotton business. Mohamed Mansour came back, won the GM and Caterpillar franchises and built one of Egypt's largest companies. Now, at 78, he is building electric cars with China's SAIC. The story of the dealer, from Cairo to Westminster. In The Inside Story.

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Figures are point-in-time estimates from public sources including Forbes, Bloomberg, company disclosures and exchange filings, as of reporting; a stake's value is not a measure of net or liquid wealth, and figures change with markets and currencies. Company valuations, revenues and share stakes are not measures of an individual's personal net worth, and where wealth is undisclosed or cannot be verified no figure is asserted. Legal matters are reported as matters of public record and attributed to their sources; allegations are contested and untested, individuals and companies are presumed to act lawfully absent a ruling, and those not accused of wrongdoing are noted as such. Editorial analysis, not investment, legal or tax advice.

African Wealth Briefing — Fri., Nov. 6, 2026

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