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Elon Musk's SpaceX to invest $28 million to expand Starlink in South Africa
The proposed investment aims to provide free high-speed broadband connectivity to 5,000 rural schools, reaching 2.4 million children nationwide.
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Ally Awadh’s Lake Gas receives Nigerian cooking gas shipment to cut prices in Kenya
Lake Gas, led by Ally Awadh, lands Nigerian LPG at Kenya’s Vipingo terminal to lower prices and boost East Africa’s clean energy supply.
Glencore, led by Gary Nagle, moves $30 billion asset base to Australia in restructure
The restructured entity now controls a portfolio worth over $65 billion, effectively doubling its asset base in Australia.
Vista, led by billionaire Robert F. Smith, to acquire Acumatica in nearly $2 billion deal
Vista Equity to acquire Acumatica in $2B deal, boosting AI-driven ERP growth for mid-sized businesses with strategic support from Robert F. Smith.
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Legal dispute threatens Tanzanian billionaire Rostam Aziz’s Mombasa LPG project
Rostam Aziz’s Mombasa LPG project faces court challenge over alleged environmental harm, coral disruption, and lack of community consultation.
U.S.-Nigerian telecom executive Sam Darwish’s stake in IHS gains nearly $6 million
The recent rally has driven Sam Darwish’s stake to nearly $50 million.
Ghabbour family, one of Egypt’s wealthiest, gains $21.5 million from GB Corp.
The recent rally in GB Corp.’s shares has pushed the Ghabbour family’s stake to nearly $234 million.
Egyptian businessman Hani Berzi loses $4 million as Edita shares fall
The decline marks another blow for Berzi, who chairs the Cairo-based snack maker and owns a 44.07-percent controlling stake.
Madinet Masr, led by Egyptian tycoon Abdallah Sallam, eyes Saudi expansion
Madinet Masr signs MoU with Waheej to co-develop real estate projects in Saudi Arabia, marking a key move in its regional growth strategy.
Ghabbour family, among Egypt’s richest, gains $40 million on GB Corp shares
The Cairo-based automaker is still largely steered by the Ghabbour family, who remain deeply involved in shaping its future.
Hisham Talaat Moustafa’s TMG eyes $2.4 billion in sales from Sharm Bay project
The project, located near Sharm El-Sheikh, reflects the group's growing focus on high-end tourism and residential investments.
Moroccan billionaire Alami Lazraq gains $78 million from ADI shares
This is a reversal from early May when ADI came under pressure. Between May 6 and May 22, Lazraq’s stake lost MAD570.53 million ($61.78 million) in market value.
Yasseen Mansour's Palm Hills launches new project with $4 billion sales target
Palm Hills launches Jirian, its first project in Egypt’s New Delta, targeting EGP200 billion ($4 billion) in sales as it redefines urban living with a Nile-front city.
Madinet Masr, led by Egyptian tycoon Abdallah Sallam, opens new unit in Dubai
The new entity will serve as the hub for managing the group’s real estate projects beyond Egypt.
Khaled Mahmoud’s MM Group signs deal with Tata Motors to grow auto segment in Egypt
Indian automaker, Tata Motors, is known globally for producing reliable and versatile vehicles suited to various transport and logistics needs.
Access Holdings, led by Aigboje Aig-Imoukhuede, takes over Gambian bank
Access Holdings, led by Aigboje Aig-Imoukhuede, has acquired Standard Chartered Bank Gambia, ending the British bank’s 130-year presence in the country.
Aliko Dangote's refinery to begin nationwide fuel distribution in August
It is ready to deploy 4,000 new Compressed Natural Gas (CNG)-powered tankers to enhance last-mile delivery and fuel accessibility across Nigeria.
Indimi sons back father in explosive $435 million oil battle with sisters
Indimi family feud escalates as sons side with father in $435 million Oriental Energy oil dividend dispute against sisters Ameena and Zara.
British-Nigerian entrepreneur Ladi Delano's Moove eyes unicorn status
The fresh capital comes on the heels of Moove’s $100 million raise in 2024 at a $750 million valuation.
Aliko Dangote's Dangote Cement, Tetracore increase focus on clean energy solutions
As part of the latest phase, Tetracore installed a mobile AutoGas refueling unit at Dangote Cement’s Ibese Plant in Ogun State.
Nigerian billionaire Femi Otedola pursues bigger stake in First Bank’s parent company
Sources familiar with the matter say both Otudeko and Odukale, have agreed to sell their shares to Otedola at N31 ($0.02) apiece.
Aliko Dangote plans to list Africa’s largest fertilizer plant this year
When asked about the possible listings of his refinery or other Dangote Group businesses, Dangote said, “Yes, definitely."
Power meeting in Accra: Mike Adenuga holds talks with President Mahama
While details of their conversation were kept private, aides on both sides confirmed the visit, with Adenuga returning to Lagos that same evening.
Hassanein Hiridjee’s AXIAN Telecom sees promise in Africa’s digital economy with $35 million Jumia stake
With Jumia’s market capitalization approaching $400 million, AXIAN’s growing interest underscores its faith in the platform’s renewed business focus.
Mary-Ann Musangi’s HACO Industries completes second phase of solar expansion
The new system adds 311 solar panels and will generate about 180 kWh of power, covering roughly 60 percent of that division’s energy needs.
Baloobhai Patel linked-Absa Kenya recovers $1.8 million lost to fraud
The Nairobi-listed lender said its systems helped avert an additional Ksh334 million ($2.59 million) in potential losses.
Britam, backed by Kenya’s Elite, buys $5.9 million stake in Nigerian reinsurer
The group invested $5.9 million through its wholly-owned unit, Britam Life Assurance Company (Kenya), to acquire a 30 percent stake in Continental Re Kenya.
Ally Awadh’s Lake Gas receives Nigerian cooking gas shipment to cut prices in Kenya
Lake Gas, led by Ally Awadh, lands Nigerian LPG at Kenya’s Vipingo terminal to lower prices and boost East Africa’s clean energy supply.
Britam, backed by Kenya’s elite, reverses $16 million paper loss on HF investment
Britam has reversed a $16 million impairment loss on HF Group, signaling renewed confidence and bolstering its capital position after strong 2024 earnings.
Kenyatta family, Kenya’s largest landowners, gains $10 million from NCBA stake
Kenyatta family gains $10 million as NCBA stock rallies 12%, lifting their 13.2% stake to over $92 million in just 22 days.
Kenya banker James Mwangi leads Equity Group to $119 million profit in Q1 2025
Equity Group posted $119.2 million Q1 profit, down 4.24% on weak income growth and currency losses, offset by digital and regional expansion momentum.
Elon Musk's SpaceX to invest $28 million to expand Starlink in South Africa
The proposed investment aims to provide free high-speed broadband connectivity to 5,000 rural schools, reaching 2.4 million children nationwide.
South African billionaire ChristoWiese’s Shoprite stake falls below $1 billion
This reflects renewed pressure on South African retail stocks as investor confidence continues to waver on the Johannesburg Stock Exchange (JSE).
Laurence Rapp leads Vukile to $181 million profit in 2025
The strong result was driven by solid performance in its South African retail business and continued expansion in Spain and Portugal.
Eswatini’s richest man Natie Kirsh loses $300 million
Natie Kirsh’s fortune drops by $300 million, trimming his 2025 year-to-date gains to $774 million after a recent two-month surge.
Patrice Motsepe’s ARM hedges part of $1.1 billion Harmony Gold stake
Although ARM remains a committed long-term investor in Harmony Gold, the company has taken steps to improve liquidity.
South African real estate mogul Michael Georgiou’s firm enters business rescue
Court questions UK capital promise; billions owed to banks.
South African exec. Gary Nagle-led Glencore halts some cobalt deliveries after Congo ban
Despite the disruption, many Glencore customers are still receiving deliveries under existing agreements.
Ninety One set to absorb UK asset management unit of Patrice Motsepe's backed Sanlam
The partnership aims to combine Ninety One’s investment expertise with Sanlam’s distribution network to improve operational scale and client outcomes.
Ethiopia’s richest man adds $1 billion, back to Bloomberg list after Preem's deal
The $1 billion rebound not only brought him back onto the list but pushed him up to 455th place.
Preem, formerly owned by Mohammed Al-Amoudi, posts $3.29 billion in Q1 sales
Preem's Q1 2025 sales dropped 8.3% to $3.29 billion, with weaker margins and downtime impacting profits.
Samuel Tafesse: Ethiopian developer behind Africa’s first Marriott hotel
From fixing roofs in Addis Ababa to developing sub-Saharan Africa’s first Marriott hotel, Tafesse has become one of Ethiopia’s top businessmen.
VARO Energy to acquire Preem from Ethiopian billionaire Mohammed Al-Amoudi
This acquisition signals the end of Ethiopian billionaire Mohammed Al-Amoudi’s long-standing role in Sweden’s energy sector.
Belayneh Kindie ventures into Ethiopia’s electric mobility space with 100 e-buses
Ethiopian businessman Belayneh Kindie launches 100 locally assembled electric buses in Addis Ababa, advancing Ethiopia’s clean transit and electric mobility goals.
Ethiopia’s richest man Mohammed Al-Amoudi sees Preem stake soar to $4.7 billion
Preem’s newly published 2024 annual report provided fresh insights into its valuation, driving up the value of Mohammed Al-Amoudi’s stake.
Ethiopian billionaire Mohammed Al-Amoudi’s Preem posts $12.8 billion in 2024 revenue
The company reported lower revenue and profit for the second straight year, reflecting weaker refining margins and a challenging market environment.
Ethiopia’s 10 richest businessmen
These business leaders are not just accumulating wealth; they are pivotal players in Ethiopia’s transformation.
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Egyptian businessman Hani Berzi loses $4 million as Edita shares fall
The decline marks another blow for Berzi, who chairs the Cairo-based snack maker and owns a 44.07-percent controlling stake.
Hassanein Hiridjee’s AXIAN Telecom sees promise in Africa’s digital economy with $35 million Jumia stake
With Jumia’s market capitalization approaching $400 million, AXIAN’s growing interest underscores its faith in the platform’s renewed business focus.
Elon Musk's SpaceX to invest $28 million to expand Starlink in South Africa
The proposed investment aims to provide free high-speed broadband connectivity to 5,000 rural schools, reaching 2.4 million children nationwide.
South African billionaire ChristoWiese’s Shoprite stake falls below $1 billion
This reflects renewed pressure on South African retail stocks as investor confidence continues to waver on the Johannesburg Stock Exchange (JSE).
Laurence Rapp leads Vukile to $181 million profit in 2025
The strong result was driven by solid performance in its South African retail business and continued expansion in Spain and Portugal.
Eswatini’s richest man Natie Kirsh loses $300 million
Natie Kirsh’s fortune drops by $300 million, trimming his 2025 year-to-date gains to $774 million after a recent two-month surge.
Patrice Motsepe’s ARM hedges part of $1.1 billion Harmony Gold stake
Although ARM remains a committed long-term investor in Harmony Gold, the company has taken steps to improve liquidity.
Access Holdings, led by Aigboje Aig-Imoukhuede, takes over Gambian bank
Access Holdings, led by Aigboje Aig-Imoukhuede, has acquired Standard Chartered Bank Gambia, ending the British bank’s 130-year presence in the country.
Aliko Dangote's refinery to begin nationwide fuel distribution in August
It is ready to deploy 4,000 new Compressed Natural Gas (CNG)-powered tankers to enhance last-mile delivery and fuel accessibility across Nigeria.
Madinet Masr, led by Egyptian tycoon Abdallah Sallam, eyes Saudi expansion
Madinet Masr signs MoU with Waheej to co-develop real estate projects in Saudi Arabia, marking a key move in its regional growth strategy.
South African real estate mogul Michael Georgiou’s firm enters business rescue
Court questions UK capital promise; billions owed to banks.
Indimi sons back father in explosive $435 million oil battle with sisters
Indimi family feud escalates as sons side with father in $435 million Oriental Energy oil dividend dispute against sisters Ameena and Zara.
South African exec. Gary Nagle-led Glencore halts some cobalt deliveries after Congo ban
Despite the disruption, many Glencore customers are still receiving deliveries under existing agreements.
British-Nigerian entrepreneur Ladi Delano's Moove eyes unicorn status
The fresh capital comes on the heels of Moove’s $100 million raise in 2024 at a $750 million valuation.
Ninety One set to absorb UK asset management unit of Patrice Motsepe's backed Sanlam
The partnership aims to combine Ninety One’s investment expertise with Sanlam’s distribution network to improve operational scale and client outcomes.
Ghabbour family, among Egypt’s richest, gains $40 million on GB Corp shares
The Cairo-based automaker is still largely steered by the Ghabbour family, who remain deeply involved in shaping its future.
