Umeme, Uganda's former power monopoly chaired by Patrick Bitature, has lost 85% of its value
Umeme shares have fallen about 85% since its Ugandan concession ended, and the company says it has no operating revenue and expects another loss.
Dorcas Adeodun
News Reporter
Dorcas Adeodun is a journalist covering finance, public policy, and economic development. She has more than five years of reporting experience and has worked across business reporting and institutional analysis.
Nigerian billionaire Aliko Dangote commits $800 million to double his Itori cement plant
Aliko Dangote has signed an $800 million agreement with China's Sinoma to double capacity at his Itori cement plant in Ogun State to 12 million tonnes.
Nigerian tech entrepreneur Olugbenga Agboola's Flutterwave is acquiring an East African bank
Flutterwave is acquiring an undisclosed bank in East Africa as Olugbenga Agboola builds a banking arm around the company's payments business.
Nigerian lottery magnate Kessington Adebutu's Wema and Vitafoam stakes exceed $300 million
Kessington Adebutu's Wema Bank stake is worth $291.27 million and his Vitafoam holding $21.08 million, built entirely on lottery money.
Nigerian billionaire Mike Adenuga's Conoil lifts half-year profit 472% as margins widen
Conoil lifted half-year profit 472% to ₦5.15 billion, yet paid ₦8.29 billion in finance costs, more than the company earned before tax.
Pepkor's CEO Pieter Erasmus will hold a $169 million stake in the fintech he oversees
Pepkor CEO Pieter Erasmus will hold an indirect 13.2% of the $1.28 billion fintech his company is creating, a stake worth about $169 million.
Billionaires Tony Elumelu, Samuel Dossou-Aworet and Austin Avuru to pocket $30 million Seplat dividend
Seplat's 12-cent dividend delivers $14.4 million to Tony Elumelu's Heirs, $9.7 million to Petrolin and $6 million to Austin Avuru. GHOST
Egyptian tycoon Hend El Sherbini takes majority control of IDH despite board rejection
Hend El Sherbini's offer for Integrated Diagnostics has gone unconditional at 56.6%, days after independent directors told shareholders the price undervalued the company.
Billionaire Beyoncé takes full ownership of SirDavis whisky as LVMH sells out of the brand
Moët Hennessy has sold its stake in SirDavis American Whisky to Beyoncé, handing her full ownership two years after they launched it together.
Ghanaian tycoon Joseph Siaw Agyepong backs Nasdaq-listed health venture with $1.3 million
Joseph Siaw Agyepong's Jospong Group is providing the cash in a $2.5 million digital health joint venture with Nasdaq-listed MNDR in Ghana.
Madagascar billionaire Hassanein Hiridjee has raised $730 million to expand across Africa
Madagascar billionaire Hassanein Hiridjee has raised about $730 million from development lenders since 2025 to expand his Axian across Africa.
Nigerian billionaire Aliko Dangote pitches Cameroon fuel terminal to reach landlocked Central Africa
Nigerian billionaire Aliko Dangote has proposed a fuel storage terminal in Cameroon to serve landlocked Chad and Central African Republic.
Africa's richest man Aliko Dangote turns to exports as Nigeria's petrol imports triple
Nigeria's gasoline imports tripled in June as Aliko Dangote's refinery cut domestic supply to sell abroad and earn the dollars it needs to buy crude.
Founding family's grip on Dis-Chem loosens as Ivan Saltzman's son quits the board
Saul Saltzman, son of Dis-Chem's billionaire founder Ivan Saltzman, has resigned from the board, loosening the founding family's grip on the retailer.
Jay-Z's Yankee Stadium residency drew 136,000 fans and generated over $100 million
Jay-Z's three-night Yankee Stadium residency drew more than 136,000 fans and is estimated to have generated over $100 million for New York.
Billionaire Folorunso Alakija unveils six books at Lagos thanksgiving marking her 75th birthday
Nigerian oil magnate Folorunso Alakija unveiled six books on marriage and faith at a thanksgiving service marking her 75th birthday in Lagos.