Malawian businessman Hitesh Anadkat loses $6 million from FMB Capital stake
Despite the recent decline in the market value of his stake, Anadkat retains his position as one of the wealthiest investors on the Malawi Stock Exchange.
Nigerian billionaire Femi Otedola’s energy firm targets $23.9-million revenue in Q2 2024
According to the latest earnings forecast, the power-generating giant is optimistic about achieving a gross profit of N20.79 billion ($13.04 million) in the second quarter of 2024.
Africa’s first Black billionaire Patrice Motsepe’s ARM reports $157.8 million in earnings
Headline earnings plummeted by 43 percent, falling from R5.17 billion ($275.5 million) in the first half of 2023 to R2.96 billion ($157.8 million) in the same period of 2024.
South African billionaire Patrice Motsepe-backed Sanlam posts $73-million profit in 2023
Sanlam CEO Paul Hanratty, a notable figure in South Africa’s business landscape, lauded the company’s robust delivery in the face of extraordinary challenges during the past fiscal year.
Elon Musk’s Starlink raises hardware prices by 112 percent in Nigeria
While Starlink has not officially addressed the reasons behind the price increment, the timing of the move coincides with Nigeria’s recent currency devaluation.
Tony Elumelu advocates privatization of Nigeria’s electricity transmission lines
Elumelu urged the government to facilitate the transfer of idle gas assets or fields to capable Nigerian investors, fostering gas-related investments and efficient electricity production.
Billionaire Michael Lee-Chin sells $9.8-million stake from Jamaica’s biggest lender
The sale comes amid NCBFG’s plans for an additional public offering (APO) aimed at issuing between 300–450 million new shares to raise over $20 billion.
Africa’s youngest billionaire plans $150-million investment to boost MeTL Group’s growth
The ambitious plan involves injecting $50 million into planting hybrid tea for export and an additional $100 million into Rwandese companies across vital sectors.
Mauritian tycoon Jean-Pierre Dalais’ CIEL posts $59.8-million half-year profit
This surge in profit can be attributed to the conglomerate’s adept cost-effective measures and strategic initiatives.
Nigerian billionaire Femi Otedola set to build staff housing at Lagos Law School
This move follows Otedola’s recent philanthropic initiatives aimed at supporting education and enhancing national security.
Zimbabwean tycoon Ken Sharpe unveils $100-million luxury estate project in the U.S.
In a call to action, Sharpe urged Zimbabweans in the United States to actively contribute to the nation’s growth.
Aliko Dangote explores independent oil trading venture for $20-billion refinery
This strategic maneuver by Dangote is expected to bring about a significant transformation in power and profit dynamics within the petroleum industry,
Africa’s richest man dedicates refinery road to late Nigerian banker Herbert Wigwe
The announcement was made during a special event titled, Celebrating Herbert Wigwe – A Professional Legacy’ at Eko Hotel, Lagos.
South African tycoon Stephen Saad’s investment in Aspen surpasses $620 million
According to data compiled by Billionaires.Africa, the market value of Saad’s stake in Aspen has increased by $52.4 million to $623.6 million.
Backed by South Africa’s richest man, RCL to unbundle and list Rainbow Chicken
RCL Foods is 77-percent owned by Remgro, an investment holding company controlled by South Africa’s richest man Johann Rupert.
Earnings from Kanye West’s ‘Vultures 1’ listening events surpass $12 million
The success of these events comes amid challenges, including recent controversies causing a $1.6-billion dip in West’s fortune and delays in the album’s release.