Absa Bank names South African banking veteran Kenny Fihla as new CEO
He will take over from Charles Russon, who has been serving as interim CEO following the early retirement of the previous chief executive.
Nigerian President awards Lagos Ports renovation project to billionaire linked to Sani Abacha
Gilbert Chagoury has been a major force in Nigeria’s business world for decades.
MTN, under Zimbabwean executive, posts $614 million loss amid naira weakness, Sudan conflict
While business remained stable in South Africa, Uganda, Ghana, and Cameroon, the situation in Nigeria, Afghanistan, and Sudan weighed heavily on overall performance.
South Africa’s richest man loses $1.4 billion in 12 days
This follows a strong start to the year, when his net worth surged by $3.32 billion, rising from $13.7 billion to $17 billion by early March.
NBA star Damian Lillard makes power move in $6 billion sneaker insole market
When he launched Move in late 2021 as a direct-to-consumer brand, it generated over $100,000 in sales within its first month, signaling strong market demand.
South African tech mogul Zak Calisto takes $180 million hit on Karooooo stake
The $809.2 million decline comes after a brief surge between Jan. 27 and Feb. 6, when his holdings gained $71 million before the downturn wiped out those gains.
Gabon’s Samuel Dossou-Aworet, Nigeria’s Abdulrazaq Isa, and Adegbite Falade lead $2.4 billion Shell asset takeover
This acquisition aligns with Shell’s strategy to exit Nigeria’s onshore oil sector, where security risks, environmental concerns, and community unrest have posed persistent challenges.
South African billionaire Patrice Motsepe’s net worth rebounds to $3 billion after $300 million gain
Motsepe’s net worth surged to $3 billion for the first time since August 2024, marking a significant recovery.
Power company owned by Nigerian businessman Adedeji Adeleke could be worth $1.4 billion
His power company, Pacific Energy currently operates two gas-fired power plants in Nigeria’s southwest region.
Nigerian oil magnate Tein Jack-Rich puts BelemaOil up for sale
This comes just five months after BelemaOil restarted production at Oil Mining Lease 55 (OML 55).
Former chief of Africa’s biggest firm makes $19 million in just over a month—here’s how
Over the past 37 days, Bob van Dijk’s stake has increased by R353.53 million ($19.39 million) amid renewed investor confidence.
Zak Calisto’s Karooooo faces major write-down after political unrest in Mozambique
It expects minimal impact on earnings and cash flow, as Mozambique contributes a small share of profits across 25 countries.
Naira slide cuts $500 million from Nigeria’s third-richest man’s wealth in 24 hours
The sharp decline highlights the volatility of Nigeria’s currency and its direct impact on the fortunes of the country’s wealthiest individuals.
Moroccan billionaire Anas Sefrioui secures $27 million loan for 5,600 homes in Abidjan
The project includes 4,600 homes for lower-middle to middle-income buyers and up to 1,000 for lower-income families.
Vista, led by Black billionaire Robert F. Smith, explores $4 billion Granicus sale
While discussions are still in the early stages, Vista Equity Partners and Harvest Partners are aiming for a valuation of more than 20 times Granicus’ $175 million in EBITDA.
Karp’s fortune falls to $7.7 billion a month after joining Black billionaires worth over $10 billion
The decline is tied to the performance of his 2.63-percent stake in Palantir.