South African billionaire Stephen Saad gains $21.1 million as Aspen shares soar
This rise in Saad’s stake underscores his pivotal role in South Africa’s business landscape, placing him among the top investors on the JSE.
Elon Musk’s Starlink cuts hardware price in Nigeria by 45 percent as naira strengthens
The recent crash in hardware prices to N440,000 is linked to the recent strengthening of the Nigerian naira against the U.S. dollar.
Africa’s richest person Aliko Dangote says diesel price cut could curb Nigeria’s inflation
By offering diesel at N1,200 ($1), below the market rate of N1,650 ($1.325), Dangote believes inflation will decrease.
Nigerian tycoon Tony Elumelu’s UBA to reward shareholders with $63-million dividend
The leading lender, led by Elumelu, one of Africa’s most influential business figures, reported a stellar 257 percent increase in profit to N607.7 billion ($468.8 million).
Sibanye mulls $500-million metals streaming deal under South African tycoon Neal Froneman
Froneman underscored the importance of fortifying liquidity buffers to mitigate potential downturns. He explicitly ruled out equity issuance as a means of capital procurement.
Nigerian businessman Tony Elumelu eyes ownership of football club
Elumelu, chairman of Heirs Holdings and United Bank for Africa (UBA), hinted at his intentions during a recent exchange on X, formerly Twitter.
Egypt’s second-richest person Naguib Sawiris gains $130 million in 17 days
Sawiris, Egypt’s second-richest person, added $130 million to his fortune over the past 17 days.
Nigerian businessman Tony Elumelu’s UBA reports $468.8-million profit in 2023
The substantial surge in profit was driven by higher interest income and a notable increase in foreign exchange earnings throughout the year.
Nigerian banker Segun Agbaje leads GTCO to $470-million profit in 2023
GTCO’s 2023 financial performance, marked by record profit, strengthens Agbaje’s leadership and cements the company’s position as a Nigerian financial powerhouse.
Nigeria’s richest banker Jim Ovia’s Zenith Bank posts profit exceeding $500 million
This was driven by a combination of surging interest income and substantial gains from foreign exchange portfolio revaluations.
Backed by Africa’s first Black billionaire Patrice Motsepe, Sanlam to acquire stake in Indian insurer
Sanlam’s interest in SGIC is set to rise from 40 percent to 51 percent, and in SLIC from 42 percent to 54 percent.
Publicly listed companies linked to Nigerian billionaire Femi Otedola are worth $12.9 billion combined
The market value of the publicly listed companies he holds stakes in has surged to N16.7 trillion ($12.9 billion), highlighting his impact not only on the firms he manages but also on those in which he holds significant ownership.
South African tycoon Giovanni Ravazzotti suffers $16.8-million loss from Italtile stake
Despite the loss, Ravazzotti retains his position as one of the wealthiest investors on the JSE and one of South Africa’s most prosperous businessmen.
South African mining mogul Neal Froneman’s Sibanye stake hits $10.5 million
This surge in his fortune cements Froneman’s position as a key figure in South Africa’s mining sector.
Discovery shares plunge, costing South African tycoon Adrian Gore $43.2 million
Despite the recent decline, Gore remains a top figure on the JSE.
Africa’s first Black billionaire Patrice Motsepe loses $100 million in six weeks
The decline is a significant blow to Motsepe’s wealth, as his holding in ARM represents a substantial portion of his net worth.