Egypt's billionaire Elsewedy family bets $700 million on energy services
Egypt's El Sewedy family has announced about $700 million of investment as Elsewedy Electric pushes from cables into power services.
Otobong Tommy
Reporter
Otobong Tommy is a business writer and researcher with a background in public administration. She has worked with media and policy-adjacent institutions including Ventures Africa and NAEC, contributing to research and business reporting.
Raffles Family Office hires former Rwandan minister Jean de Dieu Uwihanganye to court wealthy Africans
Jean de Dieu Uwihanganye, Rwanda's former infrastructure minister, joins Raffles Family Office to lead its push along the Africa-Asia corridor.
Billionaire Aliko Dangote's $16 billion Kenyan refinery has no secure crude supply
Aliko Dangote breaks ground at Lamu on Sept. 30 on a 700,000-barrel refinery, in a country with no commercial oil production.
Kenyan tycoon Suleiman Shahbal signs a $100 million Mombasa deal with Dubai's DP World
DP World is putting more than $100m into a 535-acre industrial zone at Jomvu with Suleiman Shahbal's GulfCap. At the signing, President Ruto used the podium to tell Shahbal to abandon his bid for Mombasa governor.
Russian billionaire Roman Abramovich loses his third attempt to overturn EU sanctions
Roman Abramovich has lost a third attempt to lift EU sanctions. The court held that his stake in Evraz was enough on its own, no proof he controlled the company or influenced the Kremlin was required.
Coinbase's billionaire founder Brian Armstrong says philanthropy is 'net negative'
Brian Armstrong is worth around $9 billion and will not start a foundation. Charities get "captured by ideology," he says, and philanthropy is often image repair, naming Bill Gates, whose foundation is among Africa's largest health funders.
Billionaire Chris Rokos quits the UK for Greece's flat tax
Chris Rokos paid £330m in UK tax last year, more than almost anyone. He is moving to Greece, where wealthy foreigners pay a flat €100,000 on all overseas income. Egypt's Nassef Sawiris made the same calculation two years earlier.
South African gaming tycoon Martin Moshal gave $7.4m to four SA parties
Martin Moshal built his fortune on online gambling and lives in Sydney. He is the largest donor to ActionSA and BOSA, second-largest to the DA. Asked about a gambling ban, one party declined to comment and another declined to answer.
5 Nigerian billionaires hold a quarter of Aradel Holdings, worth $1.1 billion
Samuel Dossou-Aworet, Fola Adeola and Ladi Jadesimi hold Aradel stakes worth $556 million, $250 million and $239 million between them.
Aliko Dangote's refinery is exporting less ship fuel as marine prices jump 76%
Marine fuel has risen 76% since the Iran war began. Aliko Dangote's refinery is exporting less of it and more diesel, petrol and jet fuel, which pay better. Africa imports most of what it consumes by sea.
Billionaire Hassanein Hiridjee's AXIAN is bringing credit to 34,000 women who cannot get bank loans
AXIAN Group and the African Development Bank have launched a digital finance programme reaching 34,000 women-led businesses in five countries.
South African billionaire Michiel le Roux has given the DA $13 million in five years
Capitec founder Michiel le Roux has donated $13 million to the Democratic Alliance over five years, the largest sum from any individual donor.
Billionaires Bezos and Gates join $188 million round for AI drug discovery firm
Family offices made 52 direct investments in August and about a fifth went to biotech. Jeff Bezos and Bill Gates both backed LifeMine Therapeutics, which uses AI to search fungal genomes for new drugs.
VW, controlled by billionaire Porsche-Piëch family, cuts 50,000 more jobs
Volkswagen's board has approved 50,000 further job cuts, doubling reductions since 2024. About half fall in Germany. The company has not said where the rest land and South Africa's Kariega plant builds every Polo in the world.
Zulu royal household demands clarity on billionaire Robert Gumede's Tongaat Hulett deal
Zulu Royal Chancellor Malusi Zondi gave Trade Minister Parks Tau five business days to explain the IDC transaction involving Tongaat Hulett.
Patrice Motsepe's African Rainbow Minerals profit jumped twelve-fold to $248 million
African Rainbow Minerals lifted revenue 25% to R16.3 billion and swung from a gross loss to R4.4 billion profit in the year to June 30.