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.
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How the Giachetti family of Italy built a $439 million property portfolio in Botswana
An Italian family that built Naples railway stations in 1916 now runs Botswana's largest listed property fund, with assets across seven countries.
Tope Shonubi's Sahara deploys a 380,000-barrel tanker to speed crude exports from OML 18
Sahara Upstream has deployed a 380,000-barrel tanker at OML 18, its second mother vessel, named after the executive who ran its Kenya business.
Moroccan King Mohammed VI names $1 billion Western Sahara highway after Donald Trump
King Mohammed VI has confirmed Morocco's 1,055km Tiznit-Dakhla expressway, built at close to $1 billion, will be called the Donald J. Trump Highway.
Nigerian tycoon David Olurin's Cardinal Torch is betting $4.5 million that Nigeria can stop exporting raw cashews
David Olurin's Cardinal Torch is building a $4.5 million cashew plant at Sagamu, chasing the processing income Nigeria currently exports to Vietnam and India.
Zimbabwe's Zed Koudounaris and Michael Fowler turned a Harare chicken shop into a $1.3 billion empire
Zed Koudounaris and Michael Fowler built a Harare chicken shop into four separately listed companies with a combined market value above $1.3 billion.
Swiss bank UBS fined a record $125 million after admitting it failed to vet wealthy clients
UBS has admitted willfully violating US anti-money laundering law after failing to check the source of wealth of high-risk clients it served.
South African billionaire Robert Gumede targets Illovo months after rescuing rival Tongaat Hulett
Robert Gumede's Vision Sugar has approached Associated British Foods about acquiring Illovo Sugar, months after rescuing its largest southern African rival.
Nigerian tycoon Tunji Olowolafe funds West Africa's first eye surgery simulator in wife's memory
Tunji Olowolafe's foundation has opened West Africa's first ophthalmic surgical simulation centre in Lagos, named after his late wife Gbemisola Olowolafe.
Tycoon John Moxon's Meikles exits Zimbabwe's hotel industry after a public family succession fight
Meikles has agreed to sell its half of the Victoria Falls Hotel partnership to African Sun, eight months after deciding to retain the asset.
Angola seeks Interpol notice for Isabel dos Santos as Cyprus court keeps millions frozen
Cyprus's Supreme Court has refused to lift a freezing order on bank accounts that Angolan authorities allege are linked to Isabel dos Santos.
Burkinabè banker Idrissa Nassa's Coris secures €80 million for West African food and energy
Coris Holding, founded by Burkinabè banker Idrissa Nassa, has signed an €80 million facility with the ECOWAS bank for food, energy and agriculture.
Algeria's wealthy Benhamadi family is now shipping air conditioners to Europe, with 250,000 units ordered
Condor, owned by Algeria's Benhamadi family, has sent its first air conditioners to Europe and holds export orders for more than 250,000 units.
African Wealth Briefing — Mon., Aug. 3, 2026
Femi Otedola signals he wants outright control of Nigeria's most valuable bank — after pouring in $432 million and gaining $106 million in four days.
The Inside Story: Magda Wierzycka — The Outsider
Magda Wierzycka arrived in South Africa at thirteen, a Polish refugee with almost nothing, learned two new languages, and built a financial-services firm now worth billions of rand.
Deep-Dive Report: Oando — Profit Without Solvency
Oando just returned to profit — a ₦68.6 billion half-year — and its shares have fallen 28% since May. Both facts are correct, and the gap between them is the whole story.