African Wealth Briefing — Wed., June 10, 2026
Jim Ovia trades the bank chairmanship for Lagos luxury towers. Tony Elumelu plants a Nigerian flag in Ethiopia.
Latest
Egyptian fintech entrepreneur Mounir Nakhla's MNT-Halan hits $1.4 billion valuation
Egypt's MNT-Halan has hit a $1.4 billion valuation after Al Ahly Capital led a new funding round marking the first time a commercial bank has taken an equity stake in the fintech unicorn.
Trump-linked GreenMet CEO Drew Horn targets Nigeria and Cameroon for critical minerals deals
GreenMet CEO Drew Horn, a former Trump national security official with ties to the former president's inner circle, is targeting Nigeria and Cameroon for critical minerals deals.
Morningstar warns SpaceX $1.75 trillion valuation prices in $1.3 trillion of unproven AI bets
SpaceX prices its IPO on June 11 at $1.75 trillion, but Morningstar warns that $1.3 trillion of that valuation rests entirely on orbital AI data centers with no commercial revenue.
South African billionaire Magda Wierzycka despises AI but is launching a fund to invest in it anyway
Sygnia CEO Magda Wierzycka says she would press delete on AI if she could, but is launching an AI venture capital fund to ensure South Africa captures the technology's upside.
WPP crushes Kenyan entrepreneur Bharat Thakrar's bid to reclaim Scangroup at AGM
WPP Plc used its 56.26% controlling stake to defeat Bharat Thakrar's attempt to oust the entire WPP Scangroup board at Monday's annual general meeting in Nairobi.
Billionaire Jay-Z announces Paris and Los Angeles stadium shows for Reasonable Doubt 30th anniversary
Jay-Z has added Paris and Los Angeles stadium dates to his Reasonable Doubt 30th anniversary tour, extending a run that already includes three sold-out Yankee Stadium shows in July.
Elon Musk plans single chip factory to double all US semiconductor production
Elon Musk's Terafab targets one terawatt of annual chip output, double current US consumption, with Tesla and Intel anchoring a $122 billion SpaceX facility in Bastrop, Texas.
Ghana president's billionaire brother Ibrahim Mahama accused of benefiting from gold mining reforms
Ibrahim Mahama's Engineers & Planners faces cronyism allegations as critics claim Ghana's mining reforms under his brother President John Mahama disproportionately benefit his company.
Nigeria's 2nd richest man takes delivery of $81 million Bombardier Global 8000
Abdul Samad Rabiu has taken delivery of a Bombardier Global 8000 worth $81 million (N110 billion), the world's fastest business jet, completing an order he signed in December 2025.
Nigerian tycoon Tony Elumelu named Seplat Energy chairman
Tony Elumelu will become Seplat Energy chairman in January 2027 as Effiong Okon takes over as CEO in August, completing a sweeping leadership transition at Nigeria's largest indigenous energy company.
Africa's largest bank Standard Bank takes leading role in Dangote refinery IPO
Standard Bank CEO Sim Tshabalala has pledged leading-role support for the Dangote refinery IPO and future expansion after touring the Lagos facility with senior executives.
Ghanaian tycoon Daniel McKorley's name surfaces in controversy over ministers paying for awards
Daniel McKorley's name has surfaced in Ghana's cash-for-awards controversy as President Mahama moves to ban ministers from private award ceremonies.
Elon Musk asked investors for $75 billion and they sent back $150 billion as the SpaceX IPO sets up a record close
SpaceX has drawn $150 billion in investor demand, twice its $75 billion target, with order books closing June 10, pricing set for June 11 and trading on Nasdaq under SPCX beginning June 12.
African Wealth Briefing — Tues., June 9, 2026
Patrice Motsepe loses $700 million in three months as gold turns. Three Angolan tycoons block Chevron to claim a $260 million prize.
Nigerian oil and banking tycoon Michael Prest wins again as St Kitts court voids his bank's $120,000 fine
Nigerian oil tycoon Michael Prest has won another court ruling in St Kitts and Nevis after the Court of Appeal found the banking regulator had no authority to fine his bank $120,000.