Nigerian oil tycoon Tein Jack-Rich to run for Senate
Oil mogul Tein Jack-Rich entered the Rivers West APC senatorial race and warned the party against sidelining founding members for new defectors.
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Ruto and Macron break a 53-year tradition as Nairobi hosts the Africa-France Summit
Heirs Holdings chairman Tony Elumelu leads the new business coalition as Emmanuel Macron and William Ruto co-host the first non-Francophone Africa-France summit.
African Wealth Briefing — Fri., May 8, 2026
Bloomberg ranks Rabiu as Africa's 2nd richest at $19.1 billion while Forbes still has him at 4th — and BUA Cement's 134 percent rally explains the gap; Otedola's FirstHoldCo Q1 profit jumps 72 percent to $233 million.
Algerian billionaire Issad Rebrab's Cevital launches $600 million Sugar Beet project
Cevital has launched a $600 million sugar beet farming and refining project in Algeria's Ghardaïa region, with a processing plant scheduled for 2028.
Nigerian multimillionaire Oba Otudeko delivers 2,400sqm building to Olabisi Onabanjo University
The Oba Otudeko Foundation has delivered a 2,400-square-metre administrative complex to Olabisi Onabanjo University in Ogun State, adding to the Honeywell chairman's growing education legacy.
Billionaire Femi Otedola executes a surgical turnaround as First HoldCo profit rockets 72% in Q1 2026 to $233 million, overtaking GTCO, UBA and Access Holdings
Femi Otedola's FirstHoldCo rises from the ashes with a 72% profit jump in Q1 2026, overtaking GTCO and Access Holdings to become Nigeria's 2nd most profitable bank
Elon Musk just crossed $800 billion and said two words that put him on a collision course with economic history
Elon Musk replied "$10T or bust" on X after his net worth crossed $800 billion, making him the first person in history to hold wealth equivalent to 2.7% of US GDP, surpassing John D. Rockefeller's century-old record.
Bloomberg says Abdul Samad Rabiu is Africa's 2nd richest man at $19.1 billion while Forbes ranks him 4th at $15.3 billion. Here is why both are right
Bloomberg ranks Abdul Samad Rabiu as Africa's second richest man at $19.1 billion, ahead of Johann Rupert, while Forbes puts him fourth at $15.3 billion. The gap comes down to how each counts his Nigerian stock market wealth.
Aliko Dangote wants to keep African wealth in Africa. He is building a vehicle in Kenya to make that happen
Aliko Dangote is exploring a Kenya-based investment vehicle that would let African savers across the continent pool capital directly into Dangote Group companies and collect dividends in US dollars.
Patrice Motsepe's foundation hands $1 million to the Cameroon startup turning trash into industrial gold
BleagLee, a Cameroonian startup converting plastic and e-waste into high-value materials using AI, has taken the $1 million Milken-Motsepe grand prize.
Nigerian businessman Denzel Akogwu's Elipse International signs 4,000-ton copper plant deal in Nigeria
Denzel Akogwu's Elipse International signs a 4,000-ton copper flotation plant deal, marking Nigeria's push to value-added mineral processing.
Rostam Aziz's Taifa Group backs Lake Victoria Gold's push toward gold production in Tanzania
Tanzanian tycoon Rostam Aziz's Taifa Group is acquiring equity in Lake Victoria Gold and handling construction at its Imwelo project, which is preparing for production.
Muhammed Jah's QGroup opens what it calls The Gambia's first data center
Gambian businessman Muhammed Jah's QGroup has opened QGroup House on Kairaba Avenue, billed as The Gambia's first data center, inaugurated by President Adama Barrow.
Africa to Asia was the world's fastest-growing Private Jet corridor in 2025, up 42%, VistaJet data shows
Africa-to-Asia was the world's fastest-growing private jet corridor in 2025, up 42%, with VistaJet data confirming African wealth is increasingly mobile.
Senegalese tycoon Yerim Sow's Bridge Bank launches $120 million IPO on the BRVM to fund West African expansion
Yerim Sow's Bridge Bank Côte d'Ivoire is raising $120 million through a 20% stake sale on the BRVM, with subscriptions opening May 20 and trading set for August 31.
Executive Insight: Dangote’s 20,000MW Bet and the $20 Billion Dividend Promise — What the IFC Conversation Tells Us About the IPO’s Real Underwriting Case
Aliko Dangote's IFC conversation with Makhtar Diop unveiled a 20,000MW power plan and a $20 billion dividend promise — a reframing of the refinery IPO into an African industrial conglomerate offering.