Kenyan betting tycoon Ronald Karauri's insurance bet grabs 25% of minibus market
First HoldCo, the FirstBank parent chaired by billionaire Femi Otedola, grew nine-month pre-tax profit 61% to 911 billion naira on strong fee and trading income.
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Jamaican billionaire Michael Lee-Chin's Portland fund posts record $9.4 million loss
Portland JSX, the listed private equity fund run by Michael Lee-Chin's Portland Private Equity, more than doubled its annual loss to a record $9.4 million.
American billionaire Palmer Luckey helps launch $200 million military dog-cloning startup
Warhound, started by Anduril founder Palmer Luckey and Colossal Biosciences chief Ben Lamm, raised $200 million to clone and gene-edit working dogs for the military.
Nigerian billionaire Femi Otedola’s First HoldCo posts $684 million nine-month pre-tax profit
First HoldCo, the FirstBank parent chaired by billionaire Femi Otedola, grew nine-month pre-tax profit 61% to 911 billion naira on strong fee and trading income.
American billionaire surgeon Gary Michelson asks California voters for $8.4 billion research bond
American billionaire Gary Michelson is bankrolling a California ballot measure that could steer about $4.2 billion to a Los Angeles institute he co-founded.
American trading billionaire Jeff Yass gives $110 million to Republicans for midterms
Trading billionaire and early ByteDance investor Jeff Yass has become one of the biggest donors of the U.S. midterms, giving Republicans about $110 million.
Kenya defends $327 million Dangote pipeline deal after backlash
Kenya’s Treasury chief has defended the sale of a 24.76% stake in Kenya Pipeline Company to Aliko Dangote, dismissing allegations of political interference.
Mukesh Ambani’s $3.2 billion Jio IPO attracts more than $16 billion in bids
Mukesh Ambani’s Jio Platforms has drawn more than $16 billion in estimated demand for its $3.2 billion IPO, India’s largest share sale.
Irish billionaire John Collison nominated to Microsoft board as two directors exit
Stripe co-founder John Collison has been nominated to Microsoft's board, bringing his technology and entrepreneurial experience to the company as two directors prepare to depart.
African Wealth Briefing — Fri., Oct. 23, 2026
TMG has agreed four projects with the Egyptian state worth a targeted $202 billion. Aliko Dangote has set aside $50 billion for investment to 2030, bought a quarter of Kenya Pipeline and promoted his daughters, days before his refinery IPO closes. And Edha Nahdi's Amsons is buying Oryx in Tanzania.
The Inside Story: Started at 19 — How Edha Nahdi Built Amsons Into One of East Africa's Biggest Industrial Groups
Edha Nahdi was 19 when he started a fuel importer in Dar es Salaam. Since then his family's Amsons Group has bought Kenya's Bamburi Cement, taken control of East African Portland and now agreed to buy Oryx's Tanzanian business for over $230 million. The story of Tanzania's youngest billionaire.
Deep-Dive Report: Dangote's Next Five Years — $50 Billion, a Continental Fuel Network and Three Daughters in Senior Roles
Aliko Dangote has set aside $50 billion for investment to 2030, bought a quarter of Kenya Pipeline and is building fuel routes from Djibouti to Namibia. His three daughters now hold senior roles. As the refinery IPO closes on Tuesday, a deep-dive on the plan and who will run it.
Investor Memo: EGP 11 Trillion — What Hisham Talaat Moustafa's $202 Billion Agreement With the Egyptian State Means for TMG and Its Shareholders
Hisham Talaat Moustafa's TMG has agreed four projects with the Egyptian state, with targeted investment of EGP 11 trillion, about $202 billion. That is roughly 60 times the company's market value. What has been agreed, what has not been disclosed, and how investors should read it.
Nigerian billionaire Folorunsho Alakija threatens legal action over $1.27 million fraud report
Nigerian oil tycoon Folorunso Alakija has demanded the removal of a report claiming anti-graft agents are investigating her Famfa Oil over a $1.27 million fraud.
Ghanaian billionaire Ibrahim Mahama, the president's brother, seeks $740 million from Gold Fields
Ibrahim Mahama's Engineers and Planners is pursuing a $740 million claim against Gold Fields, as Ghana signals the Tarkwa mine may stay with the miner.
Nigerian billionaire Aliko Dangote earmarks $50 billion for investments through 2030
Aliko Dangote says his group has set aside $50 billion for investments between 2026 and 2030, and vows to tackle Africa’s energy deficit.