Billionaire Mohammed Al-Amoudi's MIDROC signs deal to build 10 Marriott hotels across Ethiopia
Mohammed Al-Amoudi's MIDROC Investment Group has signed a deal to develop 10 Marriott-branded hotels across Ethiopia with 1,140 keys opening by 2031.
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Nigerian tycoon Tunde Ayeni remanded at Kuje Prison as EFCC files 17-count $11.3 million fraud charge
Former Skye Bank chairman Tunde Ayeni was remanded at Kuje Prison on Monday after the EFCC arraigned him on a 17-count N15.6 billion fraud charge.
Zimbabwean billionaire Strive Masiyiwa's Cassava plans 20MW Joburg AI factory as Cape Town goes live
Strive Masiyiwa's Cassava Technologies is planning a 20MW AI factory in Johannesburg with 12,000 to 13,000 GPUs targeted across Africa as its Cape Town facility prepares to go live.
Billionaire Femi Otedola says he did not invest a single kobo in Dangote's refinery and calls the viral claim that he contributed $300 million "calculated mischief"
Femi Otedola has flatly denied investing in the Dangote Petroleum Refinery, calling a viral claim that he contributed $300 million "completely and utterly false" and "calculated mischief."
James Makamba's Telecel Zimbabwe stake is every buyer's biggest headache
Buying Telecel Zimbabwe means inheriting a tangle of ownership claims, including James Makamba's Kestrel Corporation stake and other unresolved competing interests.
Idrissa Nassa's Coris Bank Posts 22% First-Quarter Profit Jump in West Africa Banking Expansion
Coris Bank, founded by Idrissa Nassa, posted a 22% rise in first-quarter profit in 2026, continuing its strong run across West Africa.
Investor Memo: The Dangote Refinery IPO and the Questions Elite Subscribers Should Ask Before May Subscription Opens
The Dangote Refinery IPO is on track to open subscription in May, with a Nigerian Exchange listing targeted between June and July. Today's Investor Memo lays out the structural questions Elite subscribers should be asking before the prospectus drops.
Executive Insight: The UAE Leaves OPEC — What It Means for Africa’s Oil Producers and the Continent’s Energy Architecture
The UAE has formally exited OPEC effective May 1, removing the cartel's third-largest producer with 4.8 million bpd capacity from the framework that has structured global oil markets for nearly six decades. The implications for Africa's six remaining OPEC members are not favorable.
The Inside Story: Sandile Zungu and a Former Glencore Trader Take Over Sumitomo’s Failed Madagascar Nickel Mine
Sumitomo is paying $418 million to walk away from the Ambatovy nickel mine after $2.6 billion in cumulative losses, with a Jersey-based consortium led by former Glencore nickel head Jason Kluk and South African investor Sandile Zungu taking over.
Jason Quinn's Nedbank opens its $855 million bid for Kenya's NCBA and shareholders have six weeks to decide
Nedbank CEO Jason Quinn has opened a $855 million tender offer for a 66% controlling stake in Kenya's NCBA Group, one of the largest cross-border banking transactions in African history, with shareholders given until July 10 to respond.
Emma Grede Says She Is a Max Three-Hour Mum on Weekends. The Internet Has Thoughts
Skims co-founder Emma Grede said she spends three hours with her children on weekends, triggering a viral backlash she is not walking back.
Johann Rupert saved his father's car collection from oblivion and turned it into one of the Southern Hemisphere's finest museums
Johann Rupert rescued his father's historic car collection from closure in 2003 and turned it into the Franschhoek Motor Museum, now one of the finest collections in the Southern Hemisphere.
Africa's angel investors deployed $4.4 million in 2025 but a pre-seed funding crisis is leaving the continent's earliest-stage startups behind
Africa's angel investors deployed $4.4 million in 2025 with 65% of backed startups securing follow-on funding, even as pre-seed capital fell to a 4-year low.
Equity Life Assurance Kenya hits record Ksh1.24 billion profit in 2025
Equity Life Assurance Kenya posted a record Ksh1.24 billion profit after tax in 2025, driven by a 40% surge in gross written premiums and 19.2 million cumulative policies.
Ernest Obiejesi's Nestoil $2.1 billion debt blocks dividends at 3 banks
Ernest Obiejesi's Nestoil owes Nigerian banks approximately N2.9 trillion ($2 billion) and the CBN has blocked dividends at UBA, Access Holdings and FCMB until the loans are fully provisioned.
African Wealth Briefing — Mon., May 4, 2026
Tony Elumelu calls on Nigeria's government to act on anti-migrant violence in South Africa, Abba Mangal emerges as the APC candidate for Katsina Central in a generational handover from his billionaire father Dahiru, and Atedo Peterside warns of a 2027 legitimacy crisis.