Asoma Banda, Ghanaian business icon and philanthropist, dies at 91
His passing has been met with an outpouring of tributes from business leaders and close associates, reflecting on his remarkable legacy.
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Alden McDonald Jr.’s bold move: Growing America’s largest Black-owned bank to $10 billion
Plans include opening a new corporate office near the French Quarter and expanding outreach in major cities.
Yasmine Mohamed Khamis leads Egyptian carpet maker to $480 million in 2024 revenue
The strong performance was driven by a sharp rise in international sales, even as global trade faced economic and geopolitical pressures.
Cement empire of Africa’s richest man posts $2.4 billion in 2024 revenue
Revenue from its Nigerian unit rose from N1.29 trillion ($860.6 million) to N2.19 trillion ($1.46 billion), helped by higher cement prices.
Hitesh Anadkat on track to become Malawi’s first billionaire as FMB stake nears $1 billion
Anadkat’s rising wealth is closely tied to the performance of FMB Capital, a Mauritius-based investment firm with a strong presence across Africa.
Ninety-One raises bet on mining firm of Africa’s first Black billionaire, stake tops $80 million
The move boosts Ninety One’s stake from 3.5 percent to 5 percent, reinforcing its investment strategy even as the miner reports its weakest earnings in seven years.
ArcelorMittal South Africa, tied to Noluthando Gosa, to end long steel production by April
After prolonged discussions with authorities, ArcelorMittal SA said it had no choice but to move forward with the shutdown.
South Africa’s richest man Johann Rupert gains $520 million in February
With February’s gains, Rupert’s year-to-date increase now stands at $3.19 billion, making him the only African billionaire to have gained more than $3 billion so far in 2025.
Cement firm owned by Nigeria’s third-richest man posts $49.3 million profit in 2024
The cement manufacturer recorded a 6.4 percent rise in profit despite surging finance costs and operational expenses.
Egyptian tycoon Ashraf Sabry’s Fawry invests $1.6 million in three local tech firms
The leaders of the acquired companies welcomed the partnerships, describing them as valuable opportunities for growth.
Nigerian tech mogul Olugbenga Agboola’s Flutterwave secures payment license in Zambia
The move builds on Flutterwave’s aggressive expansion strategy, which has seen it secure multiple licenses across Africa.
Africa’s first Black billionaire Patrice Motsepe loses $100 million as ARM struggles
The decline follows a steep 16 percent drop in ARM’s share price over the past five days, with the stock sliding from R162 ($8.8) to R135 ($7.33).
Cereals company tied to Kenyan tycoon Ngugi Kiuna faces receivership over $28.6 million debt
The move reflects the growing financial strain on Kenyan businesses as economic pressures mount.
Egyptian tycoon Yasmine Khamis’ Oriental Weavers to pay $21 million dividend
The decision to reward shareholders follows a year of strong earnings growth and sustained market expansion.
Oil firm led by Nigerian President’s nephew wins bid for Caribbean refinery
The move positions the oil company for deeper integration into the Caribbean’s refining sector, strengthening its international footprint.
25 companies behind Jay-Z’s $2.5 billion fortune
Beyond music and liquor, Jay-Z has built a strong portfolio in venture capital and private equity.