Cameroonian cosmetics mogul Francis Nana Djomou is losing ground as imports surge 66%
Cameroon imported $99 million of cosmetics in 2025, up 66% in three years, in the market Francis Nana Djomou built with affordable local brands.
Latest
Elon Musk's SpaceX paid $60 billion for Cursor and inherited a Russian hacker problem that hit seven companies
Elon Musk's SpaceX completed the largest startup acquisition in history when it bought Cursor for $60 billion, but the deal came pre-loaded with a cybersecurity breach that Russian-speaking hackers had already used to compromise seven companies.
Paystack quietly acquired Nigerian fintech Allawee and is now shutting it down to build something bigger
Paystack has quietly absorbed Nigerian card-issuing fintech Allawee after an undisclosed 2025 acquisition, closing all customer accounts by December 1 as Nigeria's largest payments processor assembles a full financial services empire through acquisitions.
Christo Wiese's Shoprite buys into R&A Cellular to compete in South Africa's $61 billion informal economy
Shoprite has completed a 51% acquisition of fintech R&A Cellular, marking the retail giant's entry into South Africa's informal economy estimated at between $46 billion and $61 billion.
Nigerian billionaire Femi Otedola's First HoldCo stake now worth $1.4 billion at record high
First HoldCo hit an all-time high of N159.90 on Tuesday, lifting Femi Otedola's holding to about N1.97 trillion, roughly $1.42 billion.
Nigeria's oil refining just grew 43.94% and Aliko Dangote is the only reason
Nigeria's oil refining grew 43.94% in the second quarter, its strongest on record, as Dangote took 52.6 million barrels of crude.
Nigerian oil tycoon Uju Ifejika says she put $400 million into a field Chevron let go
Catherine Uju Ifejika says Brittania-U spent $400 million on the Ajapa field it bought from Chevron, as Nigeria targets 2.5 million barrels a day.
Nigerian cable tycoon George Onafowokan expects rate cuts within two CBN meetings
George Onafowokan says the CBN could start cutting from 26.5% within two meetings, after Coleman spent $20 million generating its own electricity.
Nigerian billionaire Kunle Soname is being pushed to run the NFF, and he keeps saying no
The National Sports Commission favours Kunle Soname for the NFF presidency after the entire executive resigned. He has said he is not interested.
Shoprite grew sales by $1 billion while cutting prices at its cheapest stores
Shoprite added R18.1 billion in sales while running price deflation at Shoprite and Usave, and is buying coffee chain Vida e Caffè and R&A Cellular.
South African billionaires Stephen Saad and Mike Teke are backing a $99 million township fibre push
The DNI consortium paid R1.6 billion for 34.8% of Frogfoot and Vox, a business that lost R256 million and has negative net asset value of R665m.
South Africa's wealthy Wapnick family holds $108 million stake in Octodec as a rival circles
The Wapnick family holds $108 million in Octodec. Emira spent R892 million buying 23.5%, and Octodec's board says the offer undervalued the company.
Aliko Dangote could add $20 billion to his fortune in a single day in October
Bloomberg carries Dangote's refinery at construction cost. Pricing it at what investors paid in July adds $18.5 billion to his fortune overnight.
African Wealth Briefing — Mon., Aug. 31, 2026
An Angolan independent used a legal right of first refusal to snatch two of Chevron's oil blocks from a London-listed bidder — the clearest sign yet that as the majors retreat, African oil is passing into African hands.
The Inside Story: The Missing Ingredient — How Stella Okoli Went From a ₦5,000 Chemist's Shop to Chasing Sub-Saharan Africa's First Drug-Ingredient Plant
In 1977, Stella Okoli opened a small chemist's shop in Lagos with 5,000 naira and her father's house as collateral. She built it into one of Nigeria's largest drugmakers.
Deep-Dive Report: The Clinker Race — How Narendra Raval and Two Rival Billionaires Are Betting $600 Million on Making East Africa's Cement Locally
For two decades East Africa imported the clinker that makes cement. Now three billionaires, led by former temple assistant Narendra Raval, are pouring $600 million into making it locally as the multinationals retreat and tariffs bite. Inside the bet on self-sufficiency.