Nigerian billionaire Femi Otedola gains $138 million on Friday as FirstHoldCo shares hit record high
First HoldCo rose 10% to N162.80 on Friday morning, a record, adding about N182.6 billion to Femi Otedola's stake in a single session.
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Billionaire Masayoshi Son's AI debt grows as OpenAI's IPO slips past 2026
Masayoshi Son built his OpenAI financing around an eventual listing that would let him borrow against a market price. Sam Altman has now said it will not happen this year. The borrowing has continued regardless, and the cost of insuring SoftBank's debt is rising.
South African billionaire Zunaid Moti's free schools for Malawi are not actually free
Malawi says it will get 450 schools and clinics from Zunaid Moti's African Hero at no cost. The foundation's brochure says payment follows delivery.
Nigerian billionaire Rasheed Sarumi's Presco is spending $400 million to grow palm oil in four states
Rasheed Sarumi's Presco has pledged $200 million each to Ondo and Abia, after spending $171.6 million on plantations in Ghana and Nigeria.
South African tech mogul Jens Montanana is cashing in on AI without building a data centre
Datatec has set out an AI infrastructure strategy built on edge computing, a month after announcing a R7 billion special dividend to shareholders.
Elon Musk says AI is riskier than nuclear weapons, backs slowdown
Elon Musk, Sam Altman and Dario Amodei called for slower AI development over one weekend, sending chip stocks down 5.9% as OpenAI delayed its IPO.
Zimbabwean tycoon Ken Sharpe breaks ground on Chivhu EcoCity
Ken Sharpe's WestProp has broken ground on Chivhu EcoCity, a 5,000-hectare development planned for 20,000 homes and up to 80,000 residents.
Jeff Bezos' fortune jumps from $137 billion to $378 billion in a year
Jeff Bezos' fortune has jumped $137 billion in a year to $378 billion, keeping him second in America and the richest person in Florida.
Billionaire Bill Ackman bets $4.4 billion on Microsoft and Amazon
Bill Ackman's Pershing Square holds about $4.4 billion of Microsoft and Amazon stock, roughly 22% of its portfolio, after buying more Microsoft and trimming Amazon.
South African tycoon Neil Markovitz sells control of his 26-property hotel group
Banyan Group has acquired a majority stake in Newmark Hotels & Reserves, adding 26 properties across seven African countries to its portfolio.
Billionaire Mohammed Al-Amoudi orders his conglomerate to hire 40,000 more Ethiopians
Mohammed Al-Amoudi has instructed MIDROC's chief executive to lift the workforce from about 80,000 to between 100,000 and 120,000 employees.
Billionaire Femi Otedola's First HoldCo out-earns every major bank in Nigeria and South Africa
First HoldCo posted a 31.63% return on average equity in the first quarter, the highest of any tier-1 bank in Nigeria or South Africa.
Kenyan cement tycoon Benson Ndeta won his fraud case and his old partners are appealing
Savannah Heights and John Gachanga Kaiganaine have gone to the Court of Appeal over a ruling that declared Benson Ndeta's prosecution unlawful.
Angolan investor Zandre Campos buys into Refriango, the country's biggest drinks maker
Zandre Campos has entered the capital of Refriango through his investment firm ABO Capital, in one of Angola's most significant corporate deals.
Billionaire Todd Boehly sells his Chelsea stake and leaves as chairman
Todd Boehly and Mark Walter have sold their Chelsea stakes to Clearlake Capital for close to £1 billion, giving the firm full control.
Sudan's richest family opens 40,000 tonnes of grain storage at Cameroon's main port
Afisa Food Industry, owned by Sudan's Elnefeidi family, has built eight grain silos at Douala port and will run them for 20 years before handover.