Bank led by South African exec Kennedy Bungane takes stake in Johann Rupert-backed Grindrod
The acquisition bolsters African Bank’s presence within the small and medium-sized enterprise (SME) segment, a key growth area for the bank.
Latest
Payment firm linked to Nigeria’s richest banker partners with AfCFTA on trade portal innovation
As Africa charts a course toward economic convergence and regional cohesion, initiatives like the SMARTAfCFTA Portal serve as catalysts for progress.
Zimbabwean tycoon Ken Sharpe’s WestProp begins development of $300-million mixed-use estate
The development encompasses an 18-hole championship golf course modeled after those used on the PGA Tour
Moroccan billionaire’s son acquires $15.4-million Miami Beach waterfront home
The purchase of the two-story mansion at 394 S. Hibiscus Drive, exemplifies the family’s penchant for exclusivity and grandeur.
6 business ventures owned by Dwight Howard
Howard shows his versatility transcends the boundaries of the basketball court into the world of business.
Moroccan real estate tycoon Alami Lazraq loses $57.4 million from ADI stake
Despite this setback, Lazraq remains one of the wealthiest investors on the Casablanca bourse and continues to be recognized as a prominent Moroccan businessman.
South African tycoon Laurie Dippenaar gains $31.5 million from FirstRand in 18 days
The $31.46-million increase in the market value of Dippenaar’s investment in FirstRand solidifies his position as one of South Africa’s wealthiest businessmen.
Aga Khan IV’s AKHS unveils $6-million cancer care center in Tanzania
The Aga Khan Health Services (AKHS) is one of three AKDN agencies with a health focus, alongside the Aga Khan Foundation and the Aga Khan University.
South African tycoon Terrence Moolman’s Caxton stake gains $3.2 million
This recent boost follows a period of decline between Feb. 6 and April 18, when Moolman’s stake in the company fell by R146.85 million ($7.66 million).
Nigerian billionaire Abdul Samad Rabiu’s BUA Cement reports $118.8-million Q1 revenue
The company showcased robust revenue growth, surging past $110 million, yet faced a notable decline in profit due to escalating costs and currency devaluation.
Nigeria’s richest banker Jim Ovia’s Zenith Bank posts $188-million profit in Q1 2024
Building on a record-breaking 2023, when profit rose 202.3 percent to N676.91 billion ($522.03 million), Zenith Bank’s Q1 2024 profit jumped 291.35 percent year-over-year.
Kenyan tycoon James Ndegwa loses $3.2 million from NCBA stake
Ndegwa remains one of Kenya’s wealthiest investors and continues to hold a significant position among the country’s richest individuals.
Bank backed by Nigerian gambling magnate Kessington Adebutu seeks $145-million capital raise
Adebutu, founder of Premier Lotto Limited, Nigeria’s oldest gaming company, owns a significant stake (28.09 percent) in Wema Bank.
Nigerian banker Segun Agbaje-led GTCO reports Q1 2024 profit of $328.8 million
Building on a strong 2023 performance, with profit rising 219 percent to $470.1 million, GTCO’s first-quarter profit jumped 685.9 percent year-over-year.
South African tycoon Jannie Mouton gains $94 million from Capitec’s stake
Mouton, one of the co-founders of Capitec Bank, owns a 5.11-percent stake in the bank through the J.F. Mouton Familietrust.
Swazi billionaire Natie Kirsh gains $210 million in 18 days
The primary driver behind this growth is the exceptional performance of Jetro Holdings, a New York-based consumer goods holding company in which Kirsh holds a 75-percent stake.