Greek tycoon John Coumantaros gains $12.5 million from Flour Mills stake
The rise in the market value of Coumantaros’ stake in Flour Mills cements his position as a top investor on the Nigerian Exchange.
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Nigerian billionaire Femi Otedola’s power company rakes in $40-million revenue in Q1 2024
The remarkable feat follows the company’s strong financial performance in 2023, where revenue surpassed the $90 million mark
Nigerian businessman Tony Elumelu’s UBA reports $468.8-million profit in 2023
The substantial surge in profit was driven by higher interest income and a notable increase in foreign exchange earnings throughout the year.
El-Sewedy family’s investment in electrical equipment group rebounds above $1 billion
The family’s wealth had taken a hit between March 14 and 28, with the market value of their stake tumbling EGP5.36 billion ($324.08 million).
Nigerian banker Segun Agbaje leads GTCO to $470-million profit in 2023
GTCO’s 2023 financial performance, marked by record profit, strengthens Agbaje’s leadership and cements the company’s position as a Nigerian financial powerhouse.
Discovery Health, linked to South African tycoon Adrian Gore, distributes over $32 million via wellness fund
With more than $32 million distributed to more than 485,000 medical aid members, the initiative underscores Discovery’s commitment to enhancing healthcare accessibility.
Christo Wiese-backed Shoprite joins retailers investing $125 million in startups every five years
Shoprite Holdings is partially owned by South African billionaire Christo Wiese, who holds an 11.63-percent stake in the retailer.
Egyptian billionaire Ghabbour family loses $21.5 million in 19 days
The Ghabbour family’s stake has lost EGP1.02 billion ($21.54 million) in the last 19 days, pushing the market value of their holdings below the $170-million mark.
Nigeria’s richest banker Jim Ovia’s Zenith Bank posts profit exceeding $500 million
This was driven by a combination of surging interest income and substantial gains from foreign exchange portfolio revaluations.
Egyptian metals magnate Ahmed Ezz’s steel company cuts rebar prices again
Egyptian billionaire and prominent industrialist Ahmed Ezz owns 60.7 percent of Ezz Steel (or 329,816,198 shares).
Moroccan businessman Anas Sefrioui gains $242.76 million from ADH stake
This surge in wealth cements his position as one of the richest investors on the Casablanca bourse and among Morocco’s most affluent businesspeople.
Backed by Africa’s first Black billionaire Patrice Motsepe, Sanlam to acquire stake in Indian insurer
Sanlam’s interest in SGIC is set to rise from 40 percent to 51 percent, and in SLIC from 42 percent to 54 percent.
Nigerian entrepreneur Funke Opeke’s MainOne set to elevate connectivity in South-South Nigeria
This strategic move follows MainOne’s recent accomplishment of landing the 45,000-kilometer 2Africa subsea cable system at Qua Iboe Beach in Akwa Ibom.
Nigeria’s richest banker Jim Ovia gains $41 million from Zenith Bank stake
Ovia, ranked among Africa’s affluent individuals, has seen an impressive increase in the market value of his stake in Zenith Bank.
Zimbabwe’s richest man Strive Masiyiwa’s company set to trade in new currency
Masiyiwa is Zimbabwe’s wealthiest businessman and a prominent figure among the world’s Black billionaires with an estimated net worth of $1.8 billion.
Publicly listed companies linked to Nigerian billionaire Femi Otedola are worth $12.9 billion combined
The market value of the publicly listed companies he holds stakes in has surged to N16.7 trillion ($12.9 billion), highlighting his impact not only on the firms he manages but also on those in which he holds significant ownership.