African-American mogul Sean ‘Diddy’ Combs invests $2 million in Philly startup, REC
Forbes estimated Diddy’s net worth to be $740 million in 2019.
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Segun Agbaje-led GTCO posts lower earnings amid higher operating expenses
Agbaje holds a minority 0.14-percent stake in GTCO.
South African billionaire Christo Wiese-linked retailer Shoprite posts $334 million in profit in 2022
Wiese holds an 11.58-percent stake in Shoprite worth $862.4 million.
Egyptian auto tycoon Raouf Ghabbour’s GB Auto spends $7.6 million of capital raise proceeds
Ghabbour founded GB Auto in 1985 as an Egyptian manufacturer of vehicles, buses, trucks, and motorcycles.
South Africa’s richest man Johann Rupert’s net worth slumps by $1.05 billion
The recent drop in his net worth brings his year-to-date wealth loss to $2.79 billion.
Nigerian billionaire Femi Otedola becomes university chancellor
Ten months ago, Otedola was also named vice president of UK-based NGO Save the Children.
Iain Williamson-led Old Mutual looks set to acquire South African insurer, Genric
The deal is still subject to regulatory approval.
Egyptian real estate mogul Hisham Talaat Moustafa loses $8 million from TMG stake in one month
Moustafa controls a 43.16-percent stake in the conglomerate for the Talaat Moustafa family.
Zimbabwean mogul John Moxon’s Meikles records $11 million in profits in 2022
Meikles is a Zimbabwean conglomerate with a diversified portfolio of investments.
Led by Kenya’s richest families, NCBA partners with Huawei to roll out digital banking products
NCBA Group is a Nairobi-based financial services conglomerate.
Malawian tycoon Hitesh Anadkat loses more than $38 million in 110 days from stake in FMB Capital
Anadkat owns 35.51 percent of the Port Louis-based firm.
East African Court of Justice orders Rwanda to pay tobacco tycoon Tribert Rujugiro $1 million
The court ruled that Rwanda violated a regional treaty when it took over and sold Rujugiro’s shopping mall.
Africa’s richest man Aliko Dangote loses $2 billion in three months as Dangote Cement shares fall
Dangote derives the majority of his wealth from his 86-percent stake in Dangote Cement.
Kenyan multimillionaire Mukuha family receives $31.5 million from Naivas stake sale
The Mukuha family retains a majority 60-percent stake in Naivas.
South African billionaire Patrice Motsepe to pocket $103-million in dividends from ARM
Patrice Motsepe is Southern Africa’s richest Black person.
Egypt’s richest man Nassef Sawiris loses $130 million in August as net worth slides below $6.8 billion
Sawiris derives his wealth from a 38.8-percent stake in Netherlands-based OCI N.V. and his six-percent shareholding in Adidas.