Egyptian billionaire Nassef Sawiris’ OCI to reward shareholders with $700 million payout
OCI, led by billionaire Nassef Sawiris, approves $700 million shareholder payout via capital repayment or dividend, backed by strong financial reserves.
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South African billionaire Zak Calisto to pocket $22 million in Karooooo dividends
Karooooo’s latest dividend will hand its billionaire founder a pre-tax windfall of more than $22-million.
Madinet Masr, led by Egyptian tycoon Abdallah Sallam, to develop $1.8 billion project in Cairo
The ambitious project, spanning over 2 million square meters, underscores Egypt’s growing momentum in large-scale real estate development amid rising urban demand.
Nigerian logistics tycoon Taiwo Afolabi’s SIFAX Group boosts Lagos port efficiency
SIFAX Group partners with Micura Services and expands trade links to the UK, India, and China to improve Lagos port operations and ease exports.
Egyptian businessman Medhat Khalil’s Raya secures $20.6 million credit facility
Raya Holding’s tech arm secures $20.8 million facility from MIDBANK to fuel digital expansion, support Egypt’s transformation, and scale national tech projects.
Capitec stock falls, South African billionaire Michiel Le Roux loses $70 million
Michiel Le Roux loses $70 million as Capitec Bank stock falls, but his $2.5 billion stake still signals long-term strength.
Egypt’s second-richest man, Naguib Sawiris, is $2 billion richer this year
Naguib Sawiris adds $2 billion to his net worth, nears $9 billion with new investments in clean energy and mega real estate projects.
Neal Froneman-led Sibanye, Gwede Mantashe face off over US mining deal
The initiative—intended to reset strained trade ties—was presented to President Cyril Ramaphosa ahead of his May 21 meeting with U.S. President Donald Trump.
Elsewedy Electric, led by Egypt's billionaire El-Sewedy family, posts $2.68 billion in first-half revenue
Elsewedy Electric posts $2.68 billion half-year revenue, up 20.6% y-o-y, driven by strong performance across wires, cables, and construction segments.
Afreximbank backs $4 billion refinancing loan for Aliko Dangote’s refinery
The deal forms part of a broader $4 billion syndicated loan package aimed at refinancing earlier capital costs tied to the construction of the $20 billion refinery.
Malawian businessman Thom Mpinganjira’s FDH Bank agrees to buy Ecobank Mozambique
Custodian Investment reports $81.4 million revenue, $17.3 million profit, and $299 million in assets for the first half of 2025.
15 Black celebrities who own sports teams
Black celebrities are taking ownership—literally—by investing in sports teams worldwide, from football clubs to NBA franchises, redefining power and presence in the global sports arena.
Tanzanian billionaire Rostam Aziz urges government to prioritize local investors in national projects
Rostam Aziz urges Tanzania to prioritize local investors over foreign capital to strengthen economic self-reliance and build domestic industrial capacity.
Shoprite, backed by South African billionaire Christo Wiese, posts $14.6 billion in annual sales
Shoprite’s annual sales rose to $14.6 billion, led by South African supermarket growth, digital expansion, and structural shifts across its portfolio.
South African multimillionaire Ackerman family steps back from Pick n Pay leadership
South African multimillionaire Ackerman family ends control of Pick n Pay after $171 million loss triggers leadership shakeup.
South African billionaire Rob Hersov’s podcast remarks spark race-relations backlash
South African businessman Rob Hersov's podcast comments about race and history have reignited debate over inflammatory rhetoric and its impact on public discourse.