Nigerian tycoon Samuel Bolarinde’s Vitafoam posts $11.2 million in profit in 2022
Bolarinde owns a 13.03-percent stake in Vitafoam.
African Billionaires
Moroccan multimillionaire Anas Sefrioui has lost nearly $135 million in 10 months from stake in ADH
Sefrioui owns a 64.1-percent stake in Douja Promotion Groupe Addoha.
Money Fellows, led by Egyptian founder Ahmed Wadi, raises $31 million for expansion
Wadi worked on a number of projects for Microsoft and Daimler before founding Money Fellows in 2016.
South African tycoon Stephen Brookes’ Balwin Properties posts $9 million in mid-year profit
Brookes owns a 36.08-percent stake in Balwin Properties.
Nigerian billionaire Abdul Samad Rabiu’s BUA Cement posts $168.4 million in profit in 9M 2022
Rabiu derives the majority of his fortune from his 92-percent stake in BUA Cement.
South African tech tycoon Zak Calisto gains nearly $150 million as Karooooo surges on Nasdaq
Calisto is one of Africa’s richest tech entrepreneurs.
Swazi billionaire Natie Kirsh’s net worth soars by $300 million in October
Kirsh is one of Africa’s wealthiest businessmen.
Nigerian billionaire Mike Adenuga receives $3.1 million in dividends from oil company
Adenuga owns 74.4 percent of Conoil.
Exit strategies for family businesses
Exit strategies include acquisition, merger, IPO, cash cow, selling to a friend, or shutting down operations.
Lesotho tycoon Sam Matekane sworn in as prime minister
Matekane is the founder of Matekane Group.
Nigerian banker Herbert Wigwe’s Access Holdings posts $312 million in profit in 9M 2022
Wigwe owns a significant 4.27-percent stake in Access Holdings.
Nigerian aviation tycoon Sam Iwuajoku’s ExecuJet bags partnership deal with Gulfstream
Iwuajoku controls ExecuJet in Nigeria.
Africa’s richest man Aliko Dangote’s cement firm posts $486-million profit as energy costs rise
Dangote Cement is finding it hard to outdo its performance last year.
Controlled by Moroccan PM Aziz Akhannouch, Afriquia Gaz to acquire Total Mauritania
Akhannouch’s indirect stake in Afriquia Gaz is valued at $435.1 million.
Kenyan banker Gideon Muriuki gains $1 million as Co-operative Bank shares rebound
Muriuki owns a two-percent stake in the leading financial services group.
South African mogul Mark Lamberti’s Massmart to close Game stores in Nigeria on Christmas day
Massmart is the continent’s second-largest consumer product retailer.