Kanye West’s Yeezy brand terminates deal with U.S. retailer Gap
Gap earlier made headlines for selling Yeezy products in its Times Square store.
African Billionaires
Led by Egyptian exec Pakinam Kafafi, TAQA Arabia signs MoU to operate gas networks for one year
TAQA Arabia is Egypt’s leading energy and utility provider.
Wealthy Kenyatta family gains $16.5 million as NCBA shares soar on NSE
The Kenyatta family owns a 13.2-percent stake in NCBA Group.
Ghanaian founder Gregory Rockson’s mPharma acquires majority stake in HealthPlus
mPharma manages pharmaceutical inventories for African mom-and-pop pharmacies.
Ethiopia’s richest man Mohammed Al Amoudi has now lost $1.45 billion so far in 2022
Al-Amoudi still remains Ethiopia’s richest man and one of Africa’s wealthiest businessmen.
Egyptian real estate tycoon Hany El Assal’s Misr Italia plans $77 million investment in Cairo
Misr Italia Properties has been involved in 25 large-scale projects since its founding.
Led by South African banker Alan Pullinger, FirstRand posts nearly $2 billion in profit in 2022
Pullinger, FirstRand’s CEO, said the group’s performance reflects the quality of its operating businesses.
Herbert Wigwe’s Access Holdings announces first-ever interim dividend as profits surge above $205 million
Earnings growth at the bank was hampered by increased fee and commission expenses.
Senegalese entrepreneur Fatoumata Ba-led Janngo Capital hits first close for $63-million fund
Ba is a Senegalese venture capitalist and tech entrepreneur.
Multimillionaire Rajabali brothers gain $3.4 million from stake in Tanzania’s largest bank
The Rajabali brothers own a 2.6-percent stake in CRDB Bank Plc.
Greek businessman John Coumantaros’ Flour Mills to raise $467 million in new capital
Coumantaros controls a majority 63.34-percent stake in the company.
South African billionaire Christo Wiese gains $34 million in seven days
Bekker owns 11.63 percent of Shoprite.
Moroccan tycoon Alami Lazraq gains $15 million from stake in Casablanca-based property developer
The news solidifies his position as one of the richest investors on the Casablanca bourse.
Types of family businesses: Steward?
Succession in the Steward family business type comes with little conflict.
Egyptian tycoon Hend El-Sherbini’s IDH posts lower profits amid slowdown in COVID-19-related business
El-Sherbini controls a significant 26.1-percent stake in Integrated Diagnostics Holdings.
Nigerian billionaire Tony Elumelu to receive $1.11 million in interim dividends from UBA
Elumelu owns 6.96 percent of UBA, or 2,380,941,756 ordinary shares.