Billionaire Patrice Motsepe-linked Tyme Bank moves to acquire South African fintech lender, Retail Capital
TymeBank is owned in part by African Rainbow Capital Financial Services Holding, a Black-owned and -controlled company.
African Billionaires
Kenyan founder Jihan Abass’ Lami raises $3.7 million in seed extension round
Abass founded Lami Technologies to democratize insurance products and services for low-income Africans.
Family is the elephant in the room
The biggest challenges for family businesses in Africa have to do with the family system and not with the business system.
Ethiopia’s wealthiest man Mohammed Al-Amoudi gains $230 million in July; net worth nears $6 billion
The increase in his net worth follows a $1-billion wealth loss in the first half of 2022.
South Africa’s richest man Johann Rupert gains $1 billion in July as investors react to Richemont’s Q1 results
The majority of Rupert’s fortune stems from his stake in Richemont.
Nigeria-based British executive Roger Brown acquires additional stake worth $2.3 million in Seplat
As Seplat’s CEO, Brown was instrumental in completing the group’s dual listing on the Nigerian and London stock exchanges.
Nigerian energy magnates Bryant Orjiako, Austin Avuru to pocket $2.15 million in Seplat dividends
Orjiako and Avuru own a significant 6.43-percent and 8.2-percent stake in the leading energy firm, respectively.
South African founder Luyolo Sijake’s point-of-sale tech startup Qwili raises $1.2 million
Sijake, Thandwefika Radebe, and Tapfuma Masunzambwa co-founded Qwili in 2020.
Egyptian businessman Hassan Allam’s company joins subcontractors in El-Dabaa nuclear plant construction
Hassan Allam Holding is one of the largest privately held enterprises in Egypt, the Middle East, and North Africa.
Aliko Dangote’s cement firm reports lower profit as energy costs, forex losses bite into earnings
The group’s profit decreased by more than 10 percent in the first half of 2022.
Mauritian Lagesse family-linked firm Alteo acquires further $8.2-million stake in Transmara Sugar
The Mauritian Lagesse family and the Dalais family both control a portion of Alteo Limited through related entities.
Botswana tycoon Gulaam Abdoola loses over $1 million from Turnstar investment
Despite the million-dollar decline, the businessman still ranks as one of the wealthiest investors on the Botswana Stock Exchange.
Nassef Sawiris gains $7 million in July, recoups only fraction of June $600-million loss
Sawiris sits on the boards of Adidas and OCI N.V.
Nigerian banking mogul Herbert Wigwe’s Access Holdings secures $280 million from U.S. DFC
Access Bank is the banking subsidiary of Access Holdings.
Led by South African Saltzman family, Dis-Chem Pharmacies opens third outlet in Botswana
Dis-Chem Pharmacies is a high-performing pharmacy and healthcare group in South Africa.
Billionaire Royal Family of Morocco loses $592 million from stake in Attijariwafa Bank
However, the Alaouite Royal Family remains Morocco’s wealthiest family.