Phuthuma Nhleko’s investment firm looks to sell stake in $3 billion Engen
The sale would generate millions of dollars’ worth of value for Phembani and other entities.
African Billionaires
South African billionaire Johann Rupert’s luxury company records over $2.1 billion in profit in 2022
Richemont sales reached an all-time high of €19.2 billion in 2022.
Nigerian aviation mogul Allen Onyema donates $260,000 building to university
Onyema is the founder and chairman of Air Peace.
Cameroonian billionaire Paul Fokam’s Afriland First Bank eyes Chadian market
Fokam is one of the richest men in Africa.
Led by Egyptian exec Karim Awad, EFG Hermes raises capital by $52.9 million
The capital raise will be funded by the group’s retained earnings and will be distributed over 194.61 million shares.
Nigerian banking tycoon Herbert Wigwe’s Access Holdings to acquire majority stake in First Guarantee Pension
The announcement comes two months after Access Holdings completed its structural transformation into a holding company.
Nigeria rejects proposed acquisition of ExxonMobil assets by Bryant Orjiako’s Seplat Energy
The government cited overriding national interests as one reason for rejecting the $1.58-billion deal.
Led by Egyptian billionaire Sawiris family, Orascom Development reports $17.9 million in profit in Q1 2022
Orascom Development offers a portfolio of world-class destinations around the world.
Ugandan mogul Patrick Bitature, Vantage Capital at odds over $30-million property loan
Bitature is the founder, chairman and group CEO of Simba Group.
Nigerian startup founder Etop Ikpe’s Autochek acquires Morocco’s Kifal Auto
The former CEO of Cars45, Ikpe founded Autochek in 2020.
Egyptian tycoon Ahmed El Sewedy’s electric company launches Africa’s first busway dielectric system facility
The facility is one of the largest in the Middle East, offering sandwiched non-ventilated busway systems.
Kenyan entrepreneur Peter Njonjo’s Twiga Foods injects $10-million into new farming venture
Njonjo and Grant Brooke founded Twiga Foods in 2013.
Pieter Engelbrecht-led Shoprite creates $559.3-million Black empowerment trust
The trust will directly benefit the group’s South African employees.
Tunisian tycoon Moncef Mzabi gains $3.4 million from stake in Tunis-based automobile retailer
His company ARTES is a leading player in the automotive industry in Tunisia and North Africa.
Sam Darwish’s IHS Towers posts $16.9-million in profit in Q1 2022
IHS Towers is a Nigeria-based telecom infrastructure firm.
Led by Mauritian businessman Jean Ribet, BMH rebounds from loss; earnings surge
Ribet controls a significant 3.32-percent stake in the company worth $1.71 million.