Swvl, Egyptian startup led by Mostafa Kandil, acquires Turkish firm in $40-million deal
Kandil stated that with the acquisition of Volt Lines, Swvl will be positioned to deepen its presence in Europe.
African Billionaires
Led by Tope Alabi, Nigerian fintech startup Afriex raises $10 million from institutional investors
Alabi and John Obirije founded the Lagos-based fintech startup Afriex in 2019. It is now valued at $60 million.
Madagascar’s richest man Ylias Akbaraly to acquire U.S. broadcasting company GatesAir
GatesAir has announced that Thomson Broadcast has inked a definitive agreement to acquire them.
Sibanye’s CEO Neal Froneman pocketed $19 million in remuneration in 2021
Froneman received a whopping $18.9 million in 2021.
Tanzanian billionaire Rostam Aziz lobbies AfDB to increase agriculture funding
The tycoon’s appeal was intended to assist the country in becoming a major food exporter.
Zimbabwean billionaire Strive Masiyiwa gains $1.7 billion so far this year
The billionaire has surpassed South African mining tycoon Patrice Motsepe as the richest Black man in Southern Africa.
Wealth among Africa’s HNWIs will reach $3 trillion by 2031, new report reveals
Total private wealth in Africa is $2.1 trillion, and is expected to rise by 38 percent over the next decade.
Nigerian tycoon banker Herbert Wigwe gains over $1.2 million in seven days
Four weeks ago, the bank completed its transformation from Access Bank Plc to Access Holdings Plc.
Court orders convicted Malawian tycoon Thom Mpinganjira to sell FDH bank shares
Mpinganjira was sentenced to nine years in jail last year for attempting to bribe judges overseeing the 2019 presidential election.
Modern African family’s cultures and wealth
A family business at its most basic format is an interaction of the business system and the family system.
Zimbabwean businessman Zinona Koudounaris gains over $245 million from stake in Axia Corp
The multimillion-dollar spike cements his position as one of the largest investors on the local bourse.
Elon Musk buys Twitter for $44 billion, twice net worth of Africa’s richest man, Aliko Dangote
So far this year, Musk’s net worth has dropped by over $13 billion, while Dangote’s risen by $1.32 billion.
Ethiopian tycoon Negusse Hailu recounts his experiences with EABSC
Hailu said he was fortunate to have influential people in his life who shaped his outlook on life and business.
Nigerian billionaire Mike Adenuga gains $5.2 million from stake in oil company
Conoil is a Nigerian petroleum marketing company led by Adenuga, who owns 74.4 percent of the company.
Moroccan Prime Minister Aziz Akhannouch loses $45 million from stake in Afriquia Gaz
Akhannouch remains one of the richest investors on the Casablanca bourse and one of Morocco’s richest businessmen.
Egyptian businesswoman Hend El-Sherbini to pocket $17.9 million in dividends from IDH
This is a quarter of the $70-million dividend approved by the board at the end of the 2021 financial year.