TFL, an Egyptian cloud kitchen led by Kareem El-Daly, raises $4.5 million in pre-seed funding
TFL was founded in 2020 by El Daly, Ahmed Osman, and Wesam Masoud to deploy technology to assist restaurants.
African Billionaires
Olugbenga Agboola, billionaire CEO of Flutterwave, responds to allegations of misconduct
In an email sent to employees, Agboola did not reveal any new information or admit to any wrongdoing.
Egyptian businessman Hani Berzi eyes $4.5-million dividend from stake in Edita Food Industries
The dividend will be paid from the group’s retained earnings of $103.8 million.
Kenyan banker Gideon Muriuki buys $100,000 shares in CIC Insurance
Muriuki now controls 137.8 million shares in the company.
While Elon Musk has lost $9.6 billion this year, Aliko Dangote has seen his net worth rise by over $1.1 billion
Musk remains the world’s richest man, with a $261-billion net worth.
Nigerian insurtech startup, ETAP, led by Ibraheem Babalola secures $1.5 million in pre-seed funding
The funding will support the launch of ETAP’s game-changing app, which allows drivers to buy insurance in 90 seconds.
Billionaire Yasseen Mansour’s Palm Hills Developments budgets $243 million for 2022
Palm Hills Developments has set aside $243 million for development work in 2022.
Malagasy businessman Hassanein Hiridjee’s AXIAN Group completes solar plant mega-expansion project
Axian group has grown to become Madagascar’s leading solar energy producer under the leadership of Hiridjee.
Nassef Sawiris’ stake in OCI N.V. is now valued at more than $3 billion
Meanwhile, his stake in German sportswear behemoth Adidas is valued at $2.59 billion.
Egyptian auto magnate Raouf Ghabbour plans to establish assembly plant in Kenya
Ghabbour founded GB Auto in 1985 as a manufacturer of automobiles, buses, lorries and motorcycles in Egypt.
AfDB withdraws multimillion-dollar funding after Kenya’s Moi family buys back stake in power plant
The Moi family is said to be Kenya’s second-largest landowner.
Union54, Zambian startup led by Perseus Mlambo and Alessandra Martini, raises $12 million in seed funding
The round comes nearly six months after the company announced a $3-million seed round led by Tiger Global.
South African billionaire Patrice Motsepe donates $2 million to flood victims
Motsepe, a billionaire businessman, offered his assistance after witnessing the devastation caused by recent floods.
Tradition and their impact on family governance
What drives the giving and philanthropy of Africa’s wealthiest usually comes from their spiritual capital.
Egyptian investor Tarek Assaad’s VC firm, Algebra Ventures, secures $15 million in funding from World Bank
Assaad is also the managing partner of Ideavelopers, where he has managed $50 million in investments since 2009.
Tanzanian billionaire Rostam Aziz to enter Kenya’s liquefied petroleum gas market
Aziz was reportedly the first Tanzanian to have a net worth of more than $1 billion, according to Forbes.