Egyptian billionaire Naguib Sawiris’ La Mancha moves to invest $10 million in graphite mining firm
The cash proceeds invested by La Mancha will be deployed by SRG to develop its Lola graphite project in Guinea.
African Billionaires
Led by Egypt’s richest family, Orascom Construction reports profits of $125.3 million in 2021
The billionaire Sawiris family controls 51.8 percent of the Egypt-based contractor through OS Private Trust Company.
Egyptian investor Hisham Talaat Moustafa loses $12.4 million as Egyptian pound slumps
Moustafa failed to realize dollarized profits from his position.
Kenyan banking mogul James Mwangi’s Equity Group reports record profits of $350 million
Equity Group has grown to become East and Central Africa’s largest financial services firm.
July Ndlovu-led Thungela recovers from deficits; earnings exceed $440 million in 2021
Thungela is a leading pure-play producer and exporter of high-quality, low-cost thermal coal.
Africa’s richest man Aliko Dangote set to launch continent’s largest fertilizer plant
The $2.5-billion urea fertilizer plant is reported to be the Africa’s largest granulated urea fertilizer complex.
Angolan businessman Alvaro Sobrinho has 10 days to pay deposit of $6.64 million
Aside from the $6.64-million bond, Sobrinho was subjected to a number of coercive measures.
Kenyan businessman Joshua Oigara’s KCB Group plans strategic acquisition in DRC
The proposed deal comes after the Oigara-led group expressed interest in negotiating another acquisition in Tanzania.
Family business resilience leads to generational wealth
One of the strengths of family businesses is their ability to create roots similar to trees that embed them in the space they are in.
Led by Abdelmajid Iraqui Houssaini, TAQA Morocco declares profit of $131.3 million in 2021
TAQA Morocco has evolved into a prominent participant in Morocco’s energy industry.
Led by Egyptian Khamis family, Oriental Weavers open four new sales locations in Egypt
Oriental Weavers’ market capitalization is now valued at $324.9 million.
Nigerian banker Herbert Wigwe is set to receive $2.56 million in dividends from Access Bank
Wigwe has played a key role in the growth and expansion of the pan-African banking group.
Dubai-based businessman Sultan Ahmed bin Sulayem’s DP World acquires South African logistics firm
The buyout will see South African businessman Mohammed Akoojee earn at least $1.5 million.
Nigerian banking tycoon Tony Elumelu gains $3.7 million from stake in UBA since start of 2022
Elumelu is the founder of Heirs Holdings and Transcorp.
Angolan businessman Alvaro Sobrinho under investigation for allegedly embezzling $387 million
In 2015, Sobrinho was linked to a $5.7-billion fraudulent loan scheme.
Moroccan real estate mogul Alami Lazraq gains $25.7 million in 77 days
Lazraq is one of the wealthiest investors on the Casablanca bourse.