Namibian tycoon Quinton van Rooyen’s Trustco Group suffers over $64.6 million in losses in 2021
It is the second year in a row that the diversified investment holding has posted losses.
African Billionaires
Nassef Sawiris, Egypt’s richest man, loses $230 million in first month of 2022
Sawiris is the eighth-richest billionaire in Africa and Egypt’s richest man with a fortune worth more than $6.27 billion.
Egyptian mogul Ashraf Sabry’s Fawry sees $700 million in payment acceptance transactions in 2021
With a market capitalization of more than $1 billion, Fawry is one of Africa’s few tech unicorns.
Led by Richmond Bassey, Nigerian brokerage app Bamboo raises $15 million to drive pan-African expansion
Bamboo is a digital investment platform that gives users real-time access to over 3,000 New York Stock Exchange-listed stocks.
Aliko Dangote’s auto company, Dangote Peugeot Auto, has begun Peugeot assembly in Nigeria
Dangote Peugeot Automobiles Nigeria Limited is owned by Dangote, the governments of Kaduna and Kebbi, and Stellantis Group.
Nigerian banking tycoon Tony Elumelu eyes new investments in Caribbean markets
Elumelu is the founder of one of Nigeria’s largest financial services groups, United Bank for Africa.
Key trends of African givers: Philanthropy is making its mark
Philanthropic practices in Africa have evolved through time and continue to shift.
Ghanaian tycoon Daniel McKorley’s McDan Group opens private jet terminal in Accra
McKorley’s McDan Group is a transportation and logistics company with interests in shipping, logistics, and aviation.
Led by Karl Toriola, MTN Nigeria reports profits of $718.5 million in 2021, 45-percent increase over previous year
During the year, its service revenue increased by 23.3 percent, from $3.22 billion in 2020 to $3.97 billion.
Greek tycoon John Coumantaros’ Flour Mills of Nigeria reports $41 million in profits in 9M 2022
Flour Mills of Nigeria reported a single-digit increase in profit in the first nine months of its 2022 fiscal year.
Indian tycoon Sunil Bharti Mittal’s Airtel Africa becomes ‘most-capitalized’ on NGX
Airtel Africa is a leading provider of telecom and mobile money services in East, Central and West Africa.
Christo Wiese-linked retailer Steinhoff looks to sell stake in Pepkor Group in move to offload $11-billion debt burden
Pepco Group is a fast-growing, multi-format, pan-European discount variety retailer.
Egyptian billionaire Naguib Sawiris’ Orascom Investment sells stake in TWA in $35-million deal
TWA is a JV between Orascom, Orastar and Omar Abdul Mone’m Yousuf Al Zawawi of the Sultanate of Oman.
South African billionaire Patrice Motsepe’s ARM acquires Bokoni mine for $334 million
ARM will invest $334 million per year in the development of the mine to get it up and running.
Nigerian billionaire Abdulsamad Rabiu’s BUA Cement commissions 3 million metric tonnes
BUA Cement’s market capitalization is $5.7 billion, making it the fourth most capitalized company on the Nigerian Exchange.
Controlled by Royal Family of Morocco, Managem partners with Glencore to produce cobalt
Managem is an industrial mining group with more than 90 years of experience operating a diversified metals portfolio.