U.S. businessman Jeffrey Stoops’ SBA Communications acquires Airtel Africa tower assets in Tanzania
Stoops holds a direct 0.77-percent stake in the U.S.-based wireless asset operator.
African Billionaires
Nigerian billionaire Abdul Samad Rabiu’s BUA Foods completes listing, market cap soars above $1.88 billion
More than 1 billion shares in BUA Foods were exchanged by investors by midday on the Nigerian bourse.
Despite ongoing litigation by Kenyan tycoon Julius Mwale, Sarrai Group resumes work at Mumias Sugar
Sarrai Group recently won a multibillion-shilling tender to control Mumias Sugar, but the win has been challenged in court.
Egypt’s richest man Nassef Sawiris loses $130 million in 2021
Egypt’s richest man Nassef Sawiris saw his net worth shed $130 million in 2021.
Only four African billionaires gained over $1 billion in 2021; here is how they performed
The year 2021 delivered impressive wealth gains for African billionaires and multimillionaires.
Billionaire Patrice Motsepe’s Sanlam fails to increase stake in Said Alj-led Saham Assurance Maroc
Sanlam backed down from its ambitious pan-African expansion drive after failing to meet key conditions.
Led by Sultan Ahmed bin Sulayem, DP World to build $1.1-billion deep-water port in Senegal
Founded in September 2005, DP World is a state-owned port operator based in Dubai.
Nigerian billionaire Abdul Samad Rabiu’s BUA Cement signs deal with Wartsila to construct power plant
BUA Cement is Nigeria’s second-largest cement producer and the largest cement producer.
Led by Hazem Hegazy, Al Baraka Bank Egypt targets $89.7 million profits in 2022
Al Baraka Bank Egypt SAE provides retail, corporate, and investment banking solutions in accordance with Islamic Sharia principles.
Canadian software company Volaris acquires majority stake in Sbu Shabalala’s Adapt IT
Volaris acquired a 63.87-percent stake in Adapt IT.
Jailed Angolan tycoon Carlos Sao Vicente continues fight for freedom
Vicente was once a prominent figure in Angola’s oil industry.
Zimbabwean fast food mogul Zinona Koudounaris gains $1.75 million on first trading day in 2022
Axia Corp is a Zimbabwe-based specialty retail and distribution business.
Mauritian real estate mogul Arnaud Mayer’s Evaco Group suffers $5.1-million loss in 2021
Evaco Group was founded by Mauritian businessman Arnaud Mayer in 2001 as a real estate development company.
Tanzanian med-tech tycoon Dilan Ellegala’s AfiyaSasa Africa to sell controlling stake to U.S.-based Xcelerate Inc.
AfiyaSasa Africa is a virtual health company founded by Tanzanian world-renowned spinal surgery specialist Dilan Ellegala.
Nassef Sawiris’ Orascom Construction to build $20-million Heart Care Center in Rwanda
The complex will include a research wing, clinics, operation theaters, pharmacies, an administrative block, laboratories and accommodation.
Kenyan tech entrepreneurs Bendon Murgor, Eliutherius Juma’s Paylend raises $2 million in seed funding
Paylend provides credit access to small enterprises.