Egyptian billionaire Yasseen Mansour’s company records $131-million revenue in Q1 2024
Executive Chairman Yasseen Mansour attributed the impressive results to strong sales across various regions.
African Billionaires
Nigerian energy tycoon Austin Avuru’s Seplat seals $1.28-billion deal with ExxonMobil and NNPCL
The NNPCL announced on May 30, 2024, the formalization of an agreement that transfers ExxonMobil’s interests in Mobil Producing Nigeria Unlimited (MPNU) to Seplat.
Ugandan tycoon Charles Mbire’s MTN Uganda announces record dividend payout
MTN Uganda’s success in 2023, brought about the increase in dividend dividend of Shs 403 billion ($103.95 million).
Nigerian billionaire Femi Otedola locks horns with Zenith Bank over alleged debt fraud
Otedola, who ranks among Africa’s billionaires, accuses Zenith Bank of perpetrating banking fraud.
After expanding to 99 countries, Elon Musk’s Starlink secures approval in Zimbabwe
Launched in Africa in 2022, Starlink has rapidly expanded its footprint, with Elon Musk emphasizing the company’s commitment to operating wherever legally permitted.
South African billionaire Jannie Mouton sees $46.9 million loss on Capitec shares
This comes on the heels of a $94 million gain recorded between April 17 and May 4 when the market value of his stake surged from $646.08 million to $740.15 million.
Palantir led by African-American billionaire Alex Karp wins $480 million Pentagon AI contract
The Maven Smart System aligns with the Pentagon’s CJADC2 initiative, aimed at improving decision-making and operational efficiency within the U.S. military’s Central Command area.
South African tycoon Barry Swartzberg’s stake in Discovery slumps below $155 million
This recent slump compounds a previous loss of $7.91 million recorded between April 30 and May 16.
Top Black executive Marvin Ellison loses $3.8 million from Lowe’s shares
Despite the decrease, Ellison remains one of the wealthiest Black CEOs in the United States and a prominent figure among global Black CEOs.
Africa’s richest man Aliko Dangote’s refinery seeks dual listing in Nigeria, London
The choice to pursue a dual listing on both exchanges reflects considerations arising from the NGX’s current limitations in accommodating the scale of the refinery.
Dutch giant Heineken to pay $13.1 million to Kenyan tycoon Ngugi Kiuna’s firm
This follows the Court of Appeal’s ruling that upheld a High Court order for Heineken to compensate Maxam for the unlawful termination of their distribution contract in Kenya.
Moroccan pharma tycoon Lamia Tazi gains $3 million from Sothema stake in 28 days
This underscores Lamia Tazi’s leadership and strategic vision in steering Sothema to new heights in the competitive pharmaceutical industry.
Absa Bank, linked to Kenyan tycoon Baloobhai Patel, posts $42 million profit in Q1 2024
Customer deposits also climbed 14.47 percent to Ksh359.46 billion ($2.74 billion), reflecting the bank’s customer-centric approach.
U.S.-Nigerian telecom mogul Sam Darwish’s stake in IHS rises by $2.8 million
This follows a $9.63 million loss he recorded between May 7 and 16, when his holding fell from $55.13 million to $45.50 million.
South Africa’s richest man Johann Rupert makes $900 million in just three weeks
While his commanding stake in Richemont forms the cornerstone of his wealth, Johann Rupert has diversified his investment portfolio across a spectrum of industries.
Black executive Kenneth Frazier loses $3.7 million from Merck & Co. stake
Kenneth Frazier, a top figure among America’s top Black executives, owns a 0.028-percent stake in Merck & Co., equivalent to 705,220 shares.