FSCA seeks $25-million fine from estate of late South African mogul Markus Jooste
The announcement comes in the wake of Jooste’s tragic demise, which occurred on Thursday, a day after the FSCA levied a penalty of $25 million against him.
African Billionaires
Nigerian banker Jim Ovia’s Zenith Bank invests in Niteon to boost digital export infrastructure
Zenith Bank’s decision to invest in Niteon underscores its dedication to fostering economic growth and innovation across Africa.
Kenyan banker Gideon Muriuki leads Co-op Bank to record $170-million profit in 2023
Muriuki, who was instrumental in the Co-op Bank’s expansion, owns a two-percent stake in the leading financial services group.
Sibanye led by South African exec Neal Froneman completes $155.9-million acquisition of U.S. metal business
The $155.9-million cash purchase consideration for Reldan was financed through a $500-million senior unsecured guaranteed convertible bond issued in November 2023.
Nigerian businessman Tony Elumelu awards $5-million seed capital to 1,000 African entrepreneurs
Each recipient is set to receive a $5,000 non-refundable seed capital to kickstart their entrepreneurial endeavors.
Egypt’s richest man Nassef Sawiris makes $230 million in just 2 weeks
Egypt’s richest man Nassef Sawiris has experienced a remarkable upswing in his fortunes, with his net worth skyrocketing by $230 million in…
Egyptian tycoon Ahmed Ezz loses $422 million amid devaluation and share dip
Despite this significant downturn, Ezz remains a top figure in Egypt’s business landscape.
MTN Uganda led by Ugandan tycoon Charles Mbire launches online marketplace
MTN customers can access Tesadeals without incurring data charges, underscoring the platform’s commitment to accessibility and inclusivity.
First Black female Fortune 500 CEO Ursula Burns makes $3.5 million from Uber
Since the start of the year, the market value of Burns’ stake in Uber has surged by $3.4 million, rising from $9.08 million to $12.48 million.
South African tycoon Markus Jooste, once worth $400 million, dies by suicide
The circumstances surrounding Jooste’s death remain under investigation, with authorities confirming that he was found with a gunshot wound to the head.
Greek tycoon John Coumantaros’ stake in Flour Mills of Nigeria tumbles below $70 million
Since Feb. 6, the market value of Coumantaros’ stake in the leading agro-allied group has plunged by $8.7 million, falling from $77.06 million to $68.36 million.
Shoprite backed by South African billionaire Christo Wiese takes lead on climate, water issues in retail
Shoprite, boasting more than 2,900 stores across Africa, is partly owned by South African billionaire Christo Wiese, who holds an 11.63-percent stake in the retailer.
Africa’s richest man Aliko Dangote’s net worth hits $15 billion as naira rebounds to N1,400/$
Dangote’s financial resurgence reflects not only his vast fortune and investment portfolio but also the broader economic dynamics at play within Africa’s biggest economy.
South African exec Anthony Leeming-led Sun International to invest $28.3 million in Sun City
Sun International CEO Anthony Leeming affirmed that the capital expenditure will be funded from the group’s cash flows
South African tech mogul Zak Calisto’s Karooooo stake soars to $605 million
Calisto’s stake has increased by $25.49 million from $579.68 million on March 15 to $605.17 million at the time of drafting this report.
South African-born billionaire Patrick Soon-Shiong’s wealth surges above $11 billion
The surge in Soon-Shiong’s net worth in 2024 highlights the success of his investments, particularly in biotech firm ImmunityBio.