Femi Otedola calls Dangote Refinery 'eighth wonder' during President Tinubu visit
Femi Otedola praises Dangote Refinery as the “eighth wonder” during President Tinubu’s visit, highlighting Nigeria’s industrial rise and investor confidence.
Billionaires Africa
Malagasy businessman Hassanein Hiridjee’s AXIAN Telecom takes stake in Jumia
The deal comes as longtime backer Baillie Gifford sold off its remaining shares in Jumia, closing the book on a multi-year bet on the e-commerce platform.
Britam, backed by Kenya’s elite, reverses $16 million paper loss on HF investment
Britam has reversed a $16 million impairment loss on HF Group, signaling renewed confidence and bolstering its capital position after strong 2024 earnings.
Moroccan billionaire Alami Lazraq gains $78 million from ADI shares
This is a reversal from early May when ADI came under pressure. Between May 6 and May 22, Lazraq’s stake lost MAD570.53 million ($61.78 million) in market value.
Burkinabe tycoon Idrissa Nassa’s Coris Bank gets $34 million to expand SME lending in Côte d’Ivoire
Coris Bank secures $34.3 million loan from Proparco to expand SME lending in Côte d’Ivoire and grow its $9 billion footprint across West and Central Africa.
Africa’s newest billionaire Zak Calisto gains $115 million from Karooooo’s stake
Zak Calisto’s Karooooo stake rises to $1.17 billion, gaining $115 million as SaaS growth drives revenue and user expansion across 23 countries.
Duncan Wanblad-led Anglo American plans $26 million upgrade at Quellaveco mine
The upgrade aims to enhance production capacity and sustainability efforts amid rising global demand for copper, a critical metal in the clean energy transition.
Lowe’s led by Marvin Ellison completes $1.33 billion acquisition of Artisan Design
Lowe’s finalizes $1.33 billion Artisan Design deal to strengthen Pro services and capture growth in the $50 billion interior finishes market amid a U.S. housing boom.
Discovery co-founder Adrian Gore gains $34 million from stock rally
Over the past 16 days, the market value of his stake has increased by $34.74 million, propelling the market value of his stake above the $600-million mark.
Kenyatta family, Kenya’s largest landowners, gains $10 million from NCBA stake
Kenyatta family gains $10 million as NCBA stock rallies 12%, lifting their 13.2% stake to over $92 million in just 22 days.
Wale Tinubu's Oando restates 2024 profit at $139 million
Oando's 2024 profit hit $139 million, up 267%, fueled by the NAOC deal, rising production, and improved upstream performance.
South African billionaire Johann Rupert’s net worth drops below $17 billion
Johann Rupert’s net worth falls $800 million to $16.3 billion amid Richemont’s 6.5% share decline despite strong global jewelry sales.
Media mogul Byron Allen enlists investment bank to sell TV stations
The move comes after Allen’s aggressive expansion, spending over $1 billion acquiring network-affiliated stations in smaller U.S. markets.
Why Tony Elumelu is betting big on UBA with a stake worth over $80 million
In Elumelu’s world, control is currency, and UBA is the crown jewel he’s determined to protect.
Abdul Samad Rabiu’s BUA pours $65 million into port terminal project
This follows public controversy after former Nigerian Ports Authority (NPA) Managing Director Hadiza Bala Usman accused BUA of breaching concession terms.
Ghanaian businessman Joseph Siaw Agyepong signs deal to close dumpsites in Lagos
Joseph Agyepong partners with Lagos to transform waste management, build recycling facilities, create 5,000 jobs, and shift from landfills to resource recovery.