Kenyan tycoon Baloobhai Patel transfers Bamburi cement stake to family office
Patel established Aksaya to consolidate his property, private equities, and public-traded equities into a single vehicle.
Billionaires Africa
Led by Egypt’s richest family, Orascom Construction reports profit of $40.1 million in Q1 2023
Established in 1950 by the late Egyptian businessman Onsi Sawiris, Orascom Construction is majority-owned by the Sawiris family.
Egyptian businessman Ahmed El-Sewedy’s electric company records $94 million in profit in Q1 2023
El Sewedy Electric achieved extraordinary financial success in the first quarter of 2023.
Kenya’s richest banker James Mwangi faces $11.7-million loss in Equity Group investment
Mwangi has played a pivotal role in Equity Group’s expansion.
Wealth decline continues for Africa’s first Black billionaire Patrice Motsepe, as he loses another $100 million
The decline in Motsepe’s wealth can be attributed to the sustained drop in the share price of African Rainbow Minerals.
Billionaire Sean ‘Diddy’ Combs files lawsuit against Diageo alleging racial discrimination
Combs claims that Diageo considers his brands, Ciroc vodka, and DeLeon tequila, “Black brands.”
Tanzanian billionaire Rostam Azizi’s mining firm acquires 50-percent stake in Williamson Diamonds
Azizi, chairman of Taifa Mining, lauded the deal as a significant milestone for the company.
Billionaire Christo Wiese-linked retailer files for Dutch court approval for debt restructuring
Wiese-linked retailer Steinhoff files for Dutch court approval for debt restructuring as it looks to regain stability.
South African gaming tycoon Martin Moshal grants $560,000 to ActionSA
Moshal: A visionary entrepreneur and philanthropist making waves in Africa’s education and political landscape.
Kenyan tycoon Narendra Raval’s cement company signs $200-million export deal
Under Raval, the chairman of Devki Group, Simba Cement has been actively pursuing strategic growth initiatives.
Nigeria’s richest banker Jim Ovia bolsters stake in Zenith Bank with 5 million new shares
Ovia continues to play a significant role in shaping Nigeria’s financial landscape.
Adidas drops lawsuit freezing $75-million payment to Kanye West’s Yeezy brand
While this marks a victory for West, the dispute is far from over as Adidas and Yeezy will now proceed with private arbitration.
Neal Froneman leads Sibanye to green future with wind energy deal
Froneman leads Sibanye-Stillwater to a green milestone, secures wind energy deal for carbon neutrality by 2040.
South African tycoon Sipho Maseko locks in $608 million to acquire Telkom stake
Maseko secures $608 million in financing for a game-changing Telkom stake acquisition.
Led by Kenyan banker Nasim Devji, DTB posts impressive Q1 profits of over $17 million
Diamond Trust Bank Group reports impressive Q1 profit surge of more than $17 million, led by Devji.
Abdul Samad Rabiu’s net worth surpasses $8 billion with single-day gain of $501 million
With the latest surge of $501 million in his net worth, Rabiu’s year-to-date wealth gains have now reached $1.53 billion.