Black executive Marvin Ellison gains $9.2 million from Lowe’s shares
Marvin Ellison’s stake in Lowe’s rose by $9.2 million as shares rebounded 5.78% over 17 trading days.
Billionaires Africa
Hisham Talaat Moustafa leads TMG to $3.2 billion in 2025 sales year-to-date
Cumulative real estate sales have now surpassed EGP1 trillion ($19.76 billion), cementing TMG’s place as Egypt’s most successful property developer.
Jay-Z alleges $200 million loss from assault claim, net worth holds at $2.5 billion
Despite maintaining a $2.5 billion net worth, Jay-Z says the accusations have severely damaged his business empire, especially his entertainment company, Roc Nation.
Hassan Allam’s firm obtains $55 million Islamic loan for Cairo project
The National Bank of Egypt, Suez Canal Bank, ADCB, IDB, and SAIB served as underwriters for the $55 million Islamic loan.
ORA Developers, led by Naguib Sawiris, begins Al-Wardi City project in Iraq
Ora Developers, led by billionaire Naguib Sawiris, has broken ground on Iraq’s Al-Wardi City, a major eco-focused housing and smart city project near Baghdad.
Coty’s revenue drops to $4.6 billion in 9M 2025 under Sue Nabi
Revenue fell to $4.64 billion, a 2.4% decline from the previous year, driven by currency challenges and a tough market environment.
Elon Musk's SpaceX, Airtel Africa partner to expand rural connectivity
SpaceX and Airtel Africa team up to roll out Starlink’s low-latency internet, aiming to bridge rural Africa’s digital divide with satellite connectivity.
South African businessman Swartzberg nets $36 million from Discovery stake
Swartzberg, a top figure in South Africa’s financial services industry, owns a 3.92-percent stake in Discovery, about 25.95 million shares.
Trustco, led by Quinton van Rooyen, loses $11 million tax case
Trustco loses court bid as Namibia upholds NAD305.5 million ($16.7 million) tax recovery.
Kenya’s largest landowner loses $9.5 million on NCBA stake
This drop comes after a significant fall in the bank’s share price on the Nairobi Securities Exchange (NSE).
Ahmed Wadi’s Money Fellows raises $13 million to expand beyond Egypt
This brings the Cairo-based fintech startup's total funding to just over $60 million.
IHS stake of U.S.-Nigerian telecom executive Sam Darwish tops $60 million
This is linked to an increase in IHS Holding’s share price on the New York Stock Exchange (NYSE), driven by renewed investor confidence.
Kenya gets $20 million from World’s richest investor after Trump's grant cuts
The donation, part of the external funding for Kenya’s 2025/26 budget, marks another significant philanthropic effort by the 94-year-old billionaire.
Absa Group Chair Sello Moloko to step down in July
René van Wyk, a former interim CEO of the bank and seasoned regulator, will take over as chairperson of both Absa Group and Absa Bank.
GEIL completes $400 million onshore project under Anthony Adegbulugbe
Anthony Adegbulugbe’s GEIL completes the $400 million Otakikpo terminal, Nigeria’s first indigenous onshore crude export hub in over 50 years.
World’s first Black billionaire leads real estate trust to $328 million Q1 revenue
RLJ Lodging Trust posted $328.1 million in Q1 revenue, a modest gain, as hotel conversions offset margin pressure, pulling net income down to $3.2 million.