While Elon Musk has lost $9.6 billion this year, Aliko Dangote has seen his net worth rise by over $1.1 billion
Musk remains the world’s richest man, with a $261-billion net worth.
Billionaires Africa
Nigerian insurtech startup, ETAP, led by Ibraheem Babalola secures $1.5 million in pre-seed funding
The funding will support the launch of ETAP’s game-changing app, which allows drivers to buy insurance in 90 seconds.
Billionaire Yasseen Mansour’s Palm Hills Developments budgets $243 million for 2022
Palm Hills Developments has set aside $243 million for development work in 2022.
Malagasy businessman Hassanein Hiridjee’s AXIAN Group completes solar plant mega-expansion project
Axian group has grown to become Madagascar’s leading solar energy producer under the leadership of Hiridjee.
Nassef Sawiris’ stake in OCI N.V. is now valued at more than $3 billion
Meanwhile, his stake in German sportswear behemoth Adidas is valued at $2.59 billion.
Egyptian auto magnate Raouf Ghabbour plans to establish assembly plant in Kenya
Ghabbour founded GB Auto in 1985 as a manufacturer of automobiles, buses, lorries and motorcycles in Egypt.
AfDB withdraws multimillion-dollar funding after Kenya’s Moi family buys back stake in power plant
The Moi family is said to be Kenya’s second-largest landowner.
Union54, Zambian startup led by Perseus Mlambo and Alessandra Martini, raises $12 million in seed funding
The round comes nearly six months after the company announced a $3-million seed round led by Tiger Global.
South African billionaire Patrice Motsepe donates $2 million to flood victims
Motsepe, a billionaire businessman, offered his assistance after witnessing the devastation caused by recent floods.
Tradition and their impact on family governance
What drives the giving and philanthropy of Africa’s wealthiest usually comes from their spiritual capital.
Egyptian investor Tarek Assaad’s VC firm, Algebra Ventures, secures $15 million in funding from World Bank
Assaad is also the managing partner of Ideavelopers, where he has managed $50 million in investments since 2009.
Tanzanian billionaire Rostam Aziz to enter Kenya’s liquefied petroleum gas market
Aziz was reportedly the first Tanzanian to have a net worth of more than $1 billion, according to Forbes.
Egyptian businessman Hassan Allam’s construction firm to develop solar power plant in Egypt
With over 80 years of experience, Hassan Allam Holding is one of the largest privately held corporations in Egypt.
Botswana tycoon Ramachandran Ottapathu loses $4.1 million from stake in Choppies Enterprises
The $4.12-million decrease in his stake pushed the value of his holding well below the $20-million mark in recent times.
Strive Masiyiwa, Zimbabwe’s richest man, gains $510-million from stake in Econet Zimbabwe
The billionaire owns a majority 52.85-percent stake in Econet, Zimbabwe’s largest telecom services provider.
Led by South African businessman Fleetwood Grobler, Sasol dumps South African pipeline project
Under the leadership of Grobler, the South African energy and chemical group operates in 33 countries and employs 30,100 people globally.