Rights group urges Nigeria to pay businessman Ned Nwoko, others $418 million for debt assistance
The consultants facilitated refunds to Nigeria from the Paris and London clubs.
Billionaires Africa
Egypt’s affluent Khamis family earns $75.3 million as shares in Oriental Weavers surge to 41-month high
Oriental Weavers is one of the largest carpet manufacturers in the world.
Jose Antonio Primo-led LafargeHolcim Maroc posts resilient results as revenues and net profit soar
The growth in the group’s revenue in the first half of 2021 led to a triple-digit surge in net profit.
Narendra Raval’s Devki Group counts on new plant to cut cement prices in Kenya
Increased productivity will see the company pass on the resultant price benefits to consumers.
Jack Bowles’ British American Tobacco roped into bribery scandal involving Mugabe
BAT has been accused of paying bribes in Southern Africa and using illegal surveillance to sabotage competitors.
Pieter Engelbrecht-led Shoprite plans to integrate Walmart subsidiary into operations
Africa’s largest retailer has unveiled plans to integrate the subsidiaries of Walmart-owned Massmart into its operations.
Patrice Motsepe’s phosphate maker to launch operations after activist appeal dismissed
The appeal was raised by the West Coast Environmental Protection Association.
Egyptian billionaire Nassef Sawiris’ net worth increases by $260 million in 24 days
Sawiris’ net worth between Aug. 20 and Sept. 13 increased from $6.67 billion to $6.93 billion.
Malawian tycoon Thomson Mpinganjira convicted in 2019 presidential election bribery case
The multimillionaire had pleaded not guilty to six bribery-related charges.
Patrice Motsepe’s Sanlam plans strategic acquisitions to strengthen its Africa operations
Sanlam seeks to acquire Alexander Forbes and an additional 22.8-percent stake worth R2 billion in Saham Assurance Maroc.
German state-owned bank fined for Angolan loan linked to Isabel dos Santos’ beer company
KfW-Ipex-Bank is an import-export bank and a subsidiary of Kreditanstalt fur Wiederaufbau.
Moroccan billionaire Aziz Akhannouch’s party secures majority of seats in legislative elections
Meanwhile, the ruling Development Party secured only 12 seats.
King Mohammed VI of Morocco appoints billionaire Aziz Akhannouch as head of government
In 2011, Morocco introduced reforms allowing the king to choose the prime minister from the largest party in parliament.
South African billionaire Quinton van der Burgh launches coffee table book to give back to charity
The book features John Russo’s photographs of celebrities, including Dwayne “The Rock” Johnson.
Egypt awards infrastructure projects worth $220 million to construction tycoon Hassan Allam
Hassan Allam Holdings will construct two stations and four bridges as part of a high-speed train project.
Tony Elumelu’s UBA posts $147.3-million mid-year profit, 36-percent higher than last year
The double-digit growth in profits can be attributed to UBA’s higher interest and non-interest income.