UK impact investor sells $27-million stake in bank founded by Kenyan businessman
The recent acquisition of BII’s stake by the local investor enhances I&M Group’s local ownership and strengthens its market understanding and operational agility.
Billionaires Africa
Strive Masiyiwa’s firm becomes Africa’s first Google Cloud Interconnect provider
This milestone, driven by its strategic partnership with Google Cloud services, enables Liquid C2 to deliver direct, high-speed access to Google Cloud
South African tycoon Adrian Gore makes $32 million from Discovery stake
This uptick follows a period of steady gains for Gore, with his Discovery stake growing by $22 million between May 15 and 29.
Nigeria’s richest banker Jim Ovia gains $16.8 million from Zenith Bank stake
The uptick comes after a previous decline, during which his stake in Zenith Bank fell by $13.3 million between April 25 and May 2
Namibian tycoon Quinton van Rooyen’s Trustco converts $238-million debt to equity
The financial maneuver follows Trustco’s announcement of a new loan agreement that obviates the necessity for a previously issued cautionary statement.
Elon Musk’s Starlink reaches 100th country milestone with Sierra Leone launch
This comes a year after Starlink secured approval to operate in Sierra Leone, becoming the fifth African country to grant it an operational license.
Digital bank backed by Africa’s first Black billionaire Patrice Motsepe eyes $1-billion valuation
TymeBank, controlled by Motsepe, expects to complete a $150-million funding round by the fourth quarter.
Nigerian businessman Atedo Peterside retires from Standard Bank Group after 35 years
“The retirement age is actually 70, but I believe 35 years is enough, and the succession plans have worked well,” he said.
Natie Kirsh, Eswatini’s richest man, loses $110 million in less than a week
Earlier this month, Kirsh’s fortune saw a substantial increase of $270 million, rising from $8.41 billion on June 1 to $8.68 billion by June 7.
Moroccan businessman Anas Sefrioui’s stake in ADH tumbles below $800 million
This recent setback adds to Anas Sefrioui’s previous losses, with his stake in ADH declining by $30 million between May 21 and 27.
Egyptian tycoon Safwan Thabet’s Juhayna secures $9.5-million credit facility
This renews a previous working capital financing arrangement signed in November 2023.
Capitec Bank share decline costs South African billionaire Michiel Le Roux $31 million
This follows a $112.3 million loss between May 20 and June 3.
Kenyan businessman Samuel Macharia closes company, lays off employees
Earlier this year, Directline had outlined ambitious plans to diversify its product portfolio.
Africa’s richest man Aliko Dangote’s refinery pushes petrol production to mid-July
The petrochemical complex was previously scheduled to begin churning out premium motor spirit (PMS) in June.
Nigerian billionaire Femi Otedola’s energy firm targets $28.2-million revenue in Q3 2024
Geregu Power’s impressive forecast is bolstered by its plans to expand total capacity from 435MW to 1,200MW.
South African real estate tycoon Stephen Brookes faces major market losses
This loss compounds the $2 million loss recorded between March 20 and April 3, when his stake dipped from $17.34 million to $15.33 million.