Malagasy billionaire Hassanein Hiridjee's Axian Telecom earns $980 million as profit falls
Axian Telecom's half-year revenue rose 26.5% to $980 million, but second-quarter profit fell to $33.2 million on Jumia and Wananchi valuations.
East Africa
Ugandan steel magnate Sikander Lalani opens a $125 million mill
Museveni opened Roofings Group's $125 million cold rolling complex at Namanve as the company moves to mine and process Ugandan iron ore for itself.
Ugandan billionaire Sudhir Ruparelia collects a $603,000 dividend from Bank of Baroda Uganda
Sudhir Ruparelia received a Shs2.25 billion dividend from Bank of Baroda Uganda. His stakes in two listed lenders are worth about $15.3 million.
Kenyan billionaire Adil Popat's Simba Corp partners with Absa to expand vehicle financing
Absa Bank Kenya has partnered with billionaire Adil Popat's Simba Corporation to finance up to 100 percent of vehicles and farm equipment for buyers.
Madagascar tycoon Mamy Ravatomanga seeks bail in $155 million Mauritius laundering case
Mauritius prosecutors oppose bail for Malagasy tycoon Mamy Ravatomanga, alleging state capture and $155 million in money laundering.
Tanzanian billionaire Mo Dewji pledges to invest $250 million in Mozambique and create 20,000 jobs
Mohammed Dewji told Mozambique's president his MeTL Group will invest $250 million in the country and employ 20,000 Mozambicans.
Wealthy Kenyan banker Gideon Muriuki is charged with fraud, not just failing to report it
Gideon Muriuki and Co-operative Bank face conspiracy to defraud counts alongside the failure-to-report charges halted by the High Court.
Kenyan tycoon Paul Ndung'u's Car & General stake soars past KSh 1.6 billion in NSE rally
Kenyan tycoon Paul Ndung'u's stake in Car & General has gained about KSh 1.5 billion after the motorcycle and finance group's shares rallied nearly 885%.
Kenyan politician Musalia Mudavadi is paying $29 million to buy back insurers he sold Barclays
An investment firm linked to Kenya's Prime Cabinet Secretary Musalia Mudavadi is buying Absa's stakes in two insurers for at least $29 million.
Ugandan tycoon Amos Nzeyi is still farming land he sold to the state pension fund in 2008
Uganda's Parliament has summoned Pepsi bottler Amos Nzeyi over 55 acres he sold the state pension fund in 2008 but never handed over.
Madagascar billionaire Hassanein Hiridjee joins IFC in Jumia's $50 million capital raise
Hassanein Hiridjee's Axian has backed Jumia's $50 million raise alongside the World Bank's IFC, as the e-commerce group narrows its losses.
Kenya's Co-operative Bank, led by Gideon Muriuki, posts $139 million in half-year profit
Kenya's Co-operative Bank, led by Gideon Muriuki, lifted half-year net profit 28% to $139 million on higher interest and fee income.
Kenyan banker Gideon Muriuki faces a bid to suspend him from Co-op Bank days after winning court protection
Days after the High Court shielded Gideon Muriuki from prosecution, an activist has asked the same court to bar him from running Co-operative Bank.
Rwanda shuts the alcohol line of Sina Gerard, the tycoon behind Akabanga chilli oil
Rwanda has shut the alcohol section of Sina Gerard's Urwibutso and arrested its production manager. The juice and food lines remain open.
Rwandan tycoon Hatari Sekoko went from refugee truck driver to owning Kigali's tallest tower
Hatari Sekoko drove trucks as a refugee in Uganda. He now owns Kigali's tallest tower and Rwanda's first Marriott hotel.
Aliko Dangote eyes 2,000MW power plant and fertiliser complex in Tanzania after $800 million cement bet
Tanzania is courting Aliko Dangote for a 2,000-megawatt power plant, a fertiliser complex and port investments, building on his group's existing $800 million cement presence.