Billionaire Aliko Dangote's $16 billion Kenyan refinery has no secure crude supply
Aliko Dangote breaks ground at Lamu on Sept. 30 on a 700,000-barrel refinery, in a country with no commercial oil production.
East Africa
Kenyan tycoon Suleiman Shahbal signs a $100 million Mombasa deal with Dubai's DP World
DP World is putting more than $100m into a 535-acre industrial zone at Jomvu with Suleiman Shahbal's GulfCap. At the signing, President Ruto used the podium to tell Shahbal to abandon his bid for Mombasa governor.
Sudanese tycoon Osama Daoud Abdellatif built a $600 million company from a tractor dealership
Osama Daoud Abdellatif joined his father's tractor company as a salesman in 1975. DAL Group now turns over more than $600 million a year.
Billionaire Hassanein Hiridjee's AXIAN is bringing credit to 34,000 women who cannot get bank loans
AXIAN Group and the African Development Bank have launched a digital finance programme reaching 34,000 women-led businesses in five countries.
Kenyan tycoon Wilfred Murungi's Mastermind Tobacco collapsed five years after his death
Wilfred Murungi founded Mastermind Tobacco in 1987 and built Kenya's second-largest cigarette maker. Its assets went under the hammer in 2025.
The Kenyatta and Ndegwa families have gained $166 million since agreeing to sell NCBA
NCBA shareholders selling to Nedbank have gained Sh21.4 billion as the South African bank's shares rose 9.5% since the offer was set in January.
President William Ruto orders Tata Chemicals out of Kenya for exporting raw soda ash
President Ruto ordered Tata Chemicals to quit Kenya, saying it exported soda ash from Lake Magadi instead of processing it into glass locally.
Kenya's central bank clears the deal that hands the Kenyatta family a $170 million payday
Kenya's Central Bank has approved Nedbank's acquisition of a 66% stake in NCBA Group for approximately $842 million, clearing the way for one of the most significant cross-border banking transactions in East African history.
Malagasy billionaire Hassanein Hiridjee just lost a 27-year fuel import arrangement to the state
Axian's Jovena was one of four distributors that ran Madagascar's fuel imports for 27 years. A state agency has now taken the JIRAMA contract.
Mauritius says Malagasy billionaire Mamy Ravatomanga plotted a sea escape in $156 million case
Mauritius says Mamy Ravatomanga planned to leave by sea and made illicit calls from prison. His lawyer calls it conjecture with no evidence behind it.
Ugandan steel tycoon Abid Alam avoids civil prison after appeal court halts $338,000 debt order
Uganda's Court of Appeal stayed enforcement of a $338,000 glass debt against Abid Alam, after his creditor sought his committal to civil prison.
Ugandan retail tycoon Ponsiano Ngabirano opens Kampala's first flagship Marriott hotel
President Museveni opened Ponsiano Ngabirano's 277-unit Kampala Marriott on Aug. 27, the first Marriott Hotels property in Uganda.
Tanzanian billionaire Rostam Aziz puts his own chief of staff on Nation Media Group's board
Nation Media Group named six directors and lost four, months after Rostam Aziz bought the Aga Khan's 54.08% stake. One of them reports directly to him.
Tanzanian billionaire Mohammed Dewji courts Botswana weeks after pledging $250 million to Mozambique
Mohammed Dewji met Botswana's president and central bank governor in Gaborone, days after committing more than $250 million to Mozambique.
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.
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.