From Land to banks: Kenyatta family’s NCBA stake now worth over $100 million
Kenyatta family’s NCBA stake tops $100 million as shares rally 14% on the NSE, boosting wealth and reinforcing influence across East Africa.
East Africa
Hassanein Hiridjee’s AXIAN eyes Jumia buyout as market value hits $600 million
AXIAN Telecom considers buying Jumia after raising stake and securing $600 million in bonds to boost Africa’s digital commerce growth.
After Kenya’s $20 million surprise, world’s richest investor gives away $6 billion
Warren Buffett gives $6 billion in Berkshire shares to five foundations, on the heels of a $20 million grant to Kenya’s health system.
Kenyan banker James Mwangi's Equity Group to auction vehicles in $2.3 million loan dispute
Kenya’s High Court cleared Equity Bank to auction 30 vehicles to recover a $2.34 million debt, underscoring rising defaults and tougher enforcement on distressed borrowers.
Hassanein Hiridjee’s AXIAN Telecom raises $600 million to expand connectivity in Africa
AXIAN Telecom secures $600M in bond funding to deepen digital reach, expand broadband, and connect millions across Africa.
Equity Group, led by James Mwangi, receives approval to launch UAE office
This marks a significant milestone in the bank’s international expansion strategy as it seeks to deepen global connectivity and access new markets.
Merali family's Sameer Africa closes $7.1 million land sale to slash debt
Sameer Africa finalizes $7.1 million land sale after years of delay, using proceeds to cut debt as profit hits a decade high, driven by forex gains and lower costs.
East Africa's first billionaire hands over multimillion-dollar faculty complex in Uganda
The project, delivered by Vcon Construction, the construction arm of the Ruparelia Group, was reportedly completed in just under two years.
Tanzanian businessman Said Bakhresa plans $500 million factory expansion
The move is aimed at boosting production and reinforcing the company’s leadership in the regional market.
Baloobhai Patel-linked Sanlam Kenya repays $23.5 million Stanbic loan
Sanlam Kenya, backed by investor Baloobhai Patel, has cleared a $23.5 million Stanbic loan and posted a profit rebound on stronger revenue and investment income.
Hassanein Hiridjee’s AXIAN Telecom sees promise in Africa’s digital economy with $35 million Jumia stake
With Jumia’s market capitalization approaching $400 million, AXIAN’s growing interest underscores its faith in the platform’s renewed business focus.
Mary-Ann Musangi’s HACO Industries completes second phase of solar expansion
The new system adds 311 solar panels and will generate about 180 kWh of power, covering roughly 60 percent of that division’s energy needs.
Baloobhai Patel linked-Absa Kenya recovers $1.8 million lost to fraud
The Nairobi-listed lender said its systems helped avert an additional Ksh334 million ($2.59 million) in potential losses.
Britam, backed by Kenya’s Elite, buys $5.9 million stake in Nigerian reinsurer
The group invested $5.9 million through its wholly-owned unit, Britam Life Assurance Company (Kenya), to acquire a 30 percent stake in Continental Re Kenya.
Ally Awadh’s Lake Gas receives Nigerian cooking gas shipment to cut prices in Kenya
Lake Gas, led by Ally Awadh, lands Nigerian LPG at Kenya’s Vipingo terminal to lower prices and boost East Africa’s clean energy supply.
Britam, backed by Kenya’s elite, reverses $16 million paper loss on HF investment
Britam has reversed a $16 million impairment loss on HF Group, signaling renewed confidence and bolstering its capital position after strong 2024 earnings.