Malawian tycoon Vizenge Kumwenda's NICO Holdings stake now worth $34 million
Malawian tycoon Vizenge Kumwenda’s NICO Holdings stake has surged to $34.34 million in 2025 as shares on the Malawi Stock Exchange rally 176.7%.
East Africa
Kenyan banker James Mwangi-led Equity Group posts $267 million half-year profit
Kenyan banker James Mwangi leads Equity Group to a 17% profit rise, posting $267 million with assets reaching $13.9 billion.
Malawian billionaire Thom Mpinganjira's FDH Bank buys Ecobank Mozambique for $19.2 million
FDH Bank acquires 98.8% of Ecobank Mozambique for $19.2 million, boosting regional footprint and cutting dividend to fund Southern Africa growth.
Billionaire heiress Mary-Ann Musangi tapped to lead Kenya’s tourism rebrand
Mary-Ann Musangi, heir to Chris Kirubi’s business empire, will chair the 23-member task force tasked with repositioning “Magical Kenya.”
Tanzanian billionaire Ghalib Said Mohamed donates $4.1 million to ruling political party CCM
Ghalib Said Mohamed’s $4.1 million gift led a high-profile CCM fundraiser in Dar es Salaam, helping the ruling party raise over $35 million.
Kenyan pharma tycoon Rupen Mulchand Haria wins $3.2 million tax case
Rupen Mulchand Haria secures $3.2 million tax victory, confirming capital gains tax applies on sale date, not registration.
Thom Mpinganjira becomes Malawi’s first dollar billionaire
Malawian banker Thom Mpinganjira’s FDH Bank shares reach $1.12 billion, making him the country’s first billionaire and richest citizen.
Ugandan tycoon Charles Mbire-led MTN Uganda posts $483 million half-year revenue
MTN Uganda’s half-year revenue rose 13.1% to $483.3 million, powered by data and fintech gains, despite a tax settlement denting net profit.
Thom Mpinganjira becomes Malawi’s richest as FDH Bank stake soars to $1.1 billion
Thom Mpinganjira’s FDH Bank stake reaches $1.12 billion, making him Malawi’s richest man as the bank’s value surges to $2 billion in 2024.
Malawian businessman Thom Mpinganjira’s FDH Bank agrees to buy Ecobank Mozambique
Custodian Investment reports $81.4 million revenue, $17.3 million profit, and $299 million in assets for the first half of 2025.
Tanzanian billionaire Rostam Aziz urges government to prioritize local investors in national projects
Rostam Aziz urges Tanzania to prioritize local investors over foreign capital to strengthen economic self-reliance and build domestic industrial capacity.
Kenyatta family took in up to $22 million in 2022 from Nairobi Expressway build
The Kenyatta family earned up to $22 million in 2022 from land and sand deals during the $682 million Nairobi Expressway construction, records show.
Kenyan court dismisses suit against Tanzanian billionaire Rostam Aziz’s $130 million gas plant
Kenyan court clears Tanzanian billionaire Rostam Aziz’s $130.5 million LPG terminal project, opening the way for expanded energy access in East Africa.
Malawian businessman Thom Mpinganjira’s stake in FDH Bank tops $840 million
FDH Bank stock climbs 255% YTD, boosting Mpinganjira’s stake to $842 million and lifting the bank's market cap past $2 billion.
Safaricom, led by Peter Ndegwa, to pay $372 million in dividends to shareholders
Safaricom, led by Peter Ndegwa, declared a $372.6 million dividend after surpassing $3 billion in revenue, marking its third straight strong payout.
I&M Group, founded by Suresh Bhagwanji Shah, expands reach with new Mount Kenya branch
I&M expands in Kenya’s Mount Kenya region with eco-branch, boosting inclusive banking and regional investment.