Emmanuel Katongole’s QCIL gets $36 million for new pharma plant in Uganda
Uganda’s QCIL gets $36 million Stanbic loan for second pharma plant, aims to scale drug output and locally manufacture TB treatments for regional markets.
East Africa
Sam Darwish’s IHS to sell Rwandan tower assets for $274 million
IHS Holding divests its 1,465 Rwandan towers to Paradigm Tower Ventures for $274.5 million, refocusing on core markets amid global portfolio reshuffle.
Legal dispute threatens Tanzanian billionaire Rostam Aziz’s Mombasa LPG project
Rostam Aziz’s Mombasa LPG project faces court challenge over alleged environmental harm, coral disruption, and lack of community consultation.
Kenyan businessman Julius Mwale cleared as U.S. court dismisses $1.7 million lawsuit
The court upheld a 2023 loan modification and release agreement barring future claims, ending disputes over alleged business loan issues linked to MMTC.
Suresh Bhagwanji Shah’s I&M acquires prime commercial building in Tanzania
The property, now known as I&M House@1046, will serve as the new Tanzanian headquarters for the Nairobi-listed lender and host one of its flagship branches.
Court clears James Mwangi-led bank to sell EAC assets over $17 million loan
Kenya’s court cleared James Mwangi-led Equity Bank to sell EAC assets tied to a $17 million loan, ending a years-long legal battle over the debt.
Kenyan banker Paul Russo-led KCB Group posts $127 million Q1 profit
KCB Group, led by CEO Paul Russo, posted a $127.9 million Q1 profit, driven by regional growth and digital focus despite non-interest income slipping 9.7%.
NCBA, backed by Kenya's richest families, posts $42.3 million Q1 profit
NCBA, backed by Kenya’s elite families, posted a modest 3.41% Q1 profit rise to $42.4 million despite loan book contraction and macroeconomic headwinds.
Mauritian-based firm takes $19 million stake in Suresh Bhagwanji Shah’s I&M Group
Mauritius-based EAGH boosts its I&M Group stake to 15.14% with a $19 million investment, signaling rising confidence in East Africa's banking sector.
James Mwangi-led Equity Group fires 200 Kenyan staff over $11.6 million scandal
The bank, East Africa’s largest by assets, revealed that the affected employees spanned senior managers and junior staff across its branch network and head office.
Mauritian businessman Arnaud Lagesse’s IBL Group posts $87 million profit
The results reflect the continued strength of its international operations, which helped cushion the impact of rising costs in its home market.
Co-op Bank delivers Q1 profit of $53.3 million under Gideon Muriuki
Co-op Bank posted a $53.3 million Q1 profit, up 5.3%, driven by digital lending, strong interest income, and operational efficiency under CEO Gideon Muriuki.
James Mwangi gains $5.8 million as Equity Group shares soar
Mwangi’s stake has grown in value from Ksh5.44 billion ($42.06 million) to Ksh6.19 billion ($47.84 million).
Workers seek dues at Bernard Soi’s recently acquired Muhoroni firm
Bernard Soi’s takeover of Muhoroni Sugar sparks labor protests as workers demand unpaid dues, exposing tensions in Kenya’s push to privatize state mills.
Peter Ndegwa leads Safaricom to historic $3 billion revenue
Safaricom posted $3.01 billion in revenue, marking a historic first in East Africa, as it eyes tech-driven growth in Kenya, Ethiopia, and beyond.
Baloobhai Patel linked-Absa Kenya backs $52 million student housing in Nairobi
Absa Bank Kenya, partly owned by investor Baloobhai Patel, is backing a $52 million student housing drive to ease Nairobi’s 300,000-bed deficit.