Wealthy Kenyan Ndegwa family suffers over $3-million loss in single day
The Ndegwa family, which was involved in the merger of NIC Bank Group and Commercial Bank of Africa Group in 2018, owns a 14.94-percent stake in NCBA Group.
East Africa
Kenyan billionaire Narendra Raval faces sanctions for inflating steel prices
The Competition Authority uncovered evidence of price fixing, where nine companies, including Raval’s Devki Steel Mills, collaborated to collectively set prices.
Nigerian entrepreneur Tosin Eniolorunda’s Moniepoint to acquire Kenyan payment firm
Moniepoint Inc., originally founded as Apt Inc. by Eniolorunda in 2015, has rapidly evolved into a powerhouse within the fintech realm.
Struggling Ugandan tycoon Patrick Bitature ordered to pay South African firm $65 million
According to court documents, Bitature has been directed to personally pay $25.4 million as a result of a breach of contract.
Bank led by Kenyan businessman James Mwangi surpasses $11 billion in assets
Equity Group, under the leadership of Mwangi, reported a profit of $182.8 million at the end of the first half of its 2023 fiscal year.
Kenyan multimillionaire industrialist Narendra Raval plans 60 MW wind farm
The decision to establish the wind power plant, a strategic maneuver to cut operating costs, follows an earlier revelation.
Co-op Bank stake of Kenyan businessman Gideon Muriuki falls below $10 million
Muriuki owns a significant stake of two percent in Co-op Bank, which translates to 117,471,300 shares in the Nairobi-based lender.
Kenyan tycoon Ken Njoroge-backed startup targets $1 million via crowdfunding
This strategic move comes on the heels of MarketForce’s remarkable feat last year, when it secured $40 million in a Series-A funding round backed by Ken Njoroge.
Bank led by Kenyan banker James Mwangi posts $182-million half-year profit
Mwangi derives the majority of his wealth from a 3.38-percent stake in Equity Group.
7 companies owned by Ugandan multimillionaire Ham Kiggundu
Kiggundu presides over the Ham Group which owns landmark shopping centers, office buildings, and hotels.
KRA pursues $12.5-million tax claim against Kenya’s Mukuha family
The KRA’s demand is linked to a 31.5-percent stake sale in Naivas International in 2020 by members of the Mukuha family.
Nigerian banker Herbert Wigwe’s Access Holdings pours $7 million into Kenyan unit
Earlier this year, under Wigwe’s leadership, Access Holdings pledged a substantial $300-million capital investment to its flagship subsidiary.
Kenyan tycoon Edward Kirathe’s Acorn plans expansion for student hostels in Nairobi
Kirathe’s influence in Kenya’s real estate sector spans 25 years, making him a prominent figure in the East African real estate domain.
Britam, partly owned by Kenyan magnates, taps Airtel to expand insurance reach
Leading Kenyan billionaires such as Mbaru, Munga, and Mwangi hold significant stakes within the conglomerate.
Mauritian Espitalier-Noel family suffers $9-million loss from ENL stake
With their stake now worth more than $45 million, the affluent Mauritian Espitalier-Noel family ranks among the richest families in Mauritius.
Ugandan tycoon Charles Mbire suffers $2.4-million loss from MTN Uganda stake
The market value of Mbire’s 3.99-percent stake in MTN Uganda has declined $43.89 million on Jan. 1 to $41.45 million.