Led by Kenyan businesswoman Nasim Devji, Diamond Trust Bank intends to open 17 new branches
DTB has grown into a financial services industry leader under Devji.
East Africa
South African-born Kenyan businessman Michael Joseph prolongs term as KQ chairman
Joseph was appointed chairman of KQ in October 2016.
Tanzanian tycoon Said Salim Bakhresa’s Bakhresa Group kicks off sugar production
Bakhresa is one of Africa’s wealthiest men, with an estimated fortune of more than $600 million in 2015.
Tanzania’s richest man Mohammed Dewji plans $4-billion grain production investment
Dewji, 47, is the owner of MeTL Group, a Tanzania-based conglomerate founded by his father in the 1970s.
Kenyan banking magnate Gideon Muriuki loses $1.6 million in 16 weeks
Muriuki owns a two-percent stake in the leading financial services group, totaling 102,528,400 shares.
Kenyan tech entrepreneur Victor Maina’s Duhqa secures $2-million in seed round one year after launch
Duhqa was founded in 2021 by Maina, Davis Angwenyi, and Dudu Moilwa to address issues in the highly fragmented retail market.
Tech billionaire Olugbenga Agboola’s Flutterwave says money laundering claims are false
The company reiterates that it adheres to the highest regulatory standards.
Kenya’s CMA forces CVC Capital Partners to buy out Kenyan mogul Joe Wanjui’s stake in Limuru Tea
The move coincides with efforts to resolve litigation that has clouded Limuru Tea’s future.
Kenyan beer tycoon Ngugi Kiuna ups stake in gas manufacturer, BOC Kenya
The acquisition solidifies Kiuna’s position in BOC Kenya as one of the company’s leading shareholders.
Kenyan banking magnate James Mwangi loses more than $6 million in June
Mwangi’s loss comes on the heels of a reduced appetite for emerging market shares.
Kenyan businessman Paul Ndung’u takes legal action over control of SportPesa assets
The move comes nearly two years after the SportPesa brand was relaunched.
Court of Appeal blocks sale of real estate assets owned by Ugandan magnate Patrick Bitature
The decision comes at a crucial time for Bitature.
Mauritian tycoon Arnaud Lagesse-led IBL Group buys stake in leading Kenyan supermarket chain
The transaction highlights Naivas’ intrinsic value as Kenya’s largest supermarket chain.
Tanzanian gold magnate Ketan Patel suffers $1.8-million loss as Shanta Gold shares retreat
Patel owns 44,274,017 ordinary shares, or 4.22 percent of the company.
Ugandan magnate Charles Mbire gains $4.7 million from stake in MTN Uganda
Mbire owns 3.98 percent of the telecom company.
Nairobi-based entrepreneur Bente Krogmann’s mTek raises $3-million funding for expansion
The startup will begin its expansion within Kenya through Finclusion Group branches.