Patrick Bitature, one of Uganda’s richest men, faces $10 million legal setback
Ugandan tycoon Patrick Bitature faces $10 million legal setback from South Africa’s Vantage Mezzanine Fund II Partnership.
East Africa
Malawian executive Jimmy Lipunga leads Illovo in $45 million loan deal
The facility, backed by majority shareholder Sucoma Holdings, will pay down part of Illovo’s $72 million liabilities, much of it owed to foreign suppliers and sister companies.
Baloobhai Patel-backed Sanlam Kenya reports sharp profit decline in first half
Sanlam Kenya, backed by Nairobi investor Baloobhai Patel, reported an 89% profit fall in H1 2025 as rising expenses outweighed investment gains.
KCB Group, led by Kenyan banker Paul Russo, eyes Ethiopia entry
KCB Group, led by Paul Russo, is eyeing entry into Ethiopia’s newly opened banking sector, weighing acquisitions and foreign ownership exemptions.
Malawian billionaire Thom Mpinganjira's FDH Bank posts $34 million profit in H1 2025
FDH Bank’s profit nearly doubles to $35 million on higher interest income and loan growth in the first half of 2025.
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%.
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.