Equity Group, led by Kenyan banker James Mwangi, seizes Nairobi’s Eastland Hotel
Equity Bank has seized Nairobi’s Eastland Hotel over loan default, underscoring mounting pressure on Kenya’s hospitality sector and rising bad debt
Hot News
Wema Bank, partly owned by gambling magnate Adebutu, wins nod for $100 million capital raise
The capital raise, which opened on April 14 and closed on May 21, was part of the lender’s plan to meet the CBN’s recapitalization directive for commercial banks.
Kenya’s richest banker James Mwangi adds $12.6 million from Equity Group stake
Kenyan banker and leading businessman James Mwangi adds $12.6 million from his Equity Group stake as shares rally.
Kenyan tycoon Narendra Raval targets 7,610 acres to mine iron ore for steel plant
The application covers 30.8 square kilometers, or about 7,610 acres. Iron ore, which is mainly used to make pig iron, is a key raw material in steel production.
Egyptian tycoons Sawiris, Allam launch $6.5 million social project
Egyptian tycoons Naguib Sawiris and Hassan Allam sealed a $6.5 million social impact deal to boost education, farming, and fight poverty.
Malagasy businessman Hassanein Hiridjee’s Axian backs Paris AI cybersecurity startup
Malagasy businessman Hassanein Hiridjee’s Axian joined a $3.5 million round for Paris-based Nucleon Security to scale AI-driven cyber defense.
OpenAI seals $300 billion cloud computing deal, months after Ogunlesi joins board
OpenAI signs $300 billion Oracle deal after Adebayo Ogunlesi joins board, fueling AI growth and valuation push.
Lion Forge, founded by Black billionaire David Steward’s son, secures $30 million investment
Lion Forge, founded by billionaire David Steward’s son, secures $30 million from HarbourView to expand franchises across animation and family content.
Ghana’s richest investor, Daniel Ofori, gains $7.6 million on GCB Bank shares
Ghana’s richest investor Daniel Ofori gains $7.6 million from GCB Bank’s 73% stock rally this year.
Black billionaire Tyler Perry faces $260 million lawsuit
Billionaire filmmaker Tyler Perry faces a $260 million lawsuit from actor Derek Dixon alleging assault, coercion and retaliation.
U.S.-Nigerian telecom mogul Sam Darwish’s IHS stake tops $90 million
IHS Towers co-founder Sam Darwish sees his holdings rise above $93 million as the company’s market cap nears $2.4 billion.
Kenny Fihla-led Absa, deepens AWS partnership to drive digital transformation across Africa
The move underscores CEO Ralph Mupita’s push for consolidation in a market where Vodacom has already secured approval for a contested fiber deal.
MTN, led by Zimbabwean executive Ralph Mupita, rules out building fiber network
The move underscores CEO Ralph Mupita’s push for consolidation in a market where Vodacom has already secured approval for a contested fiber deal.
Nigerian banker Peter Ashade-led United Capital signs $3.3 million solar minigrid loan
United Capital, led by Peter Ashade, funds Husk Power’s $3.3M community solar minigrid in Nigeria to expand clean energy access.
Nigerian tech tycoon Leo Stan Ekeh pledges 1 million laptops for students
Leo Stan Ekeh’s Zinox has launched a CSR program to provide one million Nigerian students with laptops, internet, and power support.
Karl Toriola-led MTN Nigeria to spend $664 million on network expansion
The commitment comes despite a difficult year that left the industry struggling with foreign exchange shortages and soaring operating costs.