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Africa's ten richest are now worth $142.5 billion, with Aliko Dangote close to 39% of it. South Africa's Rupert, Oppenheimer and le Roux families are lining up their heirs. And Idrissa Nassa's Coris Bank posted a $106 million nine-month profit.
Dangote's refinery IPO has closed and Dangote Cement has hit a record, lifting his fortune to $55.4 billion on Forbes' real-time list. BUA Cement, Seplat and First HoldCo posted strong nine-month results. And Kenya launched a $539 million cement plant in Kitui.
Dangote's refinery IPO closes tomorrow, and new details show he nearly walked away from his Kenya Pipeline deal. Femi Otedola is reportedly buying up to 5% of Dangote Cement. Shoprite is in banking talks with Investec. And Douw Steyn's former home is now Africa's leading boutique hotel.
TMG has agreed four projects with the Egyptian state worth a targeted $202 billion. Aliko Dangote has set aside $50 billion for investment to 2030, bought a quarter of Kenya Pipeline and promoted his daughters, days before his refinery IPO closes. And Edha Nahdi's Amsons is buying Oryx in Tanzania.
Nedbank has completed its NCBA takeover, paying the Kenyatta, Ndegwa and Merali families about $319 million. Aziz Akhannouch has left office in Morocco. Stella Okoli has stepped back from running Emzor. And Dangote's refinery IPO enters its final week.
The Dangote refinery made $4.73 billion in nine months, and its IPO now runs to October 27. Airtel Money opened below its offer price in London, while MNT-Halan drew 11 times demand in Cairo. And Patrice Motsepe faced a testing week in mining and in football.
Subscriptions for Aliko Dangote's refinery IPO close tomorrow. Forbes puts him at $51.7 billion, Bloomberg at $35.7 billion, and in the same week Nigeria's finance minister said the country cannot supply the refinery with enough crude.
Sudhir Ruparelia's nine-year fight over Crane Bank reaches a London courtroom today, with his family seeking at least $225 million. Morocco's royal-backed Attijariwafa is buying Société Générale out of Ghana. And Aliko Dangote is offering East African governments 30% of his Kenyan refinery.
Wicknell Chivayo, Zimbabwe's most visible and most argued-over businessman, died on Wednesday evening with his wife when their helicopter crashed near Marondera.
Nigeria earned $750 million from petrol exports in the first half of the year, a sixfold rise analysts credit to Dangote's refinery. And Mark Shuttleworth's foundation promised the people of Príncipe up to $3.20 a day to protect their forest.
Fresh from listing his refinery, Aliko Dangote unveiled a $3.5 billion, 2,650-kilometre pipeline to pump fuel across Southern Africa. And in South Africa, Saki Macozoma sold his entire manganese business to Exxaro for R11.7 billion.
Dangote's record refinery IPO is running, its boss defending a $49 billion valuation against US and Turkish refiners worth a quarter as much, as Nigeria's trade minister claims it could add $60 billion to the market.
Africa's largest-ever IPO opens today: Dangote's refinery begins selling ₦2.15 trillion of shares to a target of 10 million Nigerians.
A single prospectus revealed Aliko Dangote owns 87% of his refinery — and revalued Africa's richest man to $54 billion overnight.
An 81-year-old Benin-born engineer who once ran Gabon's oil quietly holds $1.43 billion of Nigerian oil shares — one of several fortunes hiding in plain sight over the weekend.
Nigeria rejoins FTSE's frontier index on September 21, handing ten of its giants — Dangote Cement, First HoldCo, MTN — a wave of global passive capital, while BUA, UBA and Seplat are left out. And Aliko Dangote said his refinery's $5 billion IPO, set to be Africa's largest, opens within twelve days.