billionaires.africa news headlines
Africa's richest man, Aliko Dangote's mega refinery pushes back petrol supply date
Dangote Industries Limited, the diversified manufacturing conglomerate led by Africa's richest man Aliko Dangote, has delayed its petrol supply date due to crude oil supply issues. The refinery, initially set to start producing Premium Motor Spirit (PMS) in early August, is facing major operatio
Kenyan tycoon Edward Kirathe's Acorn to bolster portfolio with $21.7 million raise
Acorn Holdings Africa, a leading property developer headquartered in Nairobi and founded by Kenyan real estate magnate Edward Kirathe, is set to bolster its asset portfolio and operational capacity with a fresh injection of Ksh2.8 billion ($21.7 million) in new capital. This capital rai
Egypt's wealthy Khamis family loses $7.5 million from Oriental Weavers stake
The Khamis family, a leading Egyptian business family recognized for their significant contributions to the carpet industry, has seen a notable decrease in their wealth. Their stake in Oriental Weavers has fallen by nearly $7.5 million due to recent selling pressures, on the Egyptian Exchange (E
South African exec Nico Muller-led Implats announces $12-million impairment
Impala Platinum Holdings (Implats) has announced a impairment of R19.8 billion ($12.38 million) in its upcoming financial results. The company also warned of a swing to a full-year loss due to the drop in platinum-group metals (PGMs) prices. Impala Platinum's financial struggle
Court orders Cameroonian Alain Nkontchou-led Ecobank to pay over $679,000 to former Oceanic bank employees
The National Industrial Court in Lagos has ordered Ecobank Nigeria Limited, led by Cameroonian executive Alain Nkontchou, to pay N1,086,611,589.11 (approximately $681,632) into the account of the chief registrar of the court. This payment is pending the hearing and determination of an a
MTN Nigeria's Karl Toriola and Sam Darwish extend tower leases to 2032
The updated agreement renews and extends around 2,500 MTN Nigeria tenancies, which were set to expire at the end of 2024 and in 2025. Additionally, IHS Towers will renew 1,430 tenancies and include new collocations under the new terms. This renewal is a significant development for both
Botswana magnate Chandra Chauhan leads Sefalana Group to $716-million revenue for 2023-24 financial year
The group's overall profits before tax were P442.8 million ($33 million) which reduced to P335.5 million ($25 million) after accounting for taxes. In Botswana, Sefalana operates 125 retail stores, which constitute two-thirds of the group's business. These stores include 56 liquor outlet
Access bank, linked to Nigerian banker Aigboje Aig-Imoukhuede, launches 'Switch to Solar' initiative
Access Bank, the flagship banking subsidiary of Access Holding, a leading financial services group led by Nigerian banker Aigboje Aig-Imoukhuede, has introduced a groundbreaking product titled, "Switch to Solar by Access," aimed at offering affordable financing opportunities for businesses and c
Patrice Motsepe, Africa's first Black billionaire, sees net worth fall below $3 billion
Patrice Motsepe, Africa's first Black billionaire and the richest Black individual in Southern Africa, has seen a significant decline in his net worth. After reaching $3.1 billion earlier this year , Motsepe's fortune has now fallen below the $3 billion mark, largely due to a sustained decrease