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Axian Energy, a division of the Pan-African conglomerate, AXIAN Group, owned by Malagasy tycoon Hassanein Hiridjee, has acquired a significant stake in Gigawatt Global Rwanda Ltd, marking its entry into the Rwandan renewable energy market. The acquisition, finalized on July 30, 2024, fo

South African tech mogul Zak Calisto, the founder and CEO of Karooooo Limited, has seen his wealth soar in recent days, driven by a significant rally in the share price of the Singapore-based mobility platform. The market value of Calisto's stake in Karooooo has surged by $175.62 million over th

Summers is leading efforts to revive the retailer with a comprehensive turnaround plan. Over the past decade, Pick 'n Pay has lost market share to larger competitors like Shoprite. The core supermarket business faced challenges, resulting in a trading loss of 1.5 billion rand ($0.9 mill

Nigerian businessman Dahiru Mangal is making waves in the cement industry, launching the first bags of cement from his $1.5 billion plant in Moba, Kogi State. The establishment of Mangal Cement Company Limited reveals a shift in the industry, positioning Mangal as a formidable contender

Aliko Dangote has reclaimed his position as Africa's richest man, overtaking South Africa's Johann Rupert after a recent increase in his net worth. This shift in ranking comes shortly after Rupert briefly surpassed Dangote on Friday , according to the Bloomberg Billionaires Index . Dang

Adding to his series of wealth gains this year, Egyptian multimillionaire businessman Sadek Elsewedy, co-founder and non-executive chairman of Elsewedy Electric, has enjoyed another significant boost in the market value of his stake in the company, further cementing his position among the countr

ArcelorMittal South Africa, a Gauteng-based steelmaker partially owned by South African businesswoman Noluthando Gosa has raised concerns about Chinese steel exports affecting global markets. The company highlighted the unsustainability of current market conditions due to a flood of che

Africa's richest man Aliko Dangote has launched an initiative through the Dangote Oil Refinery to process approximately $1.2 billion worth of crude oil monthly. This effort follows Nigerian President Bola Tinubu's directive, which commands the Nigerian National Petroleum Company Limited

BUA Foods' administrative expenses, coupled with selling and distribution overheads, raised its total operating expenses during the period. Nevertheless, the company managed to bolster its profitability through significant growth in other income and strategic cost management. Other inco