Billionaires.Africa

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Lebanese-Nigerian tycoon Hassan Hammoud plans $50 million investment in Ogun

2 days ago | billionaires.africa | Timilehin Adejumobi

Key PointsLebanese-Nigerian tycoon Hassan Hammoud plans a $50 million manufacturing investment in Ogun State to boost local production and job creation. Mamuda Group's expansion focuses on food, beverages, and agro-processing sectors, aligning with Nigeria's industrial growth strategy. Zenith Bank backs Mamuda’s growth, reinforcing financial support for sustainable business operations in Nigeria’s manufacturing sector.
Ackerman family sees $13.95 million decline in Pick n Pay stake

2 days ago | billionaires.africa | Timilehin Adejumobi

Key PointsAckerman family’s Pick n Pay stake lost nearly $14 million in 11 days amid operational struggles and intense retail competition. Pick n Pay shares have slumped 7.16% since May 2, dragging market value below $1 billion, a key level for investors. Year-to-date, the stock is down 13.42%, underperforming both Shoprite and the broader JSE All Share Index.
Oando, led by Wale Tinubu, wraps up pipeline repairs after spills

2 days ago | billionaires.africa | Timilehin Adejumobi

Key PointsOando completes pipeline repairs after multiple spills, restoring operations along the NNPC/Oando pipeline in Bayelsa State. Oando launches pipeline replacement initiative to prevent future spills, collaborating with regulators and local communities. Oando's 2024 financials show a 45% revenue surge, driven by higher crude output and favorable market conditions.
Discovery co-founder Adrian Gore sees $60 million rebound in stake

3 days ago | billionaires.africa | Timilehin Adejumobi

Key PointsAdrian Gore’s wealth surged by $61.5 million as Discovery’s stock gained 12.58% in the past month, boosting his stake’s value to over $550 million. Discovery’s market cap climbed above $7.6 billion, rewarding shareholders, with Gore’s stake rising by R1.12 billion ($61.5 million) during the rally. Discovery shares are up 6.06% year-to-date, turning a $100,000 investment into $106,060 since January 2025.
Strive Masiyiwa’s Cassava strikes deal to support AI growth in Africa

3 days ago | billionaires.africa | Timilehin Adejumobi

Key PointsCassava, Zindi team up to power African AI with local data, talent, and GPU infrastructure. Strive Masiyiwa’s tech empire backs Africa’s first AI factory, a $720 million project set for 2025 launch. Cassava, Zindi partnership to boost AI jobs, train talent, and tackle fintech, health, and agriculture challenges with machine learning.
South African tech mogul Jens Montanana gains $28 million from Datatec stake

4 days ago | billionaires.africa | Timilehin Adejumobi

Key PointsJens Montanana’s Datatec stake has surged $28.12 million in two months, fueled by a 27.96% rise in the company’s share price. Datatec’s strong H1 earnings — net profit up 91.75% to $30.2 million — boost investor confidence in South African tech stocks. Year-to-date, Datatec shares are up 22.34%, outperforming many local and global players, attracting growth-focused investors.
Stephen Brookes' Balwin posts $120 million revenue in 2025

4 days ago | billionaires.africa | Timilehin Adejumobi

Key PointsBalwin’s FY2025 revenue fell 6% to $120.6 million as high interest rates and political uncertainty impacted homebuyer sentiment in the first half. Profit climbed 8% to R234 million, driven by improved second-half sales after a rate cut and the formation of South Africa’s Government of National Unity. Annuity income rose 33% to $9.7 million, helping stabilize earnings and lift the group’s gross margin to 30% amid slower apartment handovers.
Benedict Peters seals deal to build 200,000bpd refinery in Mozambique

4 days ago | billionaires.africa | Timilehin Adejumobi

Key PointsBenedict Peters’ Aiteo to build 200,000bpd refinery in Mozambique with PETROMOC, reshaping Southern Africa’s fuel trade. Mozambique aims to cut fuel imports and become a regional energy hub, with the refinery set for delivery in 24 months. The project adds storage, jobs, and strategic value; Aiteo’s expansion marks Peters’ growing footprint in Africa’s energy and mining sectors.
James Mwangi-led Equity Group seals $495 million deal for MSME

5 days ago | billionaires.africa | Timilehin Adejumobi

Key PointsEquity Group secures $495 million guarantee from AGF to unlock $1 billion in MSME lending across five African countries. Deal expected to support 50,000 jobs and expand financial access for women and youth-led businesses. James Mwangi’s bank pushes green, inclusive finance while targeting expansion in Tanzania and Uganda. Equity Group, East Africa’s largest lender led by Kenyan banker James Mwangi, has secured a game-changing partnership with the African Guarantee Fund (AGF).
Electric giant led by Egypt's El-Sewedy family inks $274.7 million Qatar contract

1 week ago | billionaires.africa | Feyisayo Ajayi

Key PointsElsewedy Electric sealed a $274.7 million deal with Kahramaa to install 132kV cables, expanding Qatar’s transmission network through its local joint venture. The project will be executed by Elsewedy Cables Qatar, with cables supplied by Doha Cables—a joint venture of Aamal Company and Elsewedy Electric. The deal aligns with Qatar National Vision 2030 and further solidifies Elsewedy Electric’s infrastructure footprint across MENA under Ahmed El-Sewedy’s leadership.