News
New Richest Men List Put Africa’s Billionaires Fortune @ $144Bn

Ventures Africa, an African business magazine and news service, said it has launched the first of its new annual Africa rich list, touted as the most comprehensive ever compiled.
It revealed the true wealth of Africa’s richest people and many more African billionaires than previously thought.
The list uncovers the fortunes of the 55 African billionaires, of which for many little was previously known about the size of their wealth.
Previously published Africa rich lists have only identified as few as 16 African billionaires.
Key findings from the research include: the combined fortune of Africa’s 55 billionaires is $143.88 billion, with average net worth of $2.6 billion.
The median age of the list is 65 years. The youngest billionaires are Mohammed Dewji of Tanzania and Igho Sanomi, a Nigerian oil trader, who are both 38.
The oldest billionaires are Manu Chandaria, a Kenyan industrialist, and Mohammed Al-Fayed, the Egyptian property tycoon, who are both 84.
Folorunsho Alakija, Africa’s wealthiest woman, is worth $7.3 billion dollars.
The most common industries in which African billionaires have made their money are: construction, financial services, oil and gas, manufacturing and real estate;
The wealthiest African’s are significantly wealthier than previously thought, for example: Aliko Dangote, Africa’s richest person, is now estimated to be worth $20.2 billion, a 68% increase on the most recent estimate of $12 billion
Mike Adenuga, oil and telecoms magnate and Africa’s third richest person, is now estimated to be worth $8 billion a 74% increase on the most recent estimate of $4.6 billion
Nigeria, South Africa and Egypt have the most billionaires with 20, nine and eight respectively. In total ten African countries are represented on the list; there are a large number of African billionaires on the list whose fortunes have never been accurately calculated before including: Strive Masiyiwa (Zimbabwe, $1.46 billion); Abdulsamad Rabiu (Nigeria, $1.4 billion); Aziz Akhannouch (Morocco, $1.39 billion); Jide Omokore (Nigeria, $1.32 billion); and Bode Akindele (Nigeria, $1.19 billion)
Chi-Chi Okonjo, Founder of Ventures Africa, said: “The Ventures Africa Rich List is the most authoritative Africa rich list ever compiled. We have been able to do so because of our on-the-ground experience and detailed knowledge of the local African business landscape, enabling us to negotiate problems that have hampered other African wealth researchers.
“This list is also a tribute to the entrepreneurial heartbeat within Africa. This wealth helps to create jobs and the billionaires on the list are more philanthropic than ever before. We’ve also featured a list of the aspiring millionaires under 40.
These represent the voice of youth and the creation of tomorrow’s jobs. It makes for fascinating reading.”
The Ventures Africa Rich List has also reveals changing attitudes of Africa’s wealthy to philanthropy. Africa’s wealthy are becoming more structured with their philanthropy and choosing to set up foundations that will support their causes well into the future. For example, the foundation of Africa’s richest man, Aliko Dangote, has donated over $100 million in the previous twelve months to causes including: education, health and disaster relief.
Jason Njoku, co-Founder iROKO Partners, and who also features on the Ventures Africa ‘Aspirant African Millionaires Under 40’ list, said: “The new generation of wealthy Africans is looking at both commercial success and what good this success can bring to local communities, countries and Africa as a whole. Responsibility goes hand in hand with growth and with success goes the ability to make a difference.”
The list has been compiled using financial reports, by tracking equity holdings around stock markets and identifying specific shareholding structures in large, privately-held companies. The results have been corroborated with investment bankers, realtors and financial analysts to determine proper values for companies, real estate and other assets, such as art collections, jets, yachts and jewellery.
News
Google, UpSkill Universe Relaunch Hustle Academy to Bring Free AI Skills to Africans

Google and UpSkill Universe, Sub-Saharan Africa’s leading AI and business skills training partner, have announced a major redesign of the Google Hustle Academy programme.

For the first time, the free training initiative is open to everyone, not just business owners. The new curriculum is focused on equipping individuals and entrepreneurs with practical AI skills.
Small businesses are the engine of Africa’s economy, creating over 80% of jobs on the continent. To help them grow, the Hustle Academy was launched in 2022, providing bootcamp-style training on business strategy, digital skills, AI, and leadership. The program has since trained over 18,000 SMEs, with many reporting increased revenue and job creation.
Now, as AI reshapes the job market, the program is evolving. The 2026 edition is built for anyone in Sub-Saharan Africa, including employees, students, and jobseekers, who wants to use AI to advance their career.
To meet the needs of a diverse audience, the new format includes short, 60-minute webinars and more immersive, high-impact bootcamps. These sessions are laser-focused on putting AI to work immediately in areas like digital commerce, marketing, and growth strategy.
Speaking about the academy, Gori Yahaya, Founder & CEO UpSkill Universe said “The 2026 Hustle Academy is designed to close the AI Skills gap with hands-on training that is short, focused, and immediately useful. AI is reshaping how businesses win and how careers are built, right across this continent.
“We’re excited to renew our partnership, now in its fifth year with Google, combining their global AI leadership with our deep regional AI expertise. The next wave of AI leaders will come from this continent. We are making sure they are ready.”
The Hustle Academy initiative has strengthened digital competitiveness across emerging African economies by enabling SMEs to move beyond AI awareness to practical implementation, positioning them for sustained growth in an increasingly AI-driven business environment.
“We believe that the future of Africa’s digital economy lies in the hands of individuals and entrepreneurs alike. Our new strategy focuses on scaling reach by training individuals in the latest AI-centered tools and techniques,” said a Google representative.
News
Lagos Govt Drags Top Firms to Court Over Billion-Naira Tax Debts

Lagos State has dragged 45 individuals and firms, including Bi-Courtney Aviation, DAAR Communications and Leaders & Company, to revenue court for tax debts running into billions of naira.

Lagos Govt
Bi-Courtney, operators of Murtala Muhammed Airport Terminal Two, faces N38.7 million claim; DAAR, behind Africa Independent Television, owes N22.4 million; ThisDay publishers Leaders & Company allegedly skip N67.1 million.
GMT Energy Resources tops corporates at N145.8 million, followed by Sheriff Deputies at N132.1 million; others like Heyden Petroleum, AA Rescue, BRT operator Primero also listed.
Individuals owe N13.5 million to N35 million each.
Attorney-General Lawal Pedro said suits followed ignored notices, aiming to enforce laws and fund infrastructure.
More defendants: IENG Nigeria, James Fisher, V Care Diagnostics, Venture Garden, Saro Africa, Barry Callebaut, Native Media, First Consulting, Eyowo Payments.
Compliant taxpayers post-notice escaped prosecution; defaulters risk penalties, interest, jail.
Pedro urged prompt filings and payments.
News
Beware of Fake Cerelac Products – NAFDAC

National Agency for Food and Drug Administration and Control (NAFDAC) has alerted Nigerians on counterfeit and unregistered Cerelac Mixed Fruits and Wheat products being sold in Lagos.

NAFDAC said Nestle Nigeria, the genuine Marketing Authorisation Holder of the product, received a complaint of suspected counterfeit purportedly manufactured by Nestlé Spain, bearing Batch Code 308002910.
It said that Nestle Nigeria reported that the complainant described that the counterfeit product emitted an odour suggestive of possible contact with fuel.
NAFDAC said that preliminary review of the product by Nestle Nigeria indicated that it had expired, in spite of the container displaying an expiry date of 10-2026, which suggested that the date coding had been tampered with (revalidated).
Nestle Cerelac Mixed Fruits and Wheat is a nutritious infant cereal, designed to be a delicious first food for infants.
NAFDAC said that its post-marketing surveillance’s directorate officers in Lagos conducted a surveillance visit to Maxland Shopping Centre, 193 Ago Palace, Okota, where the product was purchased by the complainant.
It added that the suspected counterfeit and unregistered Cerelac were found on sale at the premises and subsequently mopped up, while Nestle assisted in identifying the distinguishing features between registered and unregistered product.
According to the regulatory agency, Nestle revealed that the unregistered product used a hyphen (-) to separate the day from the year, while the registered product used a slash (/) to separate the day from the year.
“It is important to note that Nestle Nigeria is not aware of the channels through which the products are supplied into the country.
“Healthcare professionals and consumers are advised to report any suspicion of the sale of substandard and falsified regulated products to the nearest NAFDAC office, call 0800-162-3322, or send an email to [email protected],” NAFDAC said.
The agency warned that counterfeit formula often lacked essential nutrients, vitamins and minerals, leading to stunted growth or developmental issues.
It said that such formula might also contain contaminants that might lead to severe health consequences to infants or even death.
NAFDAC reiterated its commitment to safeguarding public health adding that it would continue surveillance activities to ensure the quality, safety, and efficacy of all NAFDAC-regulated products circulating in Nigeria.
It said that all zonal directors of the agency and state coordinators had been directed to carry out surveillance and mop up the revalidated product, if found within the zones and states.
The agency urged distributors, retailers, healthcare professionals, and caregivers to exercise caution and vigilance within the supply chain, to avoid the distribution, sale, and use of fake products.
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