African Wealth Briefing — Mon., Nov. 2, 2026

Good morning from Billionaires.Africa. Here’s the catch-up since Friday’s brief.

Africa’s richest. Our November list puts Africa’s ten richest at a combined $142.5 billion, up $21.2 billion since September, with Aliko Dangote at $55.4 billion on Forbes’ real-time estimate and close to 39% of the total. Nathan Kirsh is second at $19.2 billion and Johann Rupert third at $15.5 billion, down $2 billion. Issad Rebrab enters at tenth with $3.6 billion, while Michiel le Roux slips to eleventh. Today’s Deep-Dive goes through the list name by name and explains why the estimates for the same person can differ by billions.

Dangote’s week. Dangote’s group and MRS Oil & Gas signed a deal to supply fuel to Cameroon with the state refiner Sonara, which has imported all its refined fuel since an explosion shut the Limbe refinery in 2019; volumes and prices were not disclosed. In Kenya, the Public Private Partnerships Petition Committee dismissed a consumer group’s challenge to his $16 billion Lamu refinery, after the Treasury described it as a private commercial investment, though two other cases return on 12 and 24 November. At home, Dangote Sugar swung to a nine-month profit of about $56 million from a loss a year earlier, after a ₦485.9 billion rights issue cut borrowings from ₦736.2 billion to ₦89.3 billion. The result shows how much the group’s lower debt is now helping its earnings.

Nigeria’s results. Aradel Holdings, whose shareholders include Samuel Dossou-Aworet, Fola Adeola and its chairman Ladi Jadesimi, lifted nine-month revenue to about $2.9 billion and pre-tax profit to ₦764.7 billion with production of 144,700 barrels of oil equivalent a day, although a ₦529.1 billion charge cut profit after tax to ₦43.3 billion. Wale Tinubu’s Oando reported a pre-tax loss of about $55 million for the nine months, with a ₦181.1 billion tax credit producing a profit after tax of ₦106.5 billion, while production rose 14% and borrowings fell 19.8% to ₦2.16 trillion; its rights issue is still under review by the SEC. Wole Oshin’s Custodian grew nine-month profit 26% to about $42 million as interest income more than tripled. Aderemi Makanjuola’s Caverton posted a loss of about $10 million, as the cost of servicing its debt outweighed a small rise in sales.

South Africa. Johann Rupert, Nicky Oppenheimer and Michiel le Roux are lining up heirs to about $30 billion, the subject of today’s Wealth Intelligence. A Nedbank Private Wealth survey found the country’s wealthy donors gave R5.8 billion, about $349 million, to charity in 2025, and for the first time more than half of donors were Black. Dis-Chem’s shares fell 12.6% after weaker half-year earnings, and Ivan Saltzman’s family lost about $50 million on paper in a day. Assore is seeking a delinquency order against Kajal Bissessor, chief commercial officer of Patrice Motsepe’s African Rainbow Minerals, over a missed tax filing at their joint venture Assmang; ARM says the claims have no merit, and Motsepe is not accused. CAF, which Motsepe leads, voted to keep the Africa Cup of Nations every two years, reversing the four-year plan he announced last December, and we profiled Martin Venter, who turned a R20 million farm into the Val de Vie estate, which he valued at about $900 million in 2020.

Across the continent. Idrissa Nassa’s Coris Bank posted a nine-month profit of about $106 million, up almost 18%, with shares up 196% this year; today’s Inside Story tells how the former trader built the bank. Mo Ibrahim’s foundation reported that governance has fallen in 23 African countries over the past decade, with security and the rule of law worsening in 34, and seven of the ten largest decliners having had coups. In Egypt, Ahmed Elsewedy’s Elsewedy Electric launched an elevator brand targeting about $17.8 million of sales in 2027, and Nassef Sawiris won an apology from Jamie Carragher after Aston Villa threatened legal action over the pundit’s remarks. Mohammed Al-Amoudi’s Nyala Insurance topped $6 million in profit on unaudited figures, Eswatini’s King Mswati III plans a 50,000-seat stadium, and Knowledge Katti’s Sintana Energy stake has fallen by $3.2 million in a year as the share count grew.

Further afield. A Miami federal judge dismissed with prejudice Donald Trump’s $10 billion lawsuit against Rupert Murdoch and the Wall Street Journal over the Epstein birthday letter story, finding actual malice had not been plausibly alleged, although an appeal is likely. Amistad Financial, an insurer in which Magic Johnson holds a minority stake, lent about $2.3 billion directly or through intermediaries to businesses tied to Dodgers owner Mark Walter, whose dealings are under review; neither Johnson nor Amistad is accused of wrongdoing, and Walter’s company calls the allegations false. Gwynne Shotwell is giving more than 2 million SpaceX shares to children through Trump Accounts, and Sandra Ortega’s $280 million Na Praia resort in Portugal will open in May 2027. Kylie Jenner, meanwhile, pulled her $38.5 million Los Angeles mansion off the market.

The takeaway. This weekend’s numbers show how concentrated African wealth has become. Dangote alone is now worth more than the people ranked fourth to tenth combined, and his refinery, still to begin trading, is the single biggest driver of the continent’s rich list. At the same time, the next generation is taking its place: in South Africa the Rupert, Oppenheimer and le Roux heirs are moving into position, and Coris shows how a first-generation founder can still build a regional champion from scratch. Over the next few weeks, Richemont’s results on 13 November and the refinery’s first trading days will say a great deal about where the list goes next.

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Behind the paywall — for paid members

Today’s premium briefings:

• Elite · Wealth Intelligence — The Heirs. Johann Rupert is 76, Nicky Oppenheimer 81 and Michiel le Roux 77. Between them they control about $30 billion, and each family is handing over in a different way. How the structures work, what the heirs have done, and what succession means for Richemont, Capitec and their investors. In Wealth Intelligence.
• Executive · Deep-Dive Report — The November Rich List. Africa’s ten richest are worth $142.5 billion, up $21.2 billion since September, and Aliko Dangote accounts for 39% of it. The other nine together lost ground. A name-by-name deep-dive on what drives each fortune, why the estimates differ, and what could move the list next. In Deep-Dive Report.
• Insider · The Inside Story — The Banker of the Sahel. Idrissa Nassa started out trading bicycle parts in 1984. In 2001 he bought a struggling Burkinabe lender, and today Coris has about $9 billion in assets and a share price up 196% this year. How the trader built the bank, and what his move into Central Africa will test. In The Inside Story.

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Figures are point-in-time estimates from public sources including Forbes, Bloomberg, company disclosures and exchange filings, as of reporting; a stake’s value is not a measure of net or liquid wealth, and figures change with markets and currencies. Company valuations, revenues and share stakes are not measures of an individual’s personal net worth, and where wealth is undisclosed or cannot be verified no figure is asserted. Legal matters are reported as matters of public record and attributed to their sources; allegations are contested and untested, individuals and companies are presumed to act lawfully absent a ruling, and those not accused of wrongdoing are noted as such. Editorial analysis, not investment, legal or tax advice.

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