Business Brief
By Business Insider Africa
From the Editor
Wealth rankings often tell us where fortunes are made, not necessarily where the journey began.
Patrick Soon-Shiong's rise to become Los Angeles' richest resident adds to a long list of African-born entrepreneurs who have gone on to build global businesses far from home. From technology to medicine, the continent continues to produce individuals capable of competing at the highest levels of business and innovation.
The real opportunity for Africa is finding more ways to turn that individual success into stronger local industries, jobs and investment.
 | Victor Inusa, Newsletter Editor. |
✨ Today’s Must Read
South African-born billionaire becomes Los Angeles' richest man with a net worth of $8.4 billion
(Photo Credit: LA Times)
South African-born biotech entrepreneur and physician Patrick Soon-Shiong has become the richest person in Los Angeles, with a 2026 net worth of $8.4 billion.
Born in Port Elizabeth, Soon-Shiong left South Africa after medical school and built his fortune in North America by developing the cancer treatment Abraxane and selling his companies for a combined $9.1 billion.
His journey mirrors other global figures like Elon Musk. While South Africa loses talent to emigration, it remains the continent's largest wealth hub with 34% of Africa's millionaires.
Meanwhile, Soon-Shiong continues to invest back home in Cape Town's vaccine manufacturing capacity. Read more…
The Big 3
(Photo Credit: Arise)
🇳🇬 Africa's second-richest man, Rabiu, takes delivery of $81 million Bombardier Global 8000
BUA Group chairman Abdul Samad Rabiu has taken delivery of an $81 million Bombardier Global 8000 private jet.
The deal, signed in December 2025, makes him one of the first African owners of the aircraft. This purchase follows a massive wealth surge for Rabiu, whose net worth grew 120% to $11.2 billion by 2026. Read more…
🇳🇬 Nigerian tycoon Tony Elumelu adds Seplat Energy chairmanship to expanding business portfolio
Tony Elumelu will become the chairman of Seplat Energy in January 2027. His company, Heirs Energies, bought a 20.07% stake in Seplat for $496 million, making it the largest single shareholder.
Seplat is one of West Africa’s largest independent producers, generating $2.73 billion in revenue in 2025 following a $1.28 billion ExxonMobil asset acquisition. Read more…
🇰🇼 Kuwait's new labor rules shut out workers from Nigeria, Kenya and 22 other African countries
Kuwait has introduced new labour rules restricting domestic worker recruitment to select nations, excluding 24 African and two Asian countries.
The ban impacts major labour-sending nations like Nigeria, Kenya, Uganda, and Rwanda. Adopted to tighten administrative oversight, the revised policy now only permits recruitment from a limited list, including South Africa, Eritrea, and Ethiopia.. Read more…
Quote Of The Day
Chase the vision, not the money; the money will end up following you.
Listicles
(Photo Credit: iStock)
Top 10 African countries where the government makes more than it spends in 2026
Sub-Saharan Africa is moving toward balanced primary accounts. World Bank data shows the regional primary deficit is projected to drop from 3.2% of GDP in 2020 to 0.7% in 2025, reaching a balanced fiscal account in 2026 as nations steadily strengthen public finances.
| S/N | Country | Government Balance (% of GDP) |
|---|---|---|
| 1 | 🇿🇼 Zimbabwe | +0.4% (Surplus) |
| 2 | 🇲🇷 Mauritania | -0.1% |
| 3 | 🇹🇩 Chad | -0.4% |
| 4 | 🇸🇹 São Tomé & Príncipe | -0.5% |
| 5 | 🇸🇴 Somalia | -0.6% |
| 6 | 🇨🇻 Cabo Verde | -1.1% |
| 7 | 🇬🇲 The Gambia | -1.2% |
| 8 | 🇨🇲 Cameroon | -1.5% |
| 9 | 🇱🇷 Liberia | -1.7% |
| 10 | 🇸🇨 Seychelles | -1.7% |
Source: World Bank
Geopolitics & Power
(Photo Credit: Bloomberg)
🇳🇪 West African country joins Russia and China in voting against a US-backed bill on Iran’s nuclear stocks
Niger voted against a US-supported IAEA resolution urging Iran to reveal and verify its enriched uranium stocks, joining only Russia and China in opposition.
While 21 of the 35 board members supported the motion, Niger's military-led government opted to align away from Western nations.
This decision reflects changing foreign policy dynamics since Niger's 2023 coup, as Niamey increasingly distances itself from Western partners. Read more…
Global Trends, African Impact
(Photo Credit: Getty Images)
🇪🇬 Suez Canal traffic jumps nearly 30% as Strait of Hormuz disruption pushes more oil shipments through Egypt
Egypt's Suez Canal is seeing an unexpected revival as disruptions in the Strait of Hormuz push energy shipments toward the Red Sea.
In April, 529 oil tankers crossed the canal, a 28% increase from last year, while total vessel traffic rose 14%. This shift boosted monthly canal revenues 27% year-on-year to $419 million, though overall activity remains far below pre-crisis 2023 levels. Read more…
Executive Trivia
(Photo Credit: Pinterest)
Did You Know?
(Photo Credit: Skyler Biship Photography)
Uganda is home to the largest population of endangered mountain gorillas in the world. The country hosts nearly half of the global population, with the vast majority found in the dense, high-altitude forests of Bwindi Impenetrable National Park, a UNESCO World Heritage Site.
Know someone who'd enjoy this briefing?