Kenya's court invalidates $2.1B Safaricom stake sale, Africell secures $99.6M US EXIM loan, and Lebara launches MVNO operations in Nigeria

Kenya's High Court ruled the state's sale of a 15% Safaricom stake to South Africa's Vodacom Group unconstitutional, ordering the immediate return of the shares.

Justices cited multiple violations of public finance laws, including a lack of public participation, competitive bidding, and necessary approvals from the Competition Authority.

President William Ruto announced that Kenya will make it illegal to export unprocessed gold, requiring all minerals mined domestically to be processed locally before export.

The Kenyan government plans to establish three gold refineries in Nairobi and the gold-producing Kakamega region, with the Central Bank of Kenya holding priority purchasing rights.

The Kenya Revenue Authority (KRA) is transitioning from its state-owned Regional Electronic Cargo Tracking System (RECTS) seals to a private, user-owned model.

Logistics players including importers, exporters, and transporters, must procure and enter commercial agreements directly with 15 KRA-approved private vendors.

The Prudential Authority penalized Capitec Bank R28 million following a 2023 inspection that uncovered breaches of South Africa’s Financial Intelligence Centre Act.

The compliance failures spanned five areas, including inadequate basic and enhanced customer due diligence, lack of employee training, and unapproved screening manuals.

Cairo-based Synapse Analytics secured $13 million in Series A funding led by Partech, with participation from Algebra Ventures and Silicon Badia.

The startup's AI-native decisioning platform helps banks, fintechs, and telcos automate credit scoring, onboarding, fraud detection, and anti-money laundering compliance.

Six startups selected from 15 finalists each received Rwf10 million ($8,333) in equity-free capital during the seventh phase of the iAccelerator programme.

The funded ventures include Steps Initiative, building a mental health and addiction app, and Tuza Smart Bracelet, a wearable device detecting stress and anxiety.

Madica, an early-stage investment programme affiliated with Flourish Ventures, has announced five new startup investments across four African markets.

Each startup will receive up to $200,000 in funding and join Madica's 18-month program providing mentorship, executive coaching, and investor network access.

The selected startups include ChipMango (Nigeria), Paysika (Cameroon), Talenteo (Algeria), and Delta Oil and Bekia (Egypt).

Egyptian payments technology startup Zeal has secured a $10 million funding round from undisclosed investors, bringing its total funding to $14 million.

The capital is allocated for an aggressive global expansion and to activate its loyalty and intelligence software across four million card machines over the next 24 months.

Flam, an AI interactive content firm founded in 2021, has raised $40 million in Series B funding led by QED Investors.

The new capital will support research and development on Flam's AI models, product expansion, and global enterprise sales.

US-owned mobile operator Africell secured a $99.6 million direct loan from the US Export-Import Bank (EXIM) to expand its Angolan network.

Africa GreenCo raised an additional $11.5 million from existing shareholders Impact Fund Denmark and InfraCo, bringing its third funding close to $21.5 million.

The regional energy trader acts as an intermediary offtaker, buying power from independent renewable producers and selling it to utilities and the Southern African Power Pool (SAPP).

Lumira Moz Energy is constructing a solar equipment factory in Mozambique's Beluluane Industrial Park, which already hosts over 70 operating companies.

The first phase of the manufacturing facility is expected to cost more than $10 million.

Lebara has officially launched commercial operations in Nigeria as the country's second active Mobile Virtual Network Operator (MVNO) following Vitel Wireless.

The operator holds a Tier 5 MVNO licence, the highest category issued by the Nigerian Communications Commission, allowing it to target unserved and underserved areas.

Presco's FY2025 revenue rose 59.3% to ₦330.6 billion, while Profit After Tax grew 56.1% to ₦121.4 billion.

Shareholders approved a ₦14.66 final dividend, bringing the total dividend payout for the 2025 financial year to ₦44.66 per share.

Dangote Petroleum Refinery & Petrochemicals FZE has opened its order book for a $1.6 billion initial public offering (IPO), offering 4.1 billion ordinary shares at ₦525 each.

The public offer includes a retail incentive program where investors subscribing to at least 10 shares and holding them for 12 months earn one extra share, up to two extra shares over 24 months.

YW Capital’s real estate platform, IronOak, partnered with RMB to acquire a 65% stake in Badger Properties, which owns three of Pepkor’s key distribution centres, for R2.25 billion.

Woolworths secured the 15th spot globally and top spot in South Africa on the 2026 World’s Most Trustworthy Companies list compiled by Newsweek and Statista.

Other South African retailers outranked US giant Walmart (54th), including Dis-Chem (21st), Clicks Group (27th), and Cashbuild (37th).

Premier Group Limited will not reopen the Fruit Processing Western Cape (FPWC) cannery in Tulbagh, South Africa, ending over 80 years of agricultural processing at the site.

The closure is driven by a severe downturn in global consumer demand, impacting a facility that relied on exporting roughly 90% of its canned fruit production.

The Vumela Fund has invested capital in Iris Fresh to bolster working capital and operational scaling.

Iris Fresh acts as a supply chain link, sourcing premium fruits and vegetables from South Africa and neighbouring countries for international markets.

The Central Bank of Kenya (CBK) has officially approved the appointment of Michael Mutiga as the substantive Chief Executive Officer of Stanbic Bank Kenya.

Mutiga succeeds Abraham Ongenge, who has been steering the lender in an acting capacity prior to this permanent appointment.

Terrahex has secured its initial fleet of ASICs, which are undergoing testing and certification in Florida before being shipped to southern Nigeria.

The company plans to launch its first 9MW modular computing facility in December 2026, utilizing existing power infrastructure.