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IOL News
12 hours ago
- Business
- IOL News
Africa's billionaires: Who are the richest in 2025?
Africa's 22 billionaires saw their combined fortunes surge to a record $105 billion (R1.9 trillion) this year, up from $82.4bn held by 20 individuals last year, the Forbes 2025 Africa billionaires report showed. Here's the top five on the list Aliko Dangote - Nigerian industrialist Aliko Dangote is the founder and president/chief executive of the Dangote Group, the largest conglomerate in West Africa, which includes Dangote Cement, a subsidiary of the Dangote Group, is the largest cement producer in Africa. He remains Africa's wealthiest person for the 14th consecutive year. His net worth surged to an estimated $23.9 billion, driven significantly by Forbes now valuing his massive Dangote Refinery near Lagos. The refinery, operational after lengthy delays, is key to Nigeria's shift from fuel importer to exporter. Dangote, ranked among the world's top 100 richest, calls the project pivotal for Africa's self-sufficiency. Johann Rupert and family - South African luxury goods magnate Johann Rupert holds firm as Africa's second-richest billionaire. His fortune climbed 39% to $14 billion, largely reflecting the rebound in shares of Richemont, the luxury group he chairs and controls through family holdings. Richemont, owner of brands like Cartier, benefited from strong global demand for high-end jewellery and watches, cementing the Rupert family's dominant position in the sector.
IOL News
16 hours ago
- Business
- IOL News
Nigerian oil magnate Aliko Dangote leads as Africa's elite hit record-busting $105 billion fortune
Africa's 22 billionaires saw their combined fortunes surge to a record $105 billion (R1.9 trillion) this year, up from $82.4bn held by 20 individuals last year, the Forbes 2025 Africa billionaires report showed. South Africa hosts the most billionaires (seven), followed by Nigeria and Egypt (four each). Morocco has three, with one each from Algeria, Tanzania, and Zimbabwe. The growth was even as the continent faces persistent challenges such political instability and currency crises. Nigerian industrialist Aliko Dangote retains top spot for the 14th consecutive year. His net worth jumped to $23.9bn, largely due to Forbes now valuing his long-delayed Lagos oil refinery. The refinery, aiming for full capacity soon, has enabled Nigeria to export refined products.
IOL News
04-06-2025
- Business
- IOL News
Gauteng couple in financial distress blames Absa for reckless lending on R3. 2 million home loan
A Gauteng couple took action against Absa bank after alleging reckless lending practices that have led them into a spiralling debt of over R5.1 million. A Gauteng couple has launched legal action against Absa bank, alleging that reckless lending practices have pushed them into a spiralling debt of over R5.1 million. Christian Daniel De Klerk and his partner, who have been long-standing customers of the bank, argue that their financial well-being was jeopardised when they accepted a second home loan from Absa without receiving an appropriate affordability assessment. Initially, the De Klerks secured a R1.9 million home loan from Absa in 2011 and, for nearly a decade, they successfully met their repayment obligations. However, following the collapse of the husband's legal practice in March 2020 due to the pandemic, the couple were granted a temporary three-month payment holiday. Ironically, during the same month, they said Absa approached them with an offer for a second loan, amounting to R3.2 million. Despite their precarious situation, the couple accepted the offer. Meanwhile, the husband remained unemployed until June 2024 and the couple faced mounting debt because of missed repayments from 2022. They maintained that their current income was inadequate to service both the new instalments and the arrears. Nevertheless, they submitted that they could meet the loan obligations under terms similar to those agreed upon in March 2020.
IOL News
04-06-2025
- Business
- IOL News
Financial distress: Couple accuses Absa of reckless lending after accepting R3. 2 million second home loan
A Gauteng couple took action against Absa bank after alleging reckless lending practices that have led them into a spiralling debt of over R5.1 million. Image: Oupa Mokoena / Independent Newspapers A Gauteng couple took action against Absa bank after alleging reckless lending practices that have led them into a spiralling debt of over R5.1 million. Christian Daniel De Klerk and his partner, long-standing customers of the bank, claim that their financial wellness was compromised when they accepted a second home loan from Absa without being given a suitable affordability assessment. Initially, the De Klerks secured a R1.9 million home loan from Absa in 2011 and, for nearly a decade, they successfully met their repayment obligations. However, following the collapse of the husband's legal practice in March 2020 due to the pandemic, the couple were granted a temporary three-month payment holiday. Ironically, during the same month, they said Absa approached them with an offer for a second loan, amounting to R3.2 million. Despite their precarious situation, the couple accepted the offer. Meanwhile, the husband remained unemployed until June 2024 and the couple faced mounting debt because of missed repayments from 2022. They maintained that their current income was inadequate to service both the new instalments and the arrears. Nevertheless, they submitted that they could meet the loan obligations under terms similar to those agreed upon in March 2020. In seeking respite, the couple brought their case before the National Consumer Tribunal (NCT), voicing their primary grievance against Absa's alleged failure to conduct a proper affordability assessment before approving the second loan. They argued that Absa did not request essential financial documentation such as proof of income, detailed expense records, or even a credit history report—critical assessments that would typically inform responsible lending practices. The couple contended that granting them a loan while the husband was unemployed amounted to reckless lending. In addition, the couple alleged that Absa also failed to provide clear information regarding the loan's terms, conditions, interest rates, and penalties for missed repayments, all of which they argue have contributed to their current financial hardship. As a result of these alleged contraventions, the couple said that they are suffering severe financial hardship, face the risk of foreclosure, and are enduring significant emotional distress, which has adversely affected their quality of life. In the answering affidavit, Absa argued the couple's application was time-barred as more than three years have elapsed since the alleged cause of action arose. Moreover, the bank submitted that the North Gauteng High Court in Pretoria enforced the loan agreement in September 2024 and ordered the couple to pay over R5.1 million including interests and declared the couples' property executable. The bank added that the couple's case was frivolous, vexatious, and constitutes an abuse of the Tribunal's process. In their reply, the couple disputed the assertion that the matter was time-barred. They argue that the cause of action only arose in 2022 when they began defaulting on their home loan repayments. On this basis, they contend that the three-year period should be calculated from 2022, not from 2020 when the second home loan was granted. They also disputed the contention that the high court judgment precludes them from pursuing the complaint before the tribunal. They argue that the issue of reckless lending, which forms the crux of their complaint before the tribunal, and it was not adjudicated by the high court. Looking at matter, the tribunal said by law, the limitation period must be calculated from 2020 March when the alleged reckless credit was extended. Having filed their application for leave to refer in February 2025—almost five years post the alleged reckless lending—the tribunal indicated that they would be barred from considering the complaint, potentially closing the door on their search for justice. As a result, the application was dismissed. [email protected] IOL News Get your news on the go, click here to join the IOL News WhatsApp channel.
The South African
31-05-2025
- Health
- The South African
Future of SASSA grant for pregnant women hangs in the balance
Did you know that a SASSA grant for pregnant women has been on the table for some time now? First tabled in 2012, it's known as the Maternal Support Grant (MSG), and it's a shame it has been in limbo for more than a decade. At its heart, a SASSA grant for pregnant women hopes to address the fact that nearly one-third of children born in South Africa are stunted. This is due to poor nourishment of the mother. In fact, 2.5 million people live in nutritionally insecure households, according to the South African Medical Research Council. Even though it will cost billions annually, the savings a maternity grant will bring are said to be ten-fold. Image: File As such, mothers who are malnourished during pregnancy have much higher odds of poor birth outcomes. This includes low birthweight, poor neurodevelopment, and increased risk of chronic disease later in life. This is why the proposed SASSA grant for pregnant women came about. And many in civil society say the South African Social Security Agency should combine it as an extension of the existing R570 Child Support Grant. However, despite the draft policy being 13-years old, the Department of Social Development (DSD) says it still hasn't reached Cabinet. Last year, in November 2024, the policy was submitted to the Social Protection, Community and Human Development (SPCHD) Cabinet Committee. But it was sent back for 'further work,' saying poverty, unemployment and inequality need to be addressed jointly. In more than a decade, the DSD has not even presented the draft policy to Cabinet. Image: File Some worry a SASSA grant for pregnant women would 'incentivise child birth and create a dependency syndrome.' However, civil society says it has been more than a decade since the DSD commissioned research on the benefits of a SASSA grant for pregnant women. And in that time the body of evidence in its favour has only grown stronger. Therefore, the absence of income support for pregnant women is a big gap in the country's social security framework. According to advocacy groups, a SASSA grant for pregnant women would require in the region of R1.9 billion to R3.2 billion annually. However, the potential saving to public health would exceed R13 billion. It is therefore a critical investment into the future of the nation. But what do you think …? Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
