Headline

How Rich Africans Grew Wealth In 2022 – Report

Published

3 years ago

February 23, 2023

Six out of 10 Africa’s Ultra-High-Net-Worth Individuals grew their wealth in 2022, despite the economic challenges recorded in the year, Knight Frank’s latest wealth research has said.

In a statement, it said the drivers of the performance were real estate, currency trades, market timing and, for the first time in more than a decade, the return on cash.

It stated, “Using data from Knight Frank’s global annual ‘Attitudes Survey’ of more than 500 private bankers, wealth advisors and family offices conducted in November 2022, combined with in-depth conversations with industry experts, the study also reveals that those that saw their wealth shrink, attributed it to equity markets, financial markets more broadly and interest rate moves.

“However, with disruption comes opportunity and the study found that close to three quarters of survey respondents expect their clients’ wealth in Africa to increase marginally (23 per cent) or significantly (50 per cent) in 2023. The survey also showed that 14 per cent of UHNWIs in Africa are planning to invest directly in commercial property in 2023, and another 13 per cent indirectly through REITs or debt funding.

“On the global scene, real estate (46 per cent), tech (33 per cent) and equity markets (28 per cent) were cited as the top opportunities in 2023 for UHNWIs to create and grow their wealth.”

Partner of Residential Research at Knight Frank, Flora Harley, said, “Real estate was the top cited opportunity among 46 per cent of Knight Frank’s survey respondents, whether for its attributes as an inflation hedge or due to the benefits of diversification.

“Many panellists highlighted the opportunity to secure enhanced return profiles a key advantage. Plus, when investing directly, real estate enables greater control and value-add opportunities.

“One in 10 respondents specifically cited looking for attractive valuations and distressed opportunities. That trend isn’t limited to real estate either: equities and the technology sector were tipped by around a third of our respondents.”
PUNCH

Headline

Indian Court Denies Bail To Nigerian Man Over Drug Charges

Published

24 minutes ago

May 28, 2026

Editor

A court in India has denied bail to a 44-year-old Nigerian national, Cristian Soporuchukwu, who is currently facing drug trafficking charges in the country.

Cristian Soporuchukwu initially entered India on a business visa but was later arrested over allegations of involvement in the sale of hard drugs.

Reports indicated that after arriving in India, Soporuchukwu travelled through Goa, Delhi, and Mumbai, where he allegedly established links with suspected drug traffickers.

He was accused of purchasing MDMA crystals and distributing them to college students and information technology workers.

According to reports, operatives of the Beguru Police arrested Cristian Soporuchukwu in April 2025 for allegedly selling MDMA crystals around Begur Lake and the AECS Layout Road area.

The New Indian Express reported that the High Court of Karnataka subsequently dismissed the Nigerian’s bail application.

“The anti-narcotics wing seized about 1 kg of MDMA crystals, a pocket weighing machine, 10 zip-lock covers, a mobile phone and a scooter from him,” the report stated.

Justice V. Srishananda, while ruling on the bail application, reportedly held that errors relating to the grounds of arrest could not automatically justify bail in serious narcotics-related offences under the Narcotic Drugs and Psychotropic Substances, NDPS, Act.

The court further noted that Cristian Soporuchukwu had allegedly overstayed his visa in India, according to the report.

Headline

Strait Of Hormuz: US Announces Sanctions Against Iran

Published

53 minutes ago

May 28, 2026

Editor

The United States Treasury has announced sanctions against Iran’s Persian Gulf Strait Authority.

Treasury Secretary, Scott Bessent, said this in a statement on Wednesday.

The statement extended the threat of sanctions to anyone paying the fees, saying they may be providing support to and receiving services from Iran’s Revolutionary Guards, and therefore may be exposed to sanctions risk.

“The Iranian military’s latest attempt to extort global maritime trade is proof that Economic Fury has left the regime desperate for cash.

“Treasury has deprived the Iranian regime of revenue for their weapons programs, terrorist proxies, and nuclear ambitions,” Bessent said.

Bessent added that the US has succeeded in disrupting tens of billions of dollars’ worth of revenue from being accessible to Tehran.

Headline

US Launches New Airstrikes On Iran

Published

56 minutes ago

May 28, 2026

Editor

The United States has launched new airstrikes in southern Iran.

The strike shot down four one-way attack drones that posed a threat around the Strait of Hormuz and then a ground control site.

A US official revealed that American forces struck an Iranian ground control station in Bandar Abbas that was about to launch a fifth drone.

The official described the strikes as purely defensive, saying the US intended to maintain the ceasefire.

Report says this is the second time in three days that the US has carried out self-defense strikes against Iranian military targets in southern Iran.

Recall that on Monday the US carried out airstrikes against Iranian missile locations and boats that US Central Command said were preparing to launch mines in the Strait of Hormuz.