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Today in Africa — Nov. 3, 2026: African Tech Startups Raise $684 Million in 2026; Aliko Dangote’s Net Worth Jumps to $39.4 Billion

OkayAfrica has scoured the Internet for today’s major news stories, so you don't have to. On Nov. 3, coverage includes: a single Spiro deal that drove much of the African tech funding growth this year; Dangote Refinery’s return to profit and $4.725 billion in nine-month net income; and more.

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Lihle Z. Mtshali Today in Africa & Newsletters Editor
Worker examines a red electric motorbike surrounded by motorcycles on a factory assembly floor.
Africa's biggest electric vehicle and battery-swapping firm Spiro raised $215 million in a single funding round this year, part of the $684 million raised by African tech companies in the first nine months of the year.

Every day, OkayAfrica shares a roundup of news we’re following but haven’t published as full articles. These short updates cover what’s happening across the continent — in culture, politics, and beyond. For more stories like these, check out our News page for updates from across the regions.

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African Tech Startups Raised $684 Million in 2026’s First Nine Months, Led by One Big Deal

African tech companies raised $684 million in the first nine months of 2026, up 30% from $527 million in the same period last year, according to a report from the private-market research platform Tracxn. One company drove much of that growth: electric vehicle and Africa’s biggest battery-swapping firm Spiro raised $215 million in a single funding round, which alone is more than the entire $157 million increase. The money came in fewer deals, about 100 rounds compared with 103 a year earlier. The report also found that no new African unicorns, meaning private companies valued at $1 billion or more, were created this year, while 200 were created worldwide.

Where the Money Went

  • Nairobi drew the most funding, about $277 million, or 41% of the total, up sharply from $61 million last year. Spiro accounts for most of it.

  • Cairo raised $126 million, or 18% of the total, a little below last year. Abuja raised $52 million, or 8%, all from three early-stage rounds for a company called Terra. It raised nothing in the same period last year.

  • Together, the three cities took two-thirds of all African tech funding.

  • Tech already plays a big role across the continent. According to GSMA, mobile infrastructure added $240 billion in value last year, supporting about 13 million jobs and producing $45 billion in public revenue.

  • Mobile money has also grown fast. Sub-Saharan Africa has more than 1.1 billion registered accounts and more than $1.2 trillion in yearly transactions.


Aliko Dangote’s Net Worth Jumps to $39.4 Billion on Bloomberg’s Index as Refinery Returns to Profit

Africa’s richest man, Aliko Dangote, now has a net worth of $39.4 billion, according to Bloomberg’s Billionaires Index. That is a $4.4 billion increase from the $35 billion Bloomberg previously recorded, and it puts him ahead of philanthropist MacKenzie Scott, Jeff Bezos's ex-wife, on the index. The jump follows months of little movement after the September launch of the IPO for Dangote Petroleum Refinery and Petrochemicals FZE. Bloomberg lists his wealth gain so far this year at $8.84 billion. The increase follows the refinery’s return to profitability, with $4.725 billion in net income for the nine months ended September 30, as Africa’s largest oil-processing facility reached full capacity.

The Refinery and the IPO

  • The refinery has a capacity of 650,000 barrels per day and is central to Dangote’s push to expand his industrial empire and bring in more African investors.

  • The IPO launched on September 14, 2026, offering 4.1 billion new ordinary shares at ₦525 each, with a minimum purchase of 10 shares worth ₦5,250. A full subscription is expected to raise about ₦2.15 trillion. The offer was extended from its original October 13 close to give more investors across Africa a chance to participate.

  • Soon after the launch, Forbes raised its estimate of his net worth from $28.5 billion to $51.3 billion, which put him ahead of Alibaba co-founder Jack Ma and Nike co-founder Phil Knight.

  • Bloomberg’s latest figure suggests the IPO's full impact on his personal wealth is not yet reflected in its index. Bloomberg once noted his net worth could rise as high as $58.2 billion.

South African Court Convicts Man of Stealing $580,000 From Ramaphosa's Phala Phala Farm

A South African court yesterday, Monday, November 3, found Imanuwela David guilty of theft and of conspiracy to commit housebreaking with intent to steal at President Cyril Ramaphosa's Phala Phala farm in Limpopo province, in a 2020 break-in that led to a long impeachment fight. David was accused of taking more than $580,000 in cash from a sofa on the property in February 2020, then buying cars, diamond-encrusted Rolex watches, and a house. He told the court he made the money through businesses including diamonds and Bitcoin, and the court rejected that claim. Farm cleaner Froliana Joseph was also found guilty of conspiracy to commit housebreaking, while her brother, Ndilinasho Joseph, was acquitted on all charges. Pre-sentencing takes place November 13.

The Farmgate Scandal So Far

  • The court found that David was the only one of the two convicted who had any of the stolen cash in his bank account. His spending included three Mercedes-Benzes, one of them for his girlfriend, a Porsche, and two Volkswagens.

  • The theft was largely unknown until 2022, when Arthur Fraser, South Africa's former intelligence chief and an ally of former President Jacob Zuma, claimed Ramaphosa hid it from police and tax authorities. Because the stolen cash was in foreign currency, exchange control laws could also have been contravened. Ramaphosa admitted the theft took place but denied any wrongdoing. 

  • An independent panel found that year that Ramaphosa could have questions to answer over the burglary, but MPs voted against an impeachment inquiry. 

  • In May this year, the Constitutional Court ruled that Parliament acted unlawfully by shelving the panel's report. In July, Ramaphosa blocked the parliamentary inquiry through a provincial court.


In Brief: More Stories Today

King Charles Calls Slave Trade a "Shameful Chapter of History" at Commonwealth Summit

The UK’s King Charles opened the Commonwealth Heads of Government Meeting in Antigua and Barbuda today, Tuesday, November 3, by saying the transatlantic slave trade "still casts a shadow" over the Commonwealth and fills him with "profound personal sorrow." He did not issue the formal apology some have called for, though he said he has become more committed to addressing "the wrongs of the past with action for the future." UK Prime Minister Andy Burnham has said he is open to a formal apology but that financial reparations are "not the right answer." The summit gathers leaders from 56 states, and on the King's tour he visited a Guyana site where hundreds of enslaved people were killed during a rebellion.

Ethiopia Suspends Independent Newspaper The Reporter Indefinitely

Ethiopia's Media Authority suspended independent newspaper The Reporter's license indefinitely, effective yesterday, Monday, November 2, saying it published content that "contradicts national interests" and distorted information affecting foreign investment, tourism, and diplomacy. It also called the outlet's reports "unbalanced and biased." The Reporter is one of Ethiopia's few independent outlets and publishes in English and Amharic. Ethiopia ranks 148th of 180 in Reporters Without Borders’ (RSF) press freedom index, and it revoked Addis Standard's license in February.

South Africa Says Losing U.S. Trade Program Is Not the End of U.S. Trade

South Africa’s Trade Minister Parks Tau says the planned removal of South Africa from the African Growth and Opportunity Act (AGOA) on January 1, 2027, does not end trade with the U.S., and that South Africa has 60 days to address Washington's concerns. AGOA exports were about $1.7 billion in 2025, roughly 1% of South Africa's global exports, and Tau says bilateral trade reached $28.8 billion. Citrus growers say they planted orchards for the U.S. market and that some jobs will be lost, while Business Unity South Africa expects a few thousand job losses. Economist Wandile Sihlobo says most products would face an extra tariff of about 3.4%.

Uganda's Sex Workers Wait for HIV Prevention Drug That Keeps Running Out

In Mbarara, Uganda, where about 10% of adults have HIV, sex worker Lisa Mutoni says clinics keep telling her lenacapavir, the twice-a-year HIV prevention drug, "is finished." One health center received 40 doses in April and 70 in June, and used both batches quickly. The FDA's tentative approval of a generic version aims to bring it to 120 low-income countries at about $40 a year, and the Global Fund hopes to reach 3 million people by the end of 2028. Doctors Without Borders says that is not enough and wants the manufacturer Gilead to make cheap doses available to more countries.

African Union Plans to Replace Departing Ugandan Troops at Four Bases Near Mogadishu

The African Union mission in Somalia plans to take over four bases near Mogadishu: Sabid-Anole, Bariire, Awdheegle, and Bulonagad. It would do so during troop rotations scheduled for November, according to an October 31 letter the Associated Press obtained, to keep al-Shabaab from exploiting a vacuum as Ugandan troops leave. Troops deployed under a bilateral deal with Somalia are leaving within days, and all Ugandan forces will be gone by the end of 2027. An analyst says funding shortages sped up the withdrawal.

Uganda Arrests Former Deputy Military Chief Peter Elwelu

Uganda's military arrested Gen. Peter Elwelu, deputy chief of defense forces from 2021 to 2024, yesterday, Monday, November 2, over alleged plans to destabilize a remote part of eastern Uganda, spokesman Col. Chris Magezi said. Magezi said security forces recovered 15 guns, military fatigues, and two pickup trucks from him. Elwelu is being held at an unknown location, and the government has not substantiated the allegations. Military chief Gen. Muhoozi Kainerugaba, President Yoweri Museveni's son, accused Elwelu of treacherous activities after his retirement.

Ambush Kills at Least Eight Security Personnel in Nigeria's Zamfara State

Attackers killed at least eight security personnel, five police officers and three Community Protection Guard members, in an ambush on a police convoy near Gidan-Giye village in Zamfara State today, Tuesday, November 3, vigilante officials told Reuters. Police recovered five bodies, rescued seven officers, and evacuated two wounded. They said the attackers seized five AK-47 rifles, and a police officer said some officers were abducted, though authorities have not confirmed how many.

Rights Groups Demand Answers on Malian Lawyer Mountaga Tall Six Months After Abduction

Amnesty International and Human Rights Watch are urging Mali's authorities to say where lawyer and politician Mountaga Tall is, six months after armed, masked men abducted him from his Bamako home on May 3. His eldest son, Cheick Mamadou Tall, went missing two weeks later, and their fates are unknown. Amnesty demanded proof they are alive and access to families, lawyers, and doctors, or release. Tall led a party that dissolved in 2025 and was a vocal critic of the military junta.

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