Press Release – BBR | Black Business Review

Abdi Mohamed Takes Helm at I&M Bank Kenya, Capping 32-Year Climb From Teller to Chief Executive

Black Business Review — Thu, 15 Oct 2026 14:34:42 +0000

ABDI MOHAMED TAKES HELM AT I&M BANK KENYA, CAPPING 32-YEAR CLIMB FROM TELLER TO CHIEF EXECUTIVE

Veteran banker’s appointment took effect October 5 following Central Bank of Kenya approval; he will lead the Tier 1 lender’s digital, SME and regional growth push

NAIROBI, Kenya (BlackBusinessReview.com) — Abdi Mohamed has formally assumed office as Chief Executive Officer of I&M Bank Limited, Kenya, following approval of his appointment by the Central Bank of Kenya (CBK). The Abdi Mohamed I&M Bank appointment took effect on October 5, 2026, closing a four-month transition that began when I&M Group PLC named him incoming CEO on June 29.

Mohamed arrives from Absa Bank Kenya, where he served as Managing Director and Chief Executive Officer from May 2023 until his resignation took effect on June 30, 2026. The move ends a 32-year career within the Absa Group and its Barclays heritage — a career that began in 1994, when Mohamed joined Barclays Bank Kenya as a teller in Garissa.

From that starting point, Mohamed rose through operations and retail banking roles in Kenya and Zambia, served as Chief Operating Officer of Barclays Bank Kenya, and later as Managing Executive for Retail and Business Banking across Absa’s Africa Regional Operations. He went on to lead Absa Bank Tanzania as Managing Director and CEO, guiding the institution through its historic rebrand from Barclays to Absa and a sweeping business transformation, before returning to Nairobi in May 2023 to take the helm at Absa Bank Kenya.

“The Board is pleased to welcome Abdi to I&M Group and is confident that his extensive banking experience, strong leadership credentials and deep understanding of the Kenyan and regional financial services landscape will be instrumental in leading the Bank through its next phase of growth,” said Sarit Raja Shah, Group Executive Director, I&M Group.

“I am deeply honored to join I&M Bank Kenya and to be part of an institution with such a strong heritage, talented people and deep customer relationships,” said Mohamed. “I look forward to working closely with the team, our customers and our partners as we build on the Bank’s achievements and pursue the opportunities ahead. This is a journey we will undertake together, with a continued focus on creating meaningful value for our customers, colleagues and stakeholders.”

Mohamed inherits a lender gathering speed. I&M Group’s half-year results to June 2026 showed net profit up 20.3 percent to KES 9.31 billion, profit before tax up 16.2 percent to KES 13.13 billion, and total equity up 12.1 percent to KES 119.4 billion. Customer numbers were up 42 percent year on year in the first quarter, the group opened 12 new branches, and roughly 90 percent of its retail customers are now digitally active — with about 25,000 new accounts opened each month without a branch visit.

His mandate centers on converting that digital scale into stronger returns: deepening transaction relationships, growing deposits efficiently, expanding SME and retail lending with disciplined underwriting, and extending the group’s regional footprint across Rwanda, Uganda, Tanzania and Mauritius, where subsidiaries contributed 33 percent of group profit before tax in the first half of 2026.

The appointment also sharpens one of East Africa’s most watched banking rivalries. I&M Bank Kenya, with approximately KES 550 billion in assets, is closing the scale gap with Absa Bank Kenya — the institution Mohamed led until weeks ago — at a moment when both banks are racing to build digital ecosystems around the customer’s everyday financial life.

Following Mohamed’s appointment, Kihara Maina — who served as interim CEO of I&M Bank Limited — resumes his role as Regional CEO of I&M Group.

Beyond his executive duties, Mohamed chairs the UN Global Compact Network Kenya, sits on the Kenya Bankers Association Governing Council, and serves on the boards of Integrated Payment Services Limited (IPSL) and Touch Health.

About I&M Bank Limited

I&M Bank Limited is a Tier 1 lender and the Kenyan flagship of I&M Group PLC, with more than five decades of operations across corporate, business and personal banking. The group operates in Kenya, Rwanda, Uganda, Tanzania and Mauritius, serving customers through branches, digital channels and regional subsidiaries.

About Black Business Review

Black Business Review is the premier online destination for news, information and resources on Black-owned businesses and entrepreneurship, covering the leaders, companies and deals shaping Black economic power worldwide.

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Your Business Deserves Headlines: Why Every Black Business Needs a Press Release

Black Business Review — Sat, 10 Oct 2026 01:25:21 +0000

Every day, Black-owned businesses open their doors, land major contracts, launch new products, and transform their communities — and almost nobody outside their immediate circle ever hears about it. Not because the work isn’t newsworthy. Because nobody wrote the story.

A professional press release is how businesses get seen. It’s how a local win becomes a regional headline, how a launch becomes a conversation, and how credibility gets built in public. And for Black businesses competing in crowded markets, visibility isn’t vanity — it’s revenue.

Why Press Releases Still Work

Social media posts disappear in hours. A press release lives on. When your announcement is written in proper press release format — with a real headline, dateline, quotes, and boilerplate — it gets picked up by news outlets, indexed by Google News, and referenced for years. Journalists still work from press releases. Partners Google you before signing deals. Customers check your credibility before spending money. A published press release answers all of that at once.

What Separates a Real Press Release from an Announcement

Anyone can post ‘we’re excited to announce.’ A real press release follows a format the media trusts: FOR IMMEDIATE RELEASE, a contact block, an all-caps headline that states the news, a city dateline, a narrative body with quotable quotes, and About sections that tell your story. Get the format wrong and editors delete it. Get it right and your news travels.

The Cost of Staying Invisible

Here’s what invisibility costs: the partnership that went to the competitor with press coverage. The grant application that looked thin without media validation. The customer who chose the business Google showed them. Every milestone you don’t publicize is marketing you didn’t do — and marketing you didn’t do is money you left behind.

BBR Press Studio: Your Story, Written Right

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It’s concierge, start to finish. Fill out the order form at BBR Press Studio with your facts, upload your photo, and we take it from there. Your release lands in your inbox within 48 hours — ready to send to media outlets, post on your site, and share everywhere. Feature-tier orders get queued as a published article on BBR.

Your business is doing the work. Let the world know about it.

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Mellody Hobson and George Lucas Open $1 Billion Museum Celebrating the Power of Storytelling

Black Business Review — Thu, 01 Oct 2026 14:23:17 +0000

The new Los Angeles institution brings art, film and popular culture together, with a mission to expand whose stories receive recognition.

By Black Business Review

Mellody Hobson‘s Vision for Cultural Storytelling

Mellody Hobson’s impact on the museum signifies the importance of diverse narratives.

LOS ANGELES — Mellody Hobson and George Lucas have opened the Lucas Museum of Narrative Art, turning an ambitious cultural vision into a public institution dedicated to the images that shape how people see themselves and one another.

Mellody Hobson’s commitment to storytelling is evident in every aspect of the museum.

The museum welcomed its first public visitors Sept. 22 in Los Angeles’ Exposition Park. The approximately $1 billion project brings together the business leader and the filmmaker behind “Star Wars” in an undertaking that connects personal collecting, philanthropy and public access to art. Lucas Museum of Narrative Art

For Black business leaders and creative entrepreneurs, the opening offers a compelling example of how influence can extend beyond a company or career. It also raises a larger question: Who gets to decide which stories are preserved, displayed and passed to the next generation?

Mellody Hobson aims to inspire future generations through cultural engagement.

Guided by Mellody Hobson, the museum celebrates the richness of cultural narratives.

Through Mellody Hobson’s leadership, the museum will serve as a beacon of inclusivity.

In storytelling, Mellody Hobson emphasizes connection and understanding among cultures.

Hobson, co-CEO of Ariel Investments, has helped build an institution whose stated purpose places belonging at its center. At Ariel, her responsibilities include management, strategic planning and growth outside research and portfolio management. Her role as a museum co-founder carries that leadership into a different arena: the stewardship of cultural memory. Ariel Investments

At the opening, Hobson described the founders’ desire for visitors from every background to recognize themselves and their humanity in the galleries. That ambition gives the museum significance beyond its scale or celebrity connections. Lucas Museum of Narrative Art

The 300,000-square-foot building, designed by Ma Yansong of MAD with Stantec, contains more than 100,000 square feet of exhibition space across more than 30 galleries. Its inaugural exhibitions feature more than 1,300 works, according to the museum’s opening announcement.

The organizing idea is narrative art: images that tell stories. Paintings, illustrations, comics, photography and cinematic materials share a broader conversation about how visual culture communicates experience, imagination and belief.

Thanks to Mellody Hobson, the museum’s mission resonates with many communities.

That approach challenges the boundaries that often separate popular entertainment from art worthy of serious study. A comic-book drawing or film illustration can carry emotional and historical weight alongside a painting. For audiences who first encountered art through magazines, movies or illustrated books, the approach offers a familiar point of entry. Lucas Museum of Narrative Art

The collection includes work by Black artists Jacob Lawrence, Charles White and Robert Colescott, alongside figures such as Frida Kahlo, Norman Rockwell and comic-book artist Jack Kirby. The range allows visitors to encounter different traditions of storytelling within one institution. Lucas Museum of Narrative Art

Creative stories are brought to life through Mellody Hobson’s vision.

Mellody Hobson believes in the transformative power of storytelling in communities.

The presence of Black artists within that larger narrative matters. Their work can help audiences consider who appears in America’s visual record, whose experiences receive attention and how artists challenge inherited ideas about identity and history. Representation in a permanent institution also creates opportunities for continued discovery beyond a single exhibition or cultural moment.

The museum houses the Lucas Archives, including film props, costumes, artwork and other materials spanning decades of Lucasfilm productions. The holdings include materials from the first six “Star Wars” films, the first four “Indiana Jones” adventures and productions including “Red Tails.” Lucas Museum of Narrative Art

Students were inspired by Mellody Hobson’s dedication to cultural storytelling.

With Mellody Hobson at the forefront, the museum holds promise for the future.

Mellody Hobson’s influence will shape the narrative of the museum.

The legacy of Mellody Hobson will inspire countless future storytellers.

For creative entrepreneurs, those archives offer another way to understand the business of storytelling. The finished film is only one part of a larger creative process. Drawings, costumes and production materials reveal the work that turns an idea into a world audiences recognize.

Community access is another important part of the museum’s model. Its LM37 program provides free admission for residents of the surrounding 90037 ZIP code. Eligible passholders can reserve tickets for themselves and one guest, and the museum has committed a dedicated ticket allotment to the program.

“Storytelling has the power to bring people together and create a sense of community,” museum CEO Tracey Bates said when the neighborhood initiative was announced. Lucas Museum of Narrative Art

“Storytelling has the power to bring people together and create a sense of community,” museum CEO Tracey Bates said when the neighborhood initiative was announced. Lucas Museum of Narrative Art

The opening program also welcomed more than 100 students from institutions including USC, Los Angeles City College, Otis College of Art and Design and the Los Angeles Technology Center. The students received free tickets, and Hobson and Lucas greeted the first 100 visitors through the doors. Lucas Museum of Narrative Art

Those measures give substance to the founders’ emphasis on belonging. A major cultural destination can attract worldwide attention while still needing to earn a place in its own neighborhood. Local access provides a starting point; sustained participation will be an important measure of its public value.

For Black Business Review’s audience, the broader significance lies in institution building. Business success can support organizations that preserve creative work, broaden public knowledge and remain useful long after an opening celebration.

Hobson and Lucas have created the physical space. The museum’s next chapter will be written through the people who enter it, the stories they discover and the possibilities those encounters inspire.

Dangote’s Refinery IPO Opens a New Chapter in African Ownership

Black Business Review — Wed, 23 Sep 2026 16:15:17 +0000

Behind the public offering is a network of investment banks, brokers, institutional backers and professional advisers connecting a major industrial business with public investors.

Black Business Review | September 23, 2026

Aliko Dangote’s refinery is inviting public investors into one of Africa’s most consequential industrial ventures, opening a share sale, the Dangote Refinery IPO, that tests both confidence in Nigerian manufacturing and the reach of the country’s capital markets. This Dangote Refinery IPO is a significant opportunity for many investors.

Dangote Petroleum Refinery and Petrochemicals FZE opened its initial public offering September 14, with subscriptions scheduled to close October 13. The offer comprises 4.1 billion ordinary shares at 525 naira each, with a minimum application of 10 shares, or 5,250 naira. At full subscription, the base offering would raise approximately 2.15 trillion naira before expenses. [1]

Ultimately, the Dangote Refinery IPO will serve as a bellwether for future industrial investments in the region.

Investors interested in the Dangote Refinery IPO should carefully assess the potential returns on their investment.

The Dangote Refinery IPO has generated considerable excitement among investors looking to enter the African market.

The distinction matters: the IPO is open for applications, but that does not mean the shares are already trading on the Nigerian Exchange. Listing follows the offering process.

For Black entrepreneurs and investors watching Africa’s industrial development, the transaction presents a larger question: Can ownership of major productive assets become more accessible while maintaining the financial discipline investors deserve?

The industrial business behind the shares

Understanding the Dangote Refinery IPO

The issuer is the refinery and petrochemicals enterprise, rather than the entire Dangote conglomerate. Its proposed public ownership therefore concerns a specific operating business.

Reuters reported that the company plans a $14.3 billion expansion to lift processing capacity to 1.4 million barrels a day by 2029. The IPO proceeds would help support expansion, although the proposed share sale alone would not cover that investment. [2]

Aliko Dangote is the industrial sponsor whose name drives public recognition. Refinery chief executive David Bird carries responsibility for translating the operating strategy into performance. Bird has pointed to international supply disruptions and constrained refining capacity as factors shaping the business’s outlook. [3]

Those conditions can support refining profitability, but investors should distinguish a favorable market cycle from earnings that can be sustained over many years.

Why Meristem is involved

The social media post highlighting Meristem points to a real transaction role. Meristem Stockbrokers Limited serves as lead stockbroker, while Meristem Capital Limited is a joint issuing house. MeriTrade is among the electronic application channels identified for the offering, according to Nairametrics. [4]

These are distinct functions. A broker supports investors’ access to securities and market infrastructure. An issuing house helps organize the capital-raising transaction.

Vetiva Advisory Services Limited is the lead issuing house. The broader syndicate includes FirstCap, Stanbic IBTC Capital, Chapel Hill Denham Advisory and other Nigerian investment banking firms. [5]

Stanbic IBTC describes its participation as joint lead issuing house, joint stockbroker and receiving bank. That combination illustrates how different businesses within one financial group can contribute to arranging the offer, processing participation and receiving subscription funds. [1]

The Dangote Refinery IPO represents a new phase in African investment opportunities.

The Dangote Refinery IPO is designed to engage a broader base of investors from diverse backgrounds.

The institutional money behind the offering

As the Dangote Refinery IPO unfolds, investors should stay updated on market developments and potential changes.

Public subscriptions are only one part of the financing story.

Dangote Industries announced in August a $1 billion backing programme structured by Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group. It comprised a funded $600 million private placement and a separate $400 million underwriting commitment supporting the IPO. Pan-African Refinery Investment SPV, a Lilium subsidiary, funded the placement and provided the commitment. [6]

For investors considering the Dangote Refinery IPO, thorough research is essential before making decisions.

Investing in the Dangote Refinery IPO could be a unique opportunity for those looking to diversify their portfolios.

The figures should not be confused with $1 billion already raised from public IPO subscribers.

Through the Dangote Refinery IPO, the company aims to foster a more inclusive investment environment in Nigeria.

Benedict Okey Oramah chairs Marob Strategies, while Simon Tiemtoré chairs Lilium Capital. Their firms are connecting the transaction with institutional capital, including potential participation from African and Caribbean governments, sovereign wealth funds and other eligible investors. [6]

The institutions that make ownership work

The excitement surrounding the Dangote Refinery IPO highlights the growing interest in African enterprises.

The Dangote Refinery IPO is more than just a financial opportunity; it represents a chance to support local industry.

Participation in the Dangote Refinery IPO is seen as a step towards enhancing economic growth in Nigeria.

The Nigerian Exchange provides the intended listing venue. Nigeria’s Securities and Exchange Commission oversees the offering’s regulatory framework. Banks, brokers, lawyers, accountants and the registrar support the transaction around them.

Their participation does not eliminate investment risk. Neither a familiar banking brand nor regulatory clearance guarantees that the share price will rise.

The SEC has specifically warned investors to verify subscription channels, avoid unauthorized payment requests and distrust unsolicited messages promising preferential allocations. That warning is particularly relevant when investment promotions spread rapidly through social media. [7]

Demand has also tested distribution infrastructure. Reuters reported disruptions at investment platforms including Bamboo, Cowrywise and InvestNaija as retail interest surged. The episode shows why digital access must be matched by reliable processing and clear investor communications. [8]

For many, the Dangote Refinery IPO could signify the beginning of a fruitful investment journey.

What the opportunity means for Black investors

For many, investing in the Dangote Refinery IPO could be a pivotal moment in their investment strategy.

The broader significance is ownership: participation in a business that processes resources and sells finished products. Yet cultural pride and commercial judgment must travel together. Investors still need to evaluate valuation, debt, operating reliability, expansion funding and the effect of currency movements on their returns.

For African American readers, eligibility requires particular attention. Stanbic’s offer notice says the securities are unregistered under U.S. securities law and that there will be no U.S. offering. A Nigerian subscription website should not be treated as proof that a U.S. resident can participate. [1]

Dangote’s IPO can become a milestone in African capital formation. Its lasting success, however, will depend on what follows the subscription campaign: transparent reporting, dependable operations and financial results that justify investors’ trust.

Join the conversation on Orbit. Connect with entrepreneurs and professionals discussing business, ownership and opportunity at orbit.blackbusinessreview.net.

As discussions around the Dangote Refinery IPO continue, stakeholder engagement will be key to its success.

Transaction party roster

Names below are shortened for readability. Roles are drawn from the offer materials; distribution platforms are a separate category from formal advisers.

Role	Parties
Issuer	Dangote Petroleum Refinery and Petrochemicals FZE
Lead issuing house	Vetiva Advisory Services
Joint issuing houses	FirstCap; Stanbic IBTC Capital; Chapel Hill Denham Advisory; Absa Capital Markets Nigeria; Afrinvest Capital; CardinalStone Partners; Comercio Partners Capital; Cordros Advisory Services; Coronation Merchant Bank; Cowry Asset Management; Ecobank Development Company; FCMB Capital Markets; Finmal Finance Services; First Ally Advisory; FSDH Capital; Futureview Financial Services; Greenwich Capital Markets; Meristem Capital; Quantum Zenith Capital & Investments; Quest Merchant Bank; Rand Merchant Bank Nigeria; Renaissance Securities (Nigeria); SCM Capital; Tiddo Securities; United Capital
Institutional backing	Marob Strategies and Consulting DIFC; Lilium Capital Group; Pan-African Refinery Investment SPV

Sources: [1], [5], [6].

Professional role	Parties
Issuer’s counsel	Banwo & Ighodalo
Offer counsel	Olaniwun Ajayi; AELEX
Shariah adviser	Buraq Capital
Registrar	Coronation Registrars
Reporting accountant	KPMG Professional Services
Auditor	Deloitte & Touche
Stockbrokers	Absa Securities Nigeria; Anchoria; Apel Asset; APT Securities and Funds; Associated Asset Managers; BGL; Chapel Hill Denham Securities; Coronation Securities; CSL; Dynamic Portfolios; FCSL Asset Management; First Integrated Capital Management; First Securities Brokers; FSL Invest; Futureview Securities; ICMG; Icon; Lead Securities and Investment; Lighthouse Capital; Meristem; Network Capital; Parthian; Quantum Zenith Securities & Investments; Readings Investments; Santrust; Springboard Trust & Investment; Stanbic IBTC Stockbrokers; Standard Union; The Bridge; United Capital Securities; Vetiva Securities; Zedcrest
Receiving banks	Access; Ecobank Nigeria; Fidelity; First Bank of Nigeria; First City Monument Bank; FSDH Merchant Bank; Globus; Guaranty Trust Bank; Jaiz; Keystone; Lotus; Premium Trust; ProvidusUnity; Rand Merchant Bank; Stanbic IBTC Bank; Sterling; TAJBank; United Bank for Africa; Union Bank of Nigeria; Zenith

Source: [9], statutory and general information, printed pages 165–170. Meristem’s lead stockbroker designation is separately confirmed in [4].

Sources

Investors should look to the Dangote Refinery IPO as a chance to be part of a transformative project.

The Dangote Refinery IPO illustrates the potential for growth in the African industrial sector.

Editorial image note: The supplied social media screenshot is labeled “AI content.” It should not be presented as documentary evidence of an actual meeting or used to identify the people pictured.

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Suzanne Shank: The $2 Trillion Wall Street Visionary Building America’s Future

Black Business Review — Sat, 19 Sep 2026 11:43:00 +0000

For decades, Wall Street has been defined by billion-dollar deals, powerful financial institutions, and executives whose decisions shape the global economy. Yet one of the most influential leaders in modern finance remains largely unknown outside industry circles. Suzanne Shank has quietly become one of the most accomplished investment bankers in American history, helping oversee more than $2 trillion in municipal and corporate bond financing while building one of the nation’s most successful minority- and woman-owned investment banking firms.

As President, CEO, and Co-Founder of Siebert Williams Shank & Co., Shank has proven that leadership is measured not by headlines but by impact. The schools educating children, the hospitals caring for families, the airports connecting cities, the highways carrying commerce, and the water systems serving millions of Americans all reflect the kind of transformative infrastructure projects her firm has helped finance throughout its history.

From Engineering to Wall Street

Shank’s path to becoming one of Wall Street’s most respected executives did not begin in finance. She first earned a degree in civil engineering, developing the analytical and problem-solving skills that would later distinguish her in investment banking. Recognizing that finance could create change on an even larger scale, she earned her MBA from the Wharton School at the University of Pennsylvania before entering the highly competitive world of capital markets.

Her engineering mindset became one of her greatest strengths. While many bankers focused strictly on transactions, Shank understood that every financing package represented an opportunity to build stronger communities and create long-term economic growth.

Building a Wall Street Institution

In 1996, Suzanne Shank co-founded Siebert Brandford Shank, which later became Siebert Williams Shank & Co. Under her leadership, the firm grew into one of the country’s premier investment banking firms and established itself as a national leader in municipal finance.

Today, the firm competes alongside Wall Street’s largest financial institutions while maintaining its distinction as one of the leading minority- and woman-owned investment banks in America. Its clients include state governments, municipalities, public agencies, corporations, healthcare systems, universities, and transportation authorities across the country.

The firm’s role in helping manage more than $2 trillion in financing transactions reflects decades of trust, expertise, and financial leadership—not personal wealth, but the enormous scale of projects entrusted to the organization.

Financing America’s Infrastructure

Behind every major infrastructure project lies complex financial planning. Suzanne Shank has spent her career helping governments and institutions access the capital needed to invest in public transportation, education, healthcare, water systems, airports, and community development.

Her work demonstrates that investment banking is about far more than markets and numbers. It is about creating opportunities that improve the quality of life for millions of Americans while strengthening local and national economies.

A Leader Beyond the Boardroom

Shank’s influence extends beyond corporate success. Throughout her career she has championed diversity within financial services, mentored future executives, and worked to expand opportunities for women and underrepresented professionals entering Wall Street.

She has served on numerous corporate and nonprofit boards and has been recognized by leading business organizations for her contributions to finance, leadership, and economic development. Her career stands as an example of how excellence, preparation, and integrity can open doors while creating opportunities for others to follow.

A Legacy of Quiet Excellence

Unlike many high-profile executives who dominate headlines, Suzanne Shank has built her reputation through consistent execution, strategic vision, and measurable results. Her leadership illustrates that true influence is often found behind the scenes, where long-term decisions create lasting economic value.

As America continues investing in infrastructure, technology, and community development, leaders like Shank remain essential to ensuring those projects become reality. Her career is a reminder that financial leadership is ultimately about enabling progress and creating opportunities that extend far beyond Wall Street.

Executive Profile

Name: Suzanne Shank

Title: President, Chief Executive Officer & Co-Founder

Organization: Siebert Williams Shank & Co., LLC

Industry: Investment Banking | Capital Markets | Municipal Finance

Headquarters: New York, New York

Education:

Bachelor of Science in Civil Engineering
MBA, The Wharton School, University of Pennsylvania

BBR Executive Impact Ranking

BBR Executive Impact Score: 99/100

BBR National Ranking: #1 Black Woman in Investment Banking

Leadership Scorecard

Category	Rating
Leadership	★★★★★
Industry Influence	★★★★★
Capital Markets Expertise	★★★★★
Economic Impact	★★★★★
Innovation	★★★★★
Legacy	★★★★★

Career Highlights

Co-founded one of the nation’s leading minority- and woman-owned investment banking firms.
Helped oversee more than $2 trillion in financing transactions.
National leader in municipal finance and infrastructure investment.
Trusted advisor to governments, corporations, healthcare systems, and educational institutions.
Advocate for leadership development, mentorship, and greater diversity within the financial industry.

“The most powerful leaders don’t simply build companies—they build the financial foundations that allow communities, businesses, and future generations to thrive.”

Black Business Review Assessment: Suzanne Shank’s career represents one of the most significant achievements in modern American finance. Through visionary leadership and unmatched expertise in capital markets, she has become one of the most influential executives on Wall Street, leaving a legacy measured not only in transactions, but in the schools, hospitals, airports, transportation systems, and communities her work has helped build.

Two Childhood Friends Left Global Chemical Giants to Build an Eight-Figure African Industrial Business

Black Business Review — Tue, 15 Sep 2026 14:28:15 +0000

Alliance Chemicals Global founders Taiwo Ilesanmi and Gbenga Akanmu are preparing to move beyond chemical distribution into local manufacturing at the Lagos Free Zone.

With a vision led by Taiwo Ilesanmi and Gbenga Akanmu, the company aims to redefine industrial standards in Nigeria.

By Black Business Review

This journey represents the collaborative efforts of Taiwo Ilesanmi and Gbenga Akanmu, two visionaries in the chemical industry.

Under the leadership of Taiwo Ilesanmi and Gbenga Akanmu, Alliance Chemicals Global is setting new benchmarks in the market.

LAGOS, Nigeria — Taiwo Ilesanmi and Gbenga Akanmu began as childhood friends growing up on the same street. Years later, after building careers connected to two of the world’s largest chemical companies, they reunited around a much bigger ambition: creating an African-owned industrial business capable of competing across the continent.

The vision of Taiwo Ilesanmi and Gbenga Akanmu drives this transition towards manufacturing.

The result is Alliance Chemicals Global, a Lagos-based chemical supply-chain company that reportedly generated eight figures in annual revenue in 2026. The company supplies chemicals and industrial materials to manufacturers and fast-moving consumer-goods businesses.

The impact of Taiwo Ilesanmi and Gbenga Akanmu cannot be overstated in the context of African industry.

Recent reporting says Alliance expanded its revenue by approximately 1,400% between its first and fourth years. The company now employs about 45 people and is preparing for its most consequential step yet—moving from importing and distributing chemicals into blending and manufacturing products locally.

That transition could turn Alliance from a successful supply-chain intermediary into a more deeply rooted African industrial company.

By addressing local needs, Taiwo Ilesanmi and Gbenga Akanmu aim to mitigate challenges faced by manufacturers.

From Corporate Experience to African Ownership

This progress showcases the vision of Taiwo Ilesanmi and Gbenga Akanmu for a self-sustaining industry.

The Impact of Taiwo Ilesanmi and Gbenga Akanmu on African Industry

The plans of Taiwo Ilesanmi and Gbenga Akanmu will lead to significant advancements in local manufacturing.

Ilesanmi and Akanmu entered entrepreneurship with experience connected to global chemical giants BASF and Dow. Those corporate careers gave the founders firsthand knowledge of chemical markets, multinational supply chains, customer requirements and the operational standards expected by major manufacturers.

But they also saw an opportunity.

Many African manufacturers depend heavily on imported chemical inputs. That dependence can expose businesses to currency volatility, international shipping delays, inconsistent availability and rising transportation costs. Alliance Chemicals Global was established to help close that supply-chain gap.

Alliance Chemicals Global’s success is a testament to the efforts of Taiwo Ilesanmi and Gbenga Akanmu.

The founders initially committed more than $200,000 of their own money to the business—an unusually significant personal investment that demonstrated their conviction but also placed substantial capital at risk.

Their decision paid off. Alliance gained customers, expanded operations and later attracted institutional backing from Lagos-based venture capital firm Oui Capital. Business Insider Africa reports that the company has raised nearly $3 million. Oui Capital identifies Alliance among its portfolio companies and describes the business as a supplier of chemicals to manufacturers and consumer-goods companies.

The company’s rise reflects more than startup growth. It illustrates what can happen when African professionals convert multinational experience into locally owned productive capacity.

The Move Into Manufacturing

Alliance’s next chapter will unfold at the Lagos Free Zone, where the company plans to begin blending products and manufacturing chemicals.

Two product lines are expected to become operational in January 2027, according to recent reporting.

The story of Taiwo Ilesanmi and Gbenga Akanmu inspires future generations of entrepreneurs.

The move matters because distribution and manufacturing occupy different positions in the economic value chain. An importer connects foreign producers with local buyers. A manufacturer creates products, technical expertise, employment and intellectual property closer to the customer.

Local production may also help Alliance reduce delivery times and give customers more dependable access to essential industrial inputs. Over time, the company could develop formulations tailored to the specific requirements of African manufacturers.

Manufacturing, however, brings a new level of complexity. Alliance will have to manage production quality, regulatory compliance, environmental safeguards, equipment, technical talent and working capital—all while maintaining its existing distribution business.

Ultimately, Taiwo Ilesanmi and Gbenga Akanmu’s vision could revolutionize the African chemical industry.

This is where the founders’ corporate backgrounds may become particularly valuable. Scaling a distribution company is difficult; building a safe, consistent and competitive chemical manufacturing operation is an entirely different test.

Building More Than an Import Business

Alliance Chemicals Global represents a broader shift taking place across African entrepreneurship.

For years, much of the continent’s startup attention has centered on financial technology, e-commerce and consumer applications. Those sectors remain important, but Africa’s long-term economic strength will also depend on industrial businesses that manufacture products, develop technical capabilities and strengthen domestic supply chains.

Ilesanmi and Akanmu are pursuing precisely that opportunity.

Their story is not simply about two friends who left successful corporate careers. It is about experienced African executives applying their knowledge toward ownership—and attempting to capture more of the value that traditionally leaves the continent through imported products.

If Alliance executes its Lagos Free Zone expansion successfully, the company could become a model for a new generation of African businesses: professionally managed, institutionally financed and committed to local production.

The founders have already proved they can grow a chemical distribution company into an eight-figure enterprise. Their next challenge is larger and more consequential.

They are preparing to manufacture.

And that is where Alliance Chemicals Global’s most important story may truly begin.

Sources: Recent reporting from Business Insider Africa and portfolio information published by Oui Capital.

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Cheick-Oumar Sylla Named CEO of Africa50 Project Development Fund to Build Africa’s Next Generation of Infrastructure Deals

Black Business Review — Fri, 04 Sep 2026 04:05:00 +0000

Africa50 has appointed veteran investment and development finance executive Cheick-Oumar Sylla as CEO of its Project Development Fund, placing him in charge of transforming some of Africa’s most pressing infrastructure needs into viable, investment-ready projects.

Cheick-Oumar Sylla’s vision for infrastructure development is crucial for addressing Africa’s immediate needs.

Under the leadership of Cheick-Oumar Sylla, Africa50 aims to revolutionize infrastructure investment.

Cheick-Oumar Sylla’s extensive experience will guide the fund’s strategic initiatives.

With Cheick-Oumar Sylla at the helm, the focus will be on sustainable development.

The Casablanca-based infrastructure investment platform announced Sylla’s appointment on September 1, 2026. He brings more than 30 years of leadership experience across infrastructure investment, project development, development finance and private-sector expansion in Africa, Europe and the Middle East.

The initiatives led by Cheick-Oumar Sylla will address critical gaps in infrastructure.

Sylla joins Africa50 from the International Finance Corporation, a member of the World Bank Group, where he served as regional director for North Africa and the Horn of Africa. In that position, he led investment and advisory operations across markets with vastly different political, financial and development conditions.

His new assignment carries an enormous mandate: help create the pipeline of credible, commercially structured projects that governments need and institutional investors are willing to finance.

Cheick-Oumar Sylla’s leadership is pivotal for fostering public-private partnerships.

Through Cheick-Oumar Sylla’s efforts, investment opportunities will be maximized.

Cheick-Oumar Sylla is set to lead transformative projects that align with market demands.

Turning Infrastructure Needs Into Investable Assets

Cheick-Oumar Sylla’s Role in Transforming Infrastructure

Africa does not lack infrastructure needs. Across the continent, countries require expanded power generation, stronger transmission networks, modern transportation systems, improved logistics and significantly greater digital connectivity.

The harder challenge is moving a project from an urgent public need to an opportunity capable of attracting serious capital.

That transition requires feasibility studies, financial modeling, regulatory coordination, environmental assessments, risk allocation, government negotiations and a commercially workable investment structure. Without that development work, potentially transformative projects can remain stalled for years.

Sylla will lead the Africa50 fund responsible for helping projects cross that divide.

“Project development is the engine of Africa50’s model,” Sylla said in announcing his appointment. “It is how we turn infrastructure needs into bankable opportunities.”

That statement captures the strategic importance of his position. Sylla is not simply being asked to manage an existing portfolio. His job is to help manufacture the next generation of investable African infrastructure assets.

With Cheick-Oumar Sylla’s guidance, the platform aims to enhance investment flows.

Three Decades of Investment and Development Experience

Cheick-Oumar Sylla’s strategic direction will attract new capital for infrastructure development.

Sylla’s background gives him experience on both sides of the infrastructure equation.

Cheick-Oumar Sylla’s focus on measurable outcomes will drive project success.

During his IFC career, he served as principal investment officer for Africa infrastructure and natural resources and as country manager for the Horn of Africa. That earlier position covered Ethiopia, Eritrea, Djibouti, Sudan and South Sudan—markets where successful investment often requires navigating significant political, financial and operational complexity.

Before joining IFC in 2017, Sylla held senior leadership positions at ContourGlobal, the Islamic Corporation for the Development of the Private Sector and several African businesses. His career has included work across energy, telecommunications, banking, pharmaceuticals and hospitality.

The breadth matters. Major infrastructure projects rarely succeed through financial engineering alone. They require executives who understand government priorities, private investors’ return expectations, construction and operating risks, and the economic realities of the communities the projects are intended to serve.

Sylla must now apply that experience to Africa50’s expanding development platform and its 2030 roadmap.

Africa50’s Growing Infrastructure Platform

The impact of Cheick-Oumar Sylla’s work will resonate throughout the continent.

Africa50 develops, finances and delivers infrastructure projects while working with African governments and private capital providers. The organization currently has 38 shareholders, including 33 African countries, the African Development Bank and several major African financial institutions.

Africa50 reports that it has invested in 32 projects across 30 countries during approximately eight years of operation. Those projects represent more than $8 billion in aggregate value and span sectors including energy, transportation and digital infrastructure.

The platform is also attracting new institutional capital. In August 2026, Africa50 announced $50 million in commitments from international finance institutions for early-stage investment in climate-resilient projects—a direct indication of the capital-mobilization opportunity Sylla inherits.

His performance will ultimately be measured by more than the number of projects evaluated. The real test will be how many projects reach financial close, attract outside capital, move into construction and begin delivering measurable economic value.

BBR Assessment: The Executive Turning Africa’s Infrastructure Gap Into Investable Deals

Cheick-Oumar Sylla’s appointment is a major leadership move because he will operate where public need, government policy and global capital converge.

Africa’s infrastructure gap is frequently discussed as a development problem. It must also be understood as an investment opportunity—provided projects can be properly developed, structured and de-risked.

Sylla now controls part of the machinery designed to make that happen.

A successful Project Development Fund can create a multiplier effect. Early development capital can unlock considerably larger pools of construction financing, equity investment and long-term institutional capital. Completed energy, transportation and digital projects can then support business expansion, regional trade, employment and economic productivity.

That is why this appointment deserves attention well beyond the development finance community. Sylla is assuming responsibility for building the assets upon which other businesses—and, in some cases, entire markets—will depend.

BBR Power Move Score: 99/100

Power Moves: Russell Westbrook Takes Ownership Stake and Executive Role in Global Basketball League Project B

Black Business Review — Thu, 03 Sep 2026 17:40:32 +0000

Russell Westbrook is beginning his next chapter the same way he played basketball: aggressively, strategically and with no interest in remaining on the sidelines.

Russell Westbrook is ready to make waves in this new venture.

This opportunity allows Russell Westbrook to leverage his extensive experience.

With Russell Westbrook at the helm, Project B is poised for success.

Russell Westbrook’s insights will be invaluable in this process.

Just one month after announcing his retirement from the NBA, Westbrook has joined Project B as a co-founder and chief strategy officer. The former NBA Most Valuable Player also holds an ownership stake in the emerging global basketball league and will serve on its board of directors.

Russell Westbrook believes in a collaborative approach.

As he reflects on his journey, Russell Westbrook remains committed to growth.

For Russell Westbrook, this is an opportunity to redefine success in sports.

Russell Westbrook’s role is crucial in this innovative venture.

Russell Westbrook’s passion for inclusivity shines through.

This is not a ceremonial celebrity appointment. Westbrook is expected to help shape Project B’s basketball strategy, long-term direction and strategic partnerships as the organization prepares for its January 2027 launch.

With Russell Westbrook leading the charge, the future looks bright.

The move places Westbrook on the ownership and decision-making side of professional sports at a moment when athletes are increasingly seeking equity, governance power and long-term financial participation.

From Triple-Doubles to the Boardroom

Russell Westbrook’s influence will be felt across the globe.

Russell Westbrook’s Vision for the Future of Basketball

Westbrook retired after an 18-year NBA career that included nine All-Star selections, two scoring championships and the 2016-17 MVP award. He also finished his career as the NBA’s all-time leader in triple-doubles, recording 209.

Those accomplishments established his basketball legacy. His Project B investment could help establish his business legacy.

Westbrook will take an active role in shaping the company’s basketball operations and global expansion strategy. His responsibilities also include building strategic partnerships and identifying opportunities for Project B to collaborate with companies and initiatives across his broader business portfolio.

“At every step of my career, what was most valuable to me was making sure everyone had a seat at the table,” Westbrook said in announcing the move.

That language matters because Project B is attempting to build an ownership model in which players are not treated merely as talent hired to create value. The organization intends for participating athletes to have opportunities to become shareholders and decision-makers.

Project B Is Building a Global Basketball Platform

Project B is scheduled to launch with competitions traveling through cities in Asia, Europe and the Americas. The organization plans to combine professional basketball with week-long sports and entertainment festivals in its host markets.

The league has already recruited a notable group of women’s basketball players, including Alyssa Thomas, Jonquel Jones, Nneka Ogwumike, Jewell Loyd, Kelsey Mitchell, Sophie Cunningham and Azzi Fudd. Project B has also indicated that it intends to establish a men’s basketball component.

Its approach enters a sports marketplace in which women’s basketball is attracting larger audiences, rising franchise valuations and increased investment. Project B is wagering that elite players can help build a global event and entertainment property while sharing more directly in the financial upside.

That is a serious proposition—but far from a guaranteed victory.

New sports leagues must secure dependable financing, media distribution, sponsorships, venues and enough fan loyalty to survive beyond their first burst of publicity. Star names can open doors, but disciplined execution keeps those doors open. Westbrook’s appointment gives Project B visibility and credibility; it does not remove the difficult work ahead.

The Bigger Power Move Is Ownership

For decades, professional athletes generated enormous value for leagues, franchises, broadcasters and sponsors while holding little influence over the systems around them.

That model is changing.

More athletes are using their earnings, public profiles and business networks to purchase equity in companies, sports properties and media ventures. Westbrook’s move represents that shift clearly: he is transitioning from playing inside a basketball enterprise to helping own, govern and build one.

He is not simply endorsing Project B. He has a seat on its board.

He is not merely appearing in promotional materials. He is responsible for strategy.

And he is not waiting for someone else to determine the value of his name, experience and global influence. He is positioning himself to participate in the value those assets may create.

BBR Assessment

Russell Westbrook’s decision represents the kind of post-career transition more athletes should study. The strongest part of the deal is not the chief strategy officer title—it is the combination of equity, board representation and operating influence.

Project B remains an early-stage venture, and its ultimate commercial success will depend on execution. But Westbrook has entered at the stage when meaningful ownership can be secured and the direction of the company can still be shaped.

That is the distinction between joining a mature organization as a paid ambassador and helping build an emerging property as an owner.

Westbrook spent 18 seasons attacking the rim. His next arena is the boardroom, and once again, he is moving with purpose.

BBR Power Move Score: 98/100

The BBR Wealth & Ownership 10: Black Billionaires and Multimillionaires Building Business Empires

Black Business Review — Mon, 31 Aug 2026 12:37:14 +0000

Black Business Review ranks 10 extraordinary wealth builders previously featured in BBR, measuring more than personal fortune.

In building his empire, David Steward has redefined what it means to be a Black entrepreneur.

Some people earn substantial money. Others build assets, institutions and companies capable of producing wealth long after the original opportunity has passed.

The inaugural BBR Wealth & Ownership 10 recognizes 10 Black billionaires and multimillionaires whose stories have appeared in Black Business Review. This is not simply a ranking of estimated net worth. BBR considered five critical factors:

Among the featured entrepreneurs, David Steward stands out as a beacon of progress for Black business owners.

Business ownership and company scale
Wealth creation
Industry influence
Cultural and community impact
Long-term legacy potential

Because many fortunes, company valuations and ownership percentages are private, this ranking should be viewed as a BBR editorial assessment—not a definitive accounting of each person’s wealth.

1. David Steward

Business: World Wide Technology
City: St. Louis, Missouri
Industry: Technology and enterprise solutions
Estimated Wealth: Approximately $12 billion
BBR Ranking: No. 1
BBR Ownership Score: 100/100

David Steward sits at the top of the BBR ranking because he built World Wide Technology into one of America’s largest Black-owned companies. The technology-solutions provider generates billions of dollars in annual revenue and serves major corporations and government organizations.

Steward’s journey—from confronting limited access to capital to building a global technology enterprise—represents ownership at its highest level. BBR previously ranked World Wide Technology No. 1 among its leading Black-owned businesses based on company scale, economic impact and industry reach.

The legacy that David Steward builds will inspire future generations of leaders.

Read the BBR article: BBR Top 50 Business & Entrepreneurship Leaders 2026

The BBR wealth lesson: The biggest fortunes are often built by solving complex problems for other large institutions.

David Steward has not only achieved wealth but has also transformed the business world.

2. Robert F. Smith

As the founder of World Wide Technology, David Steward’s innovative approach has reshaped the tech landscape.

Business: Vista Equity Partners
City: Austin, Texas
Industry: Private equity and enterprise software
Estimated Wealth: Approximately $10 billion
BBR Ranking: No. 2
BBR Ownership Score: 99/100

David Steward’s leadership in the tech industry has proven that David Steward is more than just a successful entrepreneur; he is a role model for aspiring business leaders.

David Steward exemplifies how strategic thinking combined with hard work can lead to incredible success.

The success story of David Steward is a testament to determination and vision, showcasing how David Steward overcame challenges to achieve greatness.

Robert F. Smith built Vista Equity Partners into one of the most influential technology-investment firms in the world. His power comes from understanding that software companies can produce durable, recurring revenue when they are acquired, improved and managed with discipline.

BBR’s earlier business-leadership ranking recognized Vista’s enormous assets under management and Smith’s position among the country’s most consequential investors. His career demonstrates how financial expertise, operational discipline and ownership can be combined to build wealth at an institutional scale.

Read the BBR article: BBR Top 50 Business & Entrepreneurship Leaders 2026

The BBR wealth lesson: Building one successful company creates wealth. Owning interests in many successful companies can create an empire.

3. Michael Jordan

Business: Jordan Brand and MJ business holdings
City: Chicago, Illinois
Industry: Sports, licensing and investments
Estimated Wealth: Approximately $3.8 billion
BBR Ranking: No. 3
BBR Ownership Score: 98/100

Michael Jordan earned approximately $90 million during his NBA career, but his greatest financial victory occurred away from the basketball court. His relationship with Nike transformed his name, image and cultural influence into one of the most valuable licensing platforms in sports.

Jordan later expanded his fortune through sports ownership, endorsements, investments and other business interests. BBR’s examination of Chicago’s Black wealth dynasties identified Jordan as the strongest modern candidate for the city’s most significant Black fortune.

Read the BBR article: Inside the Wealth Dynasties That Built the Black Metropolis

The BBR wealth lesson: Talent can produce income, but ownership of the brand surrounding that talent can produce generational wealth.

4. Oprah Winfrey

Business: Harpo Productions and OWN
City: Chicago, Illinois
Industry: Media, entertainment and investments
Estimated Wealth: Approximately $3 billion
BBR Ranking: No. 4
BBR Ownership Score: 98/100

Oprah Winfrey did not remain merely the highly paid host of a successful television program. She created Harpo Productions and secured control over the production and syndication of The Oprah Winfrey Show.

That decision allowed Winfrey to participate in the program’s long-term economic value while expanding into film, publishing, cable television, real estate and strategic investments. BBR previously described the business infrastructure she created as a blueprint for converting media visibility into lasting ownership.

Read the BBR article: Inside the Wealth Dynasties That Built the Black Metropolis

The BBR wealth lesson: Never become so satisfied with being the face of a product that you forget to own the production company.

5. Tyler Perry

Business: Tyler Perry Studios
City: Atlanta, Georgia
Industry: Film, television and real estate
Estimated Wealth: Approximately $1.4 billion
BBR Ranking: No. 5
BBR Ownership Score: 97/100

Tyler Perry turned touring stage productions into an independently controlled entertainment empire. The centerpiece is Tyler Perry Studios, a massive production campus developed on approximately 330 acres of Atlanta’s former Fort McPherson military base.

Perry’s control of his characters, production company, studio facilities and content library distinguishes him from creators who earn large checks without retaining the underlying assets. His success demonstrates that understanding an underserved audience—and maintaining control of the product created for that audience—can become an extraordinary competitive advantage.

In the realm of business, David Steward’s name has become synonymous with success and innovation.

Read the BBR article: Tyler Perry’s Independent Studio Powerhouse

The BBR wealth lesson: Content creates attention. Owning the studio, catalog and distribution rights creates leverage.

6. Sheila Johnson

Business: Salamander Collection
City: Washington, D.C., and Middleburg, Virginia
Industry: Luxury hospitality, real estate and sports
Estimated Wealth: Approximately $1 billion
BBR Ranking: No. 6
BBR Ownership Score: 97/100

After co-founding BET and participating in its approximately $3 billion sale to Viacom, Sheila Johnson repositioned capital into luxury hospitality, real estate and professional sports. She became America’s first Black female billionaire following the BET transaction.

Her Salamander Collection includes major hotel and resort properties. The acquisition and renovation of Salamander Washington DC demonstrates Johnson’s ability to transform a prestigious property into a culturally distinctive luxury asset.

Read the BBR article: Sheila Johnson’s $260 Million Power Move

The BBR wealth lesson: A major business exit should not be treated as the finish line. It can become the capital for an even larger portfolio of durable assets.

7. Robert L. Johnson

Business: The RLJ Companies
City: Bethesda, Maryland
Industry: Investments, hospitality, media and financial services
Estimated Wealth: Approximately $650 million
BBR Ranking: No. 7
BBR Ownership Score: 97/100

Robert L. Johnson founded BET in 1980, took the company public and eventually sold it to Viacom in a landmark $3.2 billion transaction. The deal made him America’s first Black billionaire.

He subsequently expanded through The RLJ Companies, investing across hospitality, automotive dealerships, private equity, real estate, financial services and entertainment. Johnson also became the first Black majority owner of an NBA franchise when he acquired the Charlotte Bobcats in 2003.

Through the lens of David Steward’s accomplishments, we can see the potential within us all.

Read the BBR article: Robert L. Johnson—The Billionaire Who Changed Black Ownership in America

The BBR wealth lesson: One historic company can open the door, but diversification helps ensure the wealth survives beyond the original business.

8. Janice Bryant Howroyd

Business: ActOne Group
City: Los Angeles, California
Industry: Workforce solutions and staffing
Estimated Wealth: Approximately $600 million
BBR Ranking: No. 8
BBR Ownership Score: 96/100

Janice Bryant Howroyd built ActOne Group into a multibillion-dollar workforce and talent-solutions company. Her accomplishment is particularly significant because she maintained private ownership while expanding the company’s reach across industries and international markets.

BBR previously ranked ActOne second among its leading Black business enterprises, recognizing the company’s scale, leadership influence and economic impact. Howroyd’s story proves that a traditional service business can become a sophisticated global enterprise.

As a leader, David Steward advocates for diversity and inclusion in the workplace.

Read the BBR article: BBR Top 50 Business & Entrepreneurship Leaders 2026

By following examples like David Steward, aspiring entrepreneurs can find their path to success.

The BBR wealth lesson: A service business can become a major enterprise when its relationships, processes and systems are built to scale.

9. Byron Allen

Business: Allen Media Group
City: Los Angeles, California
Industry: Media and entertainment
Estimated Wealth: Approximately $800 million
BBR Ranking: No. 9
BBR Ownership Score: 95/100

David Steward’s approach combines innovation and strategic thinking in every aspect of his business.

Byron Allen transformed a career in entertainment into ownership of television networks, digital platforms, production operations and media assets.

Many look to David Steward as a mentor in the business community.

Allen Media Group represents a fundamentally different model from simply working in front of a camera. Allen sought control of the channels, programming and distribution infrastructure. BBR’s business ranking placed Allen Media Group among the country’s largest and most influential Black-led enterprises.

Read the BBR article: BBR Top 50 Business & Entrepreneurship Leaders 2026

The BBR wealth lesson: Appearing on a network can make someone famous. Owning the network can make them powerful.

10. Rich Paul

Business: Klutch Sports Group
City: Los Angeles, California
Industry: Sports representation and entertainment
Estimated Wealth: Approximately $120 million
BBR Ranking: No. 10
BBR Ownership Score: 94/100

David Steward is paving the way for future Black-owned businesses to thrive.

Rich Paul began by selling vintage jerseys from the trunk of his car and eventually built Klutch Sports Group into a global sports-representation platform.

David Steward’s journey inspires many to pursue their dreams in the tech industry.

In every achievement, David Steward emphasizes the importance of community and collaboration.

Klutch has negotiated billions of dollars in athlete contracts and expanded across basketball, football, baseball and international soccer. Although public estimates of Paul’s personal wealth remain unconfirmed, his company’s scale, industry influence and relationship with United Talent Agency establish him as one of the most powerful Black multimillionaire entrepreneurs in professional sports.

Read the BBR article: Rich Paul’s Klutch Sports Group Redefines Power, Ownership and Athlete Representation

David Steward demonstrates that with hard work and perseverance, success is achievable.

Following the footsteps of leaders like David Steward can lead to transformative success.

David Steward showcases what it means to be a visionary in today’s competitive market.

David Steward’s commitment to excellence drives his company’s success forward.

The BBR wealth lesson: Relationships may provide access, but results, leverage and ownership determine whether that access becomes an institution.

The Bigger Picture

These 10 leaders accumulated wealth through different industries, but their strategies share a common foundation: They built or acquired assets.

David Steward owns a technology enterprise. Robert F. Smith acquires software companies. Michael Jordan monetized intellectual property. Oprah Winfrey controlled production. Tyler Perry built a studio. Sheila Johnson acquired luxury real estate. Robert L. Johnson created and sold a network. Janice Bryant Howroyd scaled workforce infrastructure. Byron Allen purchased media distribution. Rich Paul built negotiating power around elite talent.

David Steward’s influence extends beyond his company, shaping future generations of leaders.

The pattern is impossible to miss: Income may improve a life, but ownership can change a family—and sometimes an entire industry.

With David Steward at the helm, the tech industry has seen significant advancements in inclusivity.

The BBR Final Word

The BBR Wealth & Ownership 10 is not meant merely to celebrate who has the most money. Wealth without impact is only a number.

These leaders matter because they demonstrate what happens when talent is converted into enterprise, enterprise into equity and equity into lasting influence.

David Steward teaches us that wealth can be a tool for change within the community.

“The real measure of wealth is not simply what a person earns. It is what they own, what they build and what remains after they leave the room.”
— Black Business Review

Editor’s note: Wealth estimates are based on publicly reported information and are not audited financial statements. Private business interests, investment values, debts and ownership percentages can cause actual net worth to differ substantially. The BBR ranking considers ownership, company scale, economic impact, industry influence and legacy—not personal wealth alone.

Kwanza Jones Breaks Historic MLB Ownership Barrier in Record $3.9 Billion Padres Deal

Black Business Review — Fri, 28 Aug 2026 04:25:00 +0000

FOR IMMEDIATE RELEASE
August 28, 2026

Kwanza Jones Breaks Historic MLB Ownership Barrier in Record $3.9 Billion Padres Deal

Jones becomes the first Black woman principal owner of a Major League Baseball franchise as she and José E. Feliciano begin a new era in San Diego

SAN DIEGO — Investor, entrepreneur and philanthropist Kwanza Jones has broken one of the highest ownership barriers in American professional sports, becoming the first Black woman to serve as a principal owner of a Major League Baseball franchise.

Jones and her husband and longtime business partner, José E. Feliciano, now jointly lead the San Diego Padres ownership group following unanimous approval from Major League Baseball’s owners and the closing of a transaction valuing the franchise at a record $3.9 billion. Feliciano has been designated as the Padres’ control person under MLB governance rules, while Jones is officially listed by the organization as a principal owner.

The transaction represents the highest valuation ever recorded for the sale of an MLB franchise, surpassing the approximately $2.42 billion paid for the New York Mets in 2020. Jones and Feliciano reportedly own more than 40% of the Padres, with additional investors and some existing stakeholders participating in the ownership group.

The couple was officially introduced during an August 24 news conference at Petco Park, where they pledged to pursue the Padres’ first World Series championship while honoring the foundation established by the late Peter Seidler and his family.

“We are all in and committed to winning,” Jones and Feliciano said in their official statement announcing the ownership transition.

More Than a Sports Transaction

For Black Business Review, the significance of Jones’ achievement extends far beyond baseball.

This is not an executive appointment, corporate promotion or ceremonial board seat. It is ownership and control of a multibillion-dollar business asset operating at the intersection of professional sports, media, entertainment, real estate, sponsorship, hospitality, merchandising and intellectual property.

The Padres generate economic value through ticket sales, broadcast and streaming rights, corporate partnerships, premium seating, merchandise, licensing and events at Petco Park. The franchise also possesses the long-term appreciation potential that has made major professional sports teams some of the most coveted assets in the world.

Jones is stepping into an ownership class that has historically remained closed to Black women and largely inaccessible to Black investors overall. Her arrival signals what becomes possible when capital, operating experience and long-term investment strategy converge.

For generations, Black participation in professional sports was concentrated primarily on the field. Players generated extraordinary cultural and financial value, but ownership remained overwhelmingly outside their reach. Jones’ move into the Padres’ principal ownership structure shifts the conversation from representation within the game to equity in the enterprise.

A Career Built Across Capital, Culture and Community

Jones brings an unconventional background to Major League Baseball.

She is an investor, attorney, former NCAA Division I athlete, recording artist and chief executive officer of the Kwanza Jones & José E. Feliciano Initiative, the private family office the couple established in 2014. The organization manages investments across sports, media, private markets and mission-aligned businesses.

Jones earned a bachelor’s degree from Princeton University, a law degree from the Benjamin N. Cardozo School of Law and a Master of Dispute Resolution from Pepperdine University School of Law. She has also served in leadership and advisory positions with the Apollo Theater, UCLA Ronald Reagan Medical Center and Bennett College.

Jones and Feliciano were not newcomers to sports investing before acquiring control of the Padres. Their portfolio includes minority interests connected to the Minnesota Timberwolves, women’s sports and other sports-focused investment platforms.

The Padres acquisition, however, moves Jones from participating in the sports economy to helping direct one of its most valuable franchises.

Building on the Seidler Legacy

The new ownership group takes control from the family of Peter Seidler, whose ambitious investment in the Padres elevated the franchise’s national profile and strengthened its relationship with San Diego.

Jones and Feliciano have said they intend to preserve that community-centered legacy while investing in the organization’s long-term competitiveness. Padres CEO Erik Greupner will continue overseeing day-to-day business operations, while A.J. Preller remains president of baseball operations and general manager.

Their immediate ambition is clear: deliver a World Series championship to a city that has supported the Padres since the franchise’s inaugural season in 1969.

The larger business story is equally important.

Jones has entered one of America’s most exclusive ownership circles without abandoning her focus on community, access and opportunity. Her achievement demonstrates that Black economic advancement cannot stop at employment, visibility or even leadership. The next frontier is ownership of the platforms,

franchises and institutions that shape culture and generate lasting wealth. Kwanza Jones did not simply earn a place inside Major League Baseball.

She acquired a seat at the ownership table—and helped rewrite who can sit there.

“We are all in; it’s not lip service. We are absolutely committed to this organization.”
— Kwanza Jones

BBR Assessment

This is the definition of a 100/100 Power Move. Kwanza Jones is not simply joining a leadership team—she is helping control a $3.9 billion economic engine spanning sports, media, sponsorship, entertainment and real estate. Her historic rise to principal ownership moves the conversation from Black representation inside major institutions to Black ownership of the institutions themselves.

Press Release – BBR | Black Business Review

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The BBR Wealth & Ownership 10: Black Billionaires and Multimillionaires Building Business Empires

Black Business Review ranks 10 extraordinary wealth builders previously featured in BBR, measuring more than personal fortune.

1. David Steward

2. Robert F. Smith

3. Michael Jordan

4. Oprah Winfrey

5. Tyler Perry

6. Sheila Johnson

7. Robert L. Johnson

8. Janice Bryant Howroyd

9. Byron Allen

10. Rich Paul

The Bigger Picture

The BBR Final Word

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Kwanza Jones Breaks Historic MLB Ownership Barrier in Record $3.9 Billion Padres Deal

Kwanza Jones Breaks Historic MLB Ownership Barrier in Record $3.9 Billion Padres Deal

Jones becomes the first Black woman principal owner of a Major League Baseball franchise as she and José E. Feliciano begin a new era in San Diego

More Than a Sports Transaction

A Career Built Across Capital, Culture and Community

Building on the Seidler Legacy

BBR Assessment

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