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M&F Bank–Optus Merger Targets November Closing, Creating Nation’s Largest Black-Owned Bank

Alexis Coates — Mon, 14 Sep 2026 12:33:45 +0000

James H. Sills III is expected to lead the approximately $1.3 billion institution as two historic banks pursue greater scale without abandoning their community mission.

By Black Business Review

DURHAM, N.C. — The proposed merger between M&F Bank and Optus Bank, known as the M&F Bank Optus Bank merger, is moving closer to completion, giving the historic transaction a clearer timetable and raising consequential questions about the future of Black-owned banking in America.

The M&F Bank Optus Bank merger aims to create a dynamic institution that not only preserves the legacy of both banks but also enhances their ability to serve the community effectively.

This strategic M&F Bank Optus Bank merger will likely empower the bank to increase its market presence and service offerings.

The leadership of the M&F Bank Optus Bank merger will focus on innovation and community engagement as core tenets of their operations.

In light of the M&F Bank Optus Bank merger, both institutions are poised to leverage their combined strengths for greater community impact.

The merger is expected to close in November, subject to regulatory and shareholder approval. Once completed, the transaction would create an approximately $1.3 billion financial institution with 10 locations across North Carolina and South Carolina—making it the nation’s largest Black-owned bank by assets.

M&F Bank President and CEO James H. Sills III is expected to lead the combined institution, operating primarily from M&F’s corporate office in Durham. Optus Chairman Paul Mitchell would remain chairman of the combined organization.

The arrangement places an experienced banking and technology executive at the center of one of the most important consolidations in the history of Black-owned financial institutions.

Sills has more than 35 years of experience spanning community banking, large financial institutions and government technology leadership. He has led M&F Bank since 2014, overseeing its digital expansion, product development and efforts to broaden its customer base.

Two historic institutions pursue greater scale

The M&F Bank Optus Bank merger is set to redefine how Black-owned banks can compete in a challenging financial landscape.

The anticipated benefits of the M&F Bank Optus Bank merger include enhanced technological advancements and improved customer service.

With the M&F Bank Optus Bank merger, both institutions aim to provide better financial solutions for their respective communities.

The M&F Bank Optus Bank merger will symbolize a new chapter in Black banking, fostering economic growth and stability.

As part of the M&F Bank Optus Bank merger, both banks are committed to expanding their outreach and support for minority-led businesses.

Understanding the M&F Bank Optus Bank merger

The legacy of the M&F Bank Optus Bank merger will depend on how well they maintain community trust and financial integrity.

The M&F Bank Optus Bank merger is an opportunity to innovate while respecting the historical significance of both institutions.

The transition period following the M&F Bank Optus Bank merger will be critical in shaping the future of customer relations.

Stakeholders will closely monitor the outcomes of the M&F Bank Optus Bank merger as it unfolds.

The M&F Bank Optus Bank merger represents a significant step toward uniting resources for a greater good.

The vision of the M&F Bank Optus Bank merger is to enhance the financial experiences of community members.

Through the M&F Bank Optus Bank merger, both banks will work to address financial disparities in underserved regions.

Ultimately, the M&F Bank Optus Bank merger will be evaluated based on its impact on community development.

Founded in 1907 as Mechanics and Farmers Bank, M&F became an important financial anchor in Durham’s historic Black Wall Street community. It is recognized as the nation’s second-oldest Black-owned bank.

Optus Bank traces its history to 1921, when it was established as Victory Savings Bank. It became South Carolina’s first Black-owned bank.

The proposed merger would bring together more than two centuries of combined institutional history. But the deal is not only about preserving the past. It represents an attempt to build the size, capital strength and technological capacity needed to compete in a banking industry increasingly dominated by large national institutions.

The transaction, valued at more than $105 million for M&F shareholders, would combine M&F’s eight North Carolina branches with Optus Bank’s South Carolina operations.

Scale could allow the combined bank to support larger commercial loans, invest more heavily in financial technology and serve businesses that may have outgrown the lending capacity of smaller community institutions.

That matters because Black entrepreneurs continue to face persistent barriers when seeking growth capital. A larger Black-owned bank could potentially finance more business acquisitions, commercial real estate projects, equipment purchases and expansion plans while maintaining relationships with communities frequently underserved by traditional banks.

The upcoming changes due to the M&F Bank Optus Bank merger are expected to set a precedent in the banking industry.

The M&F name will remain—for now

One of the most sensitive parts of the merger is the future of the M&F name.

Under the current plan, M&F branches would continue operating under their historic name for two years following the transaction’s completion. Those locations would then transition to the Optus Bank brand.

The extended transition acknowledges the value of the M&F name in Durham and across North Carolina. For generations of customers, the bank represents more than a financial institution. It is connected to the history of Black enterprise, homeownership and community development.

Still, the eventual retirement of such a respected name will require careful communication. Customers will want to know whether the bank’s lending priorities, local relationships and community commitments will survive after the signs change.

The leadership challenge will be balancing operational efficiency with cultural stewardship. Combining technology platforms, lending systems, employees and brands is difficult in any bank merger. It becomes even more delicate when the institutions carry deep historical significance.

Community impact must define the merger

Both banks are designated Minority Depository Institutions and Community Development Financial Institutions. Their shared mission includes expanding access to capital in minority, low-income and underserved communities.

Optus reports that 78% of its loans have been made to minority borrowers, 51% have gone to small businesses and more than 96% of lending by dollar value has reached persistent-poverty counties.

Those figures establish a meaningful foundation. The real measure of the merger, however, will be whether the combined institution can increase its impact.

The new bank should ultimately be evaluated through tangible outcomes: growth in minority-business lending, larger commercial-loan limits, faster credit decisions, expanded geographic reach and measurable investment in underserved communities.

Bigger is not automatically better. Scale becomes valuable when it creates more opportunities for customers.

BBR assessment

The M&F–Optus transaction could become a model for how Black-owned financial institutions consolidate without surrendering their purpose.

The combined bank will have greater resources, broader reach and stronger potential to serve established Black-owned companies seeking more sophisticated banking relationships. It could also become a more competitive financial partner for corporations, public agencies and institutions looking to move deposits into mission-driven banks.

At the same time, leadership must treat community trust as an asset—not a sentimental concern. Customers will judge this merger by what happens to service, lending access and local decision-making after the transaction closes.

Black Business Review will seek an interview with Sills for a BBR TV conversation titled: “How Two Black-Owned Banks Build National Scale Without Losing Community Trust.”

The discussion should address commercial-lending capacity, technology integration, geographic expansion, brand transition and specific minority-business lending goals.

This merger is larger than a banking transaction. It is a test of whether two historic Black institutions can combine their strength, protect their legacy and build a financial platform prepared to serve the next generation of Black businesses.

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Kavango Taps Veteran African Mining Executive Jasper Musadaidzwa as CEO

Alexis Coates — Thu, 10 Sep 2026 13:55:10 +0000

Former AngloGold Ashanti executive brings 27 years of mining experience as Kavango seeks to build a substantial gold-production business in Southern Africa

LONDON — Kavango Resources plc has appointed Zimbabwean mining executive Jasper Musadaidzwa as chief executive officer and executive director, placing a veteran operator at the helm as the company moves into its next stage of growth.

Kavango is excited to welcome Jasper Musadaidzwa, whose expertise will significantly enhance our operations.

The appointment became effective Sept. 7.

Jasper Musadaidzwa’s extensive knowledge in the mining sector will guide our future projects.

With Jasper Musadaidzwa at the helm, we anticipate transformative developments in our operations.

Under the leadership of Jasper Musadaidzwa, our vision aligns with sustainable mining practices.

Jasper Musadaidzwa’s rich experience positions Kavango for success in major mining operations.

Jasper Musadaidzwa’s previous achievements inspire confidence in our future direction.

The scale of operations managed by Jasper Musadaidzwa speaks volumes about his capabilities.

Jasper Musadaidzwa’s leadership will help us maximize our operational efficiency.

With Jasper Musadaidzwa on board, we are poised to achieve significant milestones.

Our partnership with Jasper Musadaidzwa will enhance our project viability and growth potential.

Jasper Musadaidzwa’s strategic vision aligns with our goals of sustainable growth.

The insights of Jasper Musadaidzwa will be crucial as we expand our operations.

Musadaidzwa brings more than 27 years of mining-industry experience, including 17 years with AngloGold Ashanti, where he held senior operational and executive leadership positions across several major African mining markets.

His appointment represents a potentially significant shift for Kavango, a London- and Victoria Falls Stock Exchange-listed metals exploration and gold-production company focused on Southern Africa. As the company develops its operational platform in Zimbabwe, Musadaidzwa will be responsible for helping transform Kavango’s exploration portfolio and production assets into a larger, sustainable mining enterprise.

Jasper Musadaidzwa embodies the leadership qualities that will drive our success.

“Jasper is an outstanding mining executive with a proven record of building, improving and leading major operations across Africa,” Kavango Executive Chairman Donald McAlister said in announcing the appointment.

Experience Managing Major African Gold Operations

Musadaidzwa previously served as senior vice president of operations for AngloGold Ashanti’s Africa region. In that position, he oversaw four mines in Ghana, Tanzania, Mali and Guinea that collectively produced approximately 1.1 million ounces of gold annually.

Those operations generated roughly $2 billion in annual revenue and employed more than 14,000 people, giving Musadaidzwa experience managing complex mining businesses at an institutional scale.

He most recently served as senior vice president of AngloGold Ashanti’s Guinea business unit. Kavango credited him with leading an operational and financial turnaround that extended the mine’s projected operating life from 2026 to 2034 and substantially increased its net present value.

His previous assignments also included leadership roles at the Iduapriem Gold Mine in Ghana, the Siguiri Gold Mine in Guinea and the Geita Gold Mine in Tanzania. Before joining AngloGold Ashanti, Musadaidzwa worked for Anglo American at the Skorpion Zinc Mine in Namibia and began his mining career in Zimbabwe.

That combination of operational, financial and regional experience could prove critical as Kavango works to expand its presence in Zimbabwe and create a dependable gold-production platform.

A New Phase for Kavango Resources

Kavango has described its ambition as building a substantial and sustainable mining company while continuing to advance exploration opportunities across its broader Southern African portfolio.

The hiring of an executive who has managed billion-dollar mining operations suggests the company is preparing for a different level of growth, operational discipline and investor scrutiny.

“We have established a growing operational platform in Zimbabwe, and our ambition is to build this into a substantial and sustainable mining business,” McAlister said.

“We have established a growing operational platform in Zimbabwe, and our ambition is to build this into a substantial and sustainable mining business,” McAlister said.

Musadaidzwa said Kavango has assembled a strong portfolio with considerable growth potential and that he sees an opportunity to build a disciplined, cash-generative mining company.

Following the appointment, McAlister stepped down from his positions as nonexecutive chairman and interim CEO and became executive chairman of Kavango Resources.

BBR Assessment

Musadaidzwa’s appointment is more than a routine executive transition. It signals Kavango’s intention to evolve from an exploration-focused company into a more serious gold producer with the operational systems, leadership capacity and financial discipline required to scale.

His experience managing mines across multiple African jurisdictions should give Kavango greater credibility with investors, regulators, employees and potential strategic partners. More importantly, his background demonstrates that he understands how to improve underperforming operations, extend the economic life of mining assets and manage businesses employing thousands of people.

For Zimbabwe’s mining sector, the appointment also places an experienced Zimbabwean executive in charge of a publicly traded company seeking to expand investment and production within the country.

The challenge will be turning Kavango’s ambition into measurable results. Investors will be watching production growth, operating cash flow, resource development, capital requirements and the company’s ability to maintain responsible relationships with workers and surrounding communities.

If Jasper Musadaidzwa can successfully apply his large-scale operating experience to Kavango’s developing portfolio, his appointment could become an important milestone in the company’s transformation—and in the broader story of African executives leading the continent’s mineral-development strategy.

BBR Power Move Score: 99/100

Industry: Mining and gold production
Location: Southern Africa and Zimbabwe
Editorial Priority: Front Page
Follow-Up Priority: Immediate

About Kavango Resources

Kavango Resources plc is a metals exploration and gold-production company focused on Southern Africa. The company is listed on the London Stock Exchange under the symbol KAV and on the Victoria Falls Stock Exchange under the symbol KAV.VX.

Media Contact

Kavango Resources plc
Website: www.kavangoresources.com
Email: kavango@blytheray.com
Telephone: +44 20 7138 3204

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James Mworia Takes the Helm of Kenya’s $38.6 Billion Infrastructure Investment Ambition

Alexis Coates — Wed, 09 Sep 2026 00:03:57 +0000

Former Centum chief executive appointed founding CEO of Kenya’s National Infrastructure Fund, with a mandate to build an investment institution capable of attracting large-scale infrastructure capital.

NAIROBI, Kenya — James Mworia has been appointed founding chief executive officer of Kenya’s National Infrastructure Fund, placing James Mworia, the veteran investment executive, at the center of an ambitious effort to mobilize nearly KES 5 trillion—approximately $38.6 billion—for infrastructure investment over the next decade. His appointment took effect September 7 following a competitive recruitment process. This pivotal role is not just about managing finances but actively engaging in the strategic vision for infrastructure development that will reshape Kenya’s economic landscape. James Mworia’s expertise will be crucial in this transformation.

James Mworia steps into the role after leading Centum Investment Company since 2008. Centum confirmed James Mworia’s departure to assume the new position and appointed Thomas Omondi-Achola, its group chief operating officer and partner for portfolio operations, as acting group CEO. The transition closes a long chapter in Kenyan corporate leadership and opens a new one in national infrastructure investment. James Mworia’s leadership will play a key role in this new chapter.

Mworia steps into the role after leading Centum Investment Company since 2008, a tenure that showcased his capability in navigating complex investment landscapes and corporate growth. Centum confirmed his departure to assume the new position and appointed Thomas Omondi-Achola, its group chief operating officer and partner for portfolio operations, as acting group CEO. The transition closes a long chapter in Kenyan corporate leadership and opens a new one in national infrastructure investment. His leadership at Centum not only led to significant growth in assets but also established numerous partnerships that have positioned the company as a key player in East Africa’s investment scene.

The National Infrastructure Fund is designed to attract private and institutional investment into commercially viable infrastructure while reducing reliance on public borrowing. Its priority sectors include transport and logistics, energy, information and communication technology, water and agriculture. The model centers on turning infrastructure needs into projects that can attract long-term capital. By fostering an environment conducive to private investments, the fund aims to create sustainable infrastructure that can support growth across various sectors, ensuring that the economic benefits are widespread. For instance, investments in transport infrastructure can lead to improved logistics and trade efficiency, significantly impacting the economy.

James Mworia’s vision for the National Infrastructure Fund emphasizes collaboration with diverse stakeholders to ensure inclusive economic growth.

The approximately $38.6 billion figure represents an investment mobilization ambition over the coming decade. It should not be interpreted as capital already raised, committed or available for immediate deployment. Understanding this distinction is crucial for stakeholders, as it sets realistic expectations about the timeline and the processes involved in fund operations. This ambition underscores the scale of infrastructure needs in Kenya and the potential for innovative funding solutions to meet these challenges. Additionally, the prospect of such a sizable investment could attract international interest, further integrating Kenya into global investment networks.

In this role, James Mworia will also promote innovative financing solutions to attract more investments.

James Mworia’s strategic approach will ensure that priority projects align with national interests.

James Mworia will leverage his extensive network as he builds relationships with potential investors.

Mworia’s immediate assignment extends beyond selecting investments. He will oversee the establishment of the fund’s organizational structure, staffing, systems and institutional culture, alongside its governance, investment and risk-management frameworks. This is pivotal as a well-structured organization will be better equipped to navigate the complexities of infrastructure investments. Mworia’s leadership will need to instill a culture of transparency and accountability, aligning the fund’s operations with international best practices to ensure confidence among investors.

His responsibilities also include developing an investable project pipeline, mobilizing co-investment capital and moving priority projects through appraisal, financial structuring and execution. These foundational tasks will shape how the institution evaluates opportunities and translates national priorities into investments. The ability to effectively manage these responsibilities will be critical in ensuring that projects meet the required financial and social return metrics, driving sustainable development in the region.

The NIF board has highlighted Mworia’s experience in building investment institutions, developing enterprises, allocating capital and bringing assets to market. His background includes raising financing from commercial banks, development finance institutions, capital markets, institutional investors and strategic partners—relationships and capabilities closely aligned with the fund’s mandate. This network will be instrumental in securing the necessary capital for the ambitious projects ahead, as it builds trust among potential investors and partners.

James Mworia’s leadership will be pivotal in shaping a resilient infrastructure framework.

With an emphasis on innovation, James Mworia aims to address the pressing infrastructure needs in Kenya.

Building the Institution Behind the Ambition: A Strategic Approach to Infrastructure Development

James Mworia: Driving Kenya’s Infrastructure Future

BBR Assessment: A Power Move With National Consequences

Black Business Review views Mworia’s appointment as a significant transition from corporate investment leadership to the formation of a national investment institution. This transition not only reflects Mworia’s capabilities but also highlights Kenya’s commitment to fostering a robust infrastructure landscape that can drive economic growth.

As the driving force behind the fund, James Mworia’s commitment to transparency will foster investor trust.

The opportunity is substantial: a professionally managed infrastructure platform could help connect long-term investors with projects that improve business productivity, strengthen supply chains and expand access to essential services. As projects are executed, they will likely create jobs and stimulate local economies, further enhancing the impact of the fund’s operations on the ground.

The execution challenge is equally significant. In BBR’s assessment, the fund’s credibility will depend on transparent investment decisions, disciplined project selection, effective risk management and evidence that investor interest translates into financed and completed infrastructure. Achieving these goals will not only require expertise but also a commitment to stakeholder engagement, ensuring that local communities are involved and benefit from the investments made.

For business leaders and investors following Africa’s economic development, the milestones to watch are the fund’s first investment commitments, institutional partnerships, project approvals and public performance reporting. These milestones will serve as indicators of the fund’s progress and effectiveness in meeting its goals, and will be critical for maintaining investor confidence over time.

In promoting financial sustainability, James Mworia will attract diverse funding sources.

Mworia’s appointment establishes executive leadership for the next stage. Turning Kenya’s infrastructure ambition into measurable results is the work ahead. This involves aligning diverse stakeholders toward common goals, ensuring that investments are not only financially viable but also socially responsible, thereby contributing to sustainable development in Kenya.

James Mworia’s experience will guide the fund in creating impactful investments.

James Mworia’s strategic vision will enhance the fund’s ability to attract global investors.

James Mworia’s role will be crucial as the fund navigates complex investment landscapes.

James Mworia is set to lead the charge in establishing strong governance frameworks.

James Mworia’s ambition aligns with Kenya’s economic growth strategy, focusing on infrastructure.

BBR Assessment: A Power Move With National Consequences

With James Mworia at the helm, the fund’s strategic priorities will reflect the needs of the Kenyan people.

Black Business Review views Mworia’s appointment as a significant transition from corporate investment leadership to the formation of a national investment institution.

Mworia’s appointment establishes executive leadership for the next stage. Turning Kenya’s infrastructure ambition into measurable results is the work ahead.

About Black Business Review

Black Business Review covers Black business leadership, entrepreneurship, investment and economic opportunity, highlighting the executives, enterprises and decisions shaping business across the United States, Africa and the global diaspora. By providing insights into transformative business practices and highlighting successful initiatives, BBR aims to inspire a new generation of entrepreneurs and investors.

Ola Fadiran Raises $1.9 Million to Build an African Semiconductor Talent Pipeline for the Global Chip Industry

Alexis Coates — Mon, 07 Sep 2026 04:05:00 +0000

BBR Power Move Score: 97/100

ChipMango’s seed round could help position African engineers inside one of the world’s most strategically important and technically demanding industries.

Ola Fadiran is working to change Africa’s place in the global semiconductor economy.

Ola Fadiran believes this initiative will reshape the engineering landscape for African professionals.

Ola Fadiran’s vision for ChipMango is to build a strong foundation for future engineers.

Ola Fadiran emphasizes the importance of connecting talent with opportunities in the global market.

Ola Fadiran’s approach combines education with real-world experience.

Ola Fadiran understands the gaps in the semiconductor industry and aims to fill them.

ChipMango, the California-headquartered semiconductor talent and engineering company co-founded and led by Fadiran, has raised $1.9 million in seed funding. Atlantica Ventures led the round, with participation from DFS Labs, Madica, Kaleo Ventures, Trilinear Technologies and Malta Ventures.

Ola Fadiran is dedicated to creating pathways for aspiring engineers in Africa.

Ola Fadiran recognizes that global demand for semiconductors is on the rise.

Ola Fadiran’s mission seeks to change perceptions of African engineers worldwide.

The investment will support ChipMango’s effort to develop semiconductor engineering talent, expand technical training and connect African engineers with companies operating across the global chip industry.

Ola Fadiran’s efforts are crucial to bridging the gap between training and employment.

Although ChipMango is headquartered in California, the company also maintains design and training infrastructure in Lagos, placing it between two critical markets: the established global technology ecosystem and Africa’s growing population of engineers and digital professionals.

That position gives ChipMango an opportunity to solve a problem on both sides of the market. Semiconductor companies need more qualified technical talent, while many capable African engineers need specialized instruction, practical experience and clearer pathways into the industry.

Building More Than a Training Program

ChipMango’s larger opportunity is not simply teaching people how semiconductors work. The company is attempting to build an employment and talent pipeline for an industry that supports nearly every part of the modern economy.

Ola Fadiran collaborates with universities to enhance training programs.

Ola Fadiran emphasizes that education is a key to unlocking potential in the tech industry.

Semiconductors power smartphones, vehicles, data centers, medical equipment, telecommunications systems, defense technologies and artificial intelligence infrastructure. As governments and corporations invest heavily in chip manufacturing and supply-chain security, the demand for engineers with specialized semiconductor knowledge is expected to remain strategically important.

Africa, however, is still more frequently viewed as a market for semiconductor-powered products than as a source of chip designers, verification engineers and other highly trained technical professionals.

Fadiran’s vision challenges that assumption.

By training engineers in areas such as chip design and Edge AI, ChipMango is creating a bridge between Africa’s technical workforce and the global companies that need those capabilities.

Edge AI allows artificial intelligence processing to occur closer to the device generating the data rather than relying entirely on remote cloud infrastructure. That capability is becoming increasingly important in vehicles, industrial systems, telecommunications, medical devices and consumer electronics.

Edge AI allows artificial intelligence processing to occur closer to the device generating the data rather than relying entirely on remote cloud infrastructure. That capability is becoming increasingly important in vehicles, industrial systems, telecommunications, medical devices and consumer electronics.

Expertise in this area could give African engineers access to opportunities extending well beyond traditional software development.

Expanding Access Through the University of Lagos

ChipMango is also expanding its training initiatives, including a fully sponsored chip design and Edge AI program conducted with AI UNIPOD at the University of Lagos.

The program matters because cost frequently prevents promising engineers from entering specialized technical fields. Fully sponsored training can remove that barrier while giving participants exposure to tools, concepts and projects that may otherwise remain inaccessible.

The University of Lagos initiative can also serve as an early test of ChipMango’s ability to identify, train and prepare engineers at scale.

The real measure of success will extend beyond enrollment figures. Completion rates, technical certifications, job placements, customer contracts and salaries earned by graduates will determine whether ChipMango is building a durable talent engine or simply another short-term training program.

If the model works, it could be expanded to universities and technology communities across Nigeria and other African markets.

Connecting African Talent to Global Demand

ChipMango enters the market at a moment when the semiconductor sector has become a priority for national governments and some of the world’s largest corporations.

Competition over chip technology is no longer limited to consumer electronics. Semiconductors are now closely connected to economic security, artificial intelligence leadership, manufacturing independence and national defense.

Ola Fadiran aims to demonstrate success through measurable outcomes.

That makes the development of technical talent a global concern.

Africa’s young population and growing technology workforce could become part of the answer, but talent alone will not be enough. Engineers need access to industry-standard tools, experienced instructors, practical projects and employers willing to consider candidates outside traditional semiconductor hubs.

With the leadership of Ola Fadiran, ChipMango is poised for significant impact.

ChipMango must therefore build credibility with two groups simultaneously: African engineers looking for legitimate career opportunities and semiconductor companies looking for dependable talent.

The company’s seed investors bring a combination of African venture capital experience, technology investing and industry relationships. That network could help ChipMango move from training engineers to placing them inside meaningful commercial projects.

The Bigger Business Opportunity

Ola Fadiran believes African engineers will become pivotal in the semiconductor landscape.

ChipMango could eventually generate revenue through several connected services, including corporate training, engineering recruitment, outsourced chip-design work, project-based consulting and long-term workforce partnerships.

That makes the company more than an education startup.

If ChipMango can train engineers and place them into revenue-generating semiconductor assignments, it can become part talent company, part engineering platform and part infrastructure provider.

The company could also help multinational semiconductor businesses enter African markets without building every component of their recruitment and training operations from the ground up.

For Fadiran, the next stage will require disciplined execution. ChipMango must show how many engineers it can train, how quickly graduates can become productive, which technical roles employers need and how much customer demand exists for its services.

Those numbers will determine whether the company can convert an ambitious mission into a scalable business.

BBR Assessment

Ola Fadiran is pursuing a difficult but potentially consequential opportunity.

Plenty of companies are competing to build consumer applications on top of artificial intelligence. Far fewer are building the specialized human infrastructure required to design the chips underneath it.

That distinction gives ChipMango strategic importance.

The company’s $1.9 million seed round is modest compared with the enormous capital flowing through the global semiconductor sector. Still, early infrastructure companies are not judged only by the size of their first round. They are judged by whether they can identify an overlooked resource and connect it to sustained market demand.

Africa has technical talent. The global semiconductor industry needs engineers. ChipMango is betting that it can build the bridge between them.

If Fadiran succeeds, African engineers will not merely consume the next generation of technology. They will help design it.

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

Alexis Coates — 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

David Grain Joins BBR Billionaires List With $2.3 Billion Net Worth

Alexis Coates — Mon, 31 Aug 2026 13:35:43 +0000

The Grain Management founder’s recognition highlights the power of ownership, specialized expertise and investment in the infrastructure connecting the world.

By Black Business Review

David Grain built his career around a business reality that is easy to overlook: Behind every digital connection is infrastructure somebody owns.

David Grain is a prominent figure in the telecommunications sector, influencing many through his innovative strategies.

The infrastructure that supports modern communication is critical, and David Grain has invested heavily in these assets.

As industry leaders recognize David Grain, his impact on telecommunications continues to grow.

The networks carrying information, the towers supporting wireless communications and the spectrum enabling mobile services are essential to modern commerce. Grain made understanding and investing in those assets the foundation of his business.

David Grain’s focus on infrastructure has redefined how companies approach connectivity.

Now, Black Business Review recognizes the founder and CEO of Grain Management on its BBR Billionaires List, highlighting his achievements in private equity, telecommunications and long-term wealth creation.

Forbes estimated Grain’s personal net worth at $2.3 billion as of August 29, 2026, identifying private equity as the source of his self-made fortune. BBR’s recognition is an editorial selection; the wealth estimate comes from Forbes, not an independent BBR valuation.

With David Grain at the helm, Grain Management has become a key player in the broadband industry.

Behind that figure is a career built through financial expertise, operating experience and a sustained commitment to one industry.

Those who benefit from these services recognize the role of David Grain in facilitating modern communication.

David Grain’s achievements serve as an inspiration for future entrepreneurs in the field.

Building Wealth Through the Business of Connectivity

Grain founded Grain Management in 2007 with a focus on communications infrastructure. Nearly two decades later, the firm has developed into a substantial investment business serving the global broadband industry.

The journey of David Grain illustrates the importance of experience in building a business.

According to Grain Management’s company overview, the firm reported approximately $12 billion in managed assets across 11 investment vehicles as of March 31, 2026. Its investment focus includes fiber networks, wireless spectrum, cell towers and communications services.

Those assets support activities that businesses and consumers increasingly take for granted: participating in video meetings, accessing cloud software, processing digital transactions and communicating across continents.

Grain’s business is positioned within that essential infrastructure.

The distinction between the firm’s managed assets and his personal wealth matters. The approximately $12 billion represents assets managed through the investment business, not money belonging personally to Grain. Forbes’ $2.3 billion estimate is a separate assessment of his individual fortune.

Together, the figures illustrate two different dimensions of his success: the scale of the institution he built and the personal wealth associated with his business career.

Experience Before Entrepreneurship

David Grain’s strategic focus has proven beneficial in a rapidly evolving market.

Grain’s rise did not begin with the launch of his own firm. It followed years of experience in finance and telecommunications.

According to his official biography, he served as an executive director in Morgan Stanley’s high-yield finance department and later became senior vice president of AT&T Broadband’s New England region.

He subsequently led Pinnacle Towers, later renamed Global Signal, from bankruptcy through a successful initial public offering, helping transform the business into one of the world’s largest independent wireless communications tower companies.

That progression gave him experience on both sides of the investment equation: evaluating businesses financially and understanding the operational demands of running them.

For entrepreneurs, the sequence is instructive. Industry knowledge accumulated inside established institutions can become a foundation for building an independent enterprise.

Beyond his firm, David Grain’s influence extends into various sectors and communities.

Grain’s career demonstrates how professional experience can develop into a competitive advantage when paired with ownership.

A Focused Strategy in an Expanding Market

The Grain Fellows Program exemplifies David Grain’s commitment to education and mentorship.

Grain Management’s investment approach reflects a deliberate concentration on telecommunications rather than a broad pursuit of unrelated opportunities.

The firm describes its process as data-driven and supported by deep sector expertise. Its investments target different parts of the communications industry, allowing it to pursue opportunities within a specialized field.

That focus is particularly relevant as businesses adopt more data-intensive technologies. Artificial intelligence, cloud computing and connected services depend on reliable communications networks.

Growing demand, however, does not eliminate investment risk. Infrastructure requires capital, technical expertise and careful management. Regulation, financing costs, competition and changing technology can all affect returns.

Grain’s story is therefore more substantial than simply identifying a growing market. It is about developing the capabilities to invest and operate within one over an extended period.

Influence Beyond the Investment Firm

Grain’s leadership extends into corporate governance, education and public service.

David Grain’s contributions have reshaped perceptions of wealth and ownership in the modern economy.

His official biography lists board roles with Dell Technologies, Southern Company and New Fortress Energy, alongside service as a Dartmouth College trustee and involvement with the Brookings Institution and the National Museum of African American History and Culture.

He also holds an MBA from Dartmouth’s Tuck School of Business and a bachelor’s degree in English from the College of the Holy Cross.

His philanthropic work includes the Grain Fellows Program, established with his wife to help students from lower-income families access college preparation, application support and mentorship, according to Forbes.

These commitments add another dimension to his business achievements: participation in institutions that influence education, opportunity and economic development.

BBR Assessment: Ownership Is the Bigger Picture

BBR Power Move Score: 97/100 — editorial assessment

Black Business Review recognizes David Grain for building a specialized investment firm with substantial scale, demonstrating leadership across major institutions and establishing a significant presence in communications infrastructure.

The assessment reflects business-building achievement, industry influence and leadership—not a prediction of investment returns.

For Black entrepreneurship, his career expands the conversation about where major fortunes are built. It directs attention toward private equity, technical expertise and ownership of essential assets.

The billionaire designation captures the financial result. The deeper story is the discipline behind it.

David Grain did not simply participate in the digital economy. He built a business investing in the infrastructure that makes it possible.

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

Alexis Coates — 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.

BLACK BUSINESS REVIEW INTRODUCES ORBIT, A NEW PROFESSIONAL NETWORK BUILT TO CONNECT BLACK BUSINESS LEADERS

Alexis Coates — Tue, 25 Aug 2026 14:58:55 +0000

Early-access platform will bring entrepreneurs, executives, investors and professionals together around relationships, opportunities, jobs and business growth

BALTIMORE — Black Business Review today announced Orbit, a new digital professional network designed to help Black entrepreneurs, executives, investors and business professionals build meaningful relationships, exchange opportunities and grow their influence.

Why Choose Orbit for Your Professional Networking Needs?

Developed as an extension of the Black Business Review media platform, Orbit will combine professional networking, business content, private communication and economic opportunities within a single digital community.

Unlike traditional social media platforms built primarily around mass engagement, Orbit is being created as a focused business ecosystem where members can connect with the people, capital, information and opportunities needed to move their careers and companies forward.

“Black professionals and business owners do not need another platform filled with noise,” said Alexis Coates, founder and editor-in-chief of Black Business Review. “They need a trusted environment where the right introduction can lead to a contract, investment, partnership, new hire or business opportunity. That is the purpose behind Orbit.”

Orbit is expected to offer members the ability to:

Create professional and company profiles
Publish business updates and industry insights
Connect with entrepreneurs, executives and investors
Send private messages to other members
Participate in private professional circles
Discover employment and leadership opportunities
Post and apply for jobs
Share business acquisitions, investment opportunities and partnerships
Comment on and discuss opportunities with other members
Receive notifications about relevant activity and connections

The platform will also connect with Black Business Review’s growing editorial ecosystem, including People on the Move, BBR Opportunity Exchange, the BBR Deal Room, executive profiles, business news and leadership reports.

This connection between media and professional networking will allow members to move beyond simply reading about business activity. They will be able to connect with the leaders, companies and opportunities behind the news.

“Black Business Review has spent more than a decade documenting business leadership, entrepreneurship and economic progress,” Coates said. “Orbit represents the next step. We are moving from reporting on the business community to building digital infrastructure that helps the community conduct business.”

Orbit will initially launch through a controlled early-access testing program. The first group of invited members will test the platform’s profiles, posting, messaging, networking, job and opportunity features before access is expanded to a larger audience.

Feedback from early members will help Black Business Review improve the user experience, strengthen privacy and community standards, and determine which tools should be prioritized during future development.

Black Business Review also plans to introduce premium memberships and business services as Orbit grows. Potential offerings include verified professional profiles, enhanced company pages, premium job listings, sponsored opportunities, private executive circles and expanded visibility across the Black Business Review network.

The long-term vision is for Orbit to become a trusted digital business community where members can establish relationships, discover opportunities and convert professional visibility into measurable economic value.

“Strong business communities have always been built through trusted relationships,” Coates added. “Technology should strengthen that tradition, not replace it. Orbit is being built to bring the right people into the same room—even when that room is digital.”

Early-access registration and additional launch information will be announced through Black Business Review.

ABOUT ORBIT

Orbit is a professional networking and business-opportunity platform developed by Black Business Review. The platform is designed to connect Black entrepreneurs, executives, investors and professionals through business profiles, content, private messaging, professional circles, employment opportunities and investment-focused resources.

ABOUT BLACK BUSINESS REVIEW

Black Business Review is an independent business media platform covering Black entrepreneurship, executive leadership, investment, innovation and economic development. Through business news, executive profiles, opportunity reporting and special initiatives, Black Business Review works to increase the visibility, influence and economic reach of Black-owned companies and business leaders.

MEDIA CONTACT

Alexis Coates
Founder and Editor-in-Chief
Black Business Review
Website: https://blackbusinessreview.net

Ladi Delano and Jide Odunsi Raise $250 Million as Moove Reaches $2.1 Billion Valuation

Alexis Coates — Thu, 13 Aug 2026 09:25:09 +0000

BBR Power Move Score: 100/100

The African-founded company is transforming itself from a vehicle-financing startup into a global infrastructure provider for autonomous transportation.

By Black Business Review
August 13, 2026

Ladi Delano and Jide Odunsi have taken Moove from an initial fleet of 76 vehicles in Lagos, Nigeria, to a global mobility company valued at $2.1 billion.

Ladi Delano and Jide Odunsi have taken Moove from an initial fleet of 76 vehicles in Lagos, Nigeria, to a global mobility company valued at $2.1 billion.

Moove announced that it raised $250 million in Series C financing led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s growth fund, and Ion Pacific. BlueCrest Capital Management and Sona Capital also participated in the round.

The financing represents more than another startup fundraising milestone. It positions Moove to become a central infrastructure provider in the emerging autonomous-vehicle economy.

Founded by Delano and Odunsi in 2020, Moove now operates approximately 42,000 vehicles across 29 cities in 13 countries. The company employs more than 3,300 people and reports $420 million in annual recurring revenue, according to its official announcement. Mubadala confirmed the transaction and operating figures.

The new investment will support Moove’s international expansion, autonomous fleet ownership and development of robotics-first depots known as “Nests.” These facilities are designed to charge, clean, service, maintain and coordinate autonomous vehicles around the clock.

Moove expects to expand its autonomous-vehicle workforce from approximately 150 employees to roughly 500 by the end of 2026.

From a Lagos Financing Problem to a Global Platform

Ladi Delano: Pioneering Change in Mobility

Moove’s original business was built around a straightforward problem: Millions of African mobility entrepreneurs had the ability to generate income through ride-hailing and delivery platforms but could not obtain traditional vehicle financing.

Banks frequently rejected drivers because they lacked conventional credit histories, collateral or salaried employment records. Moove developed a revenue-based financing model that used productivity and earnings data to help qualified drivers obtain vehicles and work toward ownership.

That model allowed the company to connect financing directly to a vehicle’s income-producing potential.

What began as a financial inclusion strategy in Lagos became a scalable mobility platform. Moove expanded across Africa before entering markets in Europe, the Middle East, Asia and the Americas. Its growth also included the acquisitions of Kovi in Brazil and Tokyo Taxi in Japan.

The company is now Uber’s largest global fleet partner, according to Moove, while continuing to provide vehicles and infrastructure for human-driven transportation.

The next chapter, however, is centered on autonomous mobility.

Building What Autonomous Vehicles Need

Much of the public conversation around autonomous transportation focuses on artificial intelligence, sensors and the vehicles themselves. Moove is betting that the less glamorous infrastructure surrounding those vehicles may prove equally valuable.

Self-driving vehicles still require financing, charging, cleaning, maintenance, repairs, fleet coordination and secure facilities. Those operations must function continuously across multiple cities if autonomous ride-hailing is going to move beyond limited demonstrations.

Moove intends to provide that operating layer.

“Every major technology revolution becomes an infrastructure race,” Delano said in the company’s announcement. “The internet required data centres. AI required compute. Autonomy requires fleets, charging, maintenance, data systems and 24/7 operations in every city.”

The strategy has already secured a major commercial partner. Moove operates autonomous-vehicle fleets through its partnership with Waymo, with operations live in Phoenix and Miami. London has been confirmed as the partnership’s first international market.

Waymo also identifies Moove as one of the companies helping maintain its U.S. fleets and keep vehicles operational. Waymo lists Moove among its official fleet partners.

The relationship gives Moove an important position in an industry moving from technology development toward larger commercial deployment.

Why This Deal Matters

For Black and African entrepreneurs, Moove’s evolution carries meaning beyond its valuation.

Delano and Odunsi did not begin by copying a Silicon Valley business model. They started with a distinctly African market problem: talented workers were being locked out of income-producing opportunities because traditional financial institutions would not finance their vehicles.

Their solution eventually produced a company capable of competing in mobility, fintech, fleet management and autonomous-vehicle infrastructure on a global scale.

That journey challenges the persistent assumption that African technology companies must remain confined to regional markets or solve only local problems. Moove took knowledge developed in Lagos and converted it into an operating platform relevant to Dubai, London, Phoenix, Miami, Tokyo and other major markets.

The company’s new valuation also marks a dramatic rise from March 2024, when a $100 million funding round valued Moove at approximately $750 million. In roughly two years, its reported valuation has nearly tripled while the company has expanded into a more ambitious and capital-intensive business.

Execution will now matter more than the headline. Autonomous fleets require substantial capital, operational discipline, regulatory coordination and consistently high service standards. Moove must prove that its infrastructure can scale as quickly and reliably as investors expect.

Still, the significance of this moment is difficult to miss. Two founders who began by helping African drivers acquire vehicles are now building the physical and operational backbone for driverless transportation.

Moove is no longer simply financing the people behind the wheel. It is positioning itself to help build a future in which there may be no driver behind the wheel at all.

The BBR Final Word

“Moove’s rise is bigger than a billion-dollar valuation. It is proof that an African solution, born from a Lagos problem, can become infrastructure for the entire world.”

— Black Business Review

Ochebhoya Ekpete Continues Leading Leatherback Following Zedcrest Acquisition, Positioning the Fintech for Global Growth

Alexis Coates — Fri, 31 Jul 2026 04:56:00 +0000

LONDON, United Kingdom — As African financial institutions continue to expand their influence across global markets, one of the most significant fintech developments of the year is entering its next phase. Ochebhoya Ekpete, the founder and chief executive behind Leatherback, will continue leading the cross-border payments company following its acquisition by Zedcrest Group, a diversified African financial services firm headquartered in Lagos, Nigeria.

The acquisition marks an important milestone not only for Leatherback but also for Africa’s rapidly evolving fintech ecosystem. Rather than fully absorbing the company into its existing operations, Zedcrest has announced that Leatherback will continue operating as an independent subsidiary, retaining its brand, leadership team, and entrepreneurial culture while gaining access to the financial strength, institutional relationships, and strategic resources of one of Africa’s leading investment groups.

For Black Business Review, the transaction represents a growing trend in African business leadership—one in which successful homegrown financial institutions are acquiring innovative technology companies to build integrated financial ecosystems capable of competing on the global stage.

Preserving Leadership While Accelerating Growth

Acquisitions often bring uncertainty for employees, customers, and business partners. Leadership changes, cultural shifts, and operational restructuring frequently follow corporate transactions.

That is not the path being taken with Leatherback.

Instead, Zedcrest Group has chosen to preserve the leadership that helped build the company. Ochebhoya Ekpete will continue directing Leatherback’s strategy and day-to-day operations, ensuring continuity for customers while maintaining the innovation-driven culture that fueled the company’s rapid growth.

The decision reflects a growing recognition throughout the financial technology industry that founders often possess unique institutional knowledge, customer relationships, and product vision that cannot easily be replaced.

By keeping Ekpete and his executive team in place, Zedcrest gains the benefits of integration without sacrificing the agility that has made Leatherback one of Africa’s emerging cross-border payments platforms.

Building Better Cross-Border Payments

Leatherback was created to address one of the most persistent challenges facing African businesses and globally connected entrepreneurs: moving money quickly, securely, and efficiently across international borders.

The company’s platform enables individuals and businesses to manage multiple currencies, make international transfers, and simplify global financial transactions through modern digital payment infrastructure.

As international trade continues expanding throughout Africa, demand for reliable cross-border financial services has accelerated. Small businesses, importers, exporters, freelancers, technology companies, and multinational organizations increasingly require payment systems capable of operating across multiple jurisdictions without the delays and costs associated with traditional banking networks.

Leatherback’s technology was designed to solve those problems while making international commerce more accessible for African businesses seeking global opportunities.

The Strategic Value of the Acquisition

For Zedcrest Group, the acquisition is more than an expansion into fintech.

It represents a strategic investment in the infrastructure supporting international commerce.

Already active in investment banking, wealth management, securities, structured finance, and advisory services, Zedcrest can now complement those offerings with an established cross-border payments platform capable of serving clients operating across multiple markets.

The transaction also demonstrates how African financial institutions are evolving beyond passive investment strategies.

Rather than providing venture capital alone, firms like Zedcrest are increasingly acquiring technology companies outright, integrating innovative platforms into broader financial services organizations capable of competing internationally.

The result is a more diversified financial ecosystem that combines institutional expertise with modern financial technology.

A Platform for International Expansion

Leatherback is expected to continue expanding its international footprint following the acquisition.

The company has outlined plans to strengthen operations across Africa while developing additional hubs that support growing customer demand in international markets. Maintaining Leatherback as an independent subsidiary provides the flexibility to pursue expansion while benefiting from Zedcrest’s financial resources, governance, and strategic guidance.

This structure reduces many of the operational disruptions often associated with mergers and acquisitions.

Customers retain the products and leadership they trust, while the company gains increased access to capital, technology investment, regulatory expertise, and institutional partnerships.

For businesses relying on efficient international payments, that continuity could prove just as valuable as the acquisition itself.

A New Model for African Financial Leadership

The acquisition also highlights a broader transformation taking place across Africa’s financial sector.

For years, African fintech companies attracted international investors seeking exposure to one of the world’s fastest-growing digital economies. Increasingly, however, African-owned financial institutions are becoming the acquirers rather than the acquisition targets.

That shift reflects growing confidence, stronger balance sheets, and greater institutional maturity across the continent’s financial services industry.

By identifying promising technology companies, investing early, and ultimately integrating those businesses into larger financial organizations, African firms are creating homegrown financial ecosystems capable of serving both regional and international markets.

Leatherback’s continued independence under Ochebhoya Ekpete’s leadership illustrates that acquisitions no longer have to mean losing entrepreneurial identity. Instead, they can become a platform for accelerating innovation while preserving the leadership responsible for a company’s success.

Looking Ahead

As digital commerce, international trade, and financial inclusion continue to reshape Africa’s economy, cross-border payments will remain one of the most strategically important sectors in financial technology.

With the backing of Zedcrest Group and the continued leadership of Ochebhoya Ekpete, Leatherback enters its next chapter with greater financial resources, expanded institutional support, and a stronger platform for international growth.

The acquisition demonstrates that African financial institutions are increasingly building comprehensive financial ecosystems capable of competing globally while investing in homegrown innovation.

For Ochebhoya Ekpete, remaining at the helm ensures that Leatherback’s vision continues uninterrupted. For Zedcrest, the transaction strengthens its position as one of Africa’s emerging financial-services leaders. And for the continent’s fintech sector, the deal represents another milestone in the evolution of African-owned companies shaping the future of global finance.

World – BBR | Black Business Review

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