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AFRICA’S SUPER RICH: From Morocco to Zimbabwe, First Ever Forbes’ List of Africa’s 40 Richest!

Filed under : Africa, Entertainment

Happy Thursday!


So my only beef with this list of Africa’s richest people, is that women are notably absent….

But super excited that Forbes (via Mfonobong Nsehe & his Forbes crew) finally published this yesterday after months of compiling this inaugural list. According to the article, the combined wealth of the 40 richest is $64.9 billion – more than Thailand’s 40 richest (at $45 billion) but less than Taiwan’s (at $92.7 billion).

Here are some of the Forbes’ bios on the one’s I follow very closely;

1. Aliko Dangote

Nigerian commodities titan Aliko Dangote is also Africa’s cement king. In late 2010, he listed Dangote Cement on the Nigerian Stock Exchange. The company integrated Dangote’s cement investments across Africa, including Benue Cement, formerly listed on the Nigerian Stock Exchange. It’s now the largest company on the Nigerian exchange, with a market capitalization of $10 billion. In August, Dangote received approval from the Central Bank of Nigeria to invest $4 billion to build a new cement facility in the Ivory Coast. He’s also building a $115 million cement plant in Cameroon, and owns plants in Zambia, Senegal, Tanzania and South Africa, among others. Dangote started trading commodities more than three decades ago after receiving a business loan from his uncle. He then built the Dangote Group – a leading West African conglomerate with interests in cement manufacturing, sugar refineries, flour milling and salt processing. Venerable philanthropist has given away millions to education, health and social causes.

5. Mike Adenuga

A reclusive tycoon, Mike Adenuga runs Conoil Producing, the first Nigerian company to strike oil in commercial quantities in the early 1990s. Today Conoil Producing is Nigeria’s largest oil exploration company, producing an estimated 100,000 barrels per day. The “Guru” also owns Globacom, Nigeria’s 2nd largest mobile telecom operator. He made his first million at the age of 26 selling lace and distributing soft drinks, but hit it big through the benefaction of Nigeria’s former military president, Ibrahim Babangida. During Babangida’s regime, Adenuga cornered lucrative contracts to build military barracks and was awarded an oil prospecting license. Notoriously private and extremely security conscious, Adenuga moves with a retinue of bodyguards and gets chauffeured only in bulletproof cars. In Nigeria he is widely believed to be a proxy for the financial interests of former president Babangida.

10. Patrice Motsepe

Mining magnate Patrice Motsepe is South Africa’s first and only black billionaire. He built a $1.8 billion (sales) publicly traded mining conglomerate, African Rainbow Minerals (ARM), with interests in platinum, nickel, chrome, iron, manganese, coal, copper and gold. The share price of ARM has dropped more than 20% since mid-February, shaving $800 million from Motsepe’s net worth on the 2011 Forbes World’s Billionaires list. Born in the sprawling black township of Soweto and then trained as a lawyer, he became the first black partner at Bowman Gilfillan law firm in Johannesburg, and then started a contracting business doing mine scut work. He bought low-producing gold mine shafts in 1994 and turned them profitable using lean management style. He benefited from South Africa’s Black Economic Empowerment (BEE) laws, which mandate that companies be at least 26% black-owned in order to get a government mining license. Mostepe also holds a stake in Sanlam, a publicly traded financial services company outside Cape Town; he sits on the board.

34. Strive Masiyiwa

Zimbabwe’s telecom magnate Strive Masiyiwa founded mobile phone company Econet in 1993, though because of objections from the ZImbabwe government the cellphone network did not go live until 1998. It soon became the largest mobile telecom operator in the country. Today he serves as its chairman. Publicly traded Econet controls Mascom, which has 70% market share in neighboring Botswana. It also operates in Kenya and Burundi, and is the only African-based company with a telecom license in the UK (Econet Satellite Services). It has won a 3G license in New Zealand and will roll out a network there once the market is fully liberalized. Masiyiwa moved with his family to Johannesburg, South Africa in 2000, where Econet is now based. He was also publisher of the Daily News, Zimbabwe’s only independent daily newspaper, which was closed down in 2003. His mother was an entrepreneur involved in the informal economy in what was then called Southern Rhodesia; she made enough money to send Masiyiwa to secondary school in Scotland and then the University of Wales, where he studied electrical engineering. He returned to worked for newly independent Zimbabwe’s state telecom company before starting Econet. Masiyiwa created a foundation that provides scholarships to orphans, including those whose parents have died of AIDS.

36. Cyril Ramaphosa

Former union activist, lawyer and politician Cyril Ramaphosa created the Shanduka Group in 2000 as an African black owned investment holding group, and is now one of South Africa’s leading businessmen. Shanduka’s investments include stakes in mining company Assore, trading company Bidvest, Standard Bank, and a joint venture with CocaCola called CocaCola Shanduka, plus holdings in real estate, insurance and telecom. Ramaphosa owns slightly more than 30% of the privately held group through a family trust. He first came to prominence in the 1980s as founder and promoter of the National Union of Mineworkers, created to improve the rights of black African workers. In 1991, at age 39, he was elected secretary general of the African National Congress and was the main negotiator with the National Party during the transition to democracy. After less than three years in parliament Ramaphosa resigned in 1997, first joining New Africa Investments and then starting the Shanduka Group. His wife Tshepo is the sister of fellow South African tycoon Patrice Motsepe.


Aliko Dangote

10,1 billion 54

Nicky Oppenheimer & family

6,5 billion 66

Nassef Sawiris

4,75 billion 50

Johann Rupert & family

4,7 billion 61

Mike Adenuga

4,3 billion 58

Miloud Chaabi

3 billion 82

Naguib Sawiris

2,9 billion 57

Christoffel Wiese

2,7 billion 70

Onsi Sawiris

2,6 billion 81

Patrice Motsepe

2,5 billion 49

Othman Benjelloun

2,4 billion 79

Anas Sefrioui

1,75 billion 54

Mohamed Mansour

1,7 billion 63

Yasseen Mansour

1,55 billion 50

Youssef Mansour

1,55 billion 66

Mohamed Al Fayed

1,3 billion 78

Jim Ovia

775 million 57

Lauritz (Laurie) Dippenaar

750 million 63

Shafik Gabr

730 million 59

Stephen Saad

640 million 47

Theophilus Danjuma

600 million 72

Alami Lazraq

575 million 61

Samih Sawiris

560 million 54

Oba Otudeko

550 million 67

Raymond Ackerman

545 million 80

Uhuru Kenyatta

500 million 50

Gerrit Thomas (GT) Ferreira

460 million 63

Hakeem Belo-Osagie

450 million 56

Abdulsamad Rabiu

400 million NA

Mohammed Indimi

330 million 63

Chris Kirubi

300 million 70

Jannie Mouton

300 million 64

Michiel Le Roux

290 million 62

Adrian Gore

280 million 47

Strive Masiyiwa

280 million 51

Cyril Ramaphosa

275 million 59

Giovanni Ravazzotti

275 million 68

Mohamed Bensalah

270 million 41

Markus Jooste

260 million 50

Paul Harris

250 million 61

For more on Forbes’ Africa’s 40 Richest, CLICK HERE….

Source/Photo: Forbes

farai – who has written posts on Farai Today.

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