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The 10 richest people in Africa in 2022

Africa’s billionaires recorded an impressive surge in their net worth in 2021 despite the global pandemic.

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Zimbabwean billionaire Strive Masiyiwa.

Africa’s billionaires saw their wealth increase significantly in 2021, similar to the previous year, despite the long-term effects of the Covid-19 pandemic on business activities and the operations of companies and financial assets controlled by these ultra-wealthy individuals during the year.

According to Forbes, 18 of these individuals had a net worth of $84.9 billion at the end of 2021, which is 15-percent or $4.7 billion more than their combined net worth of $73.8 billion at the end of 2020.

Billionaires such as Aliko Dangote and Abdul Samad Rabiu have seen their wealth increase by more than $1 billion since the beginning of the year, while Natie Kirsh, Johann Rupert, and Mohammed Al Amoudi have seen their wealth decrease by more than $200 million.

This is how they stand at the moment.

#1 Aliko Dangote 

Net worth: $20.4 billion

Nationality: Nigerian

For the eleventh year in a row, Nigerian billionaire Aliko Dangote remains the continent’s richest man, with a net worth of $20.4 billion derived from his stake in Dangote Cement Plc, Africa’s largest cement manufacturer.

So far in 2021, the billionaire’s net worth has increased by more than $1.3 billion due to an increase in the share price of his flagship company, Dangote Cement Plc, as investors react to news of the leading cement maker’s planned share buy back program.

#2 Johann Rupert

Net worth: $11.4 billion

Nationality: South African

Johann Rupert, South Africa’s richest man, ranks as the continent’s second-richest man with a net worth of $11.4 billion. The billionaire saw his wealth rise by $3.88 billion in 2021 as shares in his Luxury goods holding company, Richemont, increased by more than 60-percent during the year.

His net worth has dropped by $565 million since the beginning of the year as investors profit from Richemont shares.

#3 Nicky Oppenheimer

Net worth: $8.18 billion

Nationality: South African

Nicky Oppenheimer, who formerly ran diamond mining firm DeBeers before selling it to mining firm Anglo-American a decade ago, has a net worth of $8.18 billion, making him the third-richest man in Africa and the second-richest man in South Africa.

The majority of his fortune is held in private equity investments in Africa, Asia, the United States, and Europe through London-based Stockdale Street and Johannesburg-based Tana Africa Capital.

His net worth has increased by $225 million since the beginning of the year, owing to the revaluation of his private equity investments.

#4 Natie Kirsh

Net worth: $7.68 billion 

Nationality: Emaswati

Nathan “Natie” Kirsh of Swaziland is the fourth-richest man in Africa, with a fortune of $7.68 billion at the time of writing. Kirsh made his fortune through his ownership of Kirsh Group, a closely held conglomerate that owns a majority stake in the food supply company Jetro Holdings.

So far in 2021, Kirsh’s net worth has dropped by more than $595 million, or 7.2 percent, as a result of a drop in the valuation of his private equity investments.

#5 Abdul Samad Rabiu

Net worth: $7.5 billion 

Nationality: Nigerian

With a net worth of $7.5 billion, Abdul Samad Rabiu, the founder of one of Africa’s fastest growing manufacturing conglomerates, BUA Group, ranks as the fifth-richest man in Africa and the second-richest man in Nigeria.

The majority of the billionaire’s wealth comes from his 97 percent stake in his cement company, BUA Cement Plc, while the recent increase in his net worth to $7.5 billion was driven by the recent listing of his consolidated food business, BUA Foods.

#6 Mike Adenuga 

Net worth: $6.7 billion 

Nationality: Nigerian 

Mike Adenuga, the founder of Nigerian telecom company Globacom Limited and majority owner of Nigeria’s pioneer petroleum marketer, Conoil Plc ranks as the third-richest man in Nigeria and the sixth richest on the continent of Africa.

As of press time, January 25, his wealth is valued at $6.7 billion thanks to the valuation of his interest in  Globacom Limited, Nigeria’s third-largest telecom service provider.

#7 Mohammed Al Amoudi

Net worth: $6.45 billion

Nationality: Ethiopian 

Mohammed Al Amoudi is the richest man in Ethiopia and the seventh-richest man in Africa, with a net worth of $6.45 billion.

The majority of the Ethiopian billionaire’s wealth is derived from his industrial assets in Sweden, Saudi Arabia, Ethiopia, and Morocco, as well as his stake in Svenska Petroleum Exploration, Preem, Sweden’s largest oil refiner, and a 67 percent stake in Samir, Morocco’s sole oil refiner.

#8 Nassef Sawiris 

Net worth: $6.29 billion 

Nationality: Egyptian 

Egypt’s richest man and a scion of Egypt’s richest family Nassef Sawiris ranks as the eighth-richest man in Africa with a wealth of $6.29 billion at the time of drafting this report.

The majority of the Sawiris’ $6.29 billion fortune stems from his stake in Dutch fertilizer producer OCI N.V. and his 3.72 percent stake in German sportswear manufacturer Adidas.

#9 Issad Rebrab 

Net worth: $5.1 billion

Nationality: Algerian

Issad Rebrab, the founder and CEO of Cevital and Algeria’s richest man, is the ninth-richest man in Africa, with a fortune of $5.1 billion derived from his business interest in Cevital Group.

Cevital Group is Algeria’s largest privately held company, and it owns one of the world’s largest sugar refineries, capable of producing 2 million tonnes of refined sugar per year.

#10 Naguib Sawiris 

Net worth: $3.4 billion

Nationality: Egyptian

With a fortune of $3.4 billion, Naguib Sawiris, the elder brother of Egypt’s richest man, Nassef Sawiris, is the second-richest man in Egypt and the tenth-richest man in Africa.

The billionaire amassed his fortune after selling Orascom Telecom to Russian telecom firm VimpelCom (now Veon) in a multibillion-dollar transaction in 2011. He is currently a shareholder in Orascom TMT Investments and Ora Developers, a real estate developer.

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Ye faces new hurdle in business and personal life as Australian visa denial looms

The potential denial of a visa may be the latest in a long list of repercussions facing Ye.

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Ye
Kanye West, now formerly known as Ye.

Kanye West, who is now formerly known as Ye, may face a new hurdle in his business and personal life as he may be denied entry into Australia.

The African-American rapper-turned-mogul had reportedly planned to meet the family of his new partner, Melbourne native Bianca Censori, but his anti-Semitic comments in October may prevent him from entering the country.

The news of a potential ban was confirmed by Australian Minister for Education Jason Clare, who stated that individuals who have made similar comments have been denied visas in the past and that Ye will have to go through the same process and answer the same questions.

“People like that who’ve applied for visas to get into Australia in the past have been rejected,” Clare said. “I expect that if he does apply, he would have to go through the same process and answer the same questions that they did.” 

Anti-Defamation Commission Chairman Dvir Abramovich and opposition leader Peter Dutton have joined in calling for Ye to be banned from entering Australia due to his “appalling” comments.

The backlash from Ye’s anti-Semitic remarks has already had a significant impact on his business ventures and wealth. In October, he lost all of his partnerships through his brand Yeezy with companies such as Adidas and Balenciaga.

The termination of the Adidas partnership, which began in 2013, had a substantial impact on Ye’s net worth. Forbes reported that the termination of the deal led to a decline of more than $1.6 billion, taking Ye’s net worth from $2 billion to $400 million.

The cancellation of the partnership that grew the Yeezy line into a brand that accounted for up to €1.5 billion ($1.47 billion) of Adidas’ total sales over the last decade is expected to cost the German behemoth up to €250 million ($247 million) in earnings.

The aftermath of Ye’s anti-Semitic comments has been negative for his wealth and ranking as one of the richest Black individuals in the US and one of the richest businessmen globally.

The potential denial of a visa to enter Australia may be the latest in a long list of repercussions facing Ye because of his anti-Semitic comments. 

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James Mwangi’s Equity Group to receive $4.1 million for acquisition of Spire Bank

Equity Group is the largest financial services conglomerate in East Africa.

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James Mwangi.

Equity Group Holdings, the Kenyan financial services giant led by James Mwangi, is set to receive millions of dollars from Mwalimu Sacco’s acquisition of financially distressed Spire Bank, as the teachers-backed lender agreed to pay Equity Group Ksh510 million ($4.1 million).

The deal is structured as an asset purchase transaction, backed by the Central Bank of Kenya (CBK), and will see Equity Group assume control over the assets and liabilities of the troubled bank.

The $4.1-million payment by Mwalimu Sacco to Equity represents the difference between the assets and liabilities of Spire Bank, implying that the bank holds zero value and the teachers have lost millions of dollars after purchasing a majority stake in 2014.

Mwalimu Sacco CEO Kenneth Odhiambo said the key consideration was to stop the bleeding and preserve Sacco’s bottomline for its members.

Equity Group will settle all redundancy costs for the more than 100 employees who will lose their jobs following the deal. The bank’s non-performing loans stand at Ksh2.63 billion ($21.1 million), and Equity’s immediate task will be to step up collections and recoveries.

The process of exiting Spire Bank was not as seamless as the initial acquisition, with Mwalimu Sacco citing the bank’s decline as beginning after the withdrawal of Naushad Merali’s deposits worth Ksh1.7 billion ($13.7 million), which represented one-fifth of the bank’s total deposits. 

The takeover of the troubled Spire Bank may present additional challenges and opportunities for Equity Group, which under the leadership of Kenyan businessman, Mwangi reported profits in excess of $280 million in the first nine months of 2022.

As of today, Equity Group shares on the Nairobi Securities Exchange are trading at Ksh44.95 ($0.361) per share, a 0.99 percent decrease from their closing price on Fri., Jan. 27.

This values the company at Ksh170 billion ($1.36 billion) and Mwangi’s 3.38-percent stake at Ksh5.74 billion ($46.1 million).

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Nigerian billionaire Abdul Samad Rabiu’s food conglomerate achieves milestone with $195-million profit

Rabiu and his son, Isyaku Naziru Rabiu, own 99.8 percent of BUA Foods.

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Abdul Samad Rabiu
Abdul Samad Rabiu. ©Billionaires.Africa

BUA Foods Plc, a leading food conglomerate majority owned by Africa’s fourth-richest man Nigerian billionaire Abdul Samad Rabiu, has achieved a milestone in its financial performance as it reported record-high earnings at the end of its 2022 fiscal year.

With a profit surge surpassing N90 billion ($195 million), the company’s latest earnings report highlights its impressive growth and financial strength. The Abdul Samad Rabiu-led food conglomerate has reported a record high in its financial performance, with its profit for the year ending Dec. 31, 2022, surging by a staggering 30 percent.

The unaudited financial statements reveal that the group’s earnings rose from N69.77 billion ($151.5 million) in 2021 to N90.4 billion ($196.3 million) at the end of 2022, driven by an increase in revenue from its diverse product portfolio of sugar, pasta, bakery flour, and wheat bran.

The remarkable growth reflects the company’s ability to continuously expand its offerings and maximize profitability in a competitive market.

BUA Foods’ revenue surged from N333.37 billion ($723.8 million) to N417.82 billion ($907.1 million) due to increased sales of non-fortified sugar N79.15 billion ($171.8 million) to N144.29 billion ($313.2 million) and other food items such as sugar molasses, bakery flour, pasta, and wheat bran.

The increase in consumer demand for food items, including stockpiling, resulted in higher prices and a corresponding boost in revenue for the group.

The robust performance led to an increase in retained earnings and shareholder equity from N192.66 billion ($418.26 million) and N200.7 billion ($435.7 million) in 2021 to N237.15 billion ($514.86 million) and N245.21 billion ($532.35 million) in 2022.

The outstanding financial performance is expected to result in a substantial increase in dividend earnings for Rabiu and his son, Isyaku Naziru Rabiu, with their 99.8-percent ownership in the consolidated food conglomerate.

This will be a marked improvement from the N62.9 billion ($151.6 million) that they received in dividends last year.

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