Home » 5 multimillionaires from Rwanda you’ve never heard of

5 multimillionaires from Rwanda you’ve never heard of

by Omokolade Ajayi

Meet five ultra-wealthy Rwandan entrepreneurs who are individually worth $30 million or more. Each person has founded, owns and runs businesses with proven annual revenues of eight figures or more. Their names don’t ring a bell with the African public, and you’ve probably never heard about them before, but you should probably know them.

Tribert Rujigiro Ayabatwa

Source of wealth: Tobacco

Tribert Rujugiro Ayabatwa is Africa’s number-one tobacco man. The 73 year-old Rwandese industrialist is the founder and controlling shareholder of Pan African Tobacco Group (PTG), the continent’s largest indigenous manufacturer of tobacco products. PTG manufactures cigarettes in nine African countries, including Nigeria, Angola, Burundi, Democratic Republic of the Congo, Tanzania and the United Arab Emirates. PTG is the most formidable competitor on the continent to the international tobacco giants, Altria and British American Tobacco. The company employs more than 20,000 people and has annual revenues of over $250 million.

Sina Gerard

Source of wealth: Food and Beverages

Sina Gerard, 59, is the founder of Urwibutso Enterprises, Rwanda’s largest food-processing company. Urwibutso Enterprises manufactures fruit juices, alcoholic beverages, flour, biscuits, bread spreads, and spices. However, it is best known for its “Akabanga” chilli oil, which is exported to more than 50 countries. The company has an annual turnover of over $30 million. Gerard also owns extensive real estate in Rwanda, a construction outfit, and hotels.

Hatari Sekoko

Source of wealth: Real Estate

Hatari Sekoko is founder and chairman of Doyelcy Capital Partners, a diversified investment holding with interests in hospitality, property development, insurance, renewable energy, and agriculture. Doyelcy Capital Partners is most famous for its real estate holdings in Rwanda. Its property portfolio includes Kigali City Tower ­– a landmark mixed use high-rise office and retail building located in Kigali, the five-star Kigali Marriott hotel, and the Downtown Building in Kigali, a premium office complex in the city center.

Egide Gatera

Source of wealth: Diversified

Egide Gatera is one of the wealthiest men in Rwanda, with a diverse range of interests. He is a founding shareholder of Societe Petroliere (SP), an oil company that imports and sells petroleum products in East Africa in collaboration with major oil companies such as BP, Shell, and BB Energy. The company has annual revenues of more than $180 million annually. Gatera also owns Rwanda Mountain Tea (RMT), a Rwandan agribusiness that manufactures and exports tea. Last July, Gatera acquired a six-percent stake in I&M Rwanda, the country’s second largest bank.

Alfred Nkubili

Source of wealth: Fertilizers

Alfred Nkubili is Rwanda’s Fertilizer king. His company, Enterprise Nkubili Alfred & Sons (ENAS), is the biggest fertilizer importer and distributor in Rwanda, with annual revenues in excess of $85 million. The company also trades numerous other commodities and operates grain-handling and storage facilities in Rwanda.

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