Sudanese-British billionaire Mo Ibrahim gains $100 million in first half of 2024

Omokolade Ajayi -

Key Points: 

  • Mo Ibrahim’s net worth rose by $100 million in the first half of 2024, solidifying his position as one of Africa’s wealthiest individuals.
  • Ibrahim’s wealth increase is driven by private equity investments, including Satya Capital, which supports African startups like Cellulant.
  • Beyond business, Mo Ibrahim is committed to promoting good governance in Africa through his foundation, earning several prestigious awards.

Sudanese-British billionaire Mo Ibrahim has solidified his position as one of Africa’s wealthiest individuals, with his net worth rising by $100 million in the first half of 2024. This builds on impressive wealth gains he’s seen over the past three years.

Ibrahim, renowned for selling his telecommunications company Celtel to Kuwait’s Mobile Telecommunications Company for $3.4 billion in 2005 (pocketing $1.4 billion), saw his net worth rise from $1.2 billion on Jan. 1, 2024, to $1.3 billion as of June 30.

This latest surge follows a $100 million increase in 2023 and is attributed to the performance of his private equity investments, including his interest in Satya Capital — a fund focused on supporting African startups. One notable company Satya backs is Cellulant, a Kenyan online and mobile payments leader that raised $47.5 million in its Series-C funding round in 2018.

A pioneering telecom leader and philanthropist

Mo Ibrahim, a distinguished Black British billionaire, and Sudan’s wealthiest businessman, began his entrepreneurial journey in 1989 with Mobile Systems International (MSI), a world-leading cellular consulting and software provider. In 1998, he established Celtel International, one of the first mobile phone companies serving Africa and the Middle East.

Under his leadership, Celtel became a mobile phone leader in Africa, pioneering mobile services across the continent. Its subsequent $3.4 billion sale in 2005 allowed Ibrahim to focus on private investments. Since 2021, Ibrahim’s net worth has grown by $200 million, solidifying his position among the world’s Black billionaires.

Beyond business: A commitment to Africa’s future

Mo Ibrahim is more than just his wealth. He is deeply committed to promoting good governance and exceptional leadership in Africa. In 2006, he established the Mo Ibrahim Foundation, led by his daughter Hadeel, who shares his passion for positive impact on the continent.

The foundation’s work has garnered numerous awards, including the BNP Paribas Prize for Philanthropy (2008), the Oslo Business for Peace Award (2009), and the Clinton Global Citizen Award (2010).