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Tanzanian billionaire Said Bakhresa signs football mega-deal; Azam Media CEO eyes World Cup

The 10-year agreement is set to start next season.

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Azam Media CEO Tido Mhando.

Tanzanian billionaire Said Bakhresa’s Azam Media has signed a Ksh 10.48-billion ($97.44 million) television rights sponsorship deal with the Tanzania Football Federation’s Mainland Tanzania Premier League.

The 10-year agreement is set to start next season. Sixty-seven percent of the amount will be earmarked for seasonal payments to teams in the league, Mozzart Sport reported.

The total sponsorship amount for the 2021-2022 season will be Ksh560 million ($5.21 million). Two-thirds of this sum will go directly to the clubs, while the remaining figure will be channeled to football development in the country. Each club will receive approximately Ksh 23 million ($213.854) per season.

The total sponsorship amount for the 2022-2023 season will be Ksh 610 million ($5.67 million). Of this amount, teams will receive a total of Ksh 410 million ($3.81 million).

In a statement, Azam Media CEO Tido Mhando said: “We would like to see positive development of football in Tanzania and in the period of 10 years, we would like to see Tanzania competing in the World Cup.”

The league champions will also be rewarded. Over three seasons, the winning team will take home Ksh 23 million. In turn, the second-place team will take home Ksh 11.5 million. Meanwhile, the third- and fourth-place teams will receive Ksh10 million and Ksh9 million, respectively. The amounts will increase in the future.

Azam Media

Azam Media is a media group providing affordable television entertainment to families in Sub-Saharan Africa. Bakhresa founded the company in 2013 in Dar Es Salaam.

The company has made significant investments in premier football leagues in Kenya, Uganda, Rwanda and Burundi. 

Bakhresa is the billionaire chairman of Bakhresa Group, one of Tanzania’s largest industrial conglomerates. The group is engaged in agribusiness, beverages, logistics, media, oil trading, recycling and packaging.

Forbes has estimated his net worth at $600 million.

East Africa

Kenyan multimillionaire banker James Mwangi loses nearly $5 million in 56 days as Equity Group shares retreat from 21-month high

Equity Group Holdings Limited is a leading financial services holding based in Nairobi.

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Kenyan multimillionaire banker James Mwangi.

Kenyan multimillionaire businessman James Mwangi has seen the market value of his stake in Equity Group Holdings decline by Ksh550 million ($4.96 million) in the past 56 days, as shares in the Kenya-based group retreated from a record 21-month high.

Equity Group Holdings Limited is a leading financial services holding headquartered in Nairobi, the capital and largest city of Kenya.

Under the leadership of Mwangi, the holding has grown into one of the largest financial services groups in East Africa, operating through its subsidiaries in Uganda, Tanzania, South Sudan, Rwanda and the Democratic Republic of Congo, in addition to its Kenyan operations.

As of press time, Oct. 22, shares in the Kenya-based financial services group were trading at KSh49.95 ($0.451) per share, 91-basis points higher than its opening price this morning.

In recent times, Equity Group has lost nearly eight percent of its market capitalization on the Nairobi bourse, as investors book profits after the share price surged to a record 21-month high of Ksh54.25 ($0.489) on Aug. 27.

Since Aug. 27, the group’s share price has declined from a price of Ksh54.25 ($0.489) to KSh49.95 ($0.451) as of the time of writing, accruing a loss of 7.5-percent for shareholders and insiders, such as Mwangi, who hold stakes in the financial services group.

As a result of the decline in the group’s share price, the market value of Mwangi’s stake has declined from Ksh6.93 billion ($62.55 million) to Ksh6.38 billion ($57.6 billion) between Aug. 27 and Oct. 22.

This translates to a loss of Ksh550 million ($4.96 million) for the multimillionaire banker in 56 days.

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East Africa

Kenyan mogul Julius Mwale offers $20 million to farmers to restore activity at Mumias Sugar

The funds will be used to kickstart sugarcane cultivation and sugar production.

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Kenyan mogul Julius Mwale.

Kenyan tech tycoon and Mwale Medical and Technology City (MMTC) owner Julius Mwale has offered Ksh2.2 billion ($20 million) to farmers in an effort to restore sugarcane farming.

According to recent reports, Mwale said the funds will be used to provide farmers with capital to kickstart sugarcane cultivation and sugar production, and to boost the industry at large.

The capital commitment follows his successful Ksh27.6-billion ($249.31 million) bid made through his Tumaz & Tumaz Enterprise as part of a leasing tender to take control of Mumias Sugar over a 15-year period.

Mwale, who received a $200-million (Sh22.1 billion) loan commitment from a leading U.S. bank to strengthen his chances of taking home the lease, placed the highest bid from among eight bidders looking to assume control of the company, according to the receiver-manager, Ponangipali Rao.

His $249.31-million bid was higher than the Ksh8.4 billion ($75.9 million) that Devki Group owner Narendra Raval offered to take control of Mumias and the KSh3.5 billion ($31.61 million) that Kenyan businessman Jaswant Rai offered through his company, Rai Group.

Mwale’s $20-million commitment is expected to go to farmers who abandoned the Mumias plantation after the sugar-production company ran into a financial crisis three years ago.

In addition, Mwale disclosed that a sum of KSh2.2 billion ($20 million), Ksh887 million ($8 million) and Ksh221 million ($2 million) will be allocated, respectively, to revive two ethanol plants owned by the company, its power generation unit and its water-bottling plant.

Mwale also plans to allocate Sh2.2 billion ($20 million) each to build an airport, an agricultural research university, a sugar tourist resort, a housing project and a hospital at the Mumias complex.

Mwale is the president and CEO of SBA Technologies, a New York-based company founded in 2003.

He is also the lead investor in MMTC, a $2-billion community-owned sustainable metropolis with an extensive medical and technology complex that contains a shopping and residential unit, a golf resort and a convention center.

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East Africa

Ethiopian billionaire Mohammed Al-Amoudi gains $360 million in 21 days after losing $530 million between July and September

His $7.2-billion fortune is derived from closely held companies such as Preem, Svenska Petroleum and Midroc Europe.

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Ethiopian billionaire Mohammed Al-Amoudi.

Ethiopia-born billionaire Mohammed Al-Amoudi has recorded a $360-million boost in his net worth in the past 21 days after his wealth fell by $530 million between July and September.

The billionaire, whose real-time fortune of $7.2 billion is derived from closely held companies such as Svenska Petroleum, Midroc Europe (a construction and property group) and Preem (his most valuable asset), has seen his net worth increase by 5.26 percent since Sept. 29.

Data retrieved from the Bloomberg Billionaires Index revealed that his net worth has increased from $6.84 billion on Sept. 29 to $7.20 as of the time of writing, Oct. 21, owing to an increase in the valuation of his assets across Sweden, Saudi Arabia and Ethiopia.

This translates to a net worth gain of $360 million for the billionaire in the past 21 days.

Between July 28 and Sept. 29, his net worth fell from a valuation of $7.37 billion to $6.84 billion.

The recent increase in his net worth is linked to a revaluation of his equity interest in companies, and specifically his ownership interest in Svenska and Preem, the largest fuel company in Sweden, with an annual refining capacity of more than 18 million cubic meters of crude oil.

Recently, Pyrocell, a Preem subsidiary, announced that a biofuel plant producing pyrolysis is under way. This is in line with the group’s commitment to achieving large-scale renewables production.

The plant, which is located in Gavle, Sweden, will produce around 25,000 tonnes of non-fossil pyrolysis per year, which equates to the annual fuel consumption of 15,000 passenger vehicles.

Al-Amoudi’s net worth of $7.20 billion makes him the 387th richest man in the world behind U.S. businessman and investor Tom Gores, who is $20-million richer.

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