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Strive Masiyiwa’s Econet Zimbabwe records increase in carbon emissions as power cut looms
Econet Wireless is an entrepreneurial technology group and the biggest telecom operator in Zimbabwe.
Econet Wireless Zimbabwe Limited has recorded increased carbon emissions and doing business costs in Zimbabwe due to an unstable power supply, Bloomberg reported.
Econet Wireless is an entrepreneurial technology group, the biggest telecom operator in Zimbabwe and one of Africa’s mobile telecom industry pioneers.
The telecom operator relies heavily on power from the national grid. However, extended power cuts in recent days due to ongoing restoration at the Kariba South hydropower plant, constraints on the coal-fired Hwange plant and limited power imports have forced the company to rely on emissions-heavy diesel generators. These generators are supplementing what the company can currently draw from the national grid.
However, Econet plans to increase the number of its solar stations by 61 percent next year, to 278 from 172. It hopes this will cut down its emissions and reliance on the national power supply.
“We continue working to enhance our green footprint and reduce carbon emissions by increasing the number of solar-powered base station sites,” Econet Wireless Chairman James Meyers said.
Econet Wireless is a subsidiary of Econet Group founded by London-based Zimbabwean billionaire Strive Masiyiwa, who also serves as the group’s executive chairman.
Other group subsidiaries include Liquid Telecom, Cassava Fintech, Econet Energy and Vaya Technologies.
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African-American billionaire Oprah Winfrey files lawsuit against creators of ‘Oprahdemics’ podcast
As the “Queen of Talk,” Winfrey has built a thriving media empire that includes Harpo Productions.
Oprah Winfrey, a well-known African-American billionaire and talkshow host, has filed a lawsuit against the creators of the “Oprahdemics” podcast through her company, Harpo Productions, claiming that the program misleads the public into believing she sponsored or approved it.
According to Reuters, Winfrey, the wealthiest Black woman in the United States and one of the world’s richest Black billionaires, stated that she is neither seeking profit nor damages from the creators of “Oprahdemics,” and she is not attempting to halt the podcast.
She demanded that the podcast’s name be changed because its live events dilute Harpo’s “Oprah” and “O” trademarks and that the use of the word capitalizes on the goodwill that she has spent decades building, a move she said could cause irreparable harm to Harpo’s reputation.
Many consider Winfrey, who turned her hit talk show, “The Oprah Winfrey Show,” which aired for 25 years, into a media and business empire, to be an institution.
Winfrey returned to the small screen in 2020 on Apple TV+ for an interview show about COVID-19 as part of a multiyear deal with the streamer.
Since the start of the year, her net worth has declined from $2.6 billion to $2.5 billion at the time of writing this report, resulting in a total loss of $100 million for the leading businesswoman.
As the “Queen of Talk,” Winfrey has built a thriving media empire that includes Harpo Productions, which has worked on films like “The Color Purple,” “Beloved,” and “Selma.”
She also has a 25.5-percent stake in the Oprah Winfrey Network, the cable channel that she launched in 2011, and a seven-percent stake in Weight Watchers, a global company that provides weight loss and maintenance services, which is presently worth $492 million.
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These are the four African billionaires whose net worth has increased since start of 2022
Among them are Africa’s richest man Aliko Dangote and Egypt’s wealthiest man Nassef Sawiris.
Only four of the 21 African businessmen on our radar with a net worth of $1 billion or more have seen their fortunes improve since the beginning of the year.
Among them are Africa’s richest man Aliko Dangote and Egypt’s wealthiest man Nassef Sawiris.
The recent surge in the shares of companies in their portfolios has resulted in a combined wealth increase of nearly $2 billion for these four African billionaires since the start of the year.
According to data compiled by Billionaires.Africa, this is how they stand at the moment.
#1 Aliko Dangote
Net worth: $19.8 billion
Year-to-date wealth gains: $670 million
Nationality: Nigerian
Aliko Dangote, the chairman of Dangote Industries Limited, Africa’s most diversified manufacturing conglomerate, has seen his net worth rise by more than $670 million this year, from $19.1 billion at the start of the year to $19.8 billion at the time of writing.
The increase in his net worth can be attributed to a bump in the market value of his 86-percent stake in Dangote Cement Plc, which accounts for $9.06 billion of his $19.8-billion fortune.
Since the year began, shares in Dangote Cement, Africa’s largest cement manufacturer, have increased from N257 ($0.614) per share to N265 ($0.633) per share.
Earlier this week, the company’s share price plummeted to N241 ($0.57) per share, resulting in a staggering $863-million loss for the billionaire in a single day.
However, renewed buying interest among investors on Wednesday saw the billionaire recoup part of the wealth loss and net a year-to-date wealth gain of $670 million.
#2 Nassef Sawiris
Net worth: $7.16 billion
Year-to-date wealth gains: $670 million
Nationality: Egyptian
Egypt’s richest man Nassef Sawiris, a scion of Egypt’s wealthiest family, is one of the four African billionaires who have seen significant increases in their net worth since the beginning of the year.
The leading billionaire, who serves on the boards of Adidas and OCI N.V., a global nitrogen product manufacturer and distributor, has seen his net worth rise by $659 million since the beginning of this year, from $6.5 billion to $7.16 billion at the time of writing this report.
The majority of his fortune stems from his 38.8-percent stake in the Netherlands-based OCI N.V., which is worth $2.52 billion, and his six-percent stake in Adidas, which is worth $2.13 billion.
#3 Abdul Samad Rabiu
Net worth: $5.8 billion
Year-to-date wealth gains: $400 million
Nationality: Nigerian
Thanks to the listing of BUA Foods Plc, Abdul Samad Rabiu, the founder of BUA Group, one of Africa’s fastest-growing conglomerates, has seen positive wealth gains this year.
The market value of his stake in his newly consolidated food conglomerate, which went public on Jan. 5, offset the decline in the market value of his stake in his cement business, BUA Cement Plc, as its share price fell from N71.95 ($0.17) to N58.8 ($0.14) at the time of writing this report.
His net worth has risen by $400 million since the start of the year, from $5.4 billion to $5.8 billion.
#4 Nicky Oppenheimer
Net worth: $8.20 billion
Year-to-date wealth gains: $250 million
Nationality: South African
South Africa’s second-richest man Nicky Oppenheimer, who previously ran the diamond mining firm DeBeers before selling it to Anglo-American a decade ago, has seen his wealth rise by $250 million this year, from $7.95 billion to $8.2 billion, thanks to the revaluation of his private equity investments.
Oppenheimer, who is Africa’s third-richest man and South Africa’s second-wealthiest man, invests the majority of his net worth in private equity in Africa, Asia, the United States, and Europe through London-based Stockdale Street and Johannesburg-based Tana Africa Capital.
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South African billionaire Johann Rupert-linked SEACOM partners with BT Group
Seacom is privately funded and 75 percent African-owned.
SEACOM has announced a strategic alliance with UK telecommunications service provider BT Group as it prepares to enter the African enterprise cybersecurity market.
SEACOM is a leading pan-African telecom services provider linked to South Africa’s richest man Johann Rupert.
The partnership aligns with SEACOM’s plans to expand its portfolio of services targeting African businesses. By leveraging BT Group’s infrastructure and expertise, SEACOM hopes to secure its own infrastructure and deliver new networking and security solutions to African businesses.
“With SEACOM’s global network and local presence and BT’s global reach and expertise, we will be able to deliver a comprehensive portfolio of cloud, security, and connectivity services that are reliable, scalable, and at the cutting-edge of the industry,” Oliver Fortuin, CEO of SEACOM, said.
BT Group, which protects some of the world’s largest organizations from cyber threats through a dedicated network of security operations centers around the world, announced that SEACOM customers will gain access to BT Group’s Cloud Security Incident Event Management (SIEM) platform.
The SIEM platform provides real-time visibility and monitoring across an organization’s entire IT environment, acting as an additional layer of security to SEACOM’s existing ICT solutions.
Seacom, which bills itself as Africa’s most extensive ICT infrastructure provider, is privately funded and 75-percent African-owned, with Rupert’s investment holding Remgro owning 30 percent of the company.
South African mining magnate Patrice Motsepe owns a 15-percent stake in the pan-African telecom services provider through his financial services conglomerate, Sanlam.
Jubilee Holdings, a Kenyan investment holding backed by Aga Khan IV (Shah Karim al-Husayni), increased its stake in SEACOM from 8.8 to 18.8 percent earlier this year after acquiring an additional 10-percent stake in the company.
According to Nizar Juma, chairman of Jubilee Holdings, the transaction will strengthen the company’s ability to diversify its investment priorities across major sectors of the economy.
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