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Ten African billionaires worth knowing aside from the ‘Big Four’

For too long, four big names have dominated the list of Africa’s wealthiest men.

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Egyptian billionaire businessman Naguib Sawiris.

For too long, four big names have dominated the list of Africa’s wealthiest men, leading many to forget about the 10 others who have each amassed a net worth of more than $1 billion.

Altogether these 14 billionaires are cumulatively worth less than $80 billion, revealing just how far they lag behind the world’s richest man, Jeff Bezos, who has a net worth of $202.9 billion, and his South Africa-born counterpart, Elon Musk, who worth $194.8 billion.

Aside from Africa’s “Big Four” billionaires — Nigerian industrialist Aliko Dangote, Egypt’s biggest billionaire Nassef Sawiris and South African billionaires Johann Ruppert and Nicky Oppenheimer — these 10 billionaires are jointly valued at less than $45 billion.

#1 Mike Adenuga 

Real-time net worth: $6.5 billion 

Nigeria’s second-wealthiest man, billionaire Mike Adenuga is known for founding Globacom, the third largest telecom company in Nigeria, with 55 million subscribers. 

The billionaire derives most of his wealth from his telecom company, while his stake in the Nigerian petroleum marketing company Conoil Plc contributes significantly to his wealth. Conoil operates six oil blocks in the oil-rich Nigerian Delta.

Adenuga has a net worth of $6.5 billion. According to Forbes, he made his first $1 million in 1979 at age 26, selling lace and distributing soft drinks.

#2 Issad Rebrab

Real-time net worth: $4.8 billion

Algeria’s wealthiest man Issad Rebrab is worth $4.8 billion, according to Forbes’ real-time estimate.

The Algerian billionaire derives his $4.8-billion fortune from Cevital, the largest private conglomerate in Algeria, with interests in agri-food, retail, industry and services.

Rebrab founded Cevital 23 years ago. The company has since grown into a behemoth that owns European companies, including French home appliances maker Groupe Brandt, an Italian steel mill and a German water purification company.

#3 Abdul Samad Rabiu

Real-time net worth: $4.5 billion

Like Africa’s wealthiest businessman Aliko Dangote, Abdul Samad Rabiu was one of the foremost industrialists in Nigeria in the 1970s and 1980s. He founded BUA Group in 1988.

Since then, BUA Group has grown into a Nigerian conglomerate with manufacturing, infrastructure and agricultural investments. The group maintains active operations in cement production, sugar refining and real estate.

Rabiu derives the majority of his $4.5 billion net worth from his flagship company BUA Cement.

Rabiu announced the listing of his food and business subsidiary earlier this year. However, nothing has been said about the group’s decision.

#4 Naguib Sawiris

Real-time net worth: $3.1 billion

Naguib Sawiris is an Egyptian billionaire businessman, who built a fortune in telecom through Orascom Telecom Holding (now Global Telecom Holding), a telecom outfit that he founded in 1998. 

He sold the telecom company in 2011 to the Russian telecom firm VimpelCom (now Veon) in a multibillion-dollar transaction.

Sawiris is a scion of Egypt’s wealthiest family. According to Forbes, he has a net worth of $3.1 billion. His brother Nassef is also a billionaire.

#5 Patrice Motsepe

Real-time net worth: $2.9 billion

Motsepe is the president of the Confederation of African Football and the richest Black South African.

According to Forbes, Motsepe is worth $2.9 billion, deriving a total of $1.5 billion in gross terms from his 40-percent stake in the South African diversified mining and minerals company, African Rainbow Minerals, a company that he founded in 1997.

The billionaire, who is focused on investing in Africa, has a private equity firm, African Rainbow Capital. He also holds stakes in Sanlam, a listed financial services firm.

#6 Koos Bekker 

Real-time net worth: $2.7 billion

Koos Bekker is a South African billionaire businessman and the chairman of the leading South African multinational media group, Naspers.

Bekker played a key role in the founding and growth of Prosus, a subsidiary of Naspers, founded under Bekker’s leadership as the company’s global Internet assets division.

The South African billionaire owns a sizeable stake in Naspers and derives most of his wealth from his stake in the group. He has a net worth of $2.7 billion, according to Forbes.

#7 Mohammed Mansour

Real-time net worth: $2.5 billion 

Mohamed Mansour is an Egyptian billionaire businessman and former politician. He is the chairman of Mansour Group, a family conglomerate worth more than $6 billion that was founded by his father, Loutfy Mansour, in 1952.

He played a crucial role in the group’s growth, primarily through GM dealerships in Egypt, which he established in 1975. Mansour Group has since grown into one of the biggest GM distributors worldwide.

Mansour derives the majority of his $2.5-billion net worth from the company, alongside his brothers Yasseen and Youssef Sawiris, who are also billionaires.

#8 Aziz Akhannouch

Real-time net worth: $2 billion 

Aziz Akhannouch is a Moroccan businessman and minister of agriculture since 2007. He derives his wealth from Akwa Group, a Moroccan conglomerate with investments in oil and gas.

The group also operates in the telecom, tourism, hotels and real estate sectors. Its service stations operate under the Afriquia brand.

According to Forbes, Akhannouch has a net worth of $2 billion, making him one of the richest men in Morocco.

#9 Mohammed Dewji

Real-time net worth: $1.6 billion

Mohammed Dewji is a Tanzanian billionaire businessman and former politician who served as a member of the Tanzanian Parliament from 2005 to 2015.

Dewji is the CEO of MeTL, a Tanzanian conglomerate founded by his father in the 1970s.

He derives the majority of his $1.6-billion fortune from the leading conglomerate, with active operations in textile manufacturing, flour milling, beverages and edible oils in East, Southern and Central Africa.

#10 Michiel Le Roux

Real-time net worth: $1.6 billion

Michiel Le Roux is a South African billionaire businessman and the founder of one of Africa’s largest retail banks, Capitec Bank.

The billionaire is said to be worth $1.6 billion, according to Forbes.

Recent research conducted by Billionaires.Africa revealed that the market value of his stake since July 20 has increased from R20.3 billion ($1.4 billion) to R24.3 billion ($1.7 billion) on Sept. 4.

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Egyptian billionaire Yasseen Mansour gains $1.86 million in 74 days from Palm Hills stake

Mansou owns a sizable 5.6-percent stake in the Cairo-based real estate firm.

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Egyptian billionaire Yasseen Mansour. ©Billionaires.Africa

Egyptian billionaire Yasseen Mansour has recorded a EGP35.6-million ($1.86 million) boost in his net worth in the past 74 days, as shares in Palm Hills Development increased by nearly 19 percent in reaction to the company’s recently released first-quarter results.

Palm Hills Development, an operating subsidiary of Egypt’s largest conglomerate, Mansour Group, is a well-known real estate developer with active investments in Egypt. The company develops integrated residential, commercial, and resort communities.

Mansour, the chairman of Palm Hills Development and one of Egypt’s and Africa’s wealthiest individuals, owns a sizable 5.6-percent stake in the Cairo-based real estate firm.

The Egyptian real estate developer revealed that its profit increased by more than 40 percent in the first quarter of 2022, from EGP217.4 million ($11.36 million) in the first quarter of 2021 to EGP305.8 million ($16 million), owing to sustained growth in demand for properties in Egypt.

As a result of the firm’s strong financial performance, investors on the Egyptian Stock Exchange increased their buying interest in Palm Hills shares, resulting in an 18.6-percent increase in the firm’s stock price from EGP1.13 ($0.059) on June 1 to EGP1.34 ($0.07) on Aug. 14.

Mansour’s 5.6-percent stake in Palm Hills Development has increased in value over the past 74 days, from EGP191.94 million ($10 million) to EGP227.6 million ($11.89 million) at the time of writing.

This equates to a total gain of EGP35.6 million ($1.86 million) for the Egyptian billionaire, who ranks as one of the wealthiest men on the African continent, alongside his brothers Mohamed Mansour and Youssef Mansour, both of whom own Mansour Group and Palm Hills Development.

His net worth is estimated at $1.1 billion, making him one of Africa’s wealthiest businessmen.

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Nigerian billionaire Abdul Samad Rabiu unveils $23.8-million security support fund

It is the single largest donation to a philanthropic cause made by a Nigerian businessman.

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Abdul Samad Rabiu. ©Billionaires.Africa

Nigerian billionaire businessman Abdul Samad Rabiu has announced the creation of the N10-billion ($23.8 million) Nigeria Security Support Fund through his philanthropic organization, the Abdul Samad Rabiu Africa Initiative (ASR Africa). He unveiled the project during a meeting with Nigerian President Muhammadu Buhari at the Aso Rock presidential residence in Abuja.

Rabiu launched the initiative to provide security equipment and medical and other supplies to the families of soldiers fighting terrorists in Nigeria’s northeast, and to strengthen local infrastructure.

The contribution marks the single largest donation to a philanthropic cause made by a Nigerian businessman, and follows the $3-million development initiative that Rabiu launched in Niger three weeks ago through ASR Africa. Last week, Rabiu received the Commander of the Order of Merit of Niger Award in recognition of his contributions to the country of Niger and its people.

Rabiu also praised Buhari for creating an enabling environment for businesses to thrive. He cited policies implemented by his administration, which, he said, aided the growth of his manufacturing conglomerate, BUA Group, which is one of the continent’s fastest-growing commercial groups.

He also promised to support the administration’s efforts in industrial development and security.

Rabiu established ASR Africa in April 2021 to promote long-term, impact-driven solutions to developmental issues affecting health, educational, and social development across Africa.

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Led by South African mogul Neal Froneman, Sibanye-Stillwater slashes output target for U.S. mines

The news comes nearly two months after it suspended operations in Montana for seven weeks.

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Neal Froneman.

Sibanye-Stillwater has reduced its output forecast this year for its palladium and platinum mines in Montana by more than 20 percent due to operational challenges caused by regional floods.

Sibanye-Stillwater is a multinational precious metal mining company based in South Africa. Under the leadership of CEO Neal Froneman, the company is involved in gold and base metals mining in South Africa and the Americas.

The South African mining company has reduced its output forecast for its palladium and platinum mines in Montana to 445,000 to 460,000 ounces in 2022 from 550,000 to 580,000 ounces earlier this year.

The decision to reduce its output forecast comes nearly two months after it suspended operations in Montana for seven weeks due to regional floods that disrupted operations on June 13.

Stillwater’s Montana mine accounts for ab08t 60 percent of the mined production from its U.S. PGM operations.

Aside from operational challenges, the decision to reduce its output forecast can be linked to expectations that the palladium market will swing into surplus by the middle of this decade, necessitating operational repositioning in the event of future price weakness.

“Hence, with our view of the palladium market plus the macroeconomic environment we are going to be dealing with going forward, we really need to reconsider what’s the best way of extracting value out of the assets,” Froneman said.

The company’s cautious approach may also result in the postponement of spending on its Blitz project in Montana, as Froneman stated: “It just doesn’t seem to make good or smart commercial sense to spend millions or billions on a capital project that will deliver into price weakness in the future.”

Shares in the mining firm closed trading on Friday at R40.68 ($2.52), 6.14-percent lower than their opening price on the local bourse, in response to the decision to cut its output forecast in the United States, while maintaining the output profile for its operations in South Africa.

Sibanye-Stillwater’s market cap is R115 billion ($7.1 billion) at current prices, while Froneman’s minority 0.074-percent stake in the company is valued at R85.1 million ($5.26 million).

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