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The private jets of 10 African billionaires

Owning one’s own private jet is such a costly affair that most tycoons can barely afford the luxury.

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South African billionaire Johann Rupert.

Owning one’s own private jet is such a costly affair that even most prominent multimillionaires can barely afford the luxury. The cost of owning and maintaining a private jet is so great that according to a 2018 report by Vistajet and Wealth-X, the average net worth of a private jet owner is $1.5 billion. If a businessman has much less than that, the math simply doesn’t make sense.

While owning a private jet might be the ultimate status symbol for Africa’s richest people, having a private plane for quick and easy travel may be especially valuable for high-powered African billionaires and executives.

Here are some of Africa’s richest people who own private jets and the planes they own:

Nassef Sawiris, Egyptian

Gulfstream G650

Nassef Sawiris, who is Egypt’s richest man and a scion of the legendary Sawiris family, owns a Gulfstream G650 aircraft. Sawiris was previously among the largest shareholders of Signature Aviation, a British multinational aviation services company.

Mike Adenuga, Nigerian

Bombardier Global Express XRS

The reclusive Nigerian oil billionaire who owns telecom outfit Globacom and oil company Conoil Producing travels around the world in a Bombardier Global Express XRS. Mike Adenuga also owns a Bombardier Challenger 604.

Mahamadou Bonkoungou, Burkinabe

Dassault Falcon FX

Mahamadou Bonkoungou, one of Burkina Faso’s richest men, owns a private jet charter company that counts many political leaders in Francophone Africa as loyal clients. Bonkoungou himself flies across Africa in his Dassault Falcon FX.

Anas Sefrioui, Moroccan

Cessna Sovereign 680

Anas Sefrioui, a Moroccan real estate mogul and president of the Addoha real estate group, owns a Cessna Sovereign 680, which can accommodate up to 12 people.

Aliko Dangote, Nigerian

Bombardier Global Express XRS

Africa’s richest man, Aliko Dangote, has owned a fleet of business aircraft over the years. Today, he primarily jets around the world on his Bombardier Global Express XRS.

Nicky Oppenheimer, South African

Bombardier Global 6500

In 2014, Nicky Oppenheimer, the South African billionaire heir to the DeBeers diamond fortune, started a private jet charter company called Fireblade Aviation, using some of the aircraft in his personal fleet which includes a Global 6500 and two Challenger 350. He flies internationally on the Global 6500.

Humphrey Kariuki, Kenyan

Bombardier Challenger 350

Humphrey Kariuki, a fiercely private Kenyan tycoon with businesses in alcohol manufacturing, oil distribution, renewable energy, hospitality and real estate, owns a Bombardier Challenger 350.

Aziz Akhannouch, Moroccan

Moroccan billionaire Aziz Akhannouch, the majority owner of Akwa Group, one of Morocco’s largest conglomerates, prefers to move around in his Falcon 900EX which he reportedly acquired in 2019 for $25 million. King Mohammed VI of Morocco recently appointed billionaire Akhannouch, who is the leader of the National Rally of Moroccan Independents, as head of government.

Folorunsho Alakija, Nigerian

Bombardier Global Express XRS       

Nigeria’s richest woman and vice chairman of Famfa Oil, the owner of one of the country’s most prolific oil blocks, Folorunsho Alakija owns a Bombardier Global Express XRS with registration number, “VP-CEO.”

Johann Rupert, South African

Bombardier Global 6000

South African billionaire Johann Rupert is chairman of Compagnie Financiere Richemont, a Swiss luxury goods firm that is best known for the brands Cartier and Montblanc. He is the proud owner of a Bombardier Global 6000.

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Financial services firm linked to Egypt’s Sawiris family suffers over $12 million in losses in H1 2022

OFH was founded in 1997 by the late Onsi Sawiris, a member of Egypt’s billionaire Sawiris family.

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Naguib Sawiris.

Orascom Financial Holding (OFH), a technology-driven financial services investment company led by the Sawiris family, reported losses in excess of $12 million at the end of the first half of 2022, owing to rising operating expenses.

Founded in 1997 by the late Onsi Sawiris, a member of Egypt’s billionaire Sawiris family, and led by his son Naguib Sawiris, OFH incurred standalone net losses of EGP234.45 million ($12.23 million) in the first half of 2022, compared to net profits of EGP 55.17 million ($2.87 million) in the same period in 2021.

Its financial performance in the six months ending June 30 was hampered by a loss of EGP320.5 million ($16.75 million) in the second quarter. The news comes after the group reported a consolidated net profit of EGP27.43 million ($1.43 million) in the first three months of 2022.

Despite a 30.8-percent increase in revenue from EGP57.9 million ($3.02 million) to EGP75.75 million ($3.96 million), the group was in the red at the end of the first six months of its 2022 fiscal year due to a surge in operating expenses.

This represents a decline from the EGP27.43 million ($1.43 million) in profit reported in the first three months of the year.

Despite its poor financial performance in the first half of 2022, its shares on the Egyptian Stock Exchange were slightly higher at EGP0.19 ($0.0099) per share, up from an opening price of EGP0.18 ($0.0094) per share earlier this month.

OFH’s share price has fallen from EGP0.23 ($0.012) to EGP0.19 ($0.0099) since the start of the year, bringing its market capitalization on the local bourse below EGP1 billion ($52.3 million), while the Sawiris family’s 51.6-percent stake in the group is valued at EGP510 million ($26.66 million).

OFH sold a portion of its holdings in one of its subsidiaries, Beltone Financial Holding, to Chimera Investment, an Abu Dhabi-based firm led by Pakistani businessman Syed Basar Shueb, as part of its efforts to exit its recent loss position.

It is unclear how much of OFH’s 59.22-percent stake was acquired during the share-purchase transaction.

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Aga Khan IV-backed Jubilee to receive $2.27 million from sale of Mauritian insurance subsidiary

Jubilee Holdings is a Kenyan investment holding company.

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Aga Khan IV.

Jubilee Holdings is on course to pocket a total of Ksh270 million ($2.26 million) from the sale of a 54.15-percent stake in its Mauritian subsidiary Jubilee Insurance Company of Mauritius Limited to Allianz SE.

Alliansz SE is a German multinational financial services company headquartered in Munich.

The transaction is the fifth to be concluded under a 2020 agreement in which Allianz began the process of purchasing majority stakes in Jubilee’s general insurance units in five countries, including Mauritius.

“We expect to close the Mauritius transaction in September… For Jubilee, the total consideration is Sh270 million,” Nizar Juma, chairman of Jubilee Holdings, said, setting the timeline for the $2.26-million deal with the German multinational insurer.

Jubilee Holdings is a Kenyan investment holding company with active operations and investments in Kenya, Uganda, Tanzania, Burundi, and Mauritius. It owns 88.15 percent of Jubilee Insurance Company of Mauritius Limited.

Shah Karim al-Husayni, also known as Aga Khan IV, is best known for founding Nation Media Group, Africa’s largest independent media organization. Through the Aga Khan Fund for Economic Development, he owns 37.98 percent of Jubilee Holdings and 11.85 percent of its Mauritian subsidiary.

According to BusinessDaily, Allianz will purchase additional shares from Aga Khan IV, who will sell his 11.85-percent stake in the Mauritian subsidiary as part of the deal.

With the deal expected to close next month, Jubilee Holdings will see its ownership interest drop to 34 percent as part of its partial divestiture in its general insurance businesses, which follows the sale of similar assets in Kenya, Uganda, Tanzania, and Burundi.

Over two months ago, Jubilee received Ksh1.4 billion ($11.7 million) from the sale of a majority stake in its Tanzanian general insurance business to Allianz.

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Nigerian billionaire Femi Otedola gains $12.7 million from stake in FBNH

FBNH is one of Nigeria’s largest financial services conglomerates.

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Femi Otedola. ©Billionaires.Africa

Nigerian billionaire Femi Otedola’s stake in the country’s oldest commercial bank, First Bank of Nigeria Holdings Plc (FBNH), has risen by more than $12 million in recent months, as shares in the financial services group rebounded strongly after falling below key levels.

According to data tracked by Billionaires.Africa, Otedola’s stake in FBNH has increased in value by N5.34 billion ($12.7 million) in the past 54 days, as investors continued to cherry-pick stakes in the commercial banking group after its price fell below N9 ($0.0214) in June.

FBNH is one of Nigeria’s largest financial services conglomerates. It is the non-operating holding company of First Bank of Nigeria Limited, the country’s oldest commercial bank, with active operations in 10 countries.

According to a flurry of trading updates published on the Nigerian Stock Exchange in June, Otedola sold 664,939,764 shares in four separate transactions, reducing his stake in the Nigerian lender from 2,717,282,140 shares, or 7.57 percent, to 2,052,342,376 shares, or 5.72 percent.

Shares in the financial group have increased by 31 percent since June 21, nearly 54 days ago, from N8.4 ($0.02) to N11 ($0.026) at the time of writing, amid renewed buying interest in the bank’s shares on the local bourse.

As a result of the double-digit increase in the shares of FBNH, the market value of Otedola’s 5.72 percent stake in FBNH has increased by N5.34 billion ($12.73 million), from N17.24 billion ($41.12 million) on June 21 to N22.58 billion ($53.85 million) at the time of writing this report.

The recent gains in his stake follow a dividend of N951.05 million ($2.29 million) from his equity stake in the financial services group that he received earlier this year.

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