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Zambian multimillionaire mogul James Ndambo ventures into business aviation

Ndambo joins a long list of African UHNWIs investing in the private jet business.

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Zambian multimillionaire James Ndambo.

James Ndambo, one of Zambia’s wealthiest and most prominent businessmen, has made a foray into the private aviation sector.

Ndambo is the founder of Africa Union Holdings, a diversified investment holding company with interests in commodity trading, real estate, logistics and mining.

According to a report by Newsaero, Africa Union Holdings recently acquired a McDonnell Douglas aircraft, which will be used to launch a private jet charter company catering to VIPs in Southern Africa.

The 67-year-old Johannesburg-based tycoon joins a league of African UHNWIs who own private jet charter businesses, including Burkinabe construction mogul Mahamadou Bonkoungou, South African billionaire Nicky Oppenheimer and Beninoise oilman Samuel Dossou-Aworet, among several others.

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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.

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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.

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Johann Rupert. ©Billionaires.Africa

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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Malagasy tycoon Hassanein Hiridjee says Africa needs to invest in clean energy transition

Hiridjee is one of Madagascar’s wealthiest and most powerful business leaders.

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Malagasy tycoon Hassanein Hiridjee.

Malagasy multimillionaire businessman and AXIAN Group CEO Hassanein Hiridjee has stated that Africa must invest in a clean energy transition to bolster the continent’s renewable energy capacity.

“We must double our commitment within Africa to increase investments to shape our own energy destiny in order to meet long-term goals,” Hiridjee said.

Millions of Africans could be lifted out of energy poverty with the right strategy and investment in clean energy transition projects stimulated by collective action from the private and public sectors, he said.

His statement comes after U.S. billionaire Michael Bloomberg pledged $242 million to assist developing countries, including African nations, in transitioning away from non-renewables.

Hiridjee explained that such funding is needed to combat Africa’s continuing energy crisis, in which hundreds of millions lack access to basic electricity.

He added that the lack of access to basic electricity is only worsening as a result of the war in Ukraine and COVID-19, with 25 million more Africans living without electricity than before the pandemic.

Infinity Group, a leading renewable energy company led by Egyptian billionaire Mohamed Mansour, recently partnered with the Africa Finance Corporation to acquire Lekela Power, making Infinity the continent’s largest renewable energy company.

Hiridjee, one of Madagascar’s wealthiest and most powerful business leaders, has also played a formative role in developing commercially viable energy solutions that provide Africans with efficient, long-term access to energy resources.

Earlier this year, Axian Group completed the expansion of the Ambatolampy solar power plant in Madagascar, from 20 to 40 MWp.

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