SIX newcomers have joined the ranks of Forbes’ fourth annual ranking
of the richest people in Africa, down from nine last year. Nigeria and
Morocco produced the highest number of newcomers, with two each, while
Kenya and Egypt produced one new member each.
The wealthiest newcomer to this year’s list of Africa’s 50 Richest is
King Mohammed VI of Morocco, who debuts with a fortune estimated at
$2.1 billion. King Mohammed VI owns an estimated 40% stake in Société
Nationale d’Investissement (SNI), a Moroccan investment holding company
which owns almost half of Attijariwafa, Morocco’s largest bank, and
significant stakes in mining company Managem Group and sugar producer
Cosumar.
Tony O. Elumelu, a Nigerian investor and founder of African
investment firm Heirs Holdings, joins the rich list with a net worth of
$1 billion. Elumelu owns a controlling stake in Transcorp, a listed
Nigerian conglomerate that has interests in insurance, healthcare,
hotels, power production, energy and agriculture. Elumelu is a proponent
of Africapitalism, an economic philosophy that propagates that the
African private sector has the power to transform the continent through
long-term investments, creating both economic prosperity and social
wealth. Elumelu made his fortune when he bought into a struggling
Nigerian commercial bank and transformed it into the United Bank for
Africa, a leading commercial bank with a presence in 19 African
countries.
Orji Uzor Kalu, also a Nigerian, is more well known in the west
African country as a politician. But the former governor of Abia state,
located in Nigeria’s southeastern region, is also one of the country’s
most successful businessmen. He made his first million at age 20 by
trading agricultural commodities, and then found his way into the
circles of influential military personnel who awarded him lucrative
contracts to import and supply arms and ammunition to Nigeria’s defense
forces. He made a killing reinvesting his profits into expanding Slok
Group, his privately-held trading and manufacturing empire. The Slok
Group, a west African conglomerate in which he owns more than 90%, has
interests in shipping, banking, aviation, steel and manufacturing. His
country home in Igbere, Abia state, has 400 rooms and is one of the
largest private homes in Nigeria.
Bhimji Depar Shah, a Kenyan, is the founder of Bidco Oil refineries,
the leading manufacturer of edible oils in east and central Africa. His
son, Vimal Shah -who serves as the company’s CEO, was featured in the
FORBES list of Africa’s 50 Richest last year, but new information
regarding company ownership led us to attribute the fortune to the
father and his family rather than to his son Vimal.
Ali Wakrim and family from Morocco are co-owners in Akwa Group with
Aziz Akhannouch and family. Wakrim is the chairman of Afriquia Gaz,
Morocco’s leading liquid petroleum gas distributor and a subsidiary of
the Akwa Group. He is also vice president of Akwa Group and serves on
the board of Maghreb Oxygene, a chemical manufacturer.
Ahmed Ezz, an Egyptian steel tycoon, is the former chairman of Ezz
Steel, one of the largest steel manufacturers in the Middle East. Even
though he was forced to step down as chairman of Ezz Steel, his holding
company Ezz Group is still a majority shareholder in the company. Ezz,
who served as chairman of former Egyptian President Hosni Mubarak’s
political party, was recently released from jail after spending three
years on corruption charges. A spokesman for Ezz did not reply to
requests for comment.
Forbes.com
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