IN THE FIRST OF OUR SERIES ON AFRICAN DEVELOPMENT, WE EXPLORE THE EXCITING WORLD OF BLACK BILLIONAIRES AND THE STRIVES THEY HAVE CONTINUED TO MAKE ON THE CONTINENT.
In recent years the continent of Africa has gained new ground in its development and continues to increase wealth for some people of color. Many of Africa’s countries are now legitimate emerging markets, with business abounding and savvy entrepreneurs taking advantage of commercial opportunities.
Nigerian born Aliko Dangote is one of the richest men in the world. Worth an estimated $20 billion, Dangote is the owner of Dangote Group, a diversified company that operates in Benin, Cameroon, Ghana, Nigeria, Senegal, Tanzania, Togo, South Africa, and Zambia, among others. Dangote Group is involved with cement manufacturing, salt processing, flour and sugar. Dangote, appropriately has subsidiaries called Dangote Sugar Refinery, Dangote Cement, and Dangote Sugar. In a recent interview with Ventures Africa, Dangote spoke about the opportunities in his home country. “I have always said that Nigeria is a good place to invest. We have oil in abundance. God has blessed this country. What we have naturally in abundance is what other countries are looking for to buy.” With the demand for oil so high worldwide, Dangote appears to be on target to expand his vast empire in Nigeria and beyond.
Another Nigerian billionaire is Mike Adenuga, who acquired his wealth primarily in oil, banking, and telecommunications. The Mike Adenuga Group owns several companies, including Globacom, a telecom company based in Lagos, Nigeria, that has been in business for 10 years and is Nigeria’s second largest mobile telecommunications company. It operates primarily in Benin, Ghana, Ivory Coast, and Nigeria. The Mike Adenuga Group also owns Equitorial Trust Bank, Conoil PLC, a petroleum company, and Conoil Producing, which profits from crude exploration. Adenuga has a net worth of about $5 billion.
The Sawiris family is a very wealthy Egyptian family with billionaires spanning generations. Onsi Sawiris founded The Orascom Group, which consists of Orascom Telecom Media and Technology Holding, Orascom Construction Industries, and Orascom Hotels and Development, among others. Sawiris, who is worth about $3 billion, had his sons run the various divisions of The Orascom Group, with the most successful being Naguib.
The oldest of his sons, Naguib is executive chairman of Orascom Telecom Media and Technology Holding, a successful mobile telephone company in Egypt. With a worth of just over $3 billion, he has surpassed his father in wealth. In an interview with The Wall Street Journal in early August, Naguib spoke about investment opportunities in Egypt. “The economy is not totally developed in all areas and there is room for improvement. It depends on your risk appetite. I’m a high-risk and high-gain person. Right now, if you invest in Egypt, its high-risk, but-high gain. If you come now you can get a lot of good opportunities. But, if you wait, those opportunities may be gone.” Naguib also talked about the dedication that he and his family have in Egypt. “We are the largest Egyptian investors in Egypt and we will maintain that position. We will be investing heavily, in billions of dollars…. I’ll be investing in real estate, agriculture, and microfinance. I’ll also invest in tourism and telecom too, but mostly I’ll focus on Internet.
It is often said that mimicking the wealthy is a great way to obtain your own wealth. If you subscribe to this theory, then investing in the industries that Dangote and the Sawiris family will put future entrepreneurs on the road to success. Opportunities appear to be available in many countries in Africa. And with many investment opportunities the future will see many more African billionaires.