I would like to create a thread about Africa´s new (young) business elite and those people who have excelled in academics, sports, fashion, music, communication/media, art, architecture, engineering etc. I am sure that his can become an interesting thread. So please help to fill it with life

Nigerian's Business Named US Company Of The Year

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By Laolu Akande

He has been referred to as an oil baron. He founded and continues to lead the second largest black-owned business in the entire United States.

Nigerian-born Dr. Kase Lawal's Houston-based crude oil and gas exploration corporation, CAMAC International Corporation, has been named as the '2006 company of the year' among African-American businesses, according to a press release from the company and local media reports.

The selection was made by the leading business magazine for African-Americans, Black Enterprise. According to the magazine, CAMAC also ranked as the second biggest US firm owned by a black man, with a gross revenue figure of nearly $1.5 billion dollars last year.

Lawal, in an email exchange with The Guardian, said "being recognized by Black Enterprise Magazine, the pre-eminent magazine in the United States for African-American business, as the 2006 Companyof the Year and the second largest African-American company in the United States,is a tremendous honour for CAMAC International Corporation, particularly since it comes during themidst of our 20th anniversary year in business."

Lawal was recently featured onthe cover of the Black Enterprise magazine, where the publication described him as an oil baron.

Commenting on the string of successes of his 20-year-old business,Lawal paid tribute to his family and staff of his firm.

A native of Ibadan, he concedes openly that much of his business acumen can be traced to his roots as a child growing up in Ibadan.

"Through the effective use of strategic partnerships,CAMAC has excelled and blazed new paths that have previously been inaccessible to Africans and other minorities in the energy sector," he said.

"It is my hope thatrecognition from Black Enterprise demonstrates that entrepreneurial success forAfricans and African-Americans is certainly achievable and serves as an inspiration for others to take advantage of the opportunities in the energy sector and participate in the global economy."

A press release from CAMAC said the companywon the backing of Black Enterprise's Editorial Board "by demonstrating competitiveexcellence and by being a top producer in the energy industry."

The Nigerian-founded CAMAC earned $1.49 billion in revenue last year and that would bethe second consecutive year the company has made the annual Black Enterprise listin the number two position. CAMAC was in fact number one in 2002.

Lawal received the Company of the Year Award at the Black Enterprise Entrepreneurs NationalConference in Dallas, Texas and also took part as a CEO panelist in "Making the BigDeal" panel, which addressed how top companies approach deal making and its benefits to the company's long-term growth.

The statement said CAMAC's principal business include the exploration, production, and the physical trading of crude oilfor markets in Africa and Europe and the wholesale trading of electric power andnatural gas in the United States. Its affiliates have offices in Bogot, Colombia; London, England; Lagos, Nigeria; Port Harcourt, Nigeria; and Johannesburg, South Africa.

Throughits South African affiliate, CAMAC provides the first-ever, curb-to-curb school bus transportation services for students in Johannesburg.

Born in Ibadan, in 1954, Lawal, who is also the chairman of Allied Energy Corporation, is a significantstakeholder in Unity National Bank, the only federally insured and licensed African-American-owned bank in Texas, where he serves as vice chairman of the boardof directors.

Among his several philanthropic and charity endeavours, Lawalco-chairs the Hope Lives Here, a $300 million dollar UNICEF campaign against AIDS,with his wife, Eileen Lawal.

Lawal who came to the US for his higher education graduated from Texas Southern University with a bachelor's degree in chemistry and later obtained a master's degree in business administration, finance and marketing from Prairie.

He was most recently awarded an honorary doctorate in philosophy from Fort Valley State University here in the US.

Source: http://www.africaresource.com/content/view/147/181/

YOU DID'NT LIST ALL OF HIS BUSINESS,HE IS SAID TO BE THE DIRECTOR OF THE SEA PORT OF HOUSTON AND ANOTHER USA AIRPORT.

Biographical Sketch of Dr. Elias A. Zerhouni

NIH Director, Elias A. Zerhouni, M.D., leads the nation’s medical research agency and oversees the NIH’s 27 Institutes and Centers with more than 18,000 employees and a fiscal year 2006 budget of $28.6 billion.

The NIH investigates the causes, treatments, and preventive strategies for both common and rare diseases helping to lead the way toward important medical discoveries that improve people's health and save lives. More than 83% of the NIH’s funding is awarded through almost 50,000 competitive grants to more than 325,000 scientists and research support staff at more than 3,000 universities, medical schools, and other research institutions in every state and around the world. About 10% of the NIH’s budget supports projects conducted by nearly 6,000 scientists in its own laboratories, most of which are on the NIH campus in Bethesda, Maryland.

Dr. Zerhouni, a well-respected leader in the field of radiology and medicine, has spent his career providing clinical, scientific, and administrative leadership. Since being named by President George W. Bush to serve as the 15th Director of the National Institutes of Health, beginning in May 2002, Dr. Zerhouni has:

Overseen the completion of the doubling of the NIH budget

The National Institutes of Health supports a thriving medical research enterprise. With the historic doubling of the NIH budget from 1998 to 2003, a record number of research grants are being awarded to scientists around the country, more young scientists are receiving training than ever before, and clinical trials — patient studies of new approaches to prevent, diagnose, and treat diseases — are receiving unprecedented support.

Initiated the NIH Roadmap for Medical Research

Launched in September 2003, the NIH Roadmap for Medical Research, a new research vision to accelerate medical discovery to improve health, focuses the attention of the biomedical research community on new pathways of discovery, research teams for the future and the re-engineering of the clinical research enterprise. It aims to accelerate the pace of discovery and speed the application of new knowledge to the development of new prevention strategies, new diagnostics and new treatments, and, ultimately, to the transfer these innovations to health care providers, and the public.

Established an NIH-wide research initiative to address the obesity epidemic

The Strategic Plan for NIH Obesity Research is a multi-dimensional research agenda that addresses one of the nation’s most dramatic health challenges. In the U.S. population, recent figures show that 65 percent of adults — or 130 million people are overweight or obese. The strategic plan enhances both the development of new research in areas of greatest scientific opportunity and the coordination of obesity research across the NIH. The plan calls for interdisciplinary research teams to bridge the study of behavioral and environmental causes of obesity with the study of genetic and biologic causes.

Supported the NIH Neuroscience Blueprint

Mental illness, neurological disorders and a range of behavioral disorders are major causes of human suffering and contribute greatly to the burden of disease. These illnesses exact a cost of $500 billion each year. NIH Directors from 17 Institutes and Centers have developed a model of strategic leadership to address several of the most common causes of death and disability, as well as rare disorders that affect the brain, spinal cord, or nerve cells throughout the body. The blueprint leverages the abilities of the Institutes and Centers to create new resources, tackle common scientific problems, and train the next generation of neuroscientists through collaboration and leadership.

Supported the reduction of health disparities and barriers to opportunity for minority individuals

”Broadening the collaborative relationships developed through partnerships between NIH and institutions and researchers from all populations,” is the focus of Dr. Zerhouni’s commitment to eliminating health disparities and disparities in the burden of disease. In 2004, NIH announced the awarding of $65.1 million to support the advancement of health disparities research. This was the most recent in a series of commitments of funds to this research. NIH has made 71 awards under the Centers of Excellence program.

Ensured public access to NIH-funded research results

February 3, 2005, Dr. Zerhouni announced an historic public access policy. For the first time, the public will have access to peer-reviewed research publications that resulted from studies funded by NIH. Dr. Zerhouni has urged maximum participation by investigators, encouraging scientists to submit their publications as soon as possible and within twelve months of publication to the archive.

Committed to earn the public’s trust

Dr. Zerhouni continues to seek advice from the public through the Council of Public Representatives (COPR), a recent public trust workshop, and, more locally, through community liaison efforts. He is committed as well to producing the most scientifically-accurate, useful and accessible health information through public health campaigns, fact sheets, over the Web and through a full complement of outreach efforts with special attention to cultural competence designed to keep the public informed.

Enhanced the leadership of NIH

Since becoming the NIH Director, Dr. Zerhouni named a new NIH Deputy Director (Raynard S. Kington, M.D., Ph.D.) and directors for nine institutes and three centers: National Institute of Mental Health (Thomas R. Insel, M.D.), National Institute on Alcohol Abuse and Alcoholism (Ting-Kai Li, M.D.), National Institute on Drug Abuse (Nora D. Volkow, M.D.), National Institute of Neurological Disorders and Stroke (Story C. Landis, Ph.D.), National Institute of General Medical Sciences (Jeremy M. Berg, Ph.D.), National Institute of Environmental Health Sciences and the National Toxicology Program (David A. Schwartz, M.D.), National Heart, Lung, and Blood Institute (Elizabeth G. Nabel, M.D.), National Institute of Diabetes and Digestive and Kidney Diseases (Griffin P. Rodgers, M.D.), Center for Scientific Review (Antonio Scarpa, M.D., Ph.D.), John E. Fogarty International Center (Roger I. Glass, M.D., Ph.D.), National Cancer Institute (John E. Niederhuber, M.D.) and theNational Center for Research Resources (Barbara M. Alving , M.D.)

Prior to joining the NIH, Dr. Zerhouni served as executive vice-dean of Johns Hopkins University School of Medicine, chair of the Russell H. Morgan department of radiology and radiological science, and Martin Donner professor of radiology, and professor of biomedical engineering. Before that, he was vice dean for research at Johns Hopkins.

Dr. Zerhouni was born in Nedroma, Algeria and came to the United States at age 24, having earned his medical degree at the University of Algiers School of Medicine in 1975. After completing his residency in diagnostic radiology at Johns Hopkins in 1978 as chief resident, he served as assistant professor in 1979 and associate professor in 1985. Between 1981 and 1985 he was in the department of radiology at Eastern Virginia Medical School and its affiliated DePaul Hospital. In 1985, Dr. Zerhouni returned to Johns Hopkins where he was appointed director of the MRI division, and then was appointed full professor in 1992 becoming the chairman of the radiology department in January 1996.

Since 2000, he has been a member of the National Academy of Sciences' Institute of Medicine. He served on the National Cancer Institute's Board of Scientific Advisors from 1998-2002. In 1988, he was a consultant to the World Health Organization, and in 1985 he was a consultant to the White House under President Ronald Reagan.

A resident of Baltimore, he has won several awards for his research including a Gold Medal from the American Roentgen Ray Society for CT research and two Paul Lauterbur Awards for MRI research. His research in imaging led to advances in Computerized Axial Tomography (CAT scanning) and Magnetic Resonance Imaging (MRI) that resulted in 157 peer reviewed publications and 8 patents.

South Africa's Black Economic Empowerment players

Patrice Motsepe

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While no Black South African has ever appeared on Forbes Billionaire list, the end of apartheid has given rise to at least one Black Half-Billionaire, Patrice Motsepe, whose wealth has been estimated at more than $500 million[10] and is believed to be South Africa’s richest Black. Also symbolizing South Africa’s new Black economic elite are Cyril Ramaphosa, one of South Africa's richest men, who was once mentioned as a possible successor to Nelson Mandela, Tokyo Sexwale, another politician turned entrepreneur, and banking and media tycoon Saki Macozoma.

Time Europe writes, “Although they work separately, Macozoma, Motsepe, Ramaphosa and Sexwale have been dubbed the Fabulous Four for their growing power and wealth, and between them, they have more than a billion dollars' worth of interests in some of South Africa's largest companies, including mining heavyweights Harmony Gold and Gold Fields, life insurer Sanlam, Alexander Forbes Financial Services as well as banking giants ABSA and Standard Bank”.

29-yr-old takes helm at Mvela
30/05/2007 14:25
By: Sizwekazi Jekwa

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Johannesburg - Most people in their late twenties are only starting to get to grips with managing their overdraft. Consider then 29-year-old Yolanda Cuba, who is getting to grips with heading a R6bn empowerment empire on the JSE.

Too much too soon, some might contend. But Cuba - unlike most women her age - is really looking forward to her 30th birthday.

The reason Cuba can't wait to be 30 is because she's about to become CEO of one of SA's largest and most successful black-owned listed companies: Mvelaphanda Group (Mvela).

Mvela was founded by Tokyo Sexwale, one of Africa's most influential businessmen - and now a possible SA presidential candidate.

Mvela Group - which Cuba will head - was created through a merger of Mvela Group and Rebserve in December 2004.

So-called investment trusts - especially the larger variety - are usually headed by highly experienced executives who usually have the broad vision of corporate composure to keep tabs on the large, underlying investment portfolio.

For example, Thys Visser at Remgro, who typifies the stoic, unflappable and wise head of a large investment trust. Others who spring to mind are Chris Seabrooke (Sabvest), Jannie Mouton (PSG), Mark Barnes (Purple Capital) and Fred Robertson and Mustaq Brey (Brimstone Investments).

By contrast, Cuba - currently deputy CEO of Mvela - is a spring chicken. However, she hopes that being 30 will finally end the speculation concerning her capabilities and give her the respect she so rightly deserves as one of SA's top business executives.

She joined Mvela in 2003, working in the group's corporate finance division where the sourcing, valuation and execution of empowerment transactions were facilitated.

Prior to joining Mvela, Cuba (who holds a BCom in statistics from UCT and a BCom (Hons) in accounting from the University of Natal) had worked for other corporates, including a stint at Remgro-controlled Robertsons Foods.

About six months into her job at Mvela, Cuba was considered for the position of deputy CEO. "I was first appointed deputy CEO of Mvela Group and then Mvela Holdings in August that year. I was only 25 at the time and I was terrified."

* For more on Yolanda Cuba's rise - and for stories similar to hers - get this week's edition of Finweek or subscribe online.

dangote the money bag
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He is a money-spinning machine—a man who wins lottery everyday! He has been called “Nigeria’s richest man,” a man whose financial worth has been put conservatively at $4 billion, making Aliko Dangote probably the richest man in Africa’s richest country.

Everyday the Dangote business jackpot rings, the sound is loud enough to make King Croesus the fabled richest man ever, turn green with envy.

In Nigeria the name Dangote has become a brand that means many things, from rice to sugar to cement. The list goes on and on. Currently, his pet project is building a super factory where raw sugar would be refined.

On November 16, 2006, he went to the Stock Exchange to seek three billion shares from the public and before he could blink his eye, the project had been oversubscribed reportedly by over 300% and over N54 billion had landed in his pocket as part of the N180 billion sugar refinery project which is projected to be the biggest in Africa, second only to Brazil—the world’s leading sugar producer.

Dangote’s world is a sweet world of money, money, money. By his own admission, he makes a daily turnover of N300 million. And that is only in the sale of sugar. With N300 million, you could live a lifetime of affluence. But for Dangote, N300 million is just chicken feed. A drop in his ocean of affluence.
Mention Dangote and what comes into the mind is the man who owns Benue Cement put at $1 billion and Obajana Cement in Kogi put at $2.5 billion. Then there are other businesses like Dangote Textiles, Dansa Food Limited, Executive Jets Limited and an oil bloc to crown it all.

Aliko Dangote makes money with the ease of Michael Jordan defying laws of gravitas. For him, money making has become so routine that it has ceased to excite him. What really excites him these days, he says, is when he creates the opportunity for others to make millions.

He told us recently during a meeting at his posh but modest home in Victoria Island district of Lagos: “In Benue Cement, we have created over 4,000 millionaires. Because people that had bought N3.50k shares at N6.50k, some of them have sold the shares at N45.
“At a point, people that invested N100 million in Benue, they came out with a profit of N1.4 billion. So if you have invested N10 million, you might have made about N140 million. This is the kind of thing that people would now, when somebody wants to mess you up, they can rise against any such person and say: ‘Don’t touch this person.’

“Making money right now means something to me but not very much, in the sense that what I enjoy doing now is wealth creation than just making money. Because it would reach a point where what really gives you satisfaction is how many people you have given employment to, how many people depend on you, that if something happens to you, they are in trouble. This one would give you a lot of joy.”
In two of our books, 50 NIGERIA’S CORPORATE STRATEGISTS and NIGERIA’S MARKETING MEMOIRS, we missed the opportunity of interviewing this rich, humble man and sharing in his secrets of business success. Now, when the opportunity came, we seized it firmly with both hands. He had only 45 minutes to share with us. But within that limited time, we were able to distill what can be called the essential Dangote business credo. Here are 10 of them:

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paddy adenuga and his father mike
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mike adenuga
This must be interesting times for Otunba Michael Adenuga and his scions that run the Michael Adenuga Business Empire. They are gradually painting Nigeria’s business landscape green, the colour of their cash cow brand

Recently MA Group announced that it plans to invest $700 million from a war chest of $1 billion in the lucrative Indian economy. A first for a Nigerian company in terms of outward investment. By so doing MA group will soon be mixing it with the Microsofts, HSBCs, Nikes and other global giants who have since berthed on the Indian subcontinent.


In an official statement, MA Group said that “initially, the group plans to focus its investments in the telecom sector in India and then move on to other sunrise sectors over a period of time. “We are a cash-rich company keen on foraying into India, as the telecom market there is booming”, the statement said. The MA group also said that it is not averse to investing in call centres, banking and petroleum sectors in India. Investing in these sectors will allow it leverage on its experiences from operating in similar sectors in Nigeria. The group also plans to make India the Asian hub of their manpower needs for telecom.
in 2001
Although the MA Group through its Globacom brand have kept faith with the Nigerian economy despite their not-so-pleasant experiences in 2001, investing over $2.5 billion in Nigeria and creating thousands of jobs for Nigerians, they should not forget their roots even as they plan their global expansion.
now
it's beyond accounting!

source:forbes> #9 Prince Abakaliki Of Nigeria
Prince Abakaliki Of Nigeria
Net Worth: $2.8 billion
Source: Telecommunications
Age: 37
Marital Status: Single
Hometown: Lagos, Nigeria
Education: Yaba College of Technology, B.S.

another source:http://www.rediff.com/money/2006/nov/25forbes1.htm
He ain't real, but is worth $36 billion
Michael Noer and David M. Ewalt, Forbes

The rich may be different than you and me--but not nearly as different as the characters that comprise the Forbes Fictional 15, our annual listing of fiction's very wealthiest. This year's selection includes a duck, a wizard, a Nigerian prince and even a plumber. Aggregate (fictional) net worth? $111 billion.

mo ibrahim
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Dr Mo Ibrahim is the founder of Celtel International and one of Africa’s most successful business leaders. Originally from Sudan or seirra leone, Dr Ibrahim is a global expert in mobile communications with a distinguished academic and business career.

In 1998, he founded MSI Cellular Investments, which was later renamed Celtel International. The company now operates in 15 African countries, under licences that cover more than a third of the continent’s population. The company has invested more than $750m in Africa, helping to bring the benefits of mobile communications to millions of people across the continent. In 2005, Celtel was sold to MTC Kuwait for $3.4bn, making it one of Africa’s most successful companies ever.

Dr Ibrahim holds a BSc in electrical engineering from the University of Alexandria, Egypt, an MSc in electronics and electrical engineering from the University of Bradford, and PhD in mobile communications from the University of Birmingham. He is a member of the Africa Regional Advisory Board of London Business School.

Nice :okay:

i know you like that!

source:forbes> #9 Prince Abakaliki Of Nigeria
Prince Abakaliki Of Nigeria
Net Worth: $2.8 billion
Source: Telecommunications
Age: 37
Marital Status: Single
Hometown: Lagos, Nigeria
Education: Yaba College of Technology, B.S.

another source:http://www.rediff.com/money/2006/nov/25forbes1.htm
He ain't real, but is worth $36 billion
Michael Noer and David M. Ewalt, Forbes

The rich may be different than you and me--but not nearly as different as the characters that comprise the Forbes Fictional 15, our annual listing of fiction's very wealthiest. This year's selection includes a duck, a wizard, a Nigerian prince and even a plumber. Aggregate (fictional) net worth? $111 billion.

You are joking right, naija. with this one?

Richest People in Africa

1. Naguib Sawiris, Egypt, 52, $10.0, Egypt, Communications (Telecom)
2. Mohammed Al Mahmoudi, $ 8.0, Ethiopia
3. Ibrahim Babangida, former President of Nigeria, est. net worth $6 bil
4. Onsi Sawiris, Egypt, 77, $5.0, Construction
5. Nicky Oppenheimer & family, South Africa, 61, $5.0, Mining/Lumber (DeBeers)
6. Johann Rupert & family, South Africa, 56, $4.3, Retailing (Luxury goods)
7. Aliko Dangote, Chairman & Owner Dangote Sugar, Place of Birth-Nigeria, est. net worth $4 bil
8. Nassef Sawiris, Egypt, NA, $3.9, Engineering/Construction
9. Donald Gordon, South Africa, 76, $2.2, Insurance
10. Mike Adenuga, Conoil & Globacom, Nigeria, est. net worth $1.8 bil
11. Kase Lawal, Chairman CAMAC Holdings, Oil, Place of Birth-Nigeria, Sales $ 1.5 bil
12. Samih Sawiris, Egypt, 50 , $1.5, Service (Hotels)
13. Manu Chandaria , KAM Chairman, Kenya, est. $ 1 bil
14. Patrice Motsepe, Sanlam Chairman, South Africa, est. $500 mil
15.

sorry but why havent either dangote or adenuga been listed on forbes..cos i know both their monies are legal

sorry but why havent either dangote or adenuga been listed on forbes..cos i know both their monies are legal
some nigerians richer than many listed on forbes,billionaires worth 8 billion dollars are in nigeria.you knew it.
all they say is their monies is under investigations.

You are joking right, naija. with this one?
i found it!

i know they say mony undr investigatiopn but these two have legitimate money. adenuga's biggest business globacom was started with a loan from bnp paribas who confirmed it. as for dangote he took loans from nigerian banks and i know this for a fact because a i know a lot of people who work for banks and have confirmed it. infact my mom was in charge of the dangote account for her bank at a point in time

they should consider some of nigeria's money bag.

some nigerians richer than many listed on forbes,billionaires worth 8 billion dollars are in nigeria.you knew it.
all they say is their monies is under investigations.

The Forbes List is highly inaccurate, it didn´t list all the rich people in Iran, Indonesia, nigeria, Saudi Arabia, Brazil, China, ...it principally shed light on the G8 countries, so it´s crab!

Why should forbes be so lopsided,if africa really has such men mentioned here?Is it that these men are operating from the third world but, Egyptian is on the forbes' list of richest men.

Icosium,I guess you got the caption wrong.NIH is american but here the topic is" Africa´s New Business Elite and Fresh Minds ".Ok?

I have so say that I am a bit dubious about the actual wealth of many African billionaires. Western billionaires like to underestimate their wealth, Africans the opposite. There was this man in Ghana, Kofi Wayo, who claimed to be a billiionaire some time ago but that was discredited.

Regarding the MA group, I wonder how Indians will react to having black bosses.

lol..i think they'll welcome it as long as they have good jobs and money coming their way.

Seriously, from someone who was brought up with Indian people, they really wont enjoy it.

I believe that when big black businesses start to appear and invest all over the world, racism against black people will decrease. A lot of racism occurs because of the low economic status of blacks. It will be good for people to see blacks in high positions.

i found it!

The reason i was asking about the Prince is because the Forbes states that its a fictional character who sent 419 e-mails saying that he was worth $2.8 billion. As is the other fictional character who is mentioned as a plumber said to be worth $111 billion. Unless you took the fiction seriously of course.

But personally i know for sure that there are people in Africa who could make the forbes list, but the issue is often that their wealth can not be easily traced or even verified. And we all know that many africans do have this tendency of over estimating their wealth. If the guy has a $100 million, he can easily claim to have $1000 million. No offence but even on this forum you see signs of this practice with people making all kinds of wide claims. In the west most of the money is tied up in investments assets whose worth can easily be verified such as stock market, properties, trusts etc. In Africa its usually in cash or in swiss bank accounts!! Also i find a lot of guys who are founders of companies that are worth $2 billion and hold lets say 12% of its issued share capital with a whole lot of shareholders loans secured against their shares. But the press will report that the guy is worth $2 billion instead of being worth $240 million minus the shareholders loans. So the measure is very different in Africa indeed.

I have so say that I am a bit dubious about the actual wealth of many African billionaires. Western billionaires like to underestimate their wealth, Africans the opposite. There was this man in Ghana, Kofi Wayo, who claimed to be a billiionaire some time ago but that was discredited.

Regarding the MA group, I wonder how Indians will react to having black bosses.
what about a ghanian called azuma bandah who went back from nigeria?

The reason i was asking about the Prince is because the Forbes states that its a fictional character who sent 419 e-mails saying that he was worth $2.8 billion. As is the other fictional character who is mentioned as a plumber said to be worth $111 billion. Unless you took the fiction seriously of course.

But personally i know for sure that there are people in Africa who could make the forbes list, but the issue is often that their wealth can not be easily traced or even verified. And we all know that many africans do have this tendency of over estimating their wealth. If the guy has a $100 million, he can easily claim to have $1000 million. No offence but even on this forum you see signs of this practice with people making all kinds of wide claims. In the west most of the money is tied up in investments assets whose worth can easily be verified such as stock market, properties, trusts etc. In Africa its usually in cash or in swiss bank accounts!! Also i find a lot of guys who are founders of companies that are worth $2 billion and hold lets say 12% of its issued share capital with a whole lot of shareholders loans secured against their shares. But the press will report that the guy is worth $2 billion instead of being worth $240 million minus the shareholders loans. So the measure is very different in Africa indeed.
forbes management are not fair enough themself,at least about 100 africans should be listed.

indian behind united states with 30 billionaires.
how many do you think nigeria could have?

nigeria has close to 5 legitimate billionaires and atleast 30 illegal and illegitimate billionaires

kulani considerin wot u have said about africans overprojecting their worth let me ask what do u think of dangote and micheal adenuga

kulani considerin wot u have said about africans overprojecting their worth let me ask what do u think of dangote and micheal adenuga

I guess we need to know how much of their respective companies they control. He is right, a guy who is the Chairman/Founder of a Company X which is worth $5billion but may only control 10%. African media will report that they guy is worth $5billion rather than $500million.

according to reports dangote's shares in his two out of 13 companies on the nse are worth $4bn not the total worth of the company. as for adenuga i am not really sur but i know globacom is worth bout 10 billion or so and he owns atleast 40% shares in it but i think its mre i cnt remember exactly.

according to reports dangote's shares in his two out of 13 companies on the nse are worth $4bn not the total worth of the company. as for adenuga i am not really sur but i know globacom is worth bout 10 billion or so and he owns atleast 40% shares in it but i think its mre i cnt remember exactly.

uluvnaija, i don't know much about Dangote's group of companies but as for Mike Adenuga who is in telecommunications ( a sector i am in myself and understand better). i would say that Globacom given its almost 10 million subscribers can be estimated at $7 billion - $10 billion depending on how bullish one is regarding the Nigerian telecoms market and how many subscribers are double counted (a common problem in estimating subscribers due to people with two or three SIM cards while only really only use one). But then again unless Globacom is a public listed company its going to be very difficult to estimate its worth accurately (as its financial affairs will not be made public), so its all based on one's best guess but i would say worst case scenario, he is definitely worth at least $1 billion while best case scenario he will be worth $4 billion.

i 4got to add he also owns a bank and an oil company...so tht adds a bit..as for dangote u can google him to see the businesses he owns...too many 4 me ta strt typing

plus the gud thing in nigeria is tht people dont double count on the same network..thy would rather have on 2 diff subscribers thn on 1...globacom has bout 12 mill subscribers now

plus the gud thing in nigeria is tht people dont double count on the same network..thy would rather have on 2 diff subscribers thn on 1...globacom has bout 12 mill subscribers now

No doubt that the man is in the billions of dollars. but trust me, i am in the telecommunications game, its very difficult not to double count subscribers to start with, especially in Africa. Because there is no register that says this SIM card is held by so and so and 99% of subscribers are on pay-as-you-go and not monthly plans where they filled in forms etc. Even i cant tell you how many customers exactly i have in our broadband network in West Africa. That would slow the growth of the network, if you were to introduce such stringent measures to sell a simple SIM card to a new customer. Also people lose their phones or SIM cards, migrate, visit Nigeria for a week and all this results in a new SIM card. So the practice of double counting is there in every country and i am pretty sure even MTN has some double counted subscribers.

How much are double counted depends on a lot of things including how many subscribers the marketing guys want to announce to the Media as having. Any idea of their annual revenue for the last financial year? Trust me, if you were planning to buy up the whole of Globacom and have to do a due diligence on the firm, you will be naive to think that there are no double counted subscribers, but i guess when you are marketing Globacomm its nicer to say we have 12 million subscribers instead of perhaps 10 million.

I know of a Nigeria worth close to billions dollars in the New york also owning an island there.Mr Fernadez Oludeinde, but he's a brazilian origin too.

Thats what I DO like about Nigeria, as well as Ghana, indigenous Africans run the game. Not that I have anything against Lebanese/Indians but it really saddens me when I see that most of the Kenyan, Ivorian etc economy seems to be run by these populations. I was looking at a list of the richest people in Uganda last year and it was 80% Asians. Ditto for Kenya.

Am so much concerned about Nigeria 'cause I beleive it has the potential to lift Africa from its present poor position to a reasonable one.

I know of a Nigeria worth close to billions dollars in the New york also owning an island there.Mr Fernadez Oludeinde, but he's a brazilian origin too.

His true wealth is certainly dubious. His name is rather, "Oladeinde Fernandez". He lived in Scotland for while. A rather dishonest and corrupt man.

Thats what I DO like about Nigeria, as well as Ghana, indigenous Africans run the game. Not that I have anything against Lebanese/Indians but it really saddens me when I see that most of the Kenyan, Ivorian etc economy seems to be run by these populations. I was looking at a list of the richest people in Uganda last year and it was 80% Asians. Ditto for Kenya.

But "these people":ohno: are already "indigenous"/Africans of third or fourth generation, most of them are third or some even forrth generation Africans! The most important is that they help to grow the countries, it should be secondary where they come from as long as they help to make Africa flourish! In Lagos you have many restaurants and trendy bars run by Lebanese and I am sure that Nigerians don´t want to miss those places! A Senegalese told me that many "Lebanese" no longer consider themeselves to be "non-Africans" but Senegalese, they even married Senegalse men or women.

Let´s not forget that it can be immensely enriching not just in terms of economics, for a country if it is "mixed". Take Malaysia, Singapore, USA, Canada, Australia etc....I prefer all those places to "homogeneous" and ethnically "boring" Japan, for instance.

Thats what I DO like about Nigeria, as well as Ghana, indigenous Africans run the game. Not that I have anything against Lebanese/Indians but it really saddens me when I see that most of the Kenyan, Ivorian etc economy seems to be run by these populations. I was looking at a list of the richest people in Uganda last year and it was 80% Asians. Ditto for Kenya.

^^
In the East African countries you just mentioned, we also have wealthy black citizens in addition to the asian citizens. A good number of asians may be rich but the economies of Kenya and Uganda are not solely built on the asian community. All races play their part in the economy. And as Matt said, the asians are just as Kenyan or Ugandan as the black citizens of the two countries.

I dont think its good for any country to have its economy controlled by such a small minority- whether indigenous or not.

Yes there are many wealthy black Kenyans but MOST of the larger stores, factories and large-scale enterprises are owned by Asian-Kenyans which is phenomenal considering they dont make up even 1% of the population. Whever I read an article about a Kenyan supermarket chain, shopping mall, manufacturer etc, 9/10 times its an Asian. If the Lebanese left Nigeria, it could still survive, if the Asians left Kenya- well, look what happened in Uganda. Anecdotal evidence around the world has also shown that non-indigenous populations are much more likely to leave a country if the economy or security situation is doing badly- taking their money and expertise out the country. Within a few wks of civil war in Sierra Leone- all the Lebanese had been air lifted to Lebanon. Commerce collapsed, many of the indigenous businessmen had no choice but to remain. That has to be dangerous for the security and stability of any country. Dont you think?

But perhaps I am being prejudiced due to my negative experiences with Kenyan Asians whilst at secondary school and medical school........

I dont think its good for any country to have its economy controlled by such a small minority- whether indigenous or not.

Yes there are many wealthy black Kenyans but MOST of the larger stores, factories and large-scale enterprises are owned by Asian-Kenyans which is phenomenal considering they dont make up even 1% of the population. Whever I read an article about a Kenyan supermarket chain, shopping mall, manufacturer etc, 9/10 times its an Asian. If the Lebanese left Nigeria, it could still survive, if the Asians left Kenya- well, look what happened in Uganda. Anecdotal evidence around the world has also shown that non-indigenous populations are much more likely to leave a country if the economy or security situation is doing badly- taking their money and expertise out the country. Within a few wks of civil war in Sierra Leone- all the Lebanese had been air lifted to Lebanon. Commerce collapsed, many of the indigenous businessmen had no choice but to remain. That has to be dangerous for the security and stability of any country. Dont you think?

But perhaps I am being prejudiced due to my negative experiences with Kenyan Asians whilst at secondary school and medical school........
if they left,their companies can easyly be swallowed up by nigerian investors.

I dont think its good for any country to have its economy controlled by such a small minority- whether indigenous or not.

Yes there are many wealthy black Kenyans but MOST of the larger stores, factories and large-scale enterprises are owned by Asian-Kenyans which is phenomenal considering they dont make up even 1% of the population. Whever I read an article about a Kenyan supermarket chain, shopping mall, manufacturer etc, 9/10 times its an Asian. If the Lebanese left Nigeria, it could still survive, if the Asians left Kenya- well, look what happened in Uganda. Anecdotal evidence around the world has also shown that non-indigenous populations are much more likely to leave a country if the economy or security situation is doing badly- taking their money and expertise out the country. Within a few wks of civil war in Sierra Leone- all the Lebanese had been air lifted to Lebanon. Commerce collapsed, many of the indigenous businessmen had no choice but to remain. That has to be dangerous for the security and stability of any country. Dont you think?

But perhaps I am being prejudiced due to my negative experiences with Kenyan Asians whilst at secondary school and medical school........

popa1980, what´s up with you, you travelled the world and been to so many places, you love Brazil for its mixture but when it comes to an African country that has some more "colours", you get pissed off! Weird!

I dont think its good for any country to have its economy controlled by such a small minority- whether indigenous or not.

Yes there are many wealthy black Kenyans but MOST of the larger stores, factories and large-scale enterprises are owned by Asian-Kenyans which is phenomenal considering they dont make up even 1% of the population. Whever I read an article about a Kenyan supermarket chain, shopping mall, manufacturer etc, 9/10 times its an Asian. If the Lebanese left Nigeria, it could still survive, if the Asians left Kenya- well, look what happened in Uganda. Anecdotal evidence around the world has also shown that non-indigenous populations are much more likely to leave a country if the economy or security situation is doing badly- taking their money and expertise out the country. Within a few wks of civil war in Sierra Leone- all the Lebanese had been air lifted to Lebanon. Commerce collapsed, many of the indigenous businessmen had no choice but to remain. That has to be dangerous for the security and stability of any country. Dont you think?

But perhaps I am being prejudiced due to my negative experiences with Kenyan Asians whilst at secondary school and medical school........

popa1980, what´s up with you, you travelled the world and been to so many places, you love Brazil for its mixture but when it comes to an African country that has some more "colours", you get pissed off! Weird!

I dont think its good for any country to have its economy controlled by such a small minority- whether indigenous or not.

Yes there are many wealthy black Kenyans but MOST of the larger stores, factories and large-scale enterprises are owned by Asian-Kenyans which is phenomenal considering they dont make up even 1% of the population. Whever I read an article about a Kenyan supermarket chain, shopping mall, manufacturer etc, 9/10 times its an Asian. If the Lebanese left Nigeria, it could still survive, if the Asians left Kenya- well, look what happened in Uganda. Anecdotal evidence around the world has also shown that non-indigenous populations are much more likely to leave a country if the economy or security situation is doing badly- taking their money and expertise out the country. Within a few wks of civil war in Sierra Leone- all the Lebanese had been air lifted to Lebanon. Commerce collapsed, many of the indigenous businessmen had no choice but to remain. That has to be dangerous for the security and stability of any country. Dont you think?

But perhaps I am being prejudiced due to my negative experiences with Kenyan Asians whilst at secondary school and medical school........

Agree with you 100%. This is precisely why Black Economic Empowerment is all the rage in South Africa today. You have to strive to ensure that the economy is shared in an equitable manner with the majority of the people. A situation where 80% of the population are simply providing cheap labour to the economy while the 20% manage, control and own everything is not healthy and as you point out, pose future risks to the stability of any country.

Agree with you 100%. This is precisely why Black Economic Empowerment is all the rage in South Africa today. You have to strive to ensure that the economy is shared in an equitable manner with the majority of the people. A situation where 80% of the population are simply providing cheap labour to the economy while the 20% manage, control and own everything is not healthy and as you point out, pose future risks to the stability of any country.

But Kenguy is Kenyan and he told us that Kenya is not ruled by KenyanAsians but a lot of "original" Kenyans! He is Kenyan and he knows it best!:)

Matthias, I will deal with Brazil later. I will put up a post there soon about that country.

They say 75% of medium/large manufacturers and retailers are Asian owned in Kenya. All the malls that I know if in Kenya are Asian-owned. Look at the Association of Kenyan Industries (or something like this) website and you will see it confirmed. I do like a mix, but a situation where something like 0.3% of the population controls that amount of wealth is not good. Would it be different if they were white I wonder? In South Africa they used to say 15% of the population (white) controlled 90% of the wealth. I think there needs to be either a Black Empowerment programme just like in SA, or they need to encourage indigenous participation in industry and retail. This current status quo is a disaster waiting to happen.

Oh Yeah, you used Malaysia as an example. Chinese were brought into Malaysia by the British (just as Indians were to kenya). At independece they controlled 95% of the economy. This created a lot of resentment and there were several race riots. The Malaysian government now has certain rules and, for instance, companies listed on the stock market must have a certain percentage of stock controlled by ethnic Malays. It was key in creating a more equitable and stable society.

But Kenguy is Kenyan and he told us that Kenya is not ruled by KenyanAsians but a lot of "original" Kenyans! He is Kenyan and he knows it best!:)

Well, show me that at least 50% of the Kenyan economy is managed, controlled and owned by Kenyans (who probably make up at least 90% of the population) then i will have no problems. If that is not the case, then we still have a problem. I am sure if you go to India, China and other countries the natives run the majority of their economy. I have no problem with foreign ownership because we live in a global economy today and we need foreign investment which goes hand in hand with foreign ownership.