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African Billionaires – Aliko Dangote

Jan 2

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Aliko Dangote

Aliko Dangote

Net Worth: $2.5 billion

Most of Nigeria’s richest men, be they generals, politicians or businessmen, have made their money either directly or indirectly from oil – which accounts for more than 90% of the country’s hard currency earnings.

Aliko Dangote stands out for having amassed a fortune from humbler fare. Arguably Africa’s richest man, and certainly its wealthiest industrialist, his career began when he secured a licence to import cement three decades ago.

The son of a well-off family from the predominantly Muslim north, he cultivated ties with military regimes that ruled between 1985 and 1999. But it was the civilian presidency of Olusegun Obasanjo between 1999 and 2007 that marked the golden age of his Dangote Conglomerate, which dominates the supply of a wide range of staple products – from cement to sugar. Read the rest of this entry »

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African Billionaires – Introduction

Jan 2

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South Africa Rand (ZAR)The most reliable route to riches in Africa once lay via politics and “public” service. No surprise, since the state in many of sub-Saharan Africa’s 48 countries controlled the principal levers of the economy in the decades following independence.

Nigeria’s military rulers, with absolute powers over oil earnings, were among the best endowed. But the considerable fortunes they, and other politicians in resource-rich African countries, made were hidden in offshore accounts or behind webs of front companies and middlemen.

However, in the past decade more money has been invested domestically, open to public scrutiny through the continent’s proliferating stock exchanges. Two decades of economic liberalization and progress in some countries towards more accountable forms of rule have given the private sector in Africa far more clout. Read the rest of this entry »

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Nigerian Billionaires: Oba Otudeko

Jun 1

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Oba Otudeko
Honeywell
Estimated Net Worth: $1 billion

Oba Otudeko

Oba Otudeko

According to Encomium magazine, Oba Otudeko’s net worth is $1 billion. Oba Otudeko is the Chairman of the Honeywell Group of Companies, a Nigeria-based conglomerate and holding company with a strong international presence. The Honeywell Group of Companies has interests in Oil & Gas, Flour Milling, Engineering, High Sea Trawling, Real Estate, and Marine Transportation.

Oba Otudeko is also Chairman of the Board of First Trustees Nigeria Limited, Pavilion Technology Limited, Fan Milk of Nigeria Plc, and Econet Wireless Nigeria Limited.

Additionally, Oba Otudeko is a Director of First Bank of Nigeria Plc; Guinness Nigeria Plc; Lagos Sheraton Hotel; Nigeria Eagle Flour Mills Ltd; Franco-Nigeria Chamber of Commerce and Industry; Khalil & Dibbo (Haulage) Ltd; and British American Tobacco Ltd.

He is also Chairman of the Nigeria-South African Chamber of Commerce. Outside Nigeria, Oba Otudeko holds directorship positions in private UK companies operating in real estate, finance, and international trade.

Oba Otudeko studied Accountancy at Leeds College of Commerce, Leeds, Yorkshire, United Kingdom. He obtained The Associateship of the Chartered Institute of Bankers (ACIB) in 1964. He holds fellowships in the institute of Chartered Accountants of Nigeria; and in the Chartered Secretaries and Administrators of Nigeria. Read the rest of this entry »

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Nigerian Billionaires: Cecilia Ibru

Jun 1

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Cecilia Ibru
Oceanic Bank
Estimated Net Worth: $1.2 billion

Cecilia Ibru

Cecilia Ibru

Dr. (Mrs.) Cecilia Ibru is the Chief Executive Officer of Oceanic Bank. According to Encomium magazine, Cecilia Ibru has a net worth of $1.2 billion.

Cecilia Ibru holds a Bachelor of Science (B.Sc.) Degree in Sociology from North East London University and a Masters of Philosophy from the London school of Oriental and African Studies.

She commenced her career at the IBRU Organisation in 1978 where she held various positions. In 1990, she joined Oceanic Bank as General Manager (Administration and Personnel), later becoming Executive Director (Finance and Administration). Cecilia Ibru became Oceanic Bank’s Managing Director & Chief Executive Officer in 1997.

Cecilia Ibru is Chairperson, Sub-committee of the Bankers’ Committee on Small and Medium Investment Equity Scheme (SMIEIS); Member, Presidential Consultative Committee on SMIEIS; and Member, World Economic Forum.

Cecilia Ibru is a Fellow of the Chartered Institute of Bankers of Nigeria and a Fellow of the Nigeria Institute of Management.

In recognition of her numerous contributions to the development of Banking in Nigeria, the Federal Government of Nigeria honoured her with the award of Officer of the Order of the Federal Republic (OFR). Read the rest of this entry »

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Nigerian Billionaires: Jim Ovia

Jun 1

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Jim Ovia
Zenith Bank
Estimated Net Worth: $2.3 billion

Jim Ovia

Jim Ovia

Jim Ovia founded Zenith Bank in 1990 and continues to shape the bank in his own image. Under his stewardship Zenith survived the crash of the mid-1990s when Sani Abacha, Nigeria’s then military ruler, closed down foreign exchange dealing loopholes and forced many unsound banks out of business.

Uncluttered by the bureaucracy of established rivals, Jim Ovia set about an aggressive programme of building up accounts with government agencies and the private sector with a dynamic team of young professionals that quickly established a market presence.

Ovia looked to strengthen his relationship with government after the restoration of civilian rule in 1999 and became close to the then president, Olusegun Obasanjo. As with other oligarchs, he raised substantial funds for Obasanjo’s re-election campaign in 2003 and went on to become a trustee of the Obasanjo presidential library and a director of the controversial Transcorp. Read the rest of this entry »

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Nigerian Billionaires: Femi Otedola

Jun 1

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Femi Otedola
Zenon Petroleum and Gas
Estimated Net Worth: $3.5 billion

Femi Otedola

Femi Otedola

The diesel prince.

The reasons behind Femi Otedola’s astonishingly swift rise from relative anonymity to a position where his company, Zenon Petroleum and Gas enjoyed a near monopoly on Nigeria’s lucrative market in diesel have attracted interest and speculation in equal measure.

The son of Michael Otedola, briefly governor of Lagos state in the Third Republic (1991-92) the Zenon boss puts his success down to “hard-work and staying focused on what you want.”

Femi Otedola’s business formula seemed to win favour from former president Obasanjo, under whose patronage Zenon became a force.

Zenon has diversified into shipping and has ambitions in upstream exploration, and in distribution and retail in Nigeria.

Femi Otedola’s profile has slipped since Obasanjo’s demise, with rivals sensing an opportunity to break into the lucrative trading position Zenon has enjoyed. Read the rest of this entry »

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Nigerian Billionaires: Mike Adenuga

Jun 1

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Mike Adenuga
Globacom
Estimated Net Worth: $6 billion

Mike Adenuga

Mike Adenuga

Mike Adenuga, oil baron, bank executive, and telecoms magnate, is, quite literally, larger than life — at least to newly arrived visitors to Ghana, who face huge billboards carrying the likeness of the founder of Globacom, Mr Adenuga’s expanding mobile network as they make their way into Accra.

Mike Adenuga has shrugged off speculation that his wealth is built on relations he enjoyed with Nigeria’s military rulers in the late 1980s and early 1990s to build a diverse portfolio and a substantial personal fortune. His relationship with the government has not been without its moments of difficulty. He found himself under investigation in 2006 by the Economic and Financial Crimes Commission (EFCC). After being arrested for two days, Mr Adenuga then spent several months out of the country.

Friends insist that Mike Adenuga was the victim of a political battle between Vice President Atiku Abubakar and then president Obasanjo, with whom Mr Adenuga had also enjoyed good relations. Government investigators claimed there were separate issues relating to the payment of contractors and allegations of tax evasion. Like Aliko Dangote, Mike Adenuga has shown an ability to take opportunities presented and create genuine companies with real capacity.

According to Encomium magazine, Mike Adenuga’s net worth is $6 billion.

Interestingly, Forbes Magazine’s billionaire lists fail to include Mike Adenuga because Forbes bases individuals’ net worths on the quoted and verified values of companies and individual shares the individuals own. Given that a lot of Nigerian billionaires’ assets include privately-held companies, Forbes’ estimates should be regarded as minimum net worth estimates. Read the rest of this entry »

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Nigerian Billionaires: Tony Elumelu

Jun 1

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Tony Elumelu
UBA

Tony Elumelu

Tony Elumelu

Tony Elumelu, Group Managing Director and Chief Executive Officer of the UBA Group, is a serial optimist who has driven the bank to a new international profile with a network that includes a presence in the US and the UK.

Tony Elumelu is also a figure of some controversy, both with regard to his 2005 takeover of the bank and for his bank’s relations with several former government officials and state governors now linked to corruption.

The Economic and Financial Crimes Commission (EFCC) says UBA helped launder $8m for Orji Kalu, former Abia state governor, and tidied up $10m for James Ibori, former Delta state governor. Both former governors face multiple counts of money laundering.

Tony Elumelu has not been identified directly in connection with any impropriety. UBA’s reputation however took another recent blow when US authorities dished out an unprecedented $15m fine on the bank, describing it as suffering “pervasive and systemic … internal control and audit deficiencies” and as a bank that “continues to operate without an effective anti-money laundering program, despite repeated warnings.”

Tony Elumelu has worked hard to limit the damage created by the fine. Many industry players believe he may have rolled the dice once too often but few would rush to bet against one of the finance sector’s great survivors. Read the rest of this entry »

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Nigerian Billionaires: Dahiru Mangal

Jun 1

Posted by Staff Writer in News | 6 Comments

Dahiru Mangal
Mangal Air

Dahiru Mangal did not contribute to Olusegun Obasanjo’s re-election campaign in 2003, he did not donate to the Obasanjo presidential library, and was never on the board of Transcorp. Nor indeed is he anything like as wealthy as the group typically described as oligarchs.

Dahiru Mangal is, however a well-connected and increasingly prosperous businessman from President Yar’Adua’s native Katsina state with interests in haulage and trading, as well as air charters. Dahiru Mangal is said to have helped finance Mr Yar’Adua’s gubernatorial campaigns in Katsina in 1999 and 2003 and is one of the few businessmen to have the president’s ear.

Read about other Nigerian billionaires:

Oba Otudeko
Cecilia Ibru
Jim Ovia
Femi Otedola
Mike Adenuga
Tony Elumelu
Aliko Dangote

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Nigerian Billionaires: Aliko Dangote

Jun 1

Posted by Staff Writer in News | 3 Comments

Aliko Dangote
Dangote Group
Estimated Net Worth: $4 billion

Aliko Dangote

Aliko Dangote

When it comes to money and Nigeria, the oil business has traditionally offered the richest pickings, with banking and telecoms emerging in recent years as attractive alternatives.

It is a measure of the achievement of Aliko Dangote that he has made his fortune from more humble commodities such as cement, flour, and sugar. After starting as a trader, Mr. Dangote is now one of the largest private sector employers in Nigeria. Aliko Dangote has invested heavily in fixed asset production facilities in Nigeria and is the broker of ground-breaking deals with South Africa and China.

At 50, the Kano-born businessman is widely regarded as Nigeria’s richest man (Mike Adenuga has been known to also hold this title), with a personal fortune estimated at more than $10bn. Untypically modest, he remains restless, pursuing new opportunities in Nigeria and other parts of Africa.

Aliko Dangote was widely regarded as former president Olusegun Obasanjo’s favourite businessman and was once floated as a potential successor. The Yar’Adua administration moved quickly to reverse oil refinery deals favourable to Mr Dangote and to end the virtual monopoly his companies had in the cement sector. Aliko Dangote appears to have mitigated suspicion in government and seems well placed to deal with competition at home — and to take on the rest of the continent. Read the rest of this entry »

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