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Africa’s Richest Men and their Mantras
Power and drive are two things business leaders seem to have in common.
Add an uncommon determination to succeed, and the extraordinary that pushes them to surpass expectations and do things others have not thought, or found the wit to do then you might might probably have all the ingredients that these geniuses embody.
The veritable Ventures Africa, Pan-African business magazine and news service, across the globe, entrepreneurs and business leaders are marked by their enviable managerial skills and intellectual capacity which they demonstrate.
According to Ventures Africa, no wonder when they as much as cough everyone pays apt attention: that split-second action of opening their lips could be some kind of code unlocking the next billion dollar opportunity.
In the Africa, the story is the same. From Cape to Cairo via Nairobi and the busy ports of Lagos, African has it fair share of dynamic business leaders who have not just built world-class businesses, but have positioned the continent’s economies for unprecedented growth and development. Ventures Africa takes a look at 21 ‘words of wisdom’ from some of Africa’s billionaire businessmen.
Johann Rupert, South Africa
Johann Rupert is one of South Africa’s richest people with an approximate net worth of $6.6 billion. Johann serves as Chairman of Richemont, Swiss -based luxury-goods company, as well as of Remgro, South Africa-based company.
However, Rupert’s wealth has grown an astonishing 30% recently, after he upgraded fortunes of his Swiss-based luxury goods outfit, Compagnie Financiere Richemont.
Quote: ‘‘I just want to be master of my own time. It is ironic that someone in the watch business should not be in control of his own time.’’
Christoffel Wiese, South Africa
Christoffel Wiese is a veteran business leader from South Africa with a net worth of $3.5 billion. Wiese is one of the richest people in South Africa.
Christoeffel Wiese serves as Chairman and the largest single shareholder of Shoprite, Africa’s biggest retailer, low-priced supermarket chain.
He is also the Executive Chairman of Pepkor, a chain of discount clothes, shoes and textiles, where he holds a large stake.
Quote: ‘‘Who else could have built a company we bought for R1 million into a company worth more than R100 billion today. To run a company with more than 100,000 employees in 17 countries, you have to be able to think on your feet.’’
Mike Adenuga, Nigeria
Mike Adenuga is a Nigerian business magnate whose net worth is estimated at $4.7 billion according to Forbes. Some quarters believe he is worth more than that. In 2006, he founded Globacom, the second largest mobile phone network in Nigeria.
With over 24 million customers in Nigeria, the company also operates in the Republic of Benin, where it recently acquired licenses to start businesses in Ghana and the Ivory Coast.
Adenuga’s Conoil Producing is considered to be one of the largest independent exploration companies in Nigeria, with a production capacity of 100,000 barrels of oil per day
Quote: ‘‘The harder you work, the luckier you get’’.
Mohammed Ibrahim, Sudan
Mohammed Ibrahim is a mobile communications entrepreneur. He is a respected international philanthropist, who is credited with ‘transforming the continent’ and is thought to be the ‘most powerful black man in Britain’.
In 2007, he launched the Mo Ibrahim Prize for Achievement in African Leadership, which awards an initial prize of $5 million and an annual life payment of $200,000 to African Heads-of-State awardees. Past recipients of the award include Nelson Mandela and Olusegun Obasanjo.
Quote: ‘‘What do you do if you are an executive who resigns? You declare yourself a consultant’’.
Aliko Dangote, Nigeria
Nigeria’s Aliko Dangote is an industrialist currently worth $20 billion. He founded the Dangote Group which controls much of Nigeria’s commodities trade.
This business magnate and philanthropist referred to as ‘‘the golden child of Nigerian business circle’’ once drove a taxi cab on the streets of London to fund his education, three decades later, his consortium now spans across many sectors of the Nigerian economy and is expanding to the rest of Africa. He has retained his position as Africa’s richest man for the 3rd year in a row.
Quote: ‘‘If you give me $5 billion today, I will invest everything here in Nigeria. Let us put our heads together and work’’.
Naguib Sawiris, Egypt
Sawiris is a business man and politician. He was the executive chairman of the telecommunications companies Wind Telecom and Orascom Telecom Holding (OTH) before turning to politics in May 2017. OTH launched the first mobile operator in Egypt, Mobnil in 1998.
Quote: ‘‘I can tell you that I won’t sell Mobnil, they think because of this boycott, that I will get fed up and sell, it’s not in my character… I am not a quitter’’.
Stephen Saad, South Africa
Stephen Saad is a South African billionaire whose net worth is estimated at $1 billion. He is the co-founder of Aspen Pharmacare, South Africa’s leading publicly-traded drug manufacturer on the Johannesburg Stock Exchange
Quote: ‘‘In Life, you don’t get anywhere or do anything you hope to without some sort of sacrifice’’.
Isabel Dos Santos, Angola
Isabel dos Santos is Angolan businesswoman who has a net worth of $2 billion. Isabel who best known as the oldest daughter of Angola’s President José Eduardo dos Santos, was named Angola’s first billionaire and the richest woman in Africa as of March 2013. In 1977, 24 year old Isabel started her first business, i.e., a restaurant called Miami Beach in Luanda, the country’s capital.
Quote: ‘‘I think there are a lot of people with family connections but who are actually nowhere. If you are hardworking and determined, you will make it and that’s the bottom line. I don’t believe in an easy way through’’.
Patrice Motsepe, South Africa
Patrice Motsepe is a South African mining magnate who has a net worth of $2.9 billion. Motsepe founded and now chairs African Rainbow Minerals (ARM), a publicly traded mining conglomerate with interests in platinum, nickel, chrome, iron, manganese, coal, copper and gold.
Quote: ‘‘One has to set high standards… I can never be happy with mediocre performance’’.
Miloud Chaabi, Morocco
Miloud Chaabi is a business tycoon with an estimated net worth of $2.1 billion placing him as the richest person in Morocco.
Chaabi began working as a farmer and goat herder in his early teens. He eventually saved up enough money to move to Kenitra.
He launched his first construction company, Ynna Holdings, in the late 40s. He grew Ynna Holdings from a construction firm into the ownership firm of hotels, supermarkets, and renewable energy, among other holdings. He owns the Riad Mogador hotel chain and the Aswak Assalam chain of supermarkets.
He also runs one of Morocco’s most prolific charity groups, the Miloud Chaabi Foundation
Quote: ‘‘Bribe seekers know who to look for and my company’s reputation for integrity means I never get hassled into bribery’’.
Cyril Ramaphosa, South Africa
Ramaphosa is a South African business mogul, philanthropist and owner of the Shanduka Group. Cyril is wildly respected as a skilful and formidable negotiator and strategist, and also best known for building up the biggest and most powerful trade union in South Africa, the National Union of Mine Workers (NUM).
Quote: ‘‘No action is too small when it comes to changing the world… I’m inspired every time I meet an entrepreneur who is succeeding against all odds’’.
Naushad Merali, Kenya
Merali is a Kenyan inventor, and business magnate, best known as the founder of the Kenyan mobile service provider Kencell along with French media giant Vivendi.
As one of Kenya’s leading industrialist, Merali has brought commercial development in Kenya for more than 30 years and is currently expanding his business throughout East Africa. In 2004, he made a $20 million dollar profit in a deal at a record 1 hour.
Quote: ‘‘We need to arrest the widening disparities in incomes between the rich and poor’’.
Anas Sefrioui, Morroco
Sefrioui is a Moroccan businessman and visionary leader. According to reports, he is worth about $1.3 billion.
He founded Groupe Addoha back in 1988, but he made a big break ten years later after he got a contract to build a chunk of government-subsidized housing under the patronage of Morocco’s late King Hassan II.
His wealth continued to swell as he won a $1 billion state contract to build more housing units in 2005.
Currently, Anas is the General President and 61.7% owner of the corporate enterprise also known as Douja Promotion Groupe Addoha. Anas Sefrioui is the third richest person in Morocco and the 16th in Africa.
Quote: ‘‘The potential of the African market is huge’’
Nicky Oppenheimer, South Africa
Nicky Oppenheimer’s net worth is estimated at $6.5 billion dollars which makes him one of the richest people in South Africa. In addition to his work with De Beers, he also helms Greene and Partners Investments, a venture capital firm which focuses on building business in South Africa, and surrounding areas. In 2011, he sold his family’s 40% stake in De Beers to Anglo American, a company his grandfather started in 1917.
Quote: ‘‘I am a great believer that if you know how to operate in Africa, there are unbelievable opportunities’’.
Nathan Kirsh, Swaziland
Nathan Kirsh is a South African business mogul whose net worth of $3.1 billion. Kirsh owns a property empire that spans across the United Kingdom, Swaziland and Australia.
Kirsh has started his corn milling business in1958. The business expanded and became a variety wholesale food distribution.
Quote: ‘‘Real estate is the only sector where ‘stupid people’ can make money’’.
Desmond Sacco, South Africa,
Sacco is a business magnate and billionaire whose net worth is about $1.5 billion.
He is one of the richest and most influential South Africans. He got into mining in 1928 when he established Gloucester Manganese Mines.
He later inherited and further developed his father’s business. As of January 2012, Desmond’s Assore Group’s shares have almost doubled.
Quote: ‘‘Money is not my objective’’.
Sudhir Ruparelia, Uganda
Sudhir is a businessman and entrepreneur in Uganda. He is the Chairman and majority shareholder in the companies owned by the Ruparelia Group.
He has investments in banking, insurance, education, broadcasting etc. In 2012, he was reported to be the wealthiest individual in East Africa with an estimated net worth of $900 million.
Quote: ‘‘I own quite a lot and I have worked very hard for it’’.
Othman Benjelloun, Morocco
Benjelloun was listed as the richest person in Morocco with a net worth of $3.1 billion. He took over his family’s insurance company and turned it into the leading RMA Watanya insurer.
Then he expanded to the banking sector.
The banking aspect of Benjelloun’s business career alone is worth $4 billion. His holding company, FinanceCom holds interests in telecommunications, airlines and information technology.
Quote: ‘‘I have done industry, banking, insurance and telecommunications, and but helping children and adults is the project of my life’’.
Mr. Jim Ovia, Nigeria
Jim Ovia founded Zenith Bank Group in 1990. The bank has grown into West Africa’s second largest financial services provider by market capitalization and asset base.
His stake with Zenith is worth about $300 million. An equally large chunk of his wealth comes from a portfolio of prime real estate in Victoria Island and Ikoyi, some of Nigeria’s priciest neighborhoods.
Ovia devotes majority of his time to managing Visafone, a telecom outfit he founded in 2007. He also owns Quantum, a private equity fund focused on Africa.
Quote: “I will continue to empower the youths. That is my passion. The youths are the leaders of tomorrow. We must continue to support them’’
Ashish Thakkar, Uganda
Ashish is referred to as the youngest billionaire in Africa. He is founder of the pan-African multi-sector business conglomerate, Mara Group.
A serial entrepreneur who started his first company at the age of 15, Ashish built a conglomerate of real estate, information technology and manufacturing with operations in over 26 companies and employing 7,000 people worldwide in less than two decades.
Quote: ‘‘Money should never be a measurement for anything’’.
Said Salim Bakhresa, Tanzania
Bakhresa is described as extremely reclusive business tycoon and richest man in Tanzania. He is the founder and chairman of the Bakhresa Group of Companies.
The genius is a well known industrialist in the mainland of Tanzania and Island of Zanzibar.
With a small beginning as a small restaurateur in the 70’s, he created the business empire with a span of three decades. He is the mastermind behind the success of all the business within the group.
Quote: …
This man hardly reveals his mind… he keeps people guessing of what his next moves are.
News
Binance Chief Insists Some FG Officials, Reps Demand $150m Bribe
![](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2025/02/Tigran-Gambaryan-2.jpg)
Tigran Gambaryan, top official of Binance, at the weekend, maintained his stance on the bribery allegations against some Nigerian government officials and House of Representatives members.
![Binance Chief Insists Some FG Officials, Reps Demand $150m Bribe](https://i0.wp.com/www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2025/02/Tigran-Gambaryan-2.jpg?resize=625%2C277&ssl=1)
Tigran Gambaryan
Gambaryan insisted Nigerian officials demanded bribes from him despite the denial of the Federal Government.
Recall that Gambaryan, who is Binance’s head of financial crime compliance, was detained in Nigeria from February to October 2024.
Nigerian government said his arrest was part of a broader investigation into alleged money laundering and economic destabilisation attributed to Binance’s activities in Nigeria.
On Friday, while recounting his initial experience on the issue on Twitter, Gambaryan accused some Nigerian lawmakers of demanding substantial bribes in cryptocurrency.
He specifically accused three lawmakers of soliciting a $150 million bribe from him, naming Philip Agbese, Ginger Onwusibe and Peter Akpanke as the three federal legislators who demanded the huge bribe from him to allegedly forestall his arrest and prosecution.
He further alleged that Nuhu Ribadu, National Security Adviser, sought significant payouts from Binance for his political ambition.
But in a swift response, Mohammed Idris, minister of Information and National Orientation, dismissed Gambaryan’s allegations as “outrageous” and “defamatory”.
Idris explained that the Nigerian government had rejected a $5 million offer from Binance intended to secure Gambaryan’s release, opting instead for a more favourable settlement with the US government.
He said Gambaryan’s claims lacked credibility and appeared to be an attempt to discredit Nigerian officials.
But Gambaryan in his latest post on the development on Saturday on his X, said the Federal Government used him as leverage to negotiate a beneficial settlement with the US government.
He wrote, “I was invited by the Nigerian FIU to a meeting in January. Last time I checked, they are part of the Nigerian government. House members also invited us to the meeting. Last time I checked, the legislative branch is also part of the Nigerian government.
“You said the second part was part of a probe? Lol. So when you invited us to a friendly meeting, you even lied about that. I was in a safe house for a month, watching TV, while you were trying to use me as leverage. You then panicked and knowingly charged me with blatantly false accusations.
“So I was released on humanitarian grounds? At least you’re finally admitting the need to release me. Last time you posted, you claimed my health was fine and that there was nothing wrong with me”.
The crypto expert further stated, “You investigated? Yet you didn’t take a statement from me? A person with direct knowledge. What a joke.
“You dragged my name through the mud for the past year with zero evidence against me, nearly killed me, and caused trauma to my family. And now you have the nerve to talk about defamation?
“I’ll put my credibility on the line anytime. In court? You mean like last time, when your attorneys didn’t even show up to the human rights suit in Abuja?
“Get your facts straight. I am done with this foolishness. I said my part. I’ll be off Twitter now since it’s pointless to argue with evil.”
While insisting that his claim was factual despite the denials, Gambaryan added, “What I shared was factual, based on my personal experiences and conversations with those who have direct knowledge of the events I discussed; information that was shared with both Nigerian and US law enforcement.
“So please, allow me to leave this behind and find peace”.
The Binance executive said it was the responsibility of law enforcement agents in both Nigeria and the US to see the investigation into the matter through.
He said he is no longer in law enforcement, adding that the responsibility of seeing this through to a logical conclusion now falls on those still serving in the United States and Nigeria.
He added, “Many requested that I stay on and provide further commentary on the issues I posted about yesterday (Friday). Here’s the hard truth: what I shared was meant to fill in the gaps left by Wired and NPR’s reporting.
“The reality is that last year was incredibly painful for me and my family. I dedicated my life to fighting crime as a Special Agent with the United States Department of the Treasury and as a compliance professional. It was an honour to serve my country and it was a blessing that they came to my rescue and mobilised the full force of the US Government when I was in need.
“Being dragged through court on “outrageous, baseless, and trumped-up charges”, he posited, “didn’t just hurt me but also brought immense pain to my family.
“I don’t want to see my kids cry because I’m not around. I don’t want to see videos of my 75-year-old mother on television in tears. I don’t want to see my wife crying on TV. I want to put this nightmare behind me and move on.”
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inDrive Unveils Cashless Bank Transfer Feature in Nigeria
![](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2025/02/inDrive-logo.png)
inDrive, a global ride-hailing platform operating in nine African countries, has introduced “Light Cashless,” an innovative new payment feature in Nigeria designed to enhance safety and convenience for both riders and drivers.
This solution allows drivers to display their preferred bank details within the app, enabling passengers to copy and paste the information for seamless direct bank transfers—eliminating the need for a traditional payment gateway integration.
By launching “Light Cashless,” inDrive becomes the first ride-hailing platform in Nigeria to adopt this model, reinforcing bank transfers as one of the most trusted and widely accepted payment methods in the country. This feature is now available via the latest inDrive app update and is being rolled out in seven key cities.
This launch brings multiple benefits, including enhanced security by reducing the risks associated with carrying physical cash, greater convenience as passengers can complete payments with just a few taps, and increased financial flexibility for drivers who receive payments directly into their bank accounts without delays or transaction fees.
Additionally, direct bank transfers ensure increased payment transparency, allowing both passengers and drivers to track transactions easily within their banking apps, reducing disputes and ensuring clear financial records.
The introduction of “Light Cashless” aligns with inDrive’s mission to challenge injustice and create a fairer, more flexible ride-hailing ecosystem. The platform remains committed to user-driven innovation, continuously empowering both drivers and passengers with greater control over their ride-hailing experience.
“This new feature is a game-changer for the Nigerian market, where bank transfers are already a trusted and widely used form of payment,” said Timothy, Country Representative at inDrive in Nigeria.
“By eliminating the reliance on cash while avoiding the complexities of integrated payment gateways, we are providing a simple yet effective solution that enhances safety, convenience, and financial efficiency for all users.”
The “Light Cashless” feature is now live in seven major Nigerian cities and will continue expanding across the country. Users are encouraged to update their inDrive app to access this new functionality.
News
TikTok Returns on Apple, Google US App Stores as Trump Delays Ban
![](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2025/02/TikTok-Logo.png)
TikTok returned to the U.S. app stores of Apple and Google on Thursday as President Donald Trump delayed a ban on the Chinese-owned social media app and assured the tech giants they would not be fined for distributing or maintaining it.
The popular short video app used by nearly half of all Americans went dark briefly last month, before a law took effect on January 19 that requires its Chinese owner ByteDance either to sell it on national security grounds or face a ban.
The following day, Trump signed an executive order seeking to delay the enforcement of the ban by 75 days, allowing TikTok to continue its operations in the U.S. temporarily.
Although TikTok resumed service after Trump’s assurances, Google and Apple kept the app removed from their U.S. app stores.
TikTok, the second-most downloaded app in the U.S. last year, said on Thursday that its latest app was now available for download.
The delay could have been because Google and Apple were awaiting assurances that they would not be prosecuted for hosting or distributing the app, according to analysts.
Trump’s directive said the companies, which run mobile application stores or digital marketplaces where users can browse, download and update apps, would not face penalties for keeping the TikTok app up and running.
TikTok had more than 52 million downloads in 2024, according to market intelligence firm Sensor Tower.
About 52% of its total downloads were from Apple App Store, while 48% were from Google Play in the U.S. last year, Sensor Tower said.
The law that requires ByteDance to sell TikTok’s U.S. assets or ultimately face a ban was signed by then President Joe Biden last April, triggered by national security concerns and fears that China could use the video-sharing app to spy on American users.
The U.S. has never banned a major social media platform and the law that passed last year gives the government sweeping authority to ban or seek the sale of other Chinese-owned apps. Trump said on Thursday that his 75-day deadline on TikTok could be extended.
The turmoil at TikTok attracted several potential buyers, including former Los Angeles Dodgers owner Frank McCourt, who have expressed interest in the fast-growing business that analysts estimate could be worth as much as $50 billion.
Trump has said that he was in talks with multiple people over TikTok’s purchase and would likely have a decision on the app’s future in February.
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