This year, six newcomers join 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.
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.
The wealthiest newcomer to this year’s list of Africa’s 50 Richest is His Majesty, 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.

Credit: Mfonobong Nsehe
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