BUSINESS AFRICANS

T wo  Nigerians, Tony Elumelu and Orji Uzor Kalu, with four other persons have joined  Forbes  list of 50 richest people in Africa. Tony Elumelu According to Forbes, Elumelu, a Nigerian investor and founder of African investment firm, Heirs Holdings, joins the rich list with a net worth of $1 billion. Forbes said Elumelu owns a controlling stake in Transcorp, a listed Nigerian conglomerate that has interests in insurance, healthcare, hotels, power production, energy and agriculture, adding that he 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,” Forbes said. On Kalu, Forbes said, “He is bet

“I got the idea thanks to a gap I saw in the market,” said Divine Ndhlukula during her keynote speech at the 2014 Anzisha Prize awards ceremony this week, where 12 of Africa’s top young entrepreneurs were honoured in Johannesburg. Divine Ndhlukula Ndhlukula is the entrepreneur behind one of Zimbabwe’s largest security companies, Securico. She started it in 1995 with only four employees and today it has grown to over 4,000, including 1,000 women. The company is also expanding operations into  Mozambique  and Zambia . But according to Ndhlukula her road to success has not been easy, especially being a woman entrepreneur in a typically male-dominated industry. Addressing the young entrepreneurs in the audience, she shared 10 lessons she has learnt over the years that have helped her grow Securico into today’s large enterprise. Here are her pointers. 1.  The customer is always king “I always knew that treating the customer as the boss was the key thing,” she began. “And creati

Sally Karago is one of Kenya’s most prominent fashion designers. She ventured into the fashion business in 1992 after graduating with a degree in fashion from a British institution. Although it was an era when many young Africans would have opted for life in Europe, Karago preferred to move back home. Sally Karago “I knew competition was big in the fashion industry in Europe at that time, yet back home there was almost no sense of fashion. I was so certain that I had to come home and help build the industry here using the skills I had acquired abroad,” says Karago. Although she always had an eye for fashion, and was generally a creative kid dabbling in various arts, it is in Europe her creativity was refined. She learned from her peers from other countries, researched books and visited libraries and museums for inspiration. She also worked part time with leading retailers in London and got insight on the retail-end of fashion. “Eventually I could see fashion eve

African youth should not view entrepreneurship as an “exit plan” because there are no jobs. This is according to Patricia Jumi, co-founder and managing director of the GrowthHub, an East African incubator and accelerator for early stage entrepreneurs and startups. Patricia Jumi, co-founder and managing director of the GrowthHub In recent years political and business leaders have been urging youth to start their own businesses because there are not enough jobs in Africa to absorb them. Jumi says it is wrong to view entrepreneurship as “a last resort”. Instead, young people should be prepared from an early age to think of entrepreneurship as a viable career option. “We all can’t be  entrepreneurs . Unfortunately in Africa [people go into business] because they couldn’t find a job. To be in business you need to have a different kind of DNA,” says Jumi. “We need to… create that sense of entrepreneurship right from high school, for [young people] to see it as a viable career pat

At age 18 Heril Bangera ventured into business with modest dreams of manufacturing four plastic water tanks per month. Growing up in a middle-class suburb in Nairobi, he witnessed firsthand the challenges around water harvesting and storage. Most people used steel tanks at the time. But he saw an opportunity to manufacture affordable plastic tanks. Heril Bangera Bangera started Roto Moulders Limited with a modest amount of capital from his father. The company has since morphed into the Flame Tree Group (FTG), a diversified manufacturer producing tanks, chemicals, cosmetics and snacks. And this Thursday, FTG will list at the Nairobi Securities Exchange (NSE) drawing closer Bangera’s dream of building a pan-African multinational. A 25-year journey Bangera describes the last 25 years as exciting, watching his start-up grow to an established business with a presence in six countries. “When I started as a student I figured if we could manufacture four tanks a month it would ma

Dr. Farrah Gray, an American businessman, author and motivational speaker, began his entrepreneurial journey at the age of six and became a millionaire at 14. He shares the success story with MAUREEN AZUH What inspired you into the business enterprise at the age of six? I am somebody that likes to accomplish goals having been poor. I was uncomfortable, my family was uncomfortable. I wanted us to live a better life and I knew it was possible because other people on television were living amazing lives. I saw that disconnect between our reality and television, so I started trying to help my family. I started selling hand-painted rocks on the street that was my first business. I got one idea and another and yet another and I continued because I saw that was my ticket out of poverty. So that was my reason of motivation most probably. Now that you have success, what drives you? Being able to give back to my foundation, the Farrah Gray Foundation, which represents my perso

When it comes to entrepreneurship, Chief Dr. Chidi Anyaegbu, CEO Chisco group has not only proved himself but has blazed a trail that others can follow. Like most entrepreneurs from the East, he started out selling Spare parts. But with a seed fund of just NGN120, goodwill, a detailed plan and a passion for excellence, Chief Anyaegbu has grown his transport business into the conglomerate, Chisco group having arms in Oil and gas, finance, hospitality, real estate, education, import and export. In the course of his business, he also attended several short Management and Entrepreneurial courses in France, USA, Brazil, Germany, and United Kingdom. He was conferred with a Doctorate Degree in Business Administration (Honoris Causa) by Penn State University, USA in 1996. He is a Fellow, Chartered Institute of Logistics and Transport (International) London and possesses the Business Certificate Award by University of Houston USA. In this interview with Tobi Solarin from Vanguard

The top ten richest Africans have diversified businesses Most are self-made Most are university graduates 2 Nigerians,3 South Africans,2 Egyptians,1 Algerian,1 Angolan and 1 Moroccan All are above 40.  9  are above 50,the oldest being 82. All are married Only one is a female Check the details below: # 1 Aliko Dangote Net Worth $20.8 Billion CEO, Dangote Group Age:                                       57 Source Of Wealth:                 cement, sugar, flour,  Residence:                             Lagos, Nigeria Citizenship:                           Nigeria Marital Status:                       Married Children:                               3 Education:                             Bachelor of Arts/Science @ Al-Azhar University Heralded by some as the face of the new Nigeria, Africa's richest man is looking beyond cement, sugar and flour -- the three commodities that built his fortune -- to the oil business. In April he announced $9 bi