Once repelled as a less prosperous continent, African countries have given us many wealthy and very popular millionaires. Many of them are self-made, self-created millionaires who took the chances that were presented to them. Although Africa is rich in natural resources, it has a lot to offer when it comes to other careers. Many of these self-made millionaires are taking advantage of the communications boom in many African countries and around the world. But that doesn’t mean there aren’t many oil tycoons in Africa. We’ve collected the top ten African millionaires to keep an eye on.
1. Naushad Merali
Merali is a Kenyan tycoon and one of East Africa’s best deal makers. He founded Kencell in 2000, one of Kenya’s mobile operators. In 2004, he persuaded his partner in Kencell, Vivendi, to sell his stake in Kencell for $230 million, which he promptly flipped to Africa-focused billionaire Mo Ibrahim for $250 million. Three of its companies are listed on the Nairobi Stock Exchange. According to Forbes, his net worth is estimated at $210 million.
2. Folorunsho Alakija
One of the first women to become a top millionaire, according to Forbes, Alakija is a Nigerian business tycoon with a confirmed net worth of at least $600 million. She began her professional career in 1974 at Sijuade Enterprises. From there she went through Chicago’s First National Bank to her own tailoring shop called Supreme Stitches. She has left an unforgettable mark on the Nigerian Fashion Designers Association and promoted their culture through clothing. She later moved to Oil and received her Oil Prospecting License in 1993. In 1996, it entered into a joint venture agreement with Texaco-based Star Deep Water Petroleum Limited for oil production.
3. Phuthuma Nhleko
Nhleko was one of South Africa’s wealthiest formerly Group Chief Executive of MTN, a telecommunications company. He still works for the company and keeps his shares. He divides his time between running his investment firm WAIH, founded in 1994, and working at MTN. He is also a board member of British Petroleum, a large multinational oil company.
4. Khanyi Dhlomo
One of the youngest African millionaires , a native South African and Harvard graduate, Dhlomo started at SABC, a South African government broadcaster. In 2007 she founded Ndalo Media with Media 24. Ndalo Media publishes two of South Africa’s most widely read lifestyle magazines as well as Sawubona, the South African Airways version of Skymall. She is also the sole owner of Luminance, a fashion start-up.
Bonus: 20 Most Influential People in African Business
5. Colin Thornton
This millionaire graduated from the University of Witwaterrand to found his startup technology company. He currently runs Dial-A-Nerd, a computer maintenance and technical support company focused on homes and businesses. They build, repair, update and replace PCs on site and generate around ten million dollars in sales.
6. Ken Ngorge
The 37-year-old Kenyan owns Cellulant, an African mobile commerce company. You manage, create and deliver invoices for mobile commerce services. They offer mobile banking, payment, music and information services to Africans. They are present in eight countries in Africa and are used extensively by many such as Barclay’s Bank, MTN and Standard Chartered.
7.Patrick Ngowi
Ngowi, originally from Tanzania, founded Helvtic Solar. His company is a leader in renewable energy in East Africa. They supply, handle, install and maintain hydro turbines and other renewable energy sources in East Africa. They were forecast to generate $7 million in sales before the end of 2013. They serve large corporations such as the United Nations and the Tanzanian Army.
8. Irene Charnley
Charnley has a net worth of over $150 million at the latest estimate. She is a former trade unionist for the National Union of Mineworkers in South Africa. From there she moved to the MTN Group. Although she has since left MTN, she is still involved in the business having joined Smile Telecoms in Mauritius as the company’s CEO. In recognition of her entrepreneurship and outstanding contribution to the success and transformation of Johnnic from industrial conglomerate to media, entertainment and telecommunications, Irene was voted Businesswoman of the Year in August 2000, a focused group.
9. Igho Sanomi
Sanomi is a Nigerian energy magnate who founded the Talaveras Group. It is an energy trading company that handles more than 100 million barrels of oil and millions of tons of gasoline, LPG and jet fuel. They have production sharing agreements for three different offshore oil blocks in Ivory Coast.
10. Allan Knott-Craig, Jr.
Craig is just 36 years old and founded the world of Avatar, an investment holding company that also owns MXit. MXit offers mobile messaging services, banking access and other community applications. Craig also has his hands on the South African publication Daily Maverick.