Many entrepreneurs across Africa have recognized how profitable investing in tech can be.
The persons on this list are those who have benefited from starting tech companies or purchasing shares in already established tech companies.
Oba Otudeko
Source of Wealth: Manufacturing, Telecoms, Self Made
Current Net-worth: 550 Million
Location: Nigeria
The seventy-three years old Oba Otudeko is the founder and chairman of the Honeywell Group.
Honeywelll Group is an investment conglomerate that has large holdings in the almost every industry in Nigeria. These industries range from oil and gas production to telecommunications.
Speaking of telecommunications, Otudeko is the chairman of Airtel Nigeria, a telecommunications services company and the reason he is included in this listing.
Naushad Merali
Source of Wealth: Diversified, Self Made, Telecoms
Current Net-worth: USD 550 Million
Location: Kenya
Businessman Muashad Merali is the head and founder of the Sameer Conglomerate. Sameer Conglomerate holds shares in 15 companies in areas that range from agriculture to information technology.
In May 2017, he chose to end a 15 years streak as the chairman of Bharti Airtel Kenya. However he still retains 5% of the company’s shares.
In 2004, he sold 60% ownership he purchased in Vivendi to Celtel, a telecommunications provider, after owning it for only an hour.
The $20 million profit he earned must have been a big motivator. He now spends his time adroitly managing the Sameer Conglomerate portfolio.
Strive Masiyiwa
Source of Wealth: Telecoms
Current Net-worth: USD 600 Million
Location: South Africa
Businessman Strive Masiyiwa is the owner and founder of Econet Wireless Zimbabwe, a mobile phone network in Zimbabwe.
When he first created Econet in the 1980s, he was unable to obtain an operating license from the government. He took the government to court and after a battle that lasted for five years, the court ruled in favor of him getting a license.
Econet is now the largest mobile phone network in Zimbabwe. In 2000, he relocated to South Africa and created the Econet Wireless Group. This company has interests in telecommunication and other companies across Africa.
His portfolio includes shares in companies in countries like the United Kingdom, New Zealand, US and China.
Hakeem Belo-Osagie
Source of Wealth: Telecoms
Current Net-worth: USD 600 Million
Location: Nigeria
Nigerian Hakeem Belo-Osagie is the consummate businessman in Nigeria and Africa. He is the chairman of Eisalat Nigeria, the fourth largest mobile telecom network in Nigeria.
Before joining the tech world, Belo-Osagie worked as a Special Assistant to the Presidential Advisor on petroleum and energy and later as Special Assistant to the Minister of Petroleum and Energy.
Belo-Osagie is also the chairman of FSDH, the top financial firm in Nigeria and chairman of Duval Properties, a real estate company. He and his wife are both involved in philanthropy and they provide scholarships to students in Africa.
Tunde Folawiyo
Source of Wealth: Oil, Telecoms
Current Net-worth: USD 650 Million
Location: Nigeria
Tunde Folawiyo is the owner and executive director of Yinka Folawiyo. Tunde Folawiyo inherited the company and his position upon the death of his father in 2008.
The group has major stakes in companies that operate in the areas as diverse as agriculture and real estate. His position as the director of MTN Nigeria and the shares held in the business caused him to jump to sixth place on this list of the richest millionaires in tech in Africa.
Ownership of 60% of an oil block through Yinka Folawiyo Petroleum also helped to propel him on this list.
Rostam Azizi
Source of Wealth: Telecoms, Investments, Self Made
Current Net-worth: USD 1 Billion
Location: Tanzania
Tanzanian businessman, politician and economist Rotam Azizi, in 2013, became the first billionaire in the country. Before 2014, he owned through Calvary Holdings, 35% of Vodacom Tanzania, the largest mobile company in Tanzania.
His holdings decreased to 18% after he sold 17% of his shares to Vodacom South Africa for $250 million. He first forays into business came from trading he brokered while he was a part of his family’s trading business.
Now he has a billion dollar portfolio with interests in mining and real estates. Among his mining interests is Caspian Mining, the largest contract mining firm in Tanzania. The wealth accumulated makes him one of the millionaires in tech in Africa.
