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African Tech Millionaires – Top 10

Africa's Tech Millionaires

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.

African Tech Millionaires – Top 10

#10 – Oba Otudeko

Africa's Tech Millionaires
Source of Wealth: Manufacturing, Telecoms, Self Made
Current Net-worth: 550 Million
Location: Nigeria

The seventy-three years old Oba Otudeko ia 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.

#9 – Naushad Merali

Africa's tech Millionaires
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.

#8 – Strive Masiyiwa

Africa's tech Millionaires
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 favour 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.

#7 – Hakeem Belo-Osagie

Africa's tech Millionaires                   
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.

#6 – Tunde Folawiyo

Africa's tech Millionaires
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.

#5 – Rostam Azizi

Africa's tech Millionaires
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.

#4 – Koos Bekker

Africa's tech Millioaires
Source of Wealth: Media, Investments, Self Made
Current Net-worth: USD 2.4 Billion
Location: South Africa

Koos Bekker sat at the helm of media giant Naspers from 1997 until his resignation in February 2014. During his time at Naspers, he transformed the company into the multinational company it is today.  The Naspers Group is the largest media company in terms of market size outside of the US and China.

While he was a part of the company, Bekker made investments in pay television, mobile networks and internet service companies like Tencent Holdings, one of the largest internet companies in China. How did he make millions of dollars though? Instead of taking a monthly salary, Bekker collected stocks that matured overtime. He is also a founding director of telecom firm MTN.

#3 – Naguib Sawiris

African tech millionaires
Source of Wealth: Telecoms
Current Net-worth: USD 2.9 Billion
Location: Cairo, Egypt

Naguib Sawiris is an Egyptian billionaire. His success in building Orascom Telecom Media and Technology Holding makes him the third richest in tech in Africa. After joining the family business, Orascom, in 1979, Sawiris has worked to make Orascom one of the largest conglomerates in Egypt. The company now has holdings in companies in the railway, information technology, and telecommunications sectors.

In April 2011, Naguid signed a deal that merged Wind Telecom, the parent company of Orascom Telecom Holding and VimpelCom Ltd. Sawiris is also the chairman of Weather Investments II parent company.

#2 – Mike Adenuga

Africa's tech Millionaires
Source of Wealth: Telecoms, Oil, Self Made
Current Net-worth: USD 3.4 Billion
Location: Lagos Nigeria

Forbes Africa lists Nigerian Mike Adenuga as the third richest man in Africa but his investments in tech make him the second richest in tech in Africa. He is founder of Globacom, the second largest mobile network in Nigeria with over 27 million subscribers. Since its inception in 2003, the company has expanded its operations to Ghana and the Republic of Benin.

Globalcom is not the only source of his wealth though. He is the owner of Conoil Production, an oil exploration firm which owns 6 oil blogs in the Niger Delta.

#1 – Mohamed Mansour

Africa's tech Millionaires
Source of Wealth: Diversified/Telecoms
Current Net-worth: USD 4 Billion
Location: Cairo, Egypt

Egypt seems to be the place to find millionaires. Mohamed Mansour is another Egyptian billionaire with significant interests in tech companies across various continents Mansour is the chairman of Mansour Group, the second largest company in terms of revenue in Africa.

The Monsour Group is a family business so Mansour and his two brothers oversee the daily operations of the business. Controlling 9 of the top Fortune 500 companies in Egypt, one would say there is enough work to get around.

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