Elumelu, Kalu joins Africa’s top 50 richest persons

Two Nigerians, Tony Elumelu and Orji Uzor Kalu, along with four other Africans have joined Forbes list of 50 richest people in Africa.
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 better known in Nigeria 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 per cent, 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.”
The other four newcomers are His Majesty, King Mohammed VI of Morocco, who is the richest newcomer with a fortune, estimated at $2.1 billion; and Bhimji Depar Shah, a Kenyan, who is the founder of Bidco Oil refineries.
Others are Ali Wakrim and family; Ali Wakrim and family from Morocco are co-owners in Akwa Group with Aziz Akhannouch and family; and Ahmed Ezz, an Egyptian steel tycoon, who is the former chairman of Ezz Steel, one of the largest steel manufacturers in the Middle East.
According to Forbers, this year, six newcomers join the ranks of Forbes’ fourth annual ranking of the richest people in Africa, down from nine last year, adding that Nigeria and Morocco produced the highest number of newcomers, with two each, while Kenya and Egypt produced one new member each.