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10 African Millionaires Under 40
Nothing beats being young and rich. While most people attain multi-million dollar and billion dollar fortunes in their 40s and 50s, a few savvy entrepreneurs hit the big time while in their 20s and 30s.
Mfonobong Nsehe, who contributes for Forbes reported that there are a handful of young African entrepreneurs who’ve legitimately built multi-million dollar companies while in their 20s and 30s.
A few of them have taken the helm of small companies and spun them into companies with valuations of $1 billion or more.
All aged 39 and under, they are worth watching closely.
Mohammed Dewji, Tanzania: Manufacturing
Dewji, 38, a Tanzanian businessman and politician, is the CEO and leading shareholder of Mohammed Enterprise Limited (METL), one of the largest industrial conglomerates in East Africa.
His father, Gulam Dewji, founded the conglomerate decades ago as a trading company but ‘Mo’ as he is popularly called, now calls the shots.
He was solely responsible for engineering the group’s transformation from a trading house to a manufacturing powerhouse.
METL, which records an annual turnover of close to $2 billion, owns 21st Century Textiles, one of the largest textile mills in sub-Saharan Africa by volume.
The group also manufactures soap, beverages, edible oils and other food products as well as bicycles and motorcycles.
Other assets include an insurance firm, a petroleum marketing outfit and a container depot in Tanzania’s capital city of Dar Es Salaam.
The group employs over 24,000 full-time employees. Mo Dewji is a World Economic Forum Young Global Leader and a Member of Parliament for Tanzania’s Singida Urban constituency.
(I met with Dewji in Tanzania recently and will be writing a detailed piece on Dewji’s business holdings).
Igho Sanomi, Nigeria: Oil Trading
In 2004, Igho Sanomi founded the Taleveras Group, a Nigerian energy trading company. Taleveras trades over 100 million barrels of crude oil as well as several million tons of gasoline, LPG and jet fuel.
In April 2012, Taleveras acquired production sharing contracts (PSCs) for three offshore oil blocks in Ivory Coast.
In June 2013, Taleveras sold a 65% stake in one of its Ivorian offshore upstream projects to Lukoil of Russia for an undisclosed price. Taleveras also owns a stake in a power distribution firm in Nigeria. Sanomi is 38 years old.
Quinton van der Burgh, South Africa: Mining
The 36 year-old South African coal magnate is the founder and chairman of Quinton van der Burgh Investments, a diversified holding company that is the controlling shareholder in Eyethu Coal, a company that mines coal in South Africa’s Mpumalanga region. Eyethu owns two operational mines and is a major supplier of coal to Eskom, South Africa’s dominant power provider.
Van der Burgh’s portfolio also includes Iyanga Coal- a company that owns a mine with proven reserves of 18 million tons of coal and Burgh Plant Hire- a company that leases earth-moving equipment to clients like BHP Billiton, Xstrata and Anglo-American.
Van der Burgh is also a TV personality. He stars in Clifton Shores, an American/South African reality show filmed in Cape Town.
Gerald Wamalwa, Kenya: Engineering & Construction
In 2003, at age 28, Gerald Wamalwa quit his job as a field civil engineer and went on to start Mellech, an engineering outfit.
Today, Mellech Engineering & Construction is now one of East Africa’s leading construction and infrastructure engineering company.
The company offers services in the construction of building projects, roads, and water & sewer projects and related civil engineering infrastructure projects in Kenya, Southern Sudan and Uganda and grosses over $11 million a year revenues.
Wamalwa also owns ACP Telecoms, a company that provides turnkey telecommunication network infrastructure solutions.
Sibongile Sambo, South Africa: Private Aviation
Sibongile Sambo, 39, is the founder of SRS Aviation, a successful South African private aviation company. SRS started off in 2004 by brokering contracts between aviation services and those with air-transport needs. Later in the year, when the South African government invited aviation service companies to bid on a lucrative contract for cargo transport, SRS won the bid. Over time, SRS morphed from its cargo business into an integrated provider of private aviation services. SRS now offers clients from Southern Africa professional and personal flight options to international destinations including VIP Charter, tourist charter and helicopter services. The company also provides maintenance, sales and fleet management services to private jet owners. SRS refused to disclose revenues, but a source in the company says annual revenues are several million dollars.
Khanyi Dhlomo, South Africa: Publishing
The Harvard MBA grad and South African media mogul began her career as a news presenter at SABC, the television station owned by the South African government, at age 20 while she was still a journalism student at the University of Witwatersrand.
She went on to become the editor of True Love, a popular South African women’s magazine at age 22. In 2007, she founded Ndalo Media, a 50-50 joint venture with Media 24, the publishing arm of Naspers, Africa’s largest media company.
Ndalo Media publishes Destiny and Destiny Man, two of South Africa’s most popular lifestyle magazines. Ndalo also publishes Sawubona, the in-flight publication for South African Airways, which is distributed on all local and international SAA flights.
She also owns Luminance, a startup high-end fashion and lifestyle store in South Africa.
Patrick Ngowi, Tanzania: Alternative Energy
Ngowi, a 28 year-old Tanzanian, is the founder of Helvetic Solar, East Africa’s leading renewable energy company. Companies in the group are involved in the handling, supply, installation and maintenance of hydro turbines, solar power and thermal systems in East Africa.
According to Ngowi, Helvetic’s revenues are expected to hit $7 million before the end of this year and the company is extremely profitable.
The company’s major clients include the United Nations, World Vision and the Tanzanian Army. An emerging philanthropist, he offers basic lighting facilities to Tanzania’s rural poor through his Light For Life foundation.
Ken Njoroge, Kenya: Mobile technology
Njoroge, 37, is the founder of Cellulant, a leading Pan-African mobile commerce company that manages, delivers and bills for content and commerce services over mobile networks.
Cellulant provides mobile banking, mobile payments, music, information services and other mobile related services.
Njoroge founded the company in 2004 along with a Nigerian partner, Goke Akinboro. It now has a presence in 8 African countries and boasts a clientele of African blue-chips like Barclays Bank, Standard Chartered, MTN and other companies. Cellulant’s revenues for 2012 exceeded $120 million.
Colin Thornton, South Africa: Computer Services
In 1998, when he was 20, South African computer whiz Colin Thornton dropped out of the University of Witwatersrand where he was pursuing a BSc in Computer science.
He raised $1,000 (R5, 000) from friends and family to print out flyers and other marketing material promoting his startup company which would fix computers.
Today, that company is Dial-A-Nerd, a company that provides computer support services dedicated to homes and businesses.
Dial a Nerd’s team of mobile technicians are able to repair, build, upgrade or even replace PCs at your premises. The company has annual revenues of close to $10 million, 14 branches and 150 staff.
Alan Knott-Craig Jr., South Africa: Technology, Investments
The 36 year-old South African entrepreneur is the founder of World Of Avatar (WOA), the private investment holding company that acquired MXit from Namibian founder Herman Heunis and Naspers for $50 million in August 2011.
Mxit is a mobile instant messaging services which offers social networking, mobile voice clips, music & entertainment, banking access and other community-based applications.
It currently has over 20 million users. Alan also has stakes in popular South African online publication Daily Maverick; advertising network Shinka, which sells ad space on MXit; and market research company Pondering Panda. Alan is a 2009 World Economic Forum Young Global Leader.
As the world marks International Youth Day, attention once again turns to the opportunities and challenges facing young people as they prepare for work, financial independence, and adulthood.
In Nigeria, the urgency is clear. According to UNICEF, about 7% of young people aged 15–24 possess basic ICT skills, highlighting a wider gap in the skills required to participate effectively in an increasingly digital economy.
At the same time, the Federal Government, through the Federal Ministry of Youth Development, continues to prioritize skills development, job creation, entrepreneurship and social inclusion.
For PalmPay, youth empowerment goes beyond corporate social responsibility. It is an investment in the people who will shape Nigeria’s workforce, businesses and economy.
This belief is reflected in initiatives focused on financial literacy, employability, digital skills and access to opportunities.
Through its Graduate Trainee Programme, PalmPay provides young graduates with opportunities to gain workplace experience, develop professional skills and build careers in a fast-evolving industry.
The investment also extends to financial education. Through its NYSC Financial Literacy Programme, PalmPay brings practical financial education to young Nigerians at an important transition point, helping Corps members develop better habits around saving, spending, budgeting and protecting their money.
For young women, Purple Woman provides another pathway to economic empowerment, creating opportunities for internships, learning and professional development while supporting greater female participation in the technology sector.
Speaking on the importance of youth empowerment, Chika Nwosu, Managing Director of PalmPay Nigeria, said: “Nigeria’s young population is one of its greatest assets, but unlocking its potential requires access to the right skills, knowledge and opportunities. At PalmPay, we are committed to equipping young Nigerians to learn, earn and thrive in an increasingly digital economy. We believe that investing in young people today is an investment in a stronger, more inclusive Nigeria.”
These initiatives reflect a broader belief that youth empowerment is most meaningful when young people are given the knowledge, exposure and opportunities to apply what they learn.
A graduate given workplace exposure today can become tomorrow’s business leader. A Corps member who develops sound financial habits can carry those lessons into their career and personal life. A young woman given access to professional opportunities can gain the confidence, experience, and networks to create opportunities for others.
Investing in young people is a great strategy for building a stronger, more productive, and more inclusive economy.
This International Youth Day, PalmPay reaffirms its commitment to investing in young Nigerians and contributing to a broader national ambition where the young population is not just counted, but equipped, employed, empowered, and positioned to lead.
Mobility technology company, Moove has raised $250 million in a Series C funding round at a valuation of $2.1 billion, reaching unicorn status.
The startup will deploy the fresh capital to build out autonomous vehicle infrastructure, expand fleet ownership, construct robotics-focused “Nests” for charging and maintenance, and grow its autonomous workforce from 150 to 500 by year-end.
The company plans to enter additional global markets, reflecting a strategy to build the operational infrastructure required for large-scale autonomous transportation rather than simply supplying vehicles.
Led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s Growth Fund, and Ion Pacific, the round also included new investors BlueCrest Capital Management, Sona Asset Management and The Raptor Group, alongside existing backers BlackRock, MUFG, Franklin Templeton and Uber.
“Autonomous mobility is becoming an infrastructure race requiring fleets, charging systems, maintenance, data infrastructure and continuous city-level operations,” said Ladi Delano, co-founder, co-CEO and advisory board chairman of Moove.
Founded in Lagos in 2020, Moove has grown into a global mobility platform employing about 3,300 people across 29 cities in 13 countries, operating approximately 42,000 vehicles and reaching $420 million in annualised recurring revenue.
It has expanded organically and through acquisitions, including Kovi in Brazil and Tokyo Taxi in Japan. Moove also operates autonomous vehicle fleets in partnership with Waymo in Phoenix and Miami, with London expected to join its footprint.
The $2.1 billion valuation places Moove among Africa’s small group of tech unicorns, alongside Flutterwave, OPay, Moniepoint, Andela, Chipper Cash, Wave, Tyme, MNT-Halan and Interswitch.
The $250 million round is the largest single funding deal announced by an African startup this year, though EV mobility firm Spiro raised $270 million cumulatively across two separate rounds.
Heirs Life Assurance, the specialist life insurance company of Heirs Insurance Group, has appointed Pastor Jerry Eze as an Independent Non-Executive Director on its Board, effective August 10, 2026.
L – R: Tony Elumelu, Chairman, Heirs Life Assurance; Pastor Jerry Eze, incoming director, Heirs Life Assurance
The appointment reinforces Heirs Life Assurance’s commitment to expanding financial inclusion and accelerating insurance adoption by strengthening public trust, consumer education, and long-term financial resilience across Nigeria.
Despite being Africa’s largest economy, Nigeria’s insurance penetration remains below one percent – among the lowest globally – highlighting the need to expand financial protection and build greater public trust in insurance.
As Heirs Life continues to pursue its mission of making insurance accessible to every Nigerian, Eze’s appointment brings a unique perspective on community engagement, value-based leadership, and broad societal impact.
Pastor Jerry Eze is the Founder and Lead Pastor of Streams of Joy International Ministry, a growing multinational ministry with 34 branches across West Africa, Southern Africa, Europe and North America.
He is also the convener of the New Season Prophetic Prayers and Declaration (NSPPD), one of the world’s largest digital prayer platforms, reaching millions of people daily. Through his ministry and humanitarian initiatives, he has become one of Africa’s most influential voices, championing hope, compassion, and community transformation.
Beyond ministry, Eze is the Founder of the Jerry Eze Foundation, a faith-led philanthropy where he provides housing support and grants to vulnerable and underserved communities.
In 2026, he announced N1billion in grants to support young entrepreneurs across agriculture, technology, and manufacturing, further advancing enterprise development and economic opportunity.
Before entering full-time ministry, Pastor Jerry Eze built a career in development communications, serving as a Communications Specialist on a World Bank HIV/AIDS programme and with the United Nations Population Fund (UNFPA).
He holds a Bachelor’s degree in History and International Relations from Abia State University and a postgraduate degree in Business Administration from Enugu State University of Science and Technology.
Speaking about the appointment, Tony O. Elumelu, CFR, Chairman, Heirs Life Assurance, said: “Pastor Jerry brings an exceptional combination of integrity, influence, and a deep understanding of people and communities.
“As we continue our mission to democratise access to insurance, his insight will help strengthen consumer trust, deepen financial inclusion, and reinforce our commitment to protecting the financial future of millions of Nigerians.
“We are delighted to welcome him to the Board of Heirs Life Assurance and the broader family of Heirs Insurance Group.”
Commenting on his appointment, Pastor Jerry Eze said: “I am honoured to join the Board of Heirs Life Assurance at a defining moment for the insurance industry. Financial security empowers individuals, families, and businesses to pursue their aspirations with greater confidence and resilience.
“I look forward to working with the Board and Management to advance the company’s mission of making insurance more accessible, relevant, and impactful for every Nigerian.”
Heirs Life Assurance has become one of Nigeria’s leading specialist life insurance companies, ranking 7th on the Financial Times list of Africa’s fastest-growing companies.
It is one of the three insurance businesses of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents.
Combining an omni-channel digital presence with physical branches spread across the country, Heirs Life continues to redefine life insurance through innovation, customer-centric solutions, and a commitment to making financial protection accessible to every Nigerian.
Heirs Insurance Group, comprising Heirs Life Assurance, Heirs General Insurance, and Heirs Insurance Brokers, collectively serves over 3 million people directly and indirectly.
The Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance.
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