News
New Richest Men List Put Africa’s Billionaires Fortune @ $144Bn
Ventures Africa, an African business magazine and news service, said it has launched the first of its new annual Africa rich list, touted as the most comprehensive ever compiled.
It revealed the true wealth of Africa’s richest people and many more African billionaires than previously thought.
The list uncovers the fortunes of the 55 African billionaires, of which for many little was previously known about the size of their wealth.
Previously published Africa rich lists have only identified as few as 16 African billionaires.
Key findings from the research include: the combined fortune of Africa’s 55 billionaires is $143.88 billion, with average net worth of $2.6 billion.
The median age of the list is 65 years. The youngest billionaires are Mohammed Dewji of Tanzania and Igho Sanomi, a Nigerian oil trader, who are both 38.
The oldest billionaires are Manu Chandaria, a Kenyan industrialist, and Mohammed Al-Fayed, the Egyptian property tycoon, who are both 84.
Folorunsho Alakija, Africa’s wealthiest woman, is worth $7.3 billion dollars.
The most common industries in which African billionaires have made their money are: construction, financial services, oil and gas, manufacturing and real estate;
The wealthiest African’s are significantly wealthier than previously thought, for example: Aliko Dangote, Africa’s richest person, is now estimated to be worth $20.2 billion, a 68% increase on the most recent estimate of $12 billion
Mike Adenuga, oil and telecoms magnate and Africa’s third richest person, is now estimated to be worth $8 billion a 74% increase on the most recent estimate of $4.6 billion
Nigeria, South Africa and Egypt have the most billionaires with 20, nine and eight respectively. In total ten African countries are represented on the list; there are a large number of African billionaires on the list whose fortunes have never been accurately calculated before including: Strive Masiyiwa (Zimbabwe, $1.46 billion); Abdulsamad Rabiu (Nigeria, $1.4 billion); Aziz Akhannouch (Morocco, $1.39 billion); Jide Omokore (Nigeria, $1.32 billion); and Bode Akindele (Nigeria, $1.19 billion)
Chi-Chi Okonjo, Founder of Ventures Africa, said: “The Ventures Africa Rich List is the most authoritative Africa rich list ever compiled. We have been able to do so because of our on-the-ground experience and detailed knowledge of the local African business landscape, enabling us to negotiate problems that have hampered other African wealth researchers.
“This list is also a tribute to the entrepreneurial heartbeat within Africa. This wealth helps to create jobs and the billionaires on the list are more philanthropic than ever before. We’ve also featured a list of the aspiring millionaires under 40.
These represent the voice of youth and the creation of tomorrow’s jobs. It makes for fascinating reading.”
The Ventures Africa Rich List has also reveals changing attitudes of Africa’s wealthy to philanthropy. Africa’s wealthy are becoming more structured with their philanthropy and choosing to set up foundations that will support their causes well into the future. For example, the foundation of Africa’s richest man, Aliko Dangote, has donated over $100 million in the previous twelve months to causes including: education, health and disaster relief.
Jason Njoku, co-Founder iROKO Partners, and who also features on the Ventures Africa ‘Aspirant African Millionaires Under 40’ list, said: “The new generation of wealthy Africans is looking at both commercial success and what good this success can bring to local communities, countries and Africa as a whole. Responsibility goes hand in hand with growth and with success goes the ability to make a difference.”
The list has been compiled using financial reports, by tracking equity holdings around stock markets and identifying specific shareholding structures in large, privately-held companies. The results have been corroborated with investment bankers, realtors and financial analysts to determine proper values for companies, real estate and other assets, such as art collections, jets, yachts and jewellery.
African law enforcement agencies arrested 651 suspects and recovered over $4.3 million in a joint operation targeting investment fraud, mobile money scams, and fake loan applications.
As INTERPOL revealed on Wednesday, Operation Red Card 2.0 identified 1,247 victims between December 8 and January 30 while targeting cybercrime operations linked to over $45 million in financial losses.
Authorities across 16 countries also seized 2,341 devices and took down 1,442 malicious websites, domains, and servers during this joint action coordinated by the African Joint Operation against Cybercrime (AFJOC).
In Nigeria, police officers dismantled an investment fraud ring that was recruiting young people to run phishing, identity theft, and fake investment schemes, taking down over 1,000 fraudulent social media accounts in the process.
They also arrested six members of a Nigerian cybercrime gang that used stolen employee credentials to breach a major telecom provider.
Kenyan investigators also apprehended 27 suspects while investigating fraud networks that used social media and messaging platforms to lure victims into fake investment schemes.
In Côte d’Ivoire, 58 suspects were arrested as part of a crackdown on predatory mobile loan apps that targeted victims with hidden fees and abusive debt-collection practices.
“These organized cybercriminal syndicates inflict devastating financial and psychological harm on individuals, businesses and entire communities with their false promises,” said Neal Jetton, the head of INTERPOL’s Cybercrime Directorate.
“Operation Red Card highlights the importance of collaboration when combatting transnational cybercrime. I encourage all victims of cybercrime to reach out to law enforcement for help.”
One year ago, African law enforcement arrested another 306 suspects in the first stage of this INTERPOL-led operation targeting cross-border cybercriminal networks.
This is the latest INTERPOL operation targeting African cybercrime, with thousands of arrests and multiple multimillion-dollar operations disrupted or dismantled in recent years, following Operation Serengeti and Operation Africa Cyber Surge.
Lagos State Government has commenced the implementation of a 5% Withholding Tax (WHT) deduction on gaming winnings, in line with applicable Nigerian tax laws and regulatory directives governing the gaming industry.
The deduction applies to net winnings from licensed gaming platforms operating within Lagos State and is deducted at the point of payout. All licensed gaming operators in Lagos have been directed to comply immediately with the framework.
Under the new arrangement, 5% of qualifying gaming winnings will be automatically deducted before payment is made to players and remitted to the Lagos State Internal Revenue Service (LIRS) as the statutory tax authority.
According to the State Government, the measure forms part of Lagos’ broader drive to strengthen tax compliance, transparency, and accountability in the rapidly expanding gaming sector.
Players are required to provide their National Identification Number (NIN) in compliance with KYC (know your customer) rules, while all deductions and remittances will be handled by licensed operators in line with regulatory requirements.
Players will receive their winnings net of the statutory deduction, with proper records maintained for transparency. The WHT deducted also serves as a tax credit to the player.
All licensed gaming operators in Lagos State have now been formally directed to commence the deductions with immediate effect.
Federal High Court in Abuja, on Tuesday adjourned the $150 million dollars suit filed by Chianugo Peter, a Nigerian, against Google LLC and GoDaddy.com LLC over shutdown of his YouTubeAudio.com domain name until April 22 for hearing.
The case, which was before Justice Obiora Egwuatu, could not proceed due to the absence of the judge in today’s proceedings.
Although Emmanuel Ekpenyong, Peter’s lawyer, and Mark Mordi, who is counsel to Google LLC, were in court, Justice Egwuatu was said to be in another official assignment.
The matter was consequently fixed for April 22 for hearing.
Peter had filed the suit over allegations bordering on the shutdown of his YouTubeAudio.com domain name after eight years of promotional and marketing efforts in breach of the contract.
Peter, through his lawyer, named GoDaddy.Com LLC and Google LLC as the 1st and 2nd defendants in the suit filed on April 14, 2023 and marked: FHC/ABJ/CS/238/2023.
In his earlier originating summons filed by Ekpenyong of the law firm of Fred-Young & Evans LP, the Nigerian sought a $150 million in compensation from Google LLC and GoDaddy.com LLC for the alleged cyberspace contract breach.
The plaintiff alleged that the defendants shut down his domain and business name: YouTubeAudio.com and transferred the rights over the name to Google LLC, an American multinational technology company.
Google LLC, in its initial statement of defence dated Nov. 9, 2023, and filed Nov. 10, 2023, by its lawyer, Mr Mordi, SAN, of the law firm of Aluko & Oyebode, urged the court to dismiss Peter’s suit as being unmeritorious and lacking in merits.
Justice Egwuatu had, in April 2024, gave Chianugo Peter the go-ahead to amend his originating processes after his lawyer moved the application for same and it was not opposed by the defence counsel.
In his amended statement of claim dated April 29, 2024, Peter sought ten reliefs.
He sought a declaration that GoDaddy.com was wrong to shut down the YouTubeAudio.com domain name on Dec. 7, 2022 and that Google was wrong to remove “YTAudio” with its website youtubeaudio.com from its Google PlayStore on Dec. 25, 2023 without adequate compensation to him.
He said this is notwithstanding that YouTubeAudio.com domain and business name is different and distinct from YouTube trademarks.
Chianugo Peter wants the court to declare that he is entitled to compensation from the defendants for the loss of the YouTubeAudio.com brand and goodwill which has accrued on the brand and domain name for eight years of promotional and marketing works from July 2, 2015 to Dec. 7, 2022.
He sought an order directing the defendants to pay the sum of $50 million to him for promotional and marketing works on the YouTube Audio business name and YouTube Audio.com domain name for eight years from July 2, 2015 to Dec. 7, 2022.
He sought a $100 million in damages for loss of anticipated profits associated with the brand equity and goodwill of YouTube Audio and YouTube Audio.com domain name.
Peter also sought from the defendants, the sum of 50 million naira to enable him to carry out fresh registrations of its new name and secure an alternative domain name to host its application to attract users.
The Nigerian sought an order directing the defendants to pay the sum of 10 million naira to him for prosecution of the suit.
Alternatively, Peter prayed the court for an order for GoDaddy.com to reinstate and hoist the YouTubeAudio.com domain name which was shut down on Dec. 7, 2022 and for Goggle to also reinstate YouTubeAudio.com on its Google PlayStore platform which was unilaterally removed on Dec. 25, 2023.
Chianugo Peter submitted that he acquired rights over YouTubeAudio.com domain name from Go Daddy.com LLC who conducted a search before confirming that he could make use of the name.
The plaintiff averred that he promoted the domain and business name from 2014 to 2022 and even wrote to Google to introduce YouTubeAudio’s services and to partner with it in 2014 and 2021 but received no response from it on both occasions.
He said in February 2021, he applied for and YouTubeAudio.com was registered on Google Adsense platform for displaying advertisement on the website.
Besides, Peter said in August 2021, the domain and business name was registered on Google Playstore.
According to him, the plaintiff consistently paid GoDaddy.com LLC for registration and use of the domain name from 2015 to 2022.
But Google LLC, in its amended statement of defence and counterclaim dated and filed May 31, 2024, averred that its registration of the YOUTUBE trademarks at the Trademarks Registry gives it the exclusive night to the use of the said trademarks.
It submitted that it has incurred expenses in the sum of 24,040 64 dollars in dealing with Peter’s “deliberate infringement of the counterclaimant’s YOUTUBE trademarks.”
The company, therefore, sought a declaration that Peter’s registration and use of the YouTubeAudio business name with BN 2395035 at the CAC is an infringement of its YOUTUBE registered trademarks.
It prayed the court for an order directing Peter to pay the company the total sum of $24,040.64 being the expenses incurred in dealing with his infringement of the YOUTUBE registered trademarks.
It equally sought an order directing the plaintiff to pay the company the cost of defending the suit.
In his amended reply to Google’s amended statement of defence dated 12th July 2024, Peter responded that it is not in doubt that Google LLC owns YouTube trademarks, however, YouTubeAudio is distinct and different from YouTube trademarks.
Chianugo Peter submitted that Google LLC, being a foremost search engine in the world, knew that he had earlier written to it, that he was making use of the YouTubeAudio domain name for the past eight years without any objection or caveat by either GoDaddy.com or Google.
“Hence, Google LLC is estopped from claiming any right over the YouTubeAudio domain name,” he said.
GoDaddy.com LLC had neither filed any process nor represented in court.
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