Strive Masiyiwa surpasses Patrice Motsepe to become the richest black man in Southern Africa | Businessinsider

2022/04/28 22:30:00

As of Wednesday, Masyiwa’s net worth had increased from $2.7 billion to $4.4 billion.

Masiyiwa, 61, recently announced his retirement as chairman and director of Econet Wireless Zimbabwe

As of Wednesday, Masyiwa’s net worth had increased from $2.7 billion to $4.4 billion.

Forbe's authoritative rich list still has Masiyiwa behind Motsepe.When Aliko Dangote, Africa’s richest person, decided to construct a refinery in southern Nigeria on a plot of swampland almost half the size of Manhattan, he turned to a man who’s helped him transform a small trading company into an industrial empire spanning the continent.For 30 years, Devakumar Edwin has navigated some of the world’s most difficult business environments to build Dangote’s textile factories, flour mills, food plants and cement firms.Salaries are declining in South Africa, but more people are getting paid, new data shows Business Insider SA , Share A man holds out a bundle of the new South African banknotes, in various denominations, all featuring the iconic statesman Nelson Mandela.

Both men have seen their wealth rocket since the start of the year.Masiyiwa, 61, recently announced his retirement as chairman and director of Econet Wireless Zimbabwe Limited and still retains his more than 50% stake in the company he listed on the Zimbabwe Stock Exchange in 1998.Now he is overseeing its biggest project yet: a $20.In response to his announcement, Econet Wireless’ board of directors announced the appointment of Elizabeth Tanya Masiyiwa, one of Masiyiwa’s six children, to the board of the telecom company to propel the firm’s growth.For Dangote it provides the possibility of dominating the refined-petroleum-products sector the way he has cement and sugar, two markets he effectively controls – with the help of friendly government policy – in Africa’s biggest economy.According to the board of directors, Elizabeth’s appointment will bring a wealth of experience, as she has worked in various organisations, spearheading investment and funding programs and human capital development.The investment is so loaded with superlatives that Edwin reels them off like a shopping list: the biggest crude refinery of its kind in the world; the world’s third-largest fertilizer maker and second-biggest producer of urea; the largest investment ever made in Nigeria; a pair of plants so huge in scope he had to create one of the world’s largest construction companies to develop them.Motsepe credits his early business education with exposure to his father's small spaza shop, and was a lawyer before moving into mining.More employers, especially in the tourism and entertainment industries, are rehiring with the end of the national state of disaster.

Masiyiwa's entrepreneur mother left Zimbabwe after it declared independence, and he trained as an electrical engineer.It will cater to demand for fossil fuels that’s expected to grow on the continent in the coming decades, even as the rest of the world moves to decarbonize.Set atop nearly 26 square kilometres of land, the petrochemical complex is shrouded by a hazy mixture of dust kicked up by hundreds of construction vehicles crisscrossing the site and the humid equatorial air on Nigeria’s coast.Manufacturing magnate Aliko Dangote, from Nigeria, is the richest person on the African continent by a considerable margin, with a net worth calculated at close to $14 billion at the end of last year.His family features figures such as his great-grandfather Alhassan Dantata, once ranked the richest person in West Africa.Set atop nearly 10 square miles of land, the petrochemical complex is shrouded by a hazy mixture of dust kicked up by hundreds of construction vehicles crisscrossing the site and the humid equatorial air on Nigeria’s coast.The richest people in Southern Africa are the dynastic families of Johann Rupert and Nicky Oppenheimer, who remain considerably wealthier than Motsepe and Masiyiwa.While oil and gas sales typically account for about 90% of Nigeria’s export earnings, the state receives a relatively modest sum from the trade – less than $8 billion in 2020, according to the country’s Budget Office.Rupert and Oppenheimer are also typically the second and third richest people in Africa-wide lists, albeit well behind Dangote, with occasional competition (depending on rule share prices and exchange rates) from Egypts Nassef Sawiris, who is also a scion of a super-rich family.Mismanagement, under-investment, dilapidated or non-existent infrastructure, violence, endemic corruption and theft of an almost unfathomable magnitude have left Nigeria with an entirely broken business model.za.

(Original reporting by Victor Oluwole, Business Insider Africa, with additional compilation by Phillip de Wet.) Get the best of our site.The government’s potential benefits from the industry are further eroded by rampant crude theft – as much as 150,000 barrels per day, according to the government, which is about $5.The government expects to spend $9,6 billion on petrol subsidies this year — more than double the amount it spends on education, health and defence combined, government data show.

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Africa’s richest man betting $21bn on oil and fertilizerAliko Dangote's $20.5bn oil refinery & fertilizer complex is said to be the biggest crude refinery of its kind in the world & the largest investment ever made in Nigeria.

Business Maverick: Africa’s Richest Man Is Betting $21 Billion on Oil and FertiliserWhen Aliko Dangote, Africa’s richest person, decided to construct a refinery in southern Nigeria on a plot of swampland almost half the size of Manhattan, he turned to a man who’s helped him transform a small trading company into an industrial empire spanning the continent. Im Sure $21Bn could solve world hunger .... Harrismayson0 ɪ ᴡᴀs sᴏ ᴇxᴄɪᴛᴇᴅ ᴡʜᴇɴ ɪ ᴏᴘᴇɴᴇᴅ ᴍʏ ᴡᴀʟʟᴇᴛ ᴀɴᴅ sᴀᴡ ᴍʏ ᴘᴀʏᴍᴇɴᴛ ᴏғ $ 12,350. ᴡʜᴀᴛ ᴀ ʙᴏᴏsᴛ! ʏᴏᴜ ᴋɴᴏᴡ ᴇxᴀᴄᴛʟʏ ᴡʜᴀᴛ ɪ ᴡᴀɴᴛᴇᴅ ᴛʜᴀɴᴋ ʏᴏᴜ sᴏ ᴍᴜᴄʜ ғᴏʀ ᴛʜᴇ ᴘᴀʏᴍᴇɴᴛ

Salaries are declining in South Africa, but more people are getting paid, new data shows | BusinessinsiderMore employers, especially in the tourism and entertainment industries, are rehiring following the end of the national state of disaster. What? Thought the unemployment rate is rising

Freedom Day: whose freedom is it anyway?Poverty, unemployment and inequality have become persistently stubborn features of the post-apartheid South Africa.

Musk's Twitter purchase puts moral champion in crosshairsThe fate of Twitter's top attorney, deemed a moral champion of the platform, was in doubt Wednesday after Elon Musk tweeted displeasure with content moderation she had carried out. Harrismayson0 ɪ ᴡᴀs sᴏ ᴇxᴄɪᴛᴇᴅ ᴡʜᴇɴ ɪ ᴏᴘᴇɴᴇᴅ ᴍʏ ᴡᴀʟʟᴇᴛ ᴀɴᴅ sᴀᴡ ᴍʏ ᴘᴀʏᴍᴇɴᴛ ᴏғ $ 12,350. ᴡʜᴀᴛ ᴀ ʙᴏᴏsᴛ! ʏᴏᴜ ᴋɴᴏᴡ ᴇxᴀᴄᴛʟʏ ᴡʜᴀᴛ ɪ ᴡᴀɴᴛᴇᴅ ᴛʜᴀɴᴋ ʏᴏᴜ sᴏ ᴍᴜᴄʜ ғᴏʀ ᴛʜᴇ ᴘᴀʏᴍᴇɴᴛ Im willing to be an errand boy, a gardener or any form of odd job just to feed my children🙏🏾. They've been going to sleep on an empty stomach and that cripples me as a father. I humbly ask for any tinned food or grocer you don't need🙏

Soweto residents want R500 flat rate for electricityResidents in Soweto have called for an overhaul of South Africa’s electricity sector which it says is prejudiced against the country’s black working class. 😷 If this is per person - Great! If it is per household not a stuff! I am not going to subsidise a household of 12 people using unlimited electricity because they don't have to pay for their actual usage. Aren't we all equal? Can't we all then get the same?