Some of Africa’s and world’s rich- est Nigerian tycoons are in town.
They arrived in style, riding in executive private jets in the largest
such galaxy of the super rich from one country to be seen in the capital
city, Nairobi. They accompanied Nigerian President Good Luck Jonathan
when he landed in Kenya on Thursday this week for his maiden official
visit.
On tow was a constellation of Nigeria’s richest
billionaires among them Africa’s richest man, Nigeria’s cement tycoon,
Aliko Dangote. The over ten men and women who make Nigeria’s list of
wealthiest tycoons are looking to cut multi-billion deals with both
government and local businessmen.
According to foreign policy
experts this move will ostensibly improve Nigeria’s standing in Kenya on
the backdrop of a series of incidents which have lately given a bad
reputation to citizens of the western African economic powerhouse among
locals. On Friday Nigerian aides intimated to The People that President
Jonathan’s entourage of top businessmen and government officials was
easily the largest single delegation to accompany a Nigerian head of
state in any African state in the West African nation’s independent
history.
“The President was accompanied by the finest businessmen
and women we have in Nigeria, perhaps in Africa,” a Presidential aide
who sought anonymity told The People at the Intercontinental Hotel where
a bilateral meeting was held yesterday. The entourage included wealthy
business magnates, with continental investments in the lucrative
Nigerian oil sector as well as other sectors such as manufacturing,
banking, agriculture and processing.
The galaxy of the super rich
included Aliko Dangote, who this year became the first African
entrepreneur to lay claim to a US$20 billion fortune as the stock value
of his largest holding Dangote Cement, increased this year making him
the richest man in Africa and among the top 25 richest people in the
world. Put into context, Dangote is richer than Russia’s richest man,
Alisher Usmanov, richer than India’s Lakshmi Mittal and running neck and
neck with India’s Mukesh Ambani.
He is catching up with such
Americans as Google’s billionaire founders Larry Page and Sergey Brin,
according to Forbes magazine. Others are Dr Ernest Nnaemeka
Azudialu-Obiejesi, Nigeria’s biggest oil baron and founder and Group
Managing Director of Nestoil PLC, Nigeria’s foremost indigenous oil and
gas company. He is on the board of several Nigerian A-listed companies
including a Nestoil-led consortium which has acquired a 45 per cent
stake in the OML 42 from Shell, Total and ENI, containing developed oil
fields and gas reserves.
He was recently awarded All Africa
Business Leaders Award (AABLA) by Forbes CNBC and ABN for West African
Entrepreneur of the Year. Among the billionaires is Felix Idiga, an
astute oil baron. Others are Jim Ovia, founder of leading Nigerian Bank,
Zenith Bank Group. The bank is West Africa’s second largest financial
services provider by market capitalisation and asset base.
He was
required to step down as chief executive in 2009 after a 20-year stint
following a Nigerian Central Bank directive that limits the tenure of
bank chiefs to 10 years. He still remains the largest individual
shareholder; his stake is worth about $300 million. An equally large
chunk of his wealth comes from a portfolio of prime real estate in
Victoria Island and Ikoyi, some of Nigeria’s priciest neighbourhoods.
Ovia
devotes the majority of his time to managing Visafone, a telecom outfit
he founded in 2007. He also owns Quantum, a private equity fund focused
on Africa. The group of tycoons first created a spectacle at the Jomo
Kenyatta International Airport when they landed on Thursday evening in
ex- pensive private jets. They would later be booked in top Nairobi
hotels.Dangote stirred a bilateral meeting comprised of business leaders from
both countries and headed by both President Uhuru and Jonathan when he
announced he would invest a staggering Sh 34 billion (400 million US
dollars) in the country to set up a cement plant. Speaking of behalf of
the Nigerian business delegation, Dangote said Nigerian businessmen
would explore more opportunities in various sectors in Kenya.
At
the meeting, President Uhuru announced drastic measures in support of
trade and strengthened bilateral ties between the two countries. The
President ordered that Nigerian investors be issued with five to ten
year visas to enable them easily conduct business in Kenya. “This will
facilitate our people to travel with ease and without restrictions,”
said Uhuru.
Together with President Jona- than and Deputy
President William Ruto, President Uhuru called for more intra-African
trade. “We have the capacity, ability and know-how to do it,” Uhuru
said. Following the meeting, Kenyan businessmen are set to join
President Uhuru Kenyatta early next year for a state visit in Nigerian
which will see the countries consolidate trade and bilateral relations. - By BRIAN NGUGI
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