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[h=1]Mama Ngina, Biwott in Africa billionaires list[/h]
Mama Ngina Kenyatta at a past function. She is among the three women that made it to the Africas billionaire club. FILE
By Mugambi Mutegi, pmutegi@ke.nationmedia.com
Posted Tuesday, October 8 2013 at 19:47
In Summary
Mama Ngina Kenyatta and former powerful Cabinet minister Nicholas Biwott have made it to the list of Africas top billionaires, Nigeria-based Ventures financial magazine says.
They are among the 55 Africas dollar billionaires in a list that includes other two Kenyans, Naushad Merali and Manu Chandaria, whom the magazine tips as the wealthiest in the country and 25th richest on the continent with a fortune of $1.65 billion (Sh142 billion).
Mama Ngina, the mother of Kenyas fourth President, Uhuru Kenyatta, with a net worth of $1 billion (Sh86 billion) spread in real estate, banking and hospitality sectors is among the three women that made it to the Africas billionaire club.
Ventures magazine, which published the list of rich Africans for the first time, placed the fortunes of Mr Biwott and Mr Merali, who both made their money during the era of President Moi, at about $1 billion (Sh86 billion).
President Kenyatta is missing from the list despite being named position 26 by Forbes Africas rich list in 2011 a pointer that some of the investments put under his name by the US firm could have been transferred to the family by the Nigerian publication.
The 55 billionaires Ventures magazine has identified are more than the 16 super rich Africans listed by Forbes last year.
It was able to identify dozens more billionaires by using on-the-ground knowledge to overcome hurdles that may have hampered other researchers, said Ventures.
Of the 55, 20 are Nigerian, nine are South African and eight are Egyptian, underlining the power of natural resources such as oil and gold in creating wealth on the continent.
The other women that join Mama Ngina Kenyatta in roll are a daughter of Angolas president Isabel Dos Santos and a Nigerian oil tycoon Folorunsho Alakija and fashion designer.
In Kenya, the common thread in the billionaires is politics, save for Mr Chandaria, thanks to his holding company Comcraft Group, a $2 billion industrial behemoth, which produces steel, plastics, and aluminum products in 45 countries. His Kenyan stable includes Mabati Rolling Mills and Kaluworks Ltd.
Mr Chandaria, 84, was named the oldest billionaire in Africa. He is also Kenyas biggest philanthropist with his Chandaria Foundation giving away millions of dollars to causes in education, health and the arts.
(READ: Philanthropy boosts university growth in Kenya)
Mr Biwott and Mr Merali owe the wealth to their close links with former President Moi. Mr Biwott has vast investments abroad and, in Kenya, he is associated with Yaya Centre, an upmarket shopping centre, in Hurlingham, oil marketer KenolKobil as well as land and property valued at billions of shillings.
Mr Merali through his Sameer Group has business interests across agriculture, energy and power, finance and telecommunications.
He has significant stakes in Equatorial Bank, Sasini, Eveready East Africa, Ryce East Africa, Sameer Industrial Park and a joint venture with Bharti Airtel, a mobile phone services provider in Kenya.
By Mugambi Mutegi, pmutegi@ke.nationmedia.com
Posted Tuesday, October 8 2013 at 19:47
In Summary
- Ventures magazine, a Nigerian publication tips Chandaria, Biwott, Merali and Mama Ngina as the wealthiest in Kenya.
Mama Ngina Kenyatta and former powerful Cabinet minister Nicholas Biwott have made it to the list of Africas top billionaires, Nigeria-based Ventures financial magazine says.
They are among the 55 Africas dollar billionaires in a list that includes other two Kenyans, Naushad Merali and Manu Chandaria, whom the magazine tips as the wealthiest in the country and 25th richest on the continent with a fortune of $1.65 billion (Sh142 billion).
Mama Ngina, the mother of Kenyas fourth President, Uhuru Kenyatta, with a net worth of $1 billion (Sh86 billion) spread in real estate, banking and hospitality sectors is among the three women that made it to the Africas billionaire club.
Ventures magazine, which published the list of rich Africans for the first time, placed the fortunes of Mr Biwott and Mr Merali, who both made their money during the era of President Moi, at about $1 billion (Sh86 billion).
President Kenyatta is missing from the list despite being named position 26 by Forbes Africas rich list in 2011 a pointer that some of the investments put under his name by the US firm could have been transferred to the family by the Nigerian publication.
The 55 billionaires Ventures magazine has identified are more than the 16 super rich Africans listed by Forbes last year.
It was able to identify dozens more billionaires by using on-the-ground knowledge to overcome hurdles that may have hampered other researchers, said Ventures.
Of the 55, 20 are Nigerian, nine are South African and eight are Egyptian, underlining the power of natural resources such as oil and gold in creating wealth on the continent.
The other women that join Mama Ngina Kenyatta in roll are a daughter of Angolas president Isabel Dos Santos and a Nigerian oil tycoon Folorunsho Alakija and fashion designer.
In Kenya, the common thread in the billionaires is politics, save for Mr Chandaria, thanks to his holding company Comcraft Group, a $2 billion industrial behemoth, which produces steel, plastics, and aluminum products in 45 countries. His Kenyan stable includes Mabati Rolling Mills and Kaluworks Ltd.
Mr Chandaria, 84, was named the oldest billionaire in Africa. He is also Kenyas biggest philanthropist with his Chandaria Foundation giving away millions of dollars to causes in education, health and the arts.
(READ: Philanthropy boosts university growth in Kenya)
Mr Biwott and Mr Merali owe the wealth to their close links with former President Moi. Mr Biwott has vast investments abroad and, in Kenya, he is associated with Yaya Centre, an upmarket shopping centre, in Hurlingham, oil marketer KenolKobil as well as land and property valued at billions of shillings.
Mr Merali through his Sameer Group has business interests across agriculture, energy and power, finance and telecommunications.
He has significant stakes in Equatorial Bank, Sasini, Eveready East Africa, Ryce East Africa, Sameer Industrial Park and a joint venture with Bharti Airtel, a mobile phone services provider in Kenya.
