Friday, July 29, 2011

UNITED KINGDOM NEWS: Billionaire Mohammed Al Amoudi wins libel case

One of the richest men in the world today won £175,000 libel damages over a claim that he had been hunting his daughter down so she could be stoned to death.

Judge Richard Parkes QC said at London’s High Court that it was one of those rare cases where the lawyers’ customary hyperbole - that it was difficult to imagine more serious allegations - might perhaps be justified.

The sum was awarded to billionaire international businessman Mohammed Hussein Al-Amoudi against Elias Kifle, publisher and editor-in-chief of the online news site Ethiopian Review.

Ethiopian-born Mr Al-Amoudi, who has homesin central London and Surrey, said he was horrified and angered by the “wholly untrue” article which was freely available and read by several thousand people in the UK on two internet sites on various dates between January and August 2010 and was still available on a restricted basis.

The judge said it alleged that: :: Mr Al-Amoudi had “disgracefully and callously” married off his 13-year-old daughter Sarah to an elderly and disabled senior member of the Saudi royal family as a gift.

:: That there were reasonable grounds to suspect that he had knowingly financed international terrorism.

:: That he was probably responsible for the notorious March 2004 revenge murder in Iraq of his daughter’s supposed long-term lover and the mutilation, burning, parading and hanging of his body.

:: That he was and had been hunting his daughter and supposed grand-daughter across London in order to ensure their execution in Saudi Arabia by flogging or stoning, and callously caused his daughter to fear for their lives.

Far from apologising, added the judge, Mr Kifle had repeated the libels and abused 65-year-old Mr Al-Amoudi and his lawyers.

He had answered their complaint by saying `Here is my formal statement: Screw yourself’ and had since said that Mr Al-Amoudi - who gave evidence of his implacable opposition to terrorism - was a “scumbag bloodsucker” and “funding al Qaida”.

Mr Al-Amoudi, who has seven daughters and a son, had told the court that a father would understand how much - and for how long - the allegations hurt.

He said his relationship with Sarah, who was unmarried, was the kind of normal one any father had.

She had just completed a business administration degree in the UK, was a normal student and did not cover her hair or face.

Assessing damages, which have a ceiling in libel of about £240,000, the judge said that vindication was the single most important consideration for Mr Al-Amoudi.

He added: “The claimant is not, I judge, a man who wears his heart on his sleeve.

”But his distress as he described the effect of the article on himself and on his family was evident to me, and the more so because, as it seemed to me, he was doing his best to preserve his composure.”

Mr Al-Amoudi, who was in the top 50 of Forbes magazine’s 2009 rich list, obtained judgment by default against Mr Kifle in January this year. Mr Kifle was not present or represented at the hearing to assess damages.

Ethiopian billionaire wins libel action in UK: Mohammed Al Amoudi

Ethiopian billionaire wins libel action in UK

An Ethiopian-born billionaire has won £175,000 in libel damages over allegations he had hunted his daughter down so she could be stoned to death.

Mohammed Hussein Al-Amoudi was born in Ethiopia, but now spends his time at homes in central London, Surrey and Saudi Arabia.

The article was published on the online news website Ethiopian Review.

Judge Richard Parkes QC said it was difficult to imagine more serious allegations.

The site's publisher and editor-in-chief, Elias Kifle, had denied liability.

The judge said that instead of apologising Mr Kifle had repeated the libel and abused Mr al-Amoudi and his lawyers.

The High Court in London heard Mr Kifle's response to the initial complaint was: "Here is my formal statement: Screw yourself".

The court heard Mr Kifle then went on to describe Mr al-Amoudi as a "scumbag bloodsucker" who was "funding al-Qaeda".

Mr al-Amoudi, 65, gave evidence during the libel trial that he was completely opposed to all forms of terrorism.

The judge said the site alleged that Mr al-Amoudi had "disgracefully and callously" married off his daughter Sarah, then 13, to an elderly member of the Saudi royal family as a gift.

'Wholly untrue'

The article went on to claim that Mr al-Amoudi was probably responsible for murdering his daughter's lover in Iraq and had hunted his daughter and granddaughter across London in an attempt to ensure they were stoned to death in Saudi Arabia.

Mr al-Amoudi told the court he was horrified by the "wholly untrue" article which could be seen by visitors to the website between January and August 2010, when it was finally taken down.

Mr al-Amoudi, who has a son and seven daughters, said he had a normal relationship with Sarah, who was not married.

He said she had completed a business administration degree in the UK.

Assessing damages, the judge said: "The claimant is not, I judge, a man who wears his heart on his sleeve.

"But his distress as he described the effect of the article on himself and on his family was evident to me, and the more so because, as it seemed to me, he was doing his best to preserve his composure."

Mr al-Amoudi, who was in the top 50 of Forbes magazine's 2009 rich list, is believed to have made his money in construction, oil refineries and mining.

Mr al-Amoudi, who is of mixed Ethiopian and Arab heritage, is sometimes described as the world's richest black man.

He was recently reported to be financing the building of Saudi Arabia's first car factory.

Wednesday, July 27, 2011

Ethiopia Awards Ogaden Gas Fields to Chinese Company: Mohammed Al Amoudi

Ethiopia Awards Ogaden Gas Fields to Chinese Company

Ogaden oil field awarded to chinese companyJuly 23, 2011 - The Ministry of Mines yesterday awarded the Calub and Hilala natural gas fields and eight exploration blocks found in the Ogaden basin to a Chinese oil and gas company, PetroTrans Company, according to the Ethiopian Reporter.

Sikinesh Ejigu, minister of Mines and chairman of PetroTrans, Mr. John Chin, signed a petroleum development agreement and four exploration and production sharing agreements at the Sheraton Addis. The petroleum development agreement will enable PetroTrans to develop the natural gas reserves in the Calub and Hilala localities found in the Somali Regional State. The gas fields, which have an estimated reserve of four TCF (trillion cubic feet), are found 1200 km south east of Addis Ababa.

The gas fields as well as all the exploration blocks were previously held by the Malaysian oil and gas giant Petronas. The ministry floated all Petronas’s concessions in Ethiopia except the Gambella block, found in west Ethiopia near the Sudanese border. An independent petroleum expert told The Reporter that all the blocks held by Petronas are promising for oil and gas discovery.

PetroTrans Company Ltd. Was established in 1997. Founded by Mr. John Chin, it has been mainly involved in the Upstream Oil & Gas Industry, as well as Oil & Gas financing and leasing.

Following the withdrawal of Petronas from Ethiopia, the Ministry of Mines last March invited seven companies to bid for Calub and Hilala gas fields and the eight exploration blocks deemed promising for oil and gas discovery. The total area of the exploration blocks is 93,000 while the Calub and Hilala gasfileds cover 283

The seven local and international oil companies shortlisted by the ministry bought the bid document and four of them submitted their technical and financial proposals to the ministry. The companies that returned the bid documents were PetroTrans, South West Energy Ltd, an Ethiopian oil and gas company, Cobramar of Seychelles and National Oil Company (NOC), a local petroleum which has a chain of fuel stations across the nation. NOC was established by the Ethiopian-born Saudi billionaire, Sheik Mohammed Hussien Ali Alamoudi.

The ministry said the best proposals were submitted by PetroTrans. According to the ministry, the company will pay the Ethiopian government an upfront payment of USD 130 million and will invest up to four billion dollars on the gas development project. “When you compare the proposals of PetroTrans with the proposals offered by the other companies it is incomparable. PetroTrans’s proposal by far exceeds that of the others,” Sinkenesh said at the signing ceremony.

John Chin said that his company is committed to develop the proven gas reserves and discover new oil and gas reserves. “We have discovered oil in Sudan, Chad and Nigeria. We want to do the same here,” he told The Reporter. He said ten years ago his company built a 600-km oil pipeline from Port Sudan to Khartoum in less than ten months. “Two years ago we built 8300 kms of pipeline in China in less than two years. Once we get into a commitment we are very serious and we do it quickly,” He said. The company hopes to finalise the project within 30 months. “A study has to be undertaken to determine where to build the gas treatment plant. We also have to conduct a survey to identify the route of the pipeline,” Chin said.

PetroTrans has been working with two renowned Chinese oil companies - SinoPec International and CNPC. The gas pipeline construction work will be given to either of the two, a company executive told The Reporter.

PetroTrans will pay to the government 35 percent income tax and a five percent royalty fee. The Ethiopian government will have a five percent stake in the project.

Source: Reporter

EEPCo Grants Cement Factory Own Power Station

EEPCo Grants Cement Factory Own Power Station

Debra MIDROC’s complaints of power shortages produce 50MW fruit

Derba MIDROC Cement Factory is to start cement production in early October 2011 following the decision by Ethiopian Electric Power Corporation (EEPCo) to provide the factory with 50 megawatts (MW) of electricity.

The 351 million dollar factory, located 70km outside the capital in Sululta Town, Oromia Regional State, had postponed its original launch planned for June 2011.

We plan to start operation with an initial daily production of 1,800tn of cement, according to Haile Assegdie, CEO of Derba MIDROC Cement Factory.

The 50MW of power supplied is 15.7pc higher than the generating capacity of the Koka Dam, Ethiopia’s first hydroelectric power dam built in 1960. Once fully operational, Derba MIDROC would be the largest cement factory in the country.

The factory is to start producing close to 8,000tn of cement a day, after December 2011 when production reaches full capacity, said Haile. It will create job opportunities for 500 employees.

Eleven companies in the country were engaged in cement production, with a total annual production of 2.2 million tonnes at the end of May 2009/10, according to research conducted by the Ministry of Industry (MoI). Consumption of cement has increased by an average of 30pc in the four years before 2009, according to the research.

The green light from EEPCo comes following a series of lobbying initiatives made by Derba MIDROC, which claims that it was forced to postpone the launch of operations because of water and power shortages.

“We are grateful to have been given the power because we can now proceed with our plan of producing the targeted demand of cement,’’ Nebiyu Samuel, senior advisor and special assistant to Mohammed Al-Amoudi, told Fortune.

“We have a tremendous dream of fulfilling the targeted production,’’ Nebiyu said enthusiastically.

The company has started testing the machinery using the 20MW supply, and will follow through with production after the testing ends, said Tadesse Kebede, project director of Derba MIDROC Cement.

The demand for cement is expected to increase as the government plans to increase the national road network from the existing 49,000km to 64,600km; build a 2,000km railway line; and construct additional housing units to raise the number from 213,000 to 700,000, as part of the five-year Growth and Transformation Plan (GTP). These projects are estimated to increase the annual demand for cement to 27 million tonnes by 2015.

Derba MIDROC has contracted China National Building Materials (CNBM) for the Engineering, Procurement and Commissioning (EPC) of the project, a contract worth 200 million dollars. CNBM will also be charged with operating the factory and training the employees for one year after the start of production.

It has 5,600ql of clinkers, 25pc of which will be converted to Ordinary Portland Cement (OPC) and 70pc of which will be converted to Portland Pozzolana Cement (PPC), which are two different types of cement.

The factory has enough trucking capacity, with the ability to transport 80,000ql of cement to serve its customers.

Derba MIDROC has an agreement with Volvo for the purchase of 1,000 trucks, at a cost of 142 million dollars, to transportation its cement.

We estimate that 980 trucks could pick up the cement at the factory on a daily basis for delivery, said Tadesse.

Derba MIDROC was established in April 2008 by Al-Amoudi with a starting capital of 2.8 billion Br, in order to produce 2.3 million tonnes of cement a year. The construction costs of 351 million dollars was funded by Al Amoudi, Development Bank of Ethiopia (DBE), African Development Bank (AfDB), and the International Finance Corporation (IFC) - World Bank.

The factory has already started testing the machines to prepare for future production.

“We have already received requests from government and private companies for housing and construction projects,’’ Nebiyu said.

Saturday, July 9, 2011

Richest Rappers 2011-Forbes Wealthiest Hip Hop Artists: Mohammed Al Amoudi

Richest Rappers 2011-Forbes Wealthiest Hip Hop Artists: Mohammed Al Amoudi

1. Sean "Diddy" Combs

Net Worth $475 Million -(as of March 2011)
May 2010 to May 2011 Earnings according to Forbes: $35 Million
May 2009 to May 2010 Earnings according to Forbes: $30 Million

Formerly Known as Puff Daddy. Diddy's business ventures, along with his career as a rapper, made him the richest rapper on the planet, built fortune chiefly through clothing line Sean John, record label Bad Boy and Ciroc Vodka. Acting gigs, television shows and guest appearances add to coffers. he told Forbes in 1999: "I'm gonna be bigger than David Geffen." Not there yet.

2. Shawn " Jay-Z" Carter

Net Worth: $450 Million-(as of March 2011)
May 2010 to May 2011 Earnings according to Forbes: $37 Million
May 2009 to May 2010 Earnings according to Forbes: $63 Million

99 Problems rapper and Beyonce's husband sold Rocawear clothing label for $204 million in 2007; signed 10-year $150 million Live Nation deal in 2008. Now boasts an impressive portfolio,
including shares in the New Jersey nets as well as his input in fashion, music and restaurant businesses. For more on the business of hip-hop, check out Zack's new Jay-Z biography, Empire state of Mind, at

3. Andre "Dr Dre" Young

Net Worth : $125 million-(as of March 2011)

May 2009 to May 2010 Earnings according to Forbes: $17 million

Super producer/rapper, Dr. Dre may not have put out a new album in the last 10 years, but the rapper and producer has reaped the rewards from his business. helped launch carees of snoop Dogg, Eminem, 50 Cent. Expanded wealth with Aftermath record label, Beats headphones and HP laptop line.

4. Curtis "50 Cent" Jackson

Net Worth $100 million-(as of march 2011)

May 2009 to May 2010 Earnings according to Forbes: $8 million

50 Cent has made it to the top five particularly for his business-sawy, as the rapper got a neat nine-figure payout from the sales of Vitamin Water, when it was sold to Coca cola; spent freely on cars, renovations to the mansion formerly owned by Mike Tyson. Cushion remains from catalog, acting gigs and 50 Cent-themed video games, books, clothes and headphones. Future Billionaire? He told Forbes in 2008. "It's probably going to take me 10 years"

5. Bryan "Birdman" Williams
Net Worth: $100 million-(as of March 2011)

Bryan "Birdman" Williams, Co founded Cash Money Records with brother Ronald and inked $30 million distribution deal with Universal in 1998; affiliated Young Money lineup now includes rappers Lil Wayne and Nicki Minaj. Lyrical boasts ("Richer than the richest!") are simply not true. Bird is tie with 50 cent according to Forbes, both estimated to be worth $100 million

Saturday, July 5, 2036

Africa’s Billionaires of 2011 – Nigerian Emerges as Africa’s Richest Man

Africa’s Billionaires of 2011 – Nigerian Emerges as Africa’s Richest Man

March 27, 2011 by Website Admin · 2 Comments

Africa’s Billionaires on the Forbes list made records this year with a few surprises. 6 new Billionaires added to last year’s list of 11 bringing them to 17 Billionaires. Topping the list is Nigeria’s Aliko Dangote who displaced Ethiopian Self Made Billionaire, Mohammed Al Amoudi as Africa’s Richest man.

Although no other countries from Africa added to the list this year, Egypt managed to double its Billionaires from 4 to 8. Nigeria and South Africa also gained 1 new billionaire addition to the list. Overall African Billionaires on this year’s list are worth a combined 71 Billion, with last year’s billionaires alone increasing their wealth by a combined 18 Billion. The biggest increase was experience by our new Richest man, Dangote who made 10.7 Billion, putting him at the top of the list making him number 51 on the World’s Richest list.

NameAfrica RankForbes RankNet WorthAgeSourceCountry of Citizenship/HomeTown
Aliko DangoteAliko Dangote151$13.8 B53sugar, flour, cementNigeria
Mohammed Al AmoudiMohammed Al Amoudi263$12.3 B66oilSaudi Arabia/Ethiopia
Nicky Oppenheimer & familyNicky Oppenheimer & family3136$7 B65De BeersSouth Africa
Nassef SawirisNassef Sawiris4182$5.6 B50constructionEgypt
Patrick Soon-ShiongPatrick Soon-Shiong5196$5.2 B59generic drugsUnited States/South Africa
Johann Rupert & familyJohann Rupert & family6219$4.8 B60luxury goodsSouth Africa
Naguib SawirisNaguib Sawiris7310$3.5 B56telecomEgypt
Patrice MotsepePatrice Motsepe8336$3.3 B49MiningSouth Africa
Onsi SawirisOnsi Sawiris9393$2.9 B81constructionEgypt
Mohamed MansourMohamed Mansour10595$2 B63DiversifiedEgypt
Mike AdenugaMike Adenuga10595$2 B57telcom, banking, oilNigeria
Yasseen MansourYasseen Mansour11692$1.8 B49DiversifiedEgypt
Yasseen MansourYoussef Mansour11692$1.8 B65DiversifiedEgypt
Mohammed IbrahimMo Ibrahim11692$1.8 B64communicationsUnited Kingdom/Sudan
Christoffel WieseChristoffel Wiese12782$1.6 B69consumer retailSouth Africa
Samih SawirisSamih Sawiris13879$1.4 B54hotelsEgypt
Mohamed Al Fayed & familyMohamed Al Fayed & family14993$1.2 B78RetailEgypt

Africa’s Billionaires of 2010

March 12, 2010 by AVReporter · 214 Comments

It must be nice to be Ethiopian Self Made Billionaire, Mohammed Al Amoudi, Africa’s Richest man. His wealth grew by a billion despite the economic downturn. It is that time of year again and Forbes has put together a list of the World’s richest. On it are 11 Africans 4 from one family in Egypt, 4 from South Africa, 1 from Sudan, 1 from Nigeria and 1 from Ethiopia.

There was 1 new addition to the list this year, Samih Sawiris, son of Egyptian billionaire, Onsi Sawiris whose other 2 sons are on the list as well. Nigeria did loose a billionaire this year, Femi Otedola who had a bitter disagreement with fellow billionaire Aliko Dangote last year. Despite some major challenges, Dangote still made it on the list as the 9th richest man in Africa.

Photo By Hans Berggren

Africa’s Billionaires (No. 1)

  • Name: Mohammed Al Amoudi
  • Net Worth: 10 Billion
  • Origin: Ethiopia
  • Age: 65
  • Fortune: Self Made
  • Source: Oil
  • Education: N/A
    Forbes World Ranking #64

AP Photo

Africa’s Billionaires (No. 2)

  • Name: Nassef Sawiris
  • Net Worth: 5.9 Billion
  • Origin: Egypt
  • Age: 48
  • Fortune: Inherited and Growing
  • Source: Construction
  • Education: Bachelor of Science

Forbes World Ranking #127

AP Photo

Africa’s Billionaires (No. 3)

  • Name: Nicky Oppenheimer & Family
  • Net Worth: 5 Billion
  • Origin: South Africa
  • Age: 65
  • Fortune: Inherited
  • Source: Metals and Mining
  • Education: Bachelor of Arts / Science and Master of Arts

Forbes World Ranking #154

Photo from

Africa’s Billionaires (No. 4)

  • Name: Patrick Shoo-Shiong
  • Net Worth: 5 Billion
  • Origin: South Africa
  • Age: 58
  • Fortune: Self Made
  • Source: Generic Drugs
  • Education: Bachelor of Arts / Science; Medical Doctor

Forbes World Ranking #154


Africa’s Billionaires (No. 5)

  • Name: Onsi Sawiris
  • Net Worth: 3.1 Billion
  • Origin: Egypt
  • Age: 80
  • Fortune: Self Made
  • Source: Construction
  • Education: N/A

Forbes World Ranking #307

AP Photo

Africa’s Billionaires (No. 6)

  • Name: Naguib Sawiris
  • Net Worth: 2.5 Billion
  • Origin: Egypt
  • Age: 55
  • Fortune: Inherited
  • Source: Telecom
  • Education: Bachelor of Arts / Science; Master of Science

Forbes World Ranking #374

Photo by 2010 FIFA World Cup Organising Committee South Africa/Getty Images

Africa’s Billionaires (No. 7)

  • Name: Johann Rupert & Family
  • Net Worth: 2.3 Billion
  • Origin: South Africa
  • Age: 59
  • Fortune: Inherited
  • Source: Luxury Goods
  • Education: Bachelor of Arts / Science

Forbes World Ranking #421


Africa’s Billionaires (No. 8)

  • Name: Patrice Motsepe
  • Net Worth: 2.3 Billion
  • Origin: South Africa
  • Age: 48
  • Fortune: Self Made
  • Source: Mining
  • Education: Bachelor of Arts / Science; Doctor of Jurisprudence

Forbes World Ranking #421


Africa’s Billionaires (No. 9)

  • Name: Aliko Dangote
  • Net Worth: 2.1 Billion
  • Origin: Nigeria
  • Age: 52
  • Fortune: Inherited
  • Source: Sugar, Flour, Cement
  • Education: N/A

Forbes World Ranking #463

Sipa Press/Newscom

Africa’s Billionaires (No. 10)

  • Name: Mohammed Ibrahim
  • Net Worth: 2.1 Billion
  • Origin: Sudan
  • Age: 64
  • Fortune: Self Made
  • Source: Communications
  • Education: Bachelor of Science/Electrical Engineering; Masters/Electrical Engineering

Forbes World Ranking #463

Arnd Wiegmann / Reuters

Africa’s Billionaires (No. 11)

  • Name: Samih Sawiris
  • Net Worth: 1.5 Billion
  • Origin: Egypt
  • Age: 53
  • Fortune: Inherited
  • Source: Hotels
  • Education: Bachelor of Science/Electrical Engineering; Masters/Electrical Engineering

Forbes World Ranking #655

Africa’s 11 Billionaires 2009

March 15, 2009 by AVReporter · 7 Comments

1. Mohammed Al Amoudi


Photo by

Photo by

Net Worth:$9.0 bil

Fortune:self made



Country Of Citizenship:Saudi Arabia


Industry: Oil


M arital Status:married, 8 children

Born in Ethiopia and now a Saudi citizen. Built fortune in construction and real estate in Saudi Arabia before betting on energy. Began investing in Sweden in 1974; owns Svenska Petroleum and Swedish refinery Preem. Has invested more than $2 billion in Ethiopia, from hotels to stevedoring. Hit jackpot with gold mine in the Oromo region of Ethiopia; it now produces 6 tons of gold annually, set to double production by 2010. Owns several properties in London and the U.S. Donated more than $1 million to the Clinton Foundation.

2. Patrick Soon-Shiong


Photo by SPH/The Business Times

Photo by SPH/The Business Times

Net Worth:$5.5 bil

Fortune:self made
Source: Generic Drugs
Age: 57

Country Of Citizenship:United States

Residence:Los Angeles, CA

Industry: Pharmaceuticals

Education:University of Witwatersrand, Bachelor of Arts / Science, University of Witwatersrand, Medical Doctor

M arital Status:married, 2 children

Dad was a village doctor in China; family immigrated to South Africa during WWII. Finished highschool at age 16; was a doctor by 23. Got only half-salary because of apartheid race rules. Joined UCLA faculty 1980; developed technique for inserting islet cells into pancreas to treat diabetes. Founded VivoRx; quit after fight with brother, investors. Took American Pharmaceutical Partners public 2001. Invented cancer drug Abraxane; nanotech drug is more potent, has fewer side effects. Split company in two in 2007: APP Pharmaceuticals creates hospital products, Abraxis BioScience develops drugs (shares flat in past 12 months). Sold APP Pharmaceuticals to German dialysis-clinic operator Fresenius for $5.6 billion including debt in July; netted $3 billion. Plans to donate $1 billion to create “the Bell Labs of health care.” Will hire mathematicians, physicists, computer scientists, doctors to build database of biological markers to better identify ailments, treatments.

3. Nicky Oppenheimer & family


Per-Anders Pettersson/Reportage by Getty Image

Per-Anders Pettersson/Reportage by Getty Image

Net Worth:$5.0 bil


Source:De Beers


Country Of Citizenship:South Africa


Industry:Metals & Mining

Education:Christ Church, Oxford U, Bachelor of Arts / Science, Christ Church, Oxford U, Master of Arts

Marital Status:married, 1 child

Chairman of De Beers, world’s largest diamond producer, which had $5.9 billion in sales last year. Has been through a sea change over past five years: sold off a piece of De Beers’ South African operations to a black-empowerment group, first major ownership change in a century; welcomed its first black executive; and settled a long-standing price-fixing suit that prevented it from opening offices in the U.S. Sold off a third of family’s interest in mining giant Anglo American, founded in 1917 by grandfather Ernest. On behalf of De Beers, Oppenheimer courted Russian President Vladimir Putin in fall of 2006; two months later De Beers and Russia’s state-owned Alrosa diamond mining firm signed joint prospecting deal. With the demand dampening, the company bought fewer stones for resale from Alrosa last year. In December announced that production from its biggest open-pit mines in South Africa and Botswana, which had been running at full capacity, would be reduced until diamond demand recovers. His response to declining markets, “If you’re going through hell, keep going.”

4. Nassef Sawiris




Net Worth:$3.1 bil

Fortune:inherited and growing



Country Of Citizenship:Egypt


Industry: Construction & Engineering

Education:University of Chicago, Bachelor of Arts / Science,

Marital Status:NA,
Youngest son of Orascom conglomerate founder and fellow billionaire, Onsi Sawiris. Took over leadership of empire’s flagship construction and fertilizer division in 1998; Orascom Construction shares tumbled 80% over past year. Chief still bullish, projecting 50% increase in group revenues from projects in Gulf and North Africa; company also sitting on $1 billion cash war chest. Spun off group’s cement division 2 years ago to French giant LaFarge, landing Nassef a seat on the board and a 13% stake. University of Chicago grad launched boardroom battle last October at U.S. cement supplier Texas Industries, in which he holds 15% stake; succeeded in rallying shareholders to pass no-confidence votes against 2 board members to protest company’s poor performance, no one was ousted. Asking for board seat and chance to increase stake to 25%.

5. Naguib Sawiris


JEROME FAVRE/Bloomberg News /Landov

JEROME FAVRE/Bloomberg News /Landov

Net Worth:$3.0 bil

Fortune:inherited and growing



Country Of Citizenship:Egypt


Industry: Telecommunications

Education:Swiss Federal Polytechnical Institute, Bachelor of Arts / Science, Swiss Federal Polytechnical Institute, Master of Science

Marital Status:married, 4 children

Eldest son of Orascom conglomerate founder and fellow billionaire Onsi Sawiris. Heads up Orascom Telecom, one of largest mobile providers in Middle East, Africa and South Asia. Telecom tycoon’s insatiable risk appetite backfiring; his personal fund, Weather Investments, saddled with $7.7 billion in debt from leveraged buyouts of Italian phone company Wind and leading Greek telecom companies Wind Hellas and Tellas three years ago. Sold 10% of fund to trio of private equity players for $1 billion last year to pay down debt. Not slowing down: in December paid a visit to Kim Jong Il to sign license agreement granting Orascom exclusive access to North Korea’s cell phone market; first mobile company to invest in the pariah state.

6. Aliko Dangote


Pius Utomi/AFP/Getty Images

Pius Utomi/AFP/Getty Images

Net Worth:$2.5 bil

Fortune:inherited and growing

Source:sugar, flour, cement manufacturing


Country Of Citizenship:Nigeria


Industry: Manufacturing


Marital Status:NA,

Though initial offerings of his sugar and flour companies were oversubscribed in 2007, stocks in both have fallen nearly 70% since last February. Using his role as committee member on government economic advisory board to encourage federal government to rescue the nation’s capital markets. His conglomerate, the Dangote Group, has expanded its cement operations with new plants across Nigeria and as well as South Africa and Ethiopia. Sparring with new Nigerian billionaire Femi Otedola over oil and gas concessions; Otedola parried by buying up stock in Dangote’s companies. Dangote began career as trader at age 21 with loan from his uncle; built his Dangote Group into conglomerate with interests in sugar, flour milling, salt processing, cement manufacturing, textiles, real estate, and oil and gas. Closely linked to Nigeria’s former president Olusegun Obasanjo.

7. Mohammed Ibrahim




Net Worth:$2.0 bil

Fortune:self made



Country Of Citizenship:United Kingdom


Industry: Telecommunications


Marital Status:NA,

Sudanese-born “Mo” founded Celtel, a mobile phone company that now serves 15 African countries. Sold it in 2005 for $3.4 billion; pocketed $1.4 billion. The London resident now spends his time on philanthropy and investing in Africa. Created Mo Ibrahim Foundation to award monetary prize to former African heads of state who have shown exemplary leadership in such areas as promoting political freedom; awarded first $5 million prize in October.

8. Onsi Sawiris


Image Source: Al-Ahram Weekly

Image Source: Al-Ahram Weekly

Net Worth:$1.7 bil

Fortune:self made



Country Of Citizenship:Egypt


Industry: Construction & Engineering

Education:Bachelor of Arts / Science,

Marital Status:married, 3 children

Founding patriarch of Egypt’s most famous business dynasty saw shares in primary holding, Orascom Construction Industries, plunge 80% over past year; remains chair. His 3 sons run construction, telecommunications and tourism divisions. Studied agriculture in college after lawyer father urged him to pursue farming. Found it boring, instead opened a small contracting firm in Upper Egypt. Construction baron forced to rebuild empire after it was nationalized by Nasser in 1960s.

9. Patrice Motsepe


Gianluigi Guercia/AFP/Getty Images

Gianluigi Guercia/AFP/Getty Images

Net Worth:$1.3 bil

Fortune:self made



Country Of Citizenship:South Africa


Industry: Metals & Mining

Education:Bachelor of Arts / Science, Doctor of Jurisprudence

Marital Status:married, 3 children

Johannesburg mining magnate is South Africa’s first black billionaire. Born in the sprawling black township of Soweto and then trained as a lawyer, became first black partner at Bowman Gilfillan law firm in Johannesburg, before starting a contracting business doing mine scut work. Bought low-producing gold mine shafts in 1994, turned them profitable using lean, mean management style. Since then built $875 million (sales) mining conglomerate, African Rainbow Minerals (ARM), with interests in a wide swath of minerals: platinum, nickel, chrome, iron, manganese and coal. Benefited from South Africa’s Black Economic Empowerment (BEE) laws, which mandate that companies be at least 26% black-owned in order to get a government mining license. Also holds a 5.5% stake in Sanlam, a publicly traded financial services company outside Cape Town.

10. Femi Otedola

Pius Utomi/AFP/Getty Images

Pius Utomi/AFP/Getty Images

Net Worth:

$1.2 bil

Fortune:self made



Country Of Citizenship:Nigeria


Industry: Energy


Marital Status:married, 4 children

Politician’s son used a majority stake in African Petroleum to get himself appointed its chief executive last year. Now he plans to merge it with his private firm, Zenon, to create the continent’s largest oil company. Deal has stalled in the face of government concerns about a monopoly, with his assets temporarily frozen last year. Nigerian regulators lifted the ban in January. Conflict abounds in Otedola’s life: he claims his friend and fellow billionaire, Aliko Dangote, broke a gentleman’s agreement when he thwarted Zenon’s bid to buy Chevron’s local subsidiary in September. In retaliation, starting buying shares in Dangote’s publicly traded sugar company.

11. Johann Rupert & family


David Cannon/Getty Images

David Cannon/Getty Images

Net Worth:$1.2 bil

Fortune:inherited and growing

Source:luxury goods


Country Of Citizenship:South Africa


Industry: Retail

Education:University of Stellenbosch, Bachelor of Arts / Science,

Marital Status:married, 3 children

Head of publicly traded Swiss luxury group Richemont, which owns Cartier, Dunhill and other premium brands. Stock down 70% since last February. His South African holding company, Remgro, is listing its stake in British American Tobacco on the Johannesberg exchange. But unbundling of the BAT stake will create pressure to find investments to replace the asset, say analysts. His private South African investment outfit, VenFin, finalized a much-anticipated deal to acquire British rugby club Saracens. With family relatives, owns two of South Africa’s best-known vineyards, Rupert & Rothschild and L’Ormarins; also owns one of the country’s most exclusive golf clubs.

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