Two Nigerians, Tony Elumelu and Orji Uzor Kalu, with four other persons have joined Forbes list of 50 richest people in Africa.
According to Forbes, Elumelu, a Nigerian investor and founder of African investment firm, Heirs Holdings, joins the rich list with a net worth of $1 billion.
Forbes said Elumelu owns a controlling stake in Transcorp, a listed Nigerian conglomerate that has interests in insurance, healthcare, hotels, power production, energy and agriculture.
Elumelu is a proponent of Africapitalism, an economic philosophy that propagates that the African private sector has the power to transform the continent through long-term investments, creating both economic prosperity and social wealth.
“Elumelu made his fortune when he bought into a struggling Nigerian commercial bank and transformed it into the United Bank for Africa, a leading commercial bank with a presence in 19 African countries,” Forbes said.
On Kalu, Forbes said, “He is better known in Nigeria as a politician. But the former governor of Abia state, located in Nigeria’s southeastern region, is also one of the country’s most successful businessmen.
“He made his first million at age 20 by trading agricultural commodities, and then found his way into the circles of influential military personnel who awarded him lucrative contracts to import and supply arms and ammunition to Nigeria’s defense forces.
He made a killing reinvesting his profits into expanding Slok Group, his privately-held trading and manufacturing empire.
“The Slok Group, a West African conglomerate in which he owns more than 90 per cent, has interests in shipping, banking, aviation, steel and manufacturing. His country home in Igbere, Abia State, has 400 rooms and is one of the largest private
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