10 Young African Millionaires To Watch 2014 (Part 1)

Building a million-dollar business is hard enough. Building a million dollar fortune is even harder. But building a million-dollar fortune i...

Building a million-dollar business is hard enough. Building a million dollar fortune is even harder. But building a million-dollar fortune in Africa while in your twenties or thirties is deserving of applause. Each year since 2012, I have scouted for 10 remarkable, unsung African entrepreneurs who are aged 39 and under, who have built well-structured multi-million dollar businesses and earned 7-figure fortunes in the process. Unfortunately, there are very few of these sort of entrepreneurs in Africa, so quite a number of the names on this year’s list were featured last year. There are a few new names nevertheless.

These ten represent the entrepreneurial best of Africa’s young, teeming population. You should watch them closely:

Age: 32
Ally Edha Awadh, Tanzania
Source: Energy distribution & transportation
Tanzanian oil trader Ally Edha Awadh is the founder and CEO of Lake Oil Group, one of East Africa’s fastest-growing energy trading and transportation conglomerates. Awadh founded the company in 2006 at age 23, when he received a highly coveted license from the Tanzanian government to import and market petroleum products in the domestic market. Success has been swift for Awadh. Lake Oil Group is now one of the 5 largest distributors of petroleum products in Tanzania and exports to neighboring countries including D.R.Congo, Zambia, Burundi and Rwanda. The company also has a 35 million-liter storage depot at Kigamboni, Dar es Salaam and another depot in Mbeya, a commercial city in the country’s southwest region. The transport/haulage arm of the company, Lake Trans, owns and operates close to 500 trucks and serves as a regional contractor for commodities giants like Trafigura and Augusta. Lake Oil Group’s revenues for 2013 were $600 million. (Awadh recently granted me an interview in Dar es Salaam and I’ll be writing a detailed story on him in the near future).
10 Young African Millionaires To Watch 2014
Alexander Amosu, Nigeria
Age: 38
Source: Luxury Accessories
Alexander Amosu is Africa’s foremost high-end luxury designer. He is the founder of Amosu Couture, a company that custom-designs and sells diamond-encrusted mobile phones, iPads, headphones and other accessories. Amosu made his first million at age 24 by informally selling ring-tones to mobile phone subscribers in the United Kingdom. Buoyed by the success of this venture, he founded RnB ringtones, a company which grossed over $1.5 million in its first year of operations. He sold the company in 2004 for $15 million to a British mobile value added services provider and used the funds to setup Amosu Couture. His wholly-owned Kamson Luxury Grouppublishes the Nigerian edition of British celebrity magazine, Ok!

Mohammed Dewji, Tanzania
Age: 39
Source: Manufacturing
Mohammed Dewji is the CEO of METL Group, one of the largest industrial conglomerates in East Africa. Dewji’s father, Gulam Dewji founded the company as a trading concern about three decades ago, but ‘Mo’ as he is popularly known, is widely credited with transforming the company into a manufacturing behemoth in Tanzania. Subsidiaries under the METL group manufacture everything from textiles, soap and edible oils to bicycles and fizzy cola drinks. The company has an annual turnover of more than $1.5 billion and employs over 24,000 employees. Mo Dewji, who FORBES ranks as the 38th richest person in Africa with a fortune estimated at $500 million, owns 50% of the company. In July, the young multi-millionaire mogul will officially launch his Mo Dewji Foundation which supports initiatives in healthcare delivery and education for Tanzania’s poor.


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African Millionaires: 10 Young African Millionaires To Watch 2014 (Part 1)
10 Young African Millionaires To Watch 2014 (Part 1)
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