Tag: African Business Excutives

Washington to host Doing Business in Africa and the Caribbean Symposium

Ambassadors, representatives and business leaders from Africa and the Caribbean will gather in Washington, D.C., in June to share how investors, businesspeople and entrepreneurs can successfully do business in their countries.

The Doing Business in Africa and the Caribbean Symposium will be held June 19-20, at the African Union Mission, 1640 Wisconsin Ave., N.W. Washington, D.C., 20007.

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AfDB urges US businesses to “take advantage of opportunities” in Africa

African Development Bank President Adesina said it is time that the United States “scale up and take advantage of opportunities that other global players are already investing in.” APA learned on Friday.

Speaking at a high-level dialogue in Washington D.C., Akinwumi Adesina noted that “it is time to turn around the declining investments of the U.S. in Africa.

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South African billionaire, Patrice Motsepe, gets mentioned in report on philanthropist outside US

South African billionaire Patrice Motsepe has donated over $500 million to projects in Africa pertaining to health, farming, agrobusiness, infrastructure, and music.

Last year, the African Rainbow Minerals founder also pledged to donate $250 million to South African land reform and $100 million to education initiatives.

His philanthropy was noted by US media giant, Forbes, in a report highlighting the largest philanthropists out outside the US.

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African and US ICT actors to meet in Washington for the future of fintech

The future of the African fintech sector will be discussed during the Africa Fintech Summit to be held on April 11, 2019, at the US Institute of Peace in Washington.

The main subjects to be discussed during the summit will be the future of banks and venture capital in the digital era, regulations, blockchain, digital identity, fund transfers and financial inclusion.

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Nigerians, African-Americans dominate list of Black Billionaires 2019

By Mfonbong Nsehe

Of the 2,153 people who made it to the 2019 FORBES list of the World’s Billionaires, 13 of them are black, up from 11 a year ago.

Cement tycoon Aliko Dangote is still the richest black person in the world with a fortune estimated at $10.9 billion. He’s closely followed by Nigerian oil and telecoms mogul Mike Adenuga.

American businessman David Stewart, who is majority owner of World Wide Technology, an $11.2 billion (sales) IT provider, whose customers include Citi, Verizon and the federal government, joins the Black Billionaires Club with a fortune FORBES estimates at $3 billion.

Nigerian businessman Abdulsamad Rabiu, who made his fortune in cement, flour, edible oils and real estate, returns to the 3-Comma club after a multi-year hiatus. He last featured on the FORBES list of the World’s Billionaires in 2014.

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Africa’s richest man makes a $17 billion bid for immortality

By Tom Metcalf and Devon Pendleton

The best way to appreciate the scale of Aliko Dangote’s empire is to hitch a ride on one of his private jets. A half-hour after his Bombardier Challenger 605 takes off from Lagos Airport, it descends into a seemingly desolate area of Kogi State in central Nigeria, dusty fields and clusters of trees stretching to the horizon. Suddenly a tangle of exhaust stacks, silos, and kilns pierces the sky to the left of the aircraft as Dangote Cement Plc’s Obajana plant comes into view. It’s already the biggest in Africa, churning out enough sacks of cement to fill 1,000 trucks a day. A fifth production line now under construction will make it one of the world’s largest.

The cement plant and its two sister factories in Nigeria have long been the bedrock of Dangote’s fortune, Africa’s biggest. But Dangote’s future—and, as he likes to say, that of the entire continent’s economy—lies to the south on the Nigerian coast. About 40 miles east of Lagos, on more than 6,700 acres of former swampland bound by a lagoon and the Atlantic Ocean, contractors are putting the finishing touches on a fertilizer plant valued at $5 billion. Next to it, construction of a vast oil refinery—a $12 billion project—is under way.

If all goes according to plan, the complex will immortalize the 61-year-old Nigerian businessman as Africa’s most prominent industrialist, vaulting Dangote Industries’ annual revenue from $4 billion to about $30 billion, roughly 8 percent of Nigeria’s gross domestic product. Oil industry experts such as London-based CITAC have questioned the project’s timeline, citing logistical and financial challenges. But Dangote insists the refinery, which will be Africa’s largest, is on track.

“By 2020 I will finally dispatch oil,” he says during a January interview at his Lagos home. Continue reading “Africa’s richest man makes a $17 billion bid for immortality”

Ghana-born power executive views heritage from both sides of the Atlantic

By Anna B. Mitchell

With an easygoing smile, Duke Energy executive Kodwo Ghartey-Tagoe navigates effortlessly between the worlds of his parents and his children.

Ghartey-Tagoe, whose first name is pronounced “kojo,” grew up in Ghana on the west coast of Africa, the son of a renowned national television journalist.

His home nation won independence from the British on March 6, 1957, just six years before his own birth. For his three daughters, Independence Day is the Fourth of July.

One of his few regrets: Having traveled only once as a family with his wife, Phyllis, and all his girls to visit their parents and extended family in Africa. He met Phyllis in Washington D.C., but they are from the same part of Ghana.

“People who don’t know each other tend to fear each other,” he says. “And once you get to know them, you tend to find out there is nothing to fear and they are very much like you. They have families like you, they love their kids like you do.”

The 55-year-old power executive has risen quickly in corporate America since graduating from Duke University law school in 1988. He practiced privately in Washington, D.C., and Virginia for 14 years, mastering federal and state utility law and representing water companies, power companies, gas companies and phone companies before joining Duke Energy in 2002.

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