Seven people from last year’s list of Africa’s 50 Richest failed to make the cut this year. Currency devaluations, falling oil prices and stock dips were some of the factors that affected their fortunes. This year, the minimum net worth needed to make the Forbes list of Africa’s 50 Richest was $330 million, down from $510 million for the 2014 list.
These are the 7 members from 2014 who failed to make it to the list of Africa’s 50 Richest this year:
Strive Masiyiwa, Zimbabwe
Masiyiwa is the controlling shareholder of publicly-listed mobile telecom company Econet Wireless Zimbabwe. The share price fell more than 63% in value since last year on the back of declining revenues and new taxes imposed on the company. That in turned lowered Masiyiwa's fortune. Econet has been laying off workers and in June reportedly cut the salaries of workers by 35%. But for Masiyiwa, a devout Christian, redemption may be coming soon: He plans to list his Liquid Telecoms, a UK-based broadband group with operations across Africa, on an European Stock Exchange in a move that could significantly boost his dwindling fortune.
Reginald Mengi, Tanzania
Mengi still remains Tanzania’s most influential media mogul, but a devaluation of the Tanzanian shilling, falling commodity prices and weak advertising sales across his prized media assets in the print and electronic space has taken a toll on his fortune. Mengi’s IPP Group is one of the largest conglomerates in Tanzania with interests in mining,
Hakeem Belo-Osagie, Nigeria
Belo-Osagie is the chairman of the Nigerian operations of UAE mobile telecom firm
Tunde Folawiyo, Nigeria
Folawiyo is the CEO of the Yinka Folawiyo Group, a Nigerian conglomerate with interests in energy, agriculture, oil exploration, insurance and real estate. He’s a major shareholder of MTN Nigeria, the country’s largest mobile telecoms provider, which was recently hit with a $5.2 billion fine over its failure to disconnect the lines of more 1 million unregistered mobile phone users in Nigeria. His shares in Access Bank, a Nigerian commercial bank, have also taken a beating since last year and the drop in oil prices has reduced the value of upstream assets owned by the Folawiyo Group.
Oba Otudeko, Nigeria
Oba Otudeko, chairman of Nigerian conglomerate Honeywell Group, sold his minority shareholding in the Nigerian operations of Bharti Airtel 2 years ago. The value of his shares in publicly listed financial services conglomerate FBN Holdings and flour miller Honeywell Flour Mills PLC have fallen 35% and 30%, respectively, since last year.
Ahmed Ezz, Egypt
Ezz is a significant shareholder of publicly traded Egyptian firm Ezz Steel. Shares tumbled in the past year, shrinking the size of Ezz's fortune to an estimated $230 million. Ezz, who served as chairman of ousted Egyptian President Hosni Mubarak's political party, was accused of corruption during the uprisings in 2011, and served three years in jail. He was reportedly released in 2014 after paying fines, and a retrial is expected. Ezz's representatives refused to comment. Ezz was forced to step down from his post as chairman of Ezz Steel, one of the largest steel manufacturers in the Middle East, following his imprisonment, but his holding company Ezz Group remains a key shareholder in the company.
Desmond Sacco, South Africa
Mining tycoon Sacco fell off the list of richest Africans due to a whopping 70% drop in the share price of Assore Group over the past year. Assore Group has a 50% stake in Assmang Limited, which operates seven mines producing chrome, manganese and iron. Forbes estimates Sacco's fortune at a current $200 million.
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