Motsepe and Dangote: Africa’s New Billionaires on the Block

For a continent plagued with protracted social, economic and political misfortune, this last couple of days have been unprecedentedly ‘good’ for the people of Africa: two made the Forbes’ billionaire list as newcomers and black African firsts; even one of the two made the magazine cover. And more recently, another become the world heavyweight boxing champion.

This post is dedicated to the Africa new billionaires: Aliko Dangote (Nigerian; net worth: $3.3 bil) and Patrice Motsepe (South African; net worth: $2.4bil). While the ranking lists Aliko as Nigeria’s first billionaire and the richest African (or black person); Motsepe’s achievement is perhaps more inspiring given the dark Apartheid past of South Africa.

Unlike their non-African billionaire counterparts, Aliko and Patrice operated under conditions that can be described with several negatives - “harsh”, “non-enabling”, “unpredictable”, “unappealing”, e.t.c. Although, Aliko may have enjoyed a more privileged background than Patrice, the duo were not born with “silver spoons” by western society standard.

dangote_motsepe_thumb.JPGThe world of global business is one that requires the operators to ‘function on a shifting rug with one leg’; Aliko and Patrice did just that - and even endured much more to make the billionaire list. They emerged from a region the western media like to describe as “dark”, and whose people they see as “living on less that a dollar a day”!

Although some observers are quick to connect Aliko Dangote’s success to his close relationship to the Nigeria’s former president Obasanjo and his predecessors, and Patrice Motsepe’s exploit to the ‘affirmative action’ effect of South Africa’s Black Economic Empowerment (BEE) laws; the fact that these men started with nothing but some borrowed money and the shirts on their backs speaks volumes to their entrepreneurial mights.

Dangote started age 21 as a petty trader; Motsepe left a lucrative law practice for “a low-level contracting business doing mine scutt work.”

Aliko “hit the jackpot and became his nation’s first billionaire, when his sugar production company listed on the Nigerian stock exchange last year”. Patrice on the other hand focused on precious minerals and “bought low-producing gold mine shafts in 1994, turned them profitable using lean, mean management style.”

The success of the these men is forged by hard work, perseverance, and the ability to dream big, believe in themselves, and sniff-out opportunities despite unfavorable prevailing conditions. This mindset was reflected in Aliko Dangote’s statement during an interview in 2007:

Yes, I believe in this country. I believe there is always going to be Nigeria. My faith and belief in this country is unshakeable. We have to live together in peace and not in pieces. Why are we important in the world today? It is because of our population. Population and our oil. It is not because the world loves the name Nigeria. No. When was the last time you heard about Kuwait or Brunei? The importance of Nigeria is the market. The population is there. The money is there. It is just a matter of having good entrepreneurs who can push this thing forward.

Certainly Aliko and Patrice have pushed hard to be at the top of their games. However, their success wouldn’t have been so remarkable today without persistent winds of good luck on their backs.

Links on Forbes

Aliko Dangote: http://www.forbes.com/lists/2008/10/billionaires08_Aliko-Dangote_64RI.html

Patrice Motsepe: http://www.forbes.com/lists/2008/10/billionaires08_Patrice-Motsepe_RS9H.html