When billionaires came calling

President Uhuru Kenyatta (right) when he led Kenya’s delegation in bilateral talks with Nigerian investors, led by their President, Dr Goodluck Jonathan (left), at State House, Nairobi, last week. FILE 

By WANGUI MAINA and DOREEN WAINAINAH

In Summary

• Filthy-rich Nigerian businessmen and women landed in the country in private jets in search of new business opportunities.

The lobby at Intercontinental Hotel last week came alive as some of the richest men in Africa checked into the hotel ready to cut major deals in Kenya.

The Nigerian led by their President Goodluck Jonathan had landed in town in style.

Wearing designer suits and expensive-looking traditional agbadas, the large delegation of billionaires, business men and women, industry captains, governors and government officials created a buzz in Nairobi for the three days they were in town.

After all, when did we last have a group of billionaires coming to town all at the same time?

The delegation of over 50 high profile business people from Nigeria, with a combined net worth running into billions of dollars, came in style. They landed in about 10 private jets, while the commercial flights, mainly Kenya Airways, did booming business ferrying the ones who did not fly their personal jets.

President Jonathan and his delegation were in the country to strengthen ties between the West African country and Kenya. Major deals were signed with others expected to be announced in the near future as Kenyans and Nigerians look to doing multi-billion business together.

By the time the Kenyan hosts arrived at the conference room on Friday morning, the Nigerians had already taken charge having put up their banners well ahead of their Kenya hosts.

As described by a businessman who was at the conference, “at one point, it looked like they were hosting the Kenyans. Is it any wonder that these guys are making so much money for their companies? They know the meaning of the saying, “Time is money.” And they take this seriously.

High-net worth

Leading the delegation was Africa’s wealthiest man, (according to the Forbes list of billionaires 2012) and 25rd richest person in the world, Aliko Dangote. The self-made billionaire, owner of Dangote Group, is estimated to have a net worth of about $16.1 billion (Sh1.4 trillion). This is said to have gone up to $20billion in the recent past.

During the visit, Dangote, 56, announced plans to put up a Sh34 billion ($400 million) cement factory in Mombasa. The billionaire was rumoured to be scouting for business in Kenya and is expected to invest more including looking for a limestone mining license in Kenya.

Africa’s 19th richest man, Jim Ovia according to the Forbes List of November 2012, was also in town. He is the founder of Visafone Communication and boasts of a net worth of $825 million (Sh71.8 billion).

Oba Otudeko, Africa’s 26th richest man, according to Forbes list of African billionaires, with a net worth of about $575 million (Sh50 billion) was also in town. The tycoon’s conglomerate Honeywell Group has interests in oil, gas, flour million, real estate and marine transportation.

Also in the delegation was Harvard-educated banker, economist and Philanthropist Tony Elumelu, 50. He is renowned for turning around distressed UBA Bank, which has a growing presence in Kenya, after he took over in 1997 and left in 2010 to concentrate his efforts in The Tony Elumelu Foundation.

He was accompanied by fellow billionaire Femi Otedola, the director and chief executive of Forte Oil, a petroleum marketing company, who has been on the Forbes billionaire list with a net worth of about $1.2 billion (Sh105 billion).