In an industry built on colour, fizz, and constant visibility, billionaire industrialist Chris Kayoboke has chosen the opposite posture. He is reclusive, rarely quoted, and rarely photographed—an anomaly among Uganda’s…
Uganda’s millionaire class is quietly expanding. The country added 100 new dollar millionaires in the 12 months leading up to June 2025. The addition brings the total number of individuals…
In the Ugandan business world, a few people epitomize Warren Buffett’s timeless advice like Charles Mbire, a quietly dominant billionaire, cofounder and Board Chairman of MTN Uganda. In 2024 alone,...
In a region hungry for industrial transformation, one man is quietly forging a revolution. Sanjay Awasthi, the reclusive billionaire behind Tembo Steels, has built Uganda’s most advanced and environmentally conscious…
In a landmark moment for African enterprise, the continent’s wealthiest individuals have crossed the $100 billion threshold for the first time. The 2025 Forbes Africa Billionaires List shows that the...
When he came to Uganda, back in 2000, Sanjay Awasthi chose the latter- and he does it with zero importation of physical steel, unlike most of his peers and competitors. That is why he proudly identifies his company as a 100% indigenous steel maker and 100% Buy Uganda, Build Uganda (BUBU). In this interview with CEO East Africa’s Muhereza Kyamutetera, he narrates the 23-year story of Tembo Steels and the making of what in his words, is “Africa’s most diversified and integrated steel company”. For starters, tell us about yourself and your background. Why did you choose Uganda of all…
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Over the next 10 years, the number of millionaires in Africa will reach 195,000 signaling a 42% increase from the current figures, the 2023 Africa Wealth Report has revealed. The report was compiled by Henley & Partners in partnership with wealth intelligence firm New World Wealth shows. Millionaires in Africa are currently estimated to be 138,000. Mauritius is predicted to be the standout, with a 75% growth forecast for the next decade. The strong high-net-worth individual growth of 60%+ is also forecast in Namibia, Rwanda, Zambia, the Seychelles, the Democratic Republic of the Congo, and Morocco. Rwanda was the top…
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If John Ssebalamu walked from City Square to the old taxi park, chances are that nine out of ten Ugandans would not be able to positively identify him. This is because the billionaire is reclusive, shy and will do anything to avoid the limelight. And that is how he has quietly built his business empire that includes prime properties in the city centre and other holdings. Yet how did he start? Early lifeJohn Ssebalamu was born and grew up in Kasanje, present day Kalungi district in the mid 1950s. In interviews, he says that he dropped out of school in…
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By Michael Kanaabi Dollar Being born with a silver spoon in the mouth as the English love to say is ideally every one’s wish especially if you have faced some of the adult pangs that come with hustling and trying to build your own mini-empire from scratch. While from an outsider’s perspective being a daughter or son of a billionaire businessman or woman is considered to be living a life of luxury and opulence there is a lot more that comes with it like having the bar set too high for you in regards to what you have to achieve…
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“The greatest fear of human beings is the fear of failure. But I encourage you, whatever you are doing, do it well and don’t be afraid of falling. When a child starts walking, he stands and falls relentlessly till he develops his own pace and becomes resilient,” Kenyan billionaire, Kimani Rugendo, once told an eager audience of young entrepreneurs. And he should know better. Throughout his entrepreneurial journal Rugendo has confronted multiple challenges with fear being the least of his worries. If you have taken Afia juice or Pick N’ Peel, Rugendo is the brains behind that. He started out…
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1. ALIKO DANGOTE Net worth: $13.5 billionRank in 2022: 1Origin of wealth: Cement and Sugar Self-madeAge: 65Country: NigeriaResidence: Lagos Aliko Dangote, Africa’s richest person, founded and chairs Dangote Cement, the continent’s largest cement producer. He owns 85% of publicly-traded Dangote Cement through a holding company. Dangote Cement has the capacity to produce 48.6 million metric tons annually and has operations in 10 countries across Africa. After many years in development, Dangote’s fertilizer plant in Nigeria began operations in March 2022. Dangote Refinery has been under construction since 2016 and is expected to be one of the world’s largest oil refineries…
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When Vimal Shah and his older brother took their ambitious idea for manufacturing consumer goods to potential backers in 1985, they could not get a loan. “Unilever will kill you,” one banker told them. Since then Unilever has sold several brands to them; and international rich lists put them top of the charts – most recently at $1.7bn – in Kenya , where they have built their business. They aim to be market leader in household products such as detergents, soaps and cooking oils across Africa by 2030. “That’s something that’s stuck in my hard disk,” Shah, 63, told the…
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On October 4 amid fanfare, billionaire Dr Sikander Lalani chairman of the Roofings Group, inked a deal that will see the firm expand its production to 150,000 tonnes-a-year thanks to a new cold rolling plant at the Namanve Industrial Park. The move, some say, is a bold expression of Lalani’s future intentions as he prepares to consolidate the firm’s position as one of the leading manufacturers of steel products in Uganda and the East and Central African region. Roofings Group was launched operations in 1994 and has since not looked back. It offers a one-stop service and diversified product shop…
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Billionaire businessman and co-Founder of the Ruparelia Foundation, Dr. Sudhir Ruparelia, has been awarded the Lifetime Achievement Award by the Chimpanzee Sanctuary & Wildlife Conservation Trust (CSWCT) for his philanthropic contribution to the trust, especially the Ngamba Island Chimpanzee Sanctuary. Sudhir who is also the founder and Chairman of the Ruparelia Group⏤ one of Uganda’s largest business conglomerates with investments in financial services, real estate, education services, hospitality, agriculture and media/broadcasting was along with other contributors to the Trust, awarded during the Trust’s 25th Anniversary, held at the Speke Resort Munyonyo, one of the Group’s hotels. The dinner was among…
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SOURCE OF WEALTH: Manufacturing (plastics & packaging) and real estate. ESTIMATED WEALTH: UGX120+ billion Except for being a member of Kwagalana Group, an association of self-made billionaires in Kampala, Hajj Badru Muwanga is largely a media-shy and quiet businessman. But behind the ‘firewall’ is a thriving businessman and entrepreneur- who among others, owns the sprawling Ntinda Shopping Complex and his flagship Luuka Plastics Limited. Luuka Plastics Limited is one of Uganda’s largest manufacturers of packaging materials and plastics both for domestic, agricultural, industrial and several other uses. Chances are that if you live anywhere in East Africa, you have used…
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