Sudanese-British millionaire Mo Ibrahim has grown his net worth by $100 million in the last year. This means that his net worth has risen from $1.1 billion in 2022 to $1.2 billion today.
Billionaires.Africa ascribed the increase in his net worth to the extraordinary profitability of his private equity assets. According to the portal, these investments include Satya Capital, which has invested in successful startups such as Kenyan online and mobile payments platform Cellulant.
In 2018, Cellulant, which operates in over 10 African countries, raised $47.5 million in its Series-C funding round. “The round was led by The Rise Fund, an impact investment fund run by TPG Growth, the US-based private equity group, with participation from Endeavor Catalyst, Satya Capital, Velocity Capital & Progression Africa,” according to Quartz Africa.
Who is Mo Ibrahim?
Mo Ibrahim is a Sudanese-British mobile communications expert with a distinguished academic and business background. Via his Foundation, he has played a key role in developing democracy in Africa (Mo Ibrahim Foundation).
Following a successful career in academics and as Technical Director for BT’s Cellnet, as well as the establishment of a consultancy and software firm, Mobile Systems International, he founded Celtel International to build and run mobile networks in Africa.
He expanded the company to serve more than a third of Africa’s population and invested more than $750 million in the region. In 2005, he sold the company for $3.4 billion to Kuwait’s Mobile Telecommunications Company. He reportedly made $1.4 billion, making him one of the continent’s first billionaires.
In 2021, he was ranked the richest Black man in Britain by the Sunday Times Rich List, with a net worth of $1.1 billion. He was also dubbed Britain’s most successful Black guy by The Guardian newspaper.
According to the Times, the 76-year-old performed well in a string of telecoms companies, including Mobile Systems International, which he sold for $916 million in 2000, earning him hundreds of millions of dollars.
Mo Ibrahim and his family also made $666 million from the sale of African telecoms business Celtel, and his Satya Capital equity fund now oversees $7 billion in assets. Satya Capital is dedicated to boosting commerce in Africa.