Africa’s 50 Richest: The Newcomers

Nigerian investor and founder of African investment firm Heirs Holdings takes a spot on the list with a reported $1billion net worth. He owns a stake in Transcorp, a conglomerate with interests in insurance, healthcare, hotels, power production, energy, and agriculture. Elumelu also bought into a struggling Nigerian commercial bank and transformed it into the United Bank for Africa (UBA), which is now a leading commercial bank in Africa.