Sudanese-British billionaire Mo Ibrahim has increased his net worth by $100 million over the past year. This means that his net worth has increased from $1.1 billion in 2022 to $1.2 billion presently.
Billionaires.Africa attributed the growth of his net worth to the astonishing performance of his private equity investments. According to the platform, these investments include Satya Capital, which has invested in successful companies like 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 expert in mobile communications with a distinguished academic and business career. He has played a leading role in deepening democracy in Africa through his Foundation (Mo Ibrahim Foundation).
Following a successful career in academia and as Technical Director for Cellnet of BT, and founding a consultancy and software company, Mobile Systems International, he started Celtel International to build and operate mobile networks in Africa.
He grew the firm to cover more than a third of the continent’s population and invested more than $750 million in Africa. In 2005, he sold the company to Kuwait’s Mobile Telecommunications Company for $3.4 billion. He reportedly pocketed $1.4 billion, making him one of the early billionaires on the continent.
In 2021, he was named in the Sunday Times Rich List, as the richest Black man in Britain, putting his net worth at $1.1 billion. He was also once named by The Guardian newspaper as Britain’s most high-achieving Black man.
According to the Times, the 76-year-old did well in a succession of telecoms companies including Mobile Systems International, a consultancy he sold in 2000 for $916 million which earned him hundreds of dollars.
Also, Mo Ibrahim and his family earned $666 million from selling African telecoms firm Celtel and his Satya Capital equity fund now manages $7bn assets. Satya Capital focuses on promoting business in Africa.