The common stereotype is that African politics is a fast track to riches. Corruption scandals across the continent reinforce that perception. But there’s another side to the story: a select group of African leaders who amassed vast fortunes well before stepping into government.
They weren’t climbing into office to get rich—they were already among the wealthiest individuals in their nations, with fortunes ranging from tens of millions to billions of dollars.
These men and women made their money in industries as varied as mining, telecoms, banking, brewing, cotton, oil services, and logistics. Forbes and Forbes Afrique have tracked some of their net worths, offering rare glimpses into their fortunes before politics. …
1) Cyril Ramaphosa (South Africa)
Before becoming South Africa’s president in 2018, Ramaphosa built Shanduka Group into one of the country’s leading Black-owned investment companies with stakes in mining, fast food, and banking. Forbes once pegged his fortune at about $450 million, long before he returned to politics as deputy president and then president.
Public Office: President (2018– ); Deputy President (2014–2018).
2) Patrice Talon (Benin)
Nicknamed “King of Cotton,” Talon made his money in cotton ginning and port logistics. By 2015, Forbes estimated his wealth at about $400 million, a year before he won Benin’s presidency.
Public Office: President (2016– ).
3) Aziz Akhannouch (Morocco)
Akhannouch built Akwa Group, a major petroleum and chemicals conglomerate. Forbes continues to list him as a billionaire, with wealth hovering around $1.5–1.6 billion. His fortune was firmly established before he became Morocco’s prime minister in 2021.
Public Office: Prime Minister (2021– ); former Minister of Agriculture.
4) Moulay Hafid Elalamy (Morocco)
Elalamy founded Saham Group and turned it into a major insurance player across Africa and the Middle East. In 2018, he sold Saham Finances to Sanlam for more than $1 billion, long before stepping away from Morocco’s industry and trade ministry.
Public Office: Minister of Industry & Trade (2013–2021).
5) Atiku Abubakar (Nigeria)
Atiku co-founded INTELS Nigeria, a dominant oil-and-gas logistics company in 1982, and established the American University of Nigeria. In 2021, he sold his stake in INTELS for over $100 million. He is the founder of Priam Group which is an umbrella conglomerate for a number of businesses spanning several sectors of the economy including manufacturing, media, banking, logistics and food processing.
Public Office: Vice President (1999–2007).
6) Peter Obi (Nigeria)
Obi built Next International, an import and distribution business, and later chaired Fidelity Bank. His financial security was well in place before serving as Anambra’s governor and becoming a presidential candidate.
Public Office: Governor of Anambra State (2006–2014).
7) Seyi Makinde (Nigeria)
Makinde founded Makon Group, an oil-services firm, and famously disclosed assets worth ₦48.15 billion when he became governor, underscoring that he didn’t need political office for wealth.
Public Office: Governor of Oyo State (2019– ).
8) Tabitha Karanja (Kenya)
Karanja co-founded Keroche Breweries in the 1990s, growing it into the country’s largest independent brewery and forcing multinational competitors to reckon with a homegrown challenger. In 2022, voters in Nakuru County sent her to Parliament’s upper house, making her one of the few prominent entrepreneurs to cross into high-level politics.
Public Office: Senator, Nakuru County (2022– ).
9) Sam Matekane (Lesotho)
Sam Matekane was Lesotho’s most successful businessman before his foray into politics. He is the founder of Matekane Group of Companies which has tentacles in construction, mining and aviation. Matekane entered politics and, in 2022, rose to become the country’s prime minister.
Public Office: Prime Minister (2022– ).
10) Rostam Aziz (Tanzania)
Aziz accumulated wealth through telecom investments and industrial services. Once listed by Forbes as a billionaire, he was already a major business figure when he entered parliament.
Public Office: Member of Parliament (1994–2011).
11) Peter Mbah (Nigeria)
Peter Mbah, the founder of Pinnacle Oil & Gas, established significant downstream petroleum facilities in Lekki years before turning to politics.
Public Office: Governor of Enugu State (2023– ).
12) Uhuru Kenyatta (Kenya)
The Kenyatta family empire spans banking, dairy, and real estate. Uhuru himself appeared on Forbes’ Africa rich list with a $500 million net worth before becoming Kenya’s president.
Public Office: President (2013–2022).
13) Tokyo Sexwale (South Africa)
A former anti-apartheid activist and Robben Island prisoner, Sexwale founded Mvelaphanda Group and became a key mining financier before serving as housing minister.
Public Office: Minister of Human Settlements (2009–2013).
14) Hakainde Hichilema (Zambia)
Hichilema was a successful rancher and corporate dealmaker before politics. He led Grant Thornton Zambia and amassed one of the country’s largest cattle herds before becoming president in 2021.
Public Office: President (2021– ).
15) Ronald Karauri (Kenya)
Karauri, a former Kenya Airways pilot, co-founded SportPesa, a major sports betting firm. His wealth was secured before he entered parliament as Kasarani’s MP in 2022.
Public Office: Member of Parliament (2022– ).
– Source: Billionairesafrica
