A report in Forbes lists 10 successful Africa family businesses that have successfully passed entities to successive generations.
According to Forbes, the companies listed have annual revenues of $50 million or more with share capital controlled by the family members is in at least its second generation and the family controls at least 30% of the company’s equity voting rights.
Cutting across luxury goods to constructions, agriculture, banking and retail, these are the most successful African businesses that have sustained the vision for decades and are poised to prosper for generations to come.
Nigeria’s Dantata and Ibru families are among the 10 businesses that make the list.
See excerpts from the report on both families.
Nigerian businessman Olorogun Michael Ibru started out in 1957 by importing and selling frozen fish from the back of a truck. From fishing, the company expanded into other businesses sectors such as brewing, construction, petroleum distribution and bulk storage, bulk liquid products, warehousing and importation. Ibru’s first son Oskar, took helm of the organization in the 1980s and has been responsible for steering the wheel since then.
Alhassa Dantata organization founded by the patriarch of Dantata family founded in 1910 started trading in commodities such as kolanut, cocoa, beads and groundnuts in Lagos and Accra under the company name, Alhassan Dantata & Sons Limited, however the company has grown into a large conglomerate with interests in oil exploration, manufacturing, banking, finance, import and export, farming as well as merchandising and commodity trading. Companies in the group’s fold include Dantata & Sawoe Construction, Bebeji Oil & Allied Products Limited, Dantata property Development & management and Kundila Finance Comapany among others. The groups revenues $300 million annually and is now run by Tajudeen Aminu Dantata.
Other Africa family companies on the list are: Remgro & Pick n Pay from South Africa, Gulani Dewji, Bakhresa Group from Tanzania, Bidco Oil Refineries, Ramco Group and The Kenyatta Family Business from Kenya and Madhvani Group from Uganada.
Click Here to read full report.