In a country that is yet to achieve a middle income status, you do not expect to find many billionaires (individuals whose worth is termed in Multi-billions). And when it comes to billionaires under the age of 40, it becomes extremely hard. However, there are a few innovative Ugandan billionaires under the age of 40.
However, after rigorous research and analysis, in no particular sequence The CEO Magazine has finally compiled Ugandan young Billionaires under the age of 40.
Hamis Kiggundu
If you have passed by St. Balikuddembe Market popularly known as Owino of recent, you must have observed several development changes around especially Ham Shopping Grounds, a state of the art building. This building worth billions is owned by Hamis Kiggundu, a young billionaire said to be in his late early 30s. Under his Ham Enterprises, Ham as is fondly known also owns two imposing buildings adjacent to Makerere University main gate known as Ham Towers. Ham is so much involved in real estate and a string of auxiliary businesses. In early Janaury2015, he met President Museveni and briefed him about re-development of Nakivubo Stadium, a project he has partially undertaken as a Public Private Partnership with Nakivubo Stadium Board of Trustees. This is another multibillion projects under his name. In a largely reclusive Ugandan business-world, The magazine couldn’t establish his real worth but Ham is certainly one of Uganda’s leading billionaires regardless of age. Ham’s breakthrough is said to have come when he supplied gumboots to UPDF some years back.
Haruna Sentongo
Sentongo is the younger brother of Hamis Kiggundu. In his 20s, Sentongo owns multibillion commercial buildings in Kampala including Haruna Towers Wandegeya and Haruna Towers Ntinda. He is also into real estate.
Dr. Innocent Nahabwe
He is young, innovative, enterprising and someone not afraid to take on risks. A combination of these has made Nahabwe, a veterinary Doctor by profession not only to succeed in business but also become one of the youngest billionaires in Uganda. Also in his early 30s, Dr. Nahabwe, runs a string of businesses including Club Amnesia, one of the leading popular bars in Kampala, Blue Cube, an SMS company and Galaxy FM. He has also lately ventured into online betting businesses. He has also ventured into real estate.
Nahabwe is one of the modern marketers Uganda has. Prior to setting up his own businesses, he was a marketing guru at Red Pepper, a popular brand in the country. It is believed, while at Red Pepper, he got an opportunity to meet many people and thus contacts whom he would later leverage to succeed.
He says he has been successful in things he loves most.
“As an entrepreneur, you put in a lot of time. If you are doing something you don’t love, you cannot achieve a lot because decisions are rushed. I have tried a lot of things and the ones that have survived are those I love,” he is quoted as saying by The Observer.
Ashish J. Thakkar
Ashish J. Thakkar, 34, was the first African to Make it to Fortune Magazine’s prestigious annual 40 Under 40 list which feature young hotshots around the globe who are leading businesses in diverse fields. He is the founder and CEO of Mara Group, a Pan-African conglomerate that is actively involved in everything from manufacturing to agriculture to property development and Information Technology. Thakkar has earned an unprecedented amount of international press recognition in recent times for his remarkable business success and his work in grooming young African entrepreneurs. After surviving the 1994 Rwandan genocide, Thakkar moved to Kampala, Uganda with his family where he grew up from. As a young boy, Thakkar says he started selling computers to his classmates and friends in Kampala, something that formed the earliest foundation of the Mara Group. The group has total assets in excess of US$1 billion and employs over 7,500 people across 21 African countries. Notably, the group’s charity arm, the Mara Foundation focuses on entrepreneurship and education. Among other things, the Mara Foundation provides comprehensive support services including mentorship, funding, incubation center workspace and business training to African entrepreneurs mainly in East Africa.
Miraj Barot
Miraj Barot, 26, is one of Uganda’s youngest billionaires. His worth was estimated at US$15 million in 2012. He is currently Managing Director of three companies namely Tirupati Development, Tulip Consultancy and Virat Alloys the latest addition, following the acquisition of the assets of Sembule Steel Mills.
Miraj moved to Uganda from India when he was 5 years old and attended Ugandan schools and is very proud of his ‘Ugandanness’. He attended Agha Khan Primary and Secondary school before joining Hillside Academy for his A Level. He was named young entrepreneur for 2012 by Uganda Investment Authority.
Tirupati, founded by his father Hashad Barot and partners in India is involved in multibillion Real Estate projects both commercial and residential. In an interview, Barot told The CEO Magazine that they had invested “invested over US$ 30 million in each of our three business complexes in Mazima mall, Ovino and Kyebando.” Their residential housing projects in Bugolobi, Ntinda, Kamwokya and Luzira are also worth billions. Besides his father, his mentors in the world of business include Patrick Bitature of Simba Telecom and Dr. Sudhir Ruparelia, proprietor of Ruparelia Group because they have been able to build empires even when they began with nothing.
On what drives him, he said, “Making great accomplishments and building a company is fun and enjoyable because I have new ideas every day and I know I want to go further than where I am at the moment.”
Amos Wekesa
He has been and is still promoting Uganda’s tourism domestically and internationally. In simple terms, he is the pillar of Uganda’s tourism. From a humble ground, Amos Wekesa is now among Uganda’s few billionaires under 40, thanks to his passion for tourism and determination. Wekesa is the brain behind Great Lakes Safaris, popular for promoting Uganda’s tourism. He also owns Uganda Lodges Ltd.
Like many of the billionaires in this list, Wekesa wasn’t born with a silver spoon in his mouth for he was born in an extremely poor family but this didn’t stop him from changing the status-quo. After working for several companies, Wekesa without a single car and office started a briefcase business, moving with an invoice and receipt book and would hire cars to provide services to his small customers. He focused on delivering personalized, detail-driven service to retain his clients and acquire new ones. Wekesa is not only consulted internationally in the area of tourism, but he is also raking in billions from his sweat and passion.
Albert Muganga
Very little is known about this reclusive and soft spoken businessman. Albert Muganga cut his teeth in the import/export business. His name came to light in 2008, when his company Kenlloyds Logistics was awarded exclusive rights to manage the country’s oil reserves in Jinja. Even though the contract was cancelled after protests from big oil companies like Shell, TOTAL and the then Caltex, he is still a big player in the fuel business and Kenlloyds Logistics is still one of the largest logistics firms in the country- something that must have attracted German logistics giant DB Schenker to appoint them as their exclusive representative in Uganda.
Muganga is also a major shareholder in Pioneer Easy Bus and is also known to have a number of real estate and agriculture interests.
Deox Tibeingana
He is the owner of the US$3m Rivonia Suites located in Mbuya, a Kampala suburb. Believed to be in his 30s, Tibeingana is also proprietor of Tibeingana and company advocates. Rivonia Suites has 16 suites that include a hotel, 14 two-bedroom apartments, and a luxurious health club known as Health City. His law firm has handled several complex real estate transactions. He also carries out legal work for telecom companies. Additionally, he also has houses in Munyonyo next to Speke Resort which earns him billions of dollars.
Mugisha Odrek Rwabwogo
He is the proprietor of TERP Consultants, a company that has earned lucrative contracts from government, the most prominent being the US$1 million Gifted By Nature CNN marketing campaign. He also was awarded the 2007 CHOGM communication and publicity contract which he handled with Saatchi & Saatchi Company. In his late 30s, Rwabwogo marries Museveni’s s second daughter Patience.
Edwin Karugire
He is one of the proprietors of Kiwanuka & Karugire Advocates. According to available information, he handled the sale of former assets of Uganda Railways Corporation and was also part of the legal team privately hired by the State to prosecute FDC president Dr Kizza Besigye in the PRA treason case in 2006. The Karugire team was paid UShs2.5 billion. He is also into real estate with properties in Bunga and other areas of Kampala. He also owns one of the largest cattle farms in Uganda. Karugire who is believed to be in his late 30s is married Museveni’s eldest daughter Natasha.
Arinaitwe Rugyendo
He is one of the founders and directors of Pepper Publications, the publishers of Red Pepper, Hello, Kamunye and Entasi. The publishing company also owns Juice FM. This publishing company is worth billions and qualifies the 39 year old to be one of Ugandan billionaires under 40. Born in the Western district of Mbarara, Rugyendo is a director in charge of marketing and digital media at Red Pepper and has media experience as a journalist spanning over 20 years. He holds a Bachelor’s degree in Sociology from Makerere University. He is also a director in Synod Investments, a financial services company co-owned by fellow Red Pepper directors. Other than being a co-director in Red Pepper and Synod Investments, he is into real estate, financial services and media.
Patrick Mugumya
Like Rugyendo, Mugumya, 39, is also a co-director in Pepper Publications. With a BA majoring in Literature from Makerere University, Mugumya has immense experience in journalism. He is in charge of operations at Red Pepper and oversees Red Pepper football team, The Saints that plays in First division. This young billionaire is also into commercial farming.
This article first appeared on The CEO Magazine:
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