While Botswana’s impressive economic record has been driven primarily by diamond mining, a very significant number of Ultra High Net Worth Individuals in the small, landlocked southern African country, built their multi-million dollar empires in industries as diverse as retail, car dealerships, retail and distribution.
Their names don’t ring with the African public, and you’ve probably never heard about them before, but they are extremely successful. Meet 5 ultra-wealthy Batswana businessmen who have built eight and nine-figure fortunes in Botswana.
L To R Charles Thompson, Abdul Satar Dada, Yunus Paruk
Abdul Satar Dada
Source: Diversified
Satar Dada, 77, is probably Botswana’s most popular businessman. He is the founder of Associated Investment Development Corporation (AIDC), a conglomerate with interests in motor vehicle dealerships, printing and publishing, steel manufacturing, property, agribusiness and telecommunications. Among other things, AIDC is the controlling shareholder of Tswana Pride, Botswana’s dominant poultry company. Tswana Pride slaughters, ships and sells chicken under its own brands and through private label products and has revenues of more than $50 million a year. He also owns Motor Center Botswana, one of the biggest Toyota dealerships in Botswana. Dada has served as a member of Botswana’s Parliament and is the treasurer of the ruling Botswana Democratic Party.
Gulaam Husain Abdoola
Source: Property
In 2002 Gulaam Hussain Abdoola founded Turnstar Holdings, a $160 million (market cap) diversified regional sub-Saharan African property loan stock company listed on the Botswana Stock Exchange. The company has a property portfolio comprising more than 13 commercial and residential properties including shopping malls in Gaborone, Mogoditshane, Francistown, and in Dar-es-Salaam. His 15.7% stake in the company is valued at more than $25 million.
Chandrakanth D. Chauhan
Source: Retail
Chandrakanth Chauhan is the CEO and largest individual shareholder of Sefalana Group, the first company to get listed on the Botswana Stock Exchange. Sefalana, a $300 million (market cap) retail chain, is engaged primarily in the wholesale and retail distribution of fast moving consumer goods through more than 50 properties spread across Botswana, Zambia, and Namibia. Chauhan owns a 4.5% stake in the company which is valued at more than $12 million.
Ramachandran Ottapathu
Source: Retail
Ottapathu, 52, is the CEO of Choppies, Botswana’s largest retailer. Choppies, which was founded in 1986 as a single supermarket in Lobatse, a small town in South-Eastern Botswana, has grown to become a retail powerhouse with more than 170 stores in Botswana, South Africa, Zimbabwe, Zambia, Kenya, and Tanzania. Choppies has been expanding aggressively in the last two years. In March last year, it acquired 21 retail stores in South Africa from Jwayelani Retail and subsequently in November acquired 3 outlets in Kenya from struggling retail chain Ukwala Supermarkets. Ottapathu owns a 19.5% stake in Choppies which is valued at more than $60 million.
Farouk Essop Ismail
Source: Retail
Ismail is a co-founder and Deputy Chairman of Choppies, Botswana’s largest retailer. He owns a 14.6% stake in the listed retailer which is valued at more than $45 million. Ismail also owns a 39.5% stake in Far Property Company Limited, a public traded real estate development and Asset Management company located in Botswana. His shareholding in Far Property alone is worth more than $35 million.