Dead but not forgotten by Ibrahim Durosimi

INTERNATIONAL TM CORPORATE RESEARCH

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Research Intelligence Research what research has become

PROFILE REPORT

ISSUE 4: JUNE 2010

The men... Their corporations... And their successors

DEAD BUT NOT

FORGOTTEN

Entrepreneurs Africa is at the risk of losing

2 Years of

CAPITAL

Limited Rc: 722863

Creating, Promoting and Preserving Knowledge

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Dead but not Forgotten Published by Stakes Capital Limited's International Corporate Research (ICR) under the trade name Research Intelligence Stakes Capital Limited P.O.Box 9170 Shomolu, Lagos, Nigeria www.stakescapital.com e-mail: letstalk@stakescapital.com International Corporate Research www.icr.stakescapital.com e-mail: icr@stakescapital.com Copyright ÂŠ 2009 by Stakes Capital and ICR All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of the publisher or copyright owner. The content is however open to review, citation and analysis/criticism without prior permission provided that adequate credit is given to the copyright owners. This report is prepared only to provide information on the subject matter covered. The authors and publishers do not guarantee the accuracy of the data or information contained herein as some of them were gotten from third party sources. We therefore disclaim any liability, material or immaterial, that could arise from the content of this report. Research by: International Corporate Research Report Authors: Sanyaolu Taiwo and Sanyaolu Kehinde Cover Design by: ICR creative Cover Picture: Mike Soldatos courtesy of www.pravstalk.com The Oversight sign, the Stakes symbol, the ICR barge and Research Intelligence are all trademarks of Stakes Capital Limited and therefore may not be duplicated.

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CONSUMMATE ENTREPRENEURS

WORTHY LEGACIES

JEWELS TO THE CONTINENT

DEAD BUT NOT FORGOTTEN 9 men who strode the road less traveled to bequeath to us more than an exemplar.

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From the Grave they Still Lead

n the 26th of October 2009, Stakes Capital Limited and International Corporate Research released the report 'Africa's endangered kings of capitalism'. The report aimed to expose the possibility of Africa losing some of its top business founders sooner than expected. That spotlight revealed 57 entrepreneurs with companies on a capital market in Africa who had crossed the hallowed age of 60 and again impressed the need for succession planning within African corporations. In what could be describe as a sequel to that report, researchers at the International Corporate Research (ICR) embarked on this research work, to recognize some late African business founders whose imprints are still indelible because of their corporate bequeathal to the continent. The climax is this report Dead But Not Forgotten which has nine (9) of these men of worth who by their corporations left remarkable imprints and worthy legacies. Researchers did not consider much in arriving at this list; priority was that the entrepreneur had to be late to make the list. The presence of a second generation successor also made contextual sense. Lastly is the progression of any of their business brainchild. The nine men featured are Luxury goods and tobacco merchant, Anton Rupert; South African father of logistics, Cargo Carriers' Desmond Bolton; Trencor founder, Joe Jowell; Lotfy Mansour of the Mansour group; founder of Egyptian conglomerate Alkan group, Mohammed Nosseir; Africa renowned philanthropist, MKO Abiola; daring Moroccan, Ahmed Akhannouch of the Afriquia fame; Leadway Assurance founder, Sir. Hassan Odukhale; and finally, one of Egypt's most powerful businessmen of his time, Talaat Moustafa of TMG holdings.

International Corporate Research (ICR) embarked on this research work, to recognize some late African business founders whose imprints are still indelible because of their corporate bequeathal to the continent.

It should be noted that this report is only a spotlight and is by no means an exhaustive compilation.

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Material Immortality and the Advancement of Entrepreneurship

ut for the presence and relevance of companies such as the Habib Bank AG Zurich, the Folawiyo group, Transpaco, Siemens, Kewalram Chanrai group, Ghabbour Autos, Dantata Investments, and many others; names such as Habib Esmail, Iyanda Folawiyo, Sam Abelheim, Werner von Siemens, Jhamatmal and Thakurdas Chanrai, Kamal and Sadek Ghabbour, Alhassan Dantata, would have been long obliterated from the collection of people stored away in our memory banks. Individuals in their numbers, families and even whole communities still owe their existence and daily survival to the daring entrepreneurial strides of these iconic plungers. Their names not only introduce the history scripts of their companies, but their vision, values and the cause they pursued, still influence the very nature of how business is carried on by these companies. The vision of the Ghabbour brothers at the start of their automotive trading company over 60 years ago still forms the bedrock of Egyptian GB Auto's corporate quests. Now one of the Middle East's largest auto manufacturers, the foundation they set is vivid and their influence lingers. Daily as these corporations open to business, the memory of their founders will continue in the minds of their

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beneficiaries and generations to come. In 2008 alone GB Autos maintained 5,500 employees and contributed over (Egyptian pounds) LE100million in taxes. To say they have achieved immortality is certainly not out of place. Albeit rarely pursued with deliberateness, 'Material immortality' which describes a man's continuous relevance even after exiting mortal world - is a desire for many. Entrepreneurship is one potent way this is achieved. Treading the many a time torturous path of entrepreneurship anchored by the

Werner von Siemens, Founder Siemens AG

The survival of modern capitalist economies is underpinned by the survival and continuous relevance and productivity of private corporations.

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Material Immortality and the Advancement of Entrepreneurship Values of discipline, self sacrifice, deferred gratification, deep insight, knowledge and an untamed desire to succeed would usually berth this ship of continuous impact.

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...Continued

self sustaining economies.

Entrepreneurship however, isn't just about securing your name a place in corporate history books or is it primarily a tool for attaining material immortality, but it is actually a cardinal contributor to the progression of society through the value its consequent products and services create. The survival of modern capitalist economies is underpinned by the survival and continuous relevance and productivity of private corporations. They are at the very heart of the economic cycle of wealth creation and distribution, keeping people employed, families intact and society running. The cataclysmic effect of the global economic crisis discloses the effects when this group is left in jeopardy; massive job losses, crumbling economies, depreciating human and material value, frustrated people, edgy peace and a society perpetually at the brink of an eruption.

Abaakil Abdellah, Founder Electrochemistry Africa

The entrepreneur who has contributed one company is worthy of note let alone one who has not only created one company but has, by careful planning or just instinctive genius, ensured its survival and continuity beyond himself. This much these men have done and we reverentially present.

The initiation of new enterprises has therefore always been strongly recommended as a reliable route to finding solutions to problems, creating wealth for people, expanding the avenues for continuous value delivery and building

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Dr. Anthony Edward Rupert was an Afrikaner South African billionaire entrepreneur, businessman and conservationist. He was born and raised in the small town of Graaff-Reinet in the Eastern Cape. He studied in Pretoria and ultimately moved to Stellenbosch, where he established the Rembrandt Group. Rupert's business career spanned over sixty years. He started his global empire with a personal investment of just ÂŁ10 in 1941 and was named on the Forbes list of 500 wealthiest families worldwide. At the time of his death his assets were estimated at $1.7 billion. After dropping out of medical school due to a lack of funds, Rupert earned a chemistry degree at the University of Pretoria, where he also lectured for a short while. Subsequently, he started a dry-cleaning business.

Anton Rupert (4 October 1916 - 18 January 2006)

South African Founder: Rembrandt Group Successor: Johann Rupert

In 1940, with an initial investment of GBP 10 and together with two fellow investors, he started manufacturing cigarettes in his garage. The company "Voorbrand" was soon renamed Rembrandt Ltd.- a tobacco and industrial conglomerate, whose overseas tobacco interests were consolidated into Rothmans in 1972. The group transited to the industrial and luxury branded goods sectors, with Rembrandt eventually splitting into Remgro (an investment company with financial, mining and industrial interests) and Richemont (a Swiss-based luxury goods group). Currently, this business empire encompasses hundreds of companies located in 35 countries on six continents, with combined yearly net sales in the region of USD 10 billion. He also played an important role in the South African Small Business Development Corporation (SBDC), a non-profit company whose loans to small and mediumsized businesses have created nearly half a million jobs

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Anton Rupert since 1981. Rupert was also deeply involved in environmental conservation and his companies have been prominent in funding the fine arts. Rupert was a founding member of the WWF (World Wildlife Fund) and it was in his role as the president of the organization's South African branch that he took a lead in the creation of trans-frontier parks (also known as trans-frontier conservation areas (TFCAs) or "peace parks"), He died in his sleep at his home in Thibault Street, Stellenbosch at the age of 89. Successor (Johann Rupert) Johann Rupert is the eldest son of Anton Rupert and his wife Huberte Rupert. He is the chairman of the Swiss-based luxurygoods company Richemont as well as of the South Africa-based companies VenFin and Remgro. He founded of Rand Merchant Bank and from 1st April 2010 the Chief Executive Officer of Compagnie Financiere Richemont. In 2004 Stellenbosch University awarded him an Honorary Doctorate in Economics. In 2008 he was awarded an Honorary Doctorate in Commerce from Nelson Mandela University. He was elected “Businessman of the Year” by the Sunday Times in 1988. Remgro Limited Remgro Limited's (Remgro) founding

history goes back to the forties of the previous century when the founder of the Group, Dr Anton Rupert, established in Johannesburg, South Africa, the tobacco company Voorbrand, forerunner of Rembrandt Group Limited (Rembrandt). Rembrandt was incorporated in 1948. Rembrandt thus entered the South African cigarette and tobacco industry in 1948 and in the fifties expanded abroad through the establishment of various international partnerships. The Group's interests now consist mainly of investments in banking and financial services, printing and packaging, motor components, glass products, medical services, mining, petroleum products, food, wine and spirits and various other trade mark products. The Company's activities are concentrated mainly on the management of investments and the provision of support rather than on being involved in the day-to-day management of business units of investees. Richemont Richemont owns several of the world's leading companies in the field of luxury goods, with particular strengths in jewellery, luxury watches and writing instruments. The Group's luxury interests encompass several of the most prestigious names in the luxury industry including Cartier, Van Cleef & Arpels, Piaget, Vacheron Constantin, JaegerLeCoultre, IWC, Panerai and Montblanc.

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From a poor parentage, he grew up. He became a house boy from where he gathered some funds to send himself to school. He went up North, Kaduna precisely and lived there for over 50 eventful years. Those years produced the Hassan Modern Story and enduring legacy known today as Leadway Assurance Company. He was a notable and distinguished Elder in the North and indeed the whole of Nigeria. Sir Odukale, was an avid defender of Yoruba culture and accomplished leader of thoughts. He was a financier of worthy projects that will emancipate people. He also voluntarily supported and threw his weight behind projects and activities of religious organisations whether Christian or Islamic. Indeed, many leaders of religion both in the Northern and Southern part of Nigeria have benefited from his fountain of generosity in terms of sponsorship in religious training both within and outside Nigeria. Sir Hassan Odukale offered countless number of youths educational assistance to pursue or complete their studies in various institutions without any sectarian or tribal sentiments in the choice of beneficiaries. Not a politician but he supported good and decent ideals. His legacy of honesty, sincerity, truthfulness, and selfless service should be emulated by our socalled politicians today for this and only this will be what will guarantee the future of generations of Nigerians yet unborn.

Hassan Odukhale KJW, D.Sc, FCIIN (1926 -1999)

Nigerian

Founder: Leadway Assurance Group Successor: Oye Hassan Odukhale

Successor (Oye Hassan Odukale) Oye Hassan Odukale joined leadway in 1981 and became the Managing Director and Chief Executive Officer of the company in 1994. He is a Munich Re

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Hassan Odukhale scholar, being the First West African recipient of the Munich Re Insurance Fellowship at Georgia State University. He has done extensive research on Computerization of Insurance Business. He is also a recipient of a Nigerian National Honor MFR. Mr. Oye Hassan-Odukale is on the board of a number of reputable companies in Nigeria. He also served on the Federal Government of Nigeria's Committee for the review of Insurance Laws. He is currently serving on the Executive Committee of the African Insurance Organization and is the immediate past Chairman of the Nigerian Insurers Association. Leadway Assurance Leadway Assurance Company Limited was founded in 1970 delivers a wide range of health, life, and non-life insurance policies to more than 86,000 customers throughout Nigeria. It has a chequered history of being a company with close attention to relationships, having started operations as a direct motor insurance company.

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Desmond Bolton was born in Kensington, Johannesburg on January 29, 1925 to John Bolton ex Ireland and Barbara (nee Browne). He was educated at Jeppe Boys Prep and went on to Jeppe Boys High in Johannesburg. He joined the army in the armoured car unit at the age of 17. He joined the European Campaign in Italy, where he saw action. During the Italian winter when the roads were impassable, he was transferred to the transport units. This is where he came into contact with transport and logistics, which became his passion in life.

Desmond Bolton (January 29, 1925 - 1988)

South African Founder: Cargo Carriers Successor: Garth and Murray Bolton

His father died when he was just 17 and undergoing military training at the Inland Area Headquarters in Hurlingham, Johannesburg (today known as Tara Hospital). When he returned, he enrolled at Wits University for a B. Comm. Having been rapidly matured by 3 years of active service, he found the degree process too slow, so he left after six months and continued with his degree through correspondence. In May 1955 a partnership with Ernest Reid (who had technical knowledge) was formed in the name of Heavy Hauliers. Des borrowed £2000 from a family friend to put towards his first truck; the Mercedes-Benz LS315 TBJ 1134 for £3360. The Heavy Hauliers partnership was not working and Des decided to "Go it alone" and so formed Cargo Carriers in January 1956. He set up at Leven Siding and installed a gantry to facilitate quick movement of goods from rail to road. In 1975, he was founding chairman of the Public Hauliers Association (PHA), which later became the Road Freight Association (RFA).He formed the successful Hallmark Motor Group from one dealership which has grown to interests in fifteen dealerships,

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Desmond Bolton dealing in Mercedes Benz and Toyota vehicles. In 1979 he bought into the 105 year old Searles Holdings, largely a footwear manufacturer. He was elected by The Sunday Times for being one of the Top 5 Businessmen in South Africa. Desmond Bolton was a self-made top executive and was extremely proud of his huge business that surely ranked as one of, if not the largest, privately owned road transport operations in southern Africa at that time. Desmond passed away in 1988 leaving behind an impressive group of companies. Successors (Garth and Murray Bolton) Garth Bolton is the first son of Cargo Carriers founder Desmond Bolton. He earned promotions from Contracts Controller to Branch Manager and, finally from Divisional Manager to Joint CEO of Cargo Carriers. He also served as Chairman of the Road Freight Association for two years. Murray Bolton, the second son of Desmond, joined Cargo Carriers in 1985 as Financial Administration Manager and within two years, was appointed as Financial Director. He later completed a Sloan Fellowship at the London Business School and was appointed Joint CEO in 1992.

Cargo Carriers Cargo Carriers Limited is a JSE-listed specialized transportation, supply chain and logistics service provider. Providing a full suite of transportation solutions in specific industry verticals, namely sugar, steel, powders, fuel and chemicals which are backed up by an extensive national and cross-border infrastructure, industry experience and best of breed software and technology. All of these focused strategies are underpinned by the migration of Cargo Carriers business from a pure transporter to a transport-based supply chain solutions provider, where the company increasingly brings value to its clients. In 2006, the company celebrated its 50th anniversary, and in addition celebrated 20 successful years on the JSE in 2007.

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Born in 1905, Joe Jowell arrived in springbok in 1929. In 1930, he founded Trencor with his partner Jaap du Plessis then as JD du Plessis & Company. They initially operated their partnership from a workshop in the backyard of Jaap's home. Based on an urgent plea by traders to move goods from Bitterfontein station to Springbok after the South African Railways terminated its road transport to Springbok on June the 30th 1930, Joe Jowell and his partner created the 'Plaatjie' a hybrid truck (Jaap converted an old Buick car into a truck) . The 'Plaatjie' proved to be the forerunner of a major transport group. In 1942, Jaap du Plessis retired and Joe Jowell became the sole owner of then to be called Jowells garage. In 1955, Jowells went public and listed on the Johannesburg Stock Exchange. From Springbok, Jowells rose to become a national carrier with operations growing to include Stuarts Transport, CrossCape Express and Skynet Worldwide Express. His drive and work on public bodies played a large part in the development of Namaqualand. The book Joe Jowell of Namaqualand: The story of a modern day pioneer by Phyllis Jowell is written in his honor. He passed on the 16th of January 1973 Successors (Jowell Brothers) Following in father's footsteps, Cecil and Neil Jowell, the two sons of Joe joined their father in the business in 1958 and 1956, respectively. After Joe's death on 16 January 1973, Neil succeeded his father as chairman of Trencor and Cecil took over the chairmanship of Mobile Industries Ltd, which has a 47% interest in Trencor. Cecil has been an executive director in Trencor since October 1962 and in 1991 he was voted as one of Business Times' Top Five Businessmen. Niel was appopinted to the board in December 1966; in 1987 he

Joe Jowell (1905 - 1973)

South African Founder: Trencor Limited Successor: Cecil and Neil Jowell

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Joe Jowell was voted Cape Times Business Man of the Year and in 1991 as one of Business Times' Top Five Businessmen. Trencor Limited Trencor Limited is an investment holding company; together with its subsidiaries, it engages in owning, leasing, managing and reselling marine cargo containers worldwide, and finance related activities. The Company has three divisions: Container Finance; Container Owning, Leasing, Management and Reselling, and other operations. It has a 62.6% interest in Textainer Group Holdings Ltd, which is engaged in owning, leasing, managing and reselling standard and special dry freight marine cargo containers to global transportation companies. The TAC group, in which the Company has a 44% interest, owned 205,000 twenty-foot equivalent units (TEU) of dry freight containers of various types and 2,420 stainless steel tank containers as at December 31, 2008. Trencor limited is owned by Mobile industries limited to the tune of 47%.

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Egyptian business man and patriarch of the Mansour family, Loutfy Mansour is the founder of the Mansour group an Egyptian conglomerate that currently employs more than 12,000 people and annual turnover exceeding $3.1billion. Loutfy Mansour founded the first Mansour Company, Mansour & Sons Cotton trading Company, in the early fifties. The company expanded rapidly throughout the 50's and 60's to become the second largest cotton exporting entity in Egypt.

Lotfy Mansour Egyptian

Based on this success, a second company was established in Sudan. It was during the late sixties that Loutfy Mansour further developed his vision to create a large industrial group. The dream became a reality in 1973 following the 6th of October War. During this period Egypt transitioned to an open market economy, an opportunity Loutfy Mansour capitalized on. At that time, he initiated negotiations with General Motors Corporation (GMC), which resulted in the creation in 1975 of Mansour Chevrolet/ Mansour Motor Group, the sole GMC distributor in Egypt. Loutfy Mansour was a keen businessman who withstood the nationalization of his cotton trading business in the 1960's and knew how to seize the moment of Egypt's liberalization in the 1970's.

Founder: Mansour Group Successor: Mohamed Mansour Yassin Mansour Youssef Mansour

Successors (Mansour Brothers) Sharing Loutfy Mansour's value for strategic thinking and his belief in the importance of the individual, his three sons Mohamed Mansour, Yassin Mansour and Youssef Mansour, diversified within a framework of professional, team-orientated management. Mohamed is founder of and was Chairman of the Al Mansour Motor Group, the General Motors distributor in Egypt, Iraq and Libya. He was appointed Minister of

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Lotfy Mansour Transportation in Egypt in 2006. Yassin is CEO of the Manfoods (McDonalds Egypt) and also oversees the group's joint venture with the El Maghraby family Masour and Maghraby for Investment and Development Company (MMID). Youssef is the chairman of the Mansour group. In 1977, the Mansours established the first local dealership of Caterpillar construction, power systems and material handling equipment. In 1985, the Group deepened its commitment to the automotive industry by investing heavily in the first private sector vehicle factory in Egypt, operated by General Motors. The Mansour Group The Mansour Group represents an Egyptian conglomerate that partners with top multinationals on both the local and international levels. The Group is a gateway to investment in the Egyptian market and within the region, whereby it combines international know-how and local expertise to create successful long term partnerships for the last 30 years. The Group is customer focused, while honesty and integrity are the pillars on which its partners, employees, and customers are treated.

the Group acquired the Caterpillar dealerships for six African countries from Unilever, forming a new company called Unatrac. IBM, Microsoft, HP, 3COM and Compaq also joined forces with Mansour Group, choosing them as national distributors for their line of PC's and accessories. In cooperation with the El-Maghraby Group, another well-respected Egyptian conglomerate, the Mansour Group established the Mansour-Maghraby Investment and Development Company (MMID), an active player in Egypt's financial sector, owning equity in several investment banking and insurance firms. MMID also participates in Egypt's tourism, real estate development and marketing sectors, as well as in industrial and information technology projects.

In 1992, the Mansour Group entered the consumer goods market handling brands like Philip Morris/Marlboro, and in 1994, the national McDonald's franchise. In 1997,

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Mohamed Nosseir was born in Cairo in 1937 where he completed his high-school education in Al-Nokrashi School in Cairo. He then joined the faculty of engineering at Cairo University, majoring in communications. He graduated in 1960 and worked for IBM Egypt before joining AMAC. Leading a team of 20 young engineers at AMAC, Nosseir introduced the leadership concept in management. In 1967, the 29-year-old young communications engineer Nosseir, was asked by veteran journalist Mohamed Hassanein Heikal, then editor-in-chief of Al-Ahram newspaper, to join AlAhram's staff as managing director of the recentlyestablished Al-Ahram Management and Computer center (AMAC) which was a “unique” project in the late 60s. Establishing a “computer and management center” at a time when the very word “computer” had not yet entered the Arabic lexicon, was enterprising, to say the least. Within three years the center became the most prominent management and computer facility in the Middle East, thanks to its young energetic, dynamic and enthusiastic manager, Nosseir. In 1965, before working together in Al-Ahram, Nosseir and Ghoniem were the first Egyptian engineers to put together a computer for commercial use in Egypt, when they installed the first ever computer at the Social Insurance Authority. Nosseir installed the hardware, while Ghoniem took care of the software.

Mohammed Nosseir (1937 - 2009)

Egyptian

Founder: Alkan Group Successor: Khalid Nosseir

With the start of the year 1974, Mr. Mohamed Mahmoud Nosseir founded a group of companies that he named Alkan Group and has been the chairman since then. Within the thirty years to follow, the Alkan Group grew to become one of Egypt's leading private sector groups involved in a broad range of economic

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Mohammed Nosseir activities. In 1999, Mr. Nosseir established a holding company, named Alkan Investment, as an Egyptian joint stock company. In 2004, the name of this holding company was changed to Alkan Holding. He has steered the Group through tough times through which his entrepreneurial talent has grown the Group to a multi-billion EGP business that employs more than 5000 persons. Following a four-month battle with a sudden illness with which he was diagnosed in January 2009, the chairman of the Egyptian-British Business Association, died in Germany on May 22 at the age of 72. Successor (Khalid Nosseir) Khalid Nosseir, son of Mohammed Nosseir, is the Chairman of Alkan Group of Companies and Chairman and Managing Director of Alkan CIT. He heads the company's drive for regional expansion with thirteen regional subsidiaries established to date. Khalid is also Chairman and board member of EIM Group, Alkan Group's automotive, earth moving and construction equipment, and marine engines' dealerships and Vice Chairman and board member of Almatex, the yarn manufacturing operations of the Group. In 1993 he created the pharmaceutical division of Alkan. Khalid Nosseir is an active member of the Egyptian Korean Business Council and is

an Observer to the BEBA Board (British Egyptian Business Association). He also is the former Vice Chairman of the Egyptian Medical Exports Council. Alkan Group Alkan Group of companies, a private sector group involved in a broad of range of economic activities and services in the field of: 1- Pharmaceutical (in partnership with Eli Lilly). 2- Communications. 3- Textile. 4Construction. 5- Air travel. 6- Vehicles. 7Engines, diesel and turbine generators. 8Communication and information technology. The scale and depth of the group activities and resources have endowed it with a unique flexibility that enables it to be proactive in coping with the economic and social changes. Today the majority owned member companies of Alkan Group employ over 5,000 employees. The annual turnover of the group exceeds L.E. 1.5 billion, the total assets exceed L.E. 1.4 billion and the total equity exceeds L.E. 700 million.

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Chief Moshood Kashimawo Olawale Abiola was born in Abeokuta, Ogun State. His name, Kashimawo, means "Let us wait and see". Moshood Abiola was his father's twenty-third child but the first of his father's children to survive infancy, hence the name 'Kashimawo'. It was not until he was 15 years old that he was properly named Moshood, by his parents.

Moshood Abiola (August 24, 1937 July 7, 1998)

Nigerian Founder: BankPHB Plc Successor: Kola Abiola

MKO showed an entrepreneurial tendency at a very young age; at the tender age of nine he started his first business selling firewood. He would wake up at dawn to go to the forest and gather firewood, which he would then cart back to town and sell before going to school, in order to support his old father and his siblings. He later founded a band at age fifteen where he would perform at various ceremonies in exchange of food. He eventually became famous enough to start demanding payment for his performances and used the money to support his family and his secondary education at the Baptist Boys High School Abeokuta. He was the editor of the school magazine The Trumpeter. At the age of 19 he joined the National Council of Nigeria and the Cameroons ostensibly because of its panAfricanist agenda. In 1956 Moshood Abiola started his professional life as bank clerk with Barclays Bank plc in Ibadan, South-West Nigeria. After two years he joined the Western Region Finance Corporation as an executive accounts officer before leaving to Glasgow, Scotland to pursue his higher education. In Glasgow he received 1st class in political economy, commercial law and management accountancy. He also received a distinction from the Institute of Chartered Accountants of Scotland. He worked as a senior accountant at the University of Lagos Teaching Hospital, and then went on to Pfizer, before joining the ITT Corporation, where he later rose to the position of Vice President, Africa and Middle-East of

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Moshood Abiola the entire corporation which was headquartered in the United States. Moshood Abiola invested heavily in Nigeria and West Africa. He set up Abiola Farms, Abiola bookshops, Radio Communications Nigeria, Wonder bakeries, Concord Press, Concord Airlines, Summit oil international ltd, Africa Ocean lines, Habib Bank, Decca W.A. ltd, and Abiola football club. In addition to this he also managed to perform his duties as Chairman of the G15 business council, President of the Nigerian Stock Exchange, Patron of the Kwame Nkrumah Foundation, Patron of the WEB Du Bois foundation, trustee of the Martin Luther King foundation and director of the International Press Institute. From 1972 until his death Moshood Abiola had been conferred with 197 traditional titles by 68 different communities in Nigeria, in response to the fact that his financial assistance resulted in the construction of 63 secondary schools, 121 mosques and churches, 41 libraries, 21 water projects in 24 states of Nigeria, and was grand patron to 149 societies or associations in Nigeria. In addition to his work in Nigeria, Moshood Abiola was a dedicated supporter of the Southern African Liberation movements from the 1970's and he sponsored the campaign to win reparations for slavery and colonialism in Africa and the diaspora. Moshood Abiola was twice voted

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international businessman of the year, and received numerous honorary doctorates from universities all over the world. In 1987 he was bestowed with the golden key to the city of Washington D.C., and he was bestowed with awards from the NAACP and the King center in the USA, as well as the International Committee on Education for Teaching in Paris, amongst many others. He was elected chairman of the ruling National Party of Nigeria in 1983. In 1993, he contested for the position of President of Nigeria and won overwhelmingly. The election was however annulled by the then military president Ibrahim Babangida. He was imprisoned for four years after declaring himself president and died shortly after his release in July 1998. Successor (Kola Abiola) Kola Abiola is the first son of MKO Abiola. He is chairman of Bank PHB and has huge interest in Oil & Gas. He holds the Nigerian franchise of the Dubai based international Ad newspaper, Waseet. BankPHB Plc Bank PHB Group is one of the largest financial services organizations in Africa, with an estimated asset base in excess of US$7 billion, as of April 2009. The bank was started in 1981 by Moshood Abiola as the Nigerian arm of the Pakistani bank Habib bank. In 2005, it merged with Platinum bank and became Platinum Habib Bank; the name was later changed to Bank PHB. It now has subsidiaries in six African countries including Nigeria.

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Ahmed Akhannouch landed, like any stranger attracted by Casablanca in 1932. With a few meager savings and an indomitable will to succeed, he opened his first retail shop. For him, and some of his fellows, the recipe to succeed was made of simple but hard rules: they opened their shops at dawn closed late at night, ate little, and were reinvesting their savings earnings. To tighten the belt was a reflex necessary for takeoff. Some of them, careful not to spend any money improperly, slept in their shops for not paying rent. He developed its activities and eventually owned seven stores, some managed and entrusted to relatives. In 1943, he returned to Agadir to found a fishing and canning company. Soon after, he did not merely trade and fish, he launched into the mines, especially into marble. It was then he then decided to create Somarbre. Part of their production was for export, among others, bound for Italy. In parallel to this, he was known for his intense nationalist activities against the colonizer in the South. His activism caused him to be stripped of all his property and be banished to a dark prison in his native region. He spent five years in prison. His business did not resist. Devastated but determined, after his release, he started from scratch. This energy, this confidence and the resolve not to give up was certainly not common. He managed to recover. Converting into oil, he founded the company Afriquia in Casablanca, with a partner of his region, Ahmed Wakrim. This was the first independent Moroccan company specialized in distribution of petroleum products. The total risk was fabulous but he took the challenge.

Ahmed Akhannouch died in 1995

Moroccan Founder: Akwa Group Successor: Aziz Akhannouch

However, very quickly, Afriquia competed favorably with global giants in the distribution of hydrocarbons, such as Shell, Mobil, Total and British Petrolum. Rather

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Ahmed Akhannouch

than confront them, he bypassed them. Hardened by his experiences in prison and his first bankruptcy, he played big with no guarantees of success. He ordered his first supply from the Russians, the order was colossal: 200,000 tons of Soviet crude. Where to store? He did not know. The storage infrastructure, did not know. So he sold his wares directly to the port. With an increasing need for oil storage facilities and lack of substantial resources, he buys scrap metal abandoned by the Americans in 1942. Ingenious Morroccan workers then manufactured from it airtight containers that acted as tanks. Simple, effective and resourceful. His rise was meteoric in oil. After that, he went into gas and started by Marrakech where he built a gas storage unit. The famous blue Butagaz brand was born. In 1972, to expand its activities in the gas industry, he joined forces with those he had competed with, the U.S. Texaco and the French Elf lubricants, and with Union Carbide, also an American, to create a center of oxygen production. This alliance with the Americans gave birth in 1976 to the company Maghreb Oxygene. Oulhadj Ahmed died in 1995. Successor (Aziz Akhannouch) Aziz Akhannouch, son of Ahmed Akhannouch, is the chairman of Akwa Group, which brings together some fifty companies. He is also president of the Souss-Massa-Draa and member of the City Council Tafraout. He is a board member of the General Confederation of Enterprises

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of Morocco (CGEM), Director of BMCE-Bank and Administrator of the Academy Foundation.

Mr. Aziz Akhannouch is also a member of the agency evaluation of privatization, the Task Force from the late King Hassan II until 1999; the Mohammed VI Foundation for the Protection of the Environment and Member Administrator Mohammed VI Foundation for the rehabilitation of prisoners. He is also president of the Association of Concert for Tolerance. Akwa Group Akwa Group is a major Moroccan conglomerate and is one of the largest companies in Morocco employing over 3000 employees. Akwa group, headquartered in Casablanca, is primarily an oil and gas company, and owns the Afriquia brand. Akwa Group subsidiaries include Afriquia Gaz Morocco's leading liquid petroleum gas distributor, owning the brands: Afriquia Gaz, Tissir Gaz, Ultra Gaz, Camping Gaz and Métagaz; Maghreb Oxygène - operates 3 facilities: Berrechid, Had Soualem and Jorf Al Asfar; company manufactures and distributes medical liquid oxygen, industrial liquid oxygen, liquid nitrogen, acetylene, etc; friquia SMDC, Morocco's leading gas station/petrol station operator with over 400 AfriquiaGaz stations amongst others. Akwa also has interests in telecoms through Afrinetworks, including Eho & Aloha; affiliated with Méditel and Bell Networks, affiliated with Nortel Networks and EADS Télécom.

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Born on the 6th of June 1926, Talaat Moustafa is the patriarch of one of Egypt's most prominent families and founder of the Talaat Moustafa Group Holdings (TMG) one of the biggest companies in Egypt. An engineer by training, he was one of the most influential figures in Egyptian business and politics. He is a former member of the People's Assembly and deputy head of its housing committee. He is a long-time business partner of AlWalid bin Talal (19th richest man in the world according to Forbes magazine) and he played a massive role in the development of the nation's economy after Prime Minister Sadat's Open Door Policy.

Talaat Moustafa (June 6, 1926 -February 28, 2005)

Egyptian Founder: Talaat Mostafa Group (TMG) Holding Successor: Tarek Talaat Moustafa Hany Talaat Moustafa Hisham Talaat Moustafa

He particularly contributed in the fields of construction, engineering, tourism and agriculture. Talaat Moustafa Group (TMG) (the company he founded) has a total of 21 companies and employs more than 100,000 people. The group has a construction branch, an agriculture branch and the final major branch is the real estate branch. He died in February of 2005. Successor(s) Talaat Moustafa brothers Tarek Talaat Moustafa, the eldest son of Engr. Talaat Moustafa, is the chairman/managing director of TMG holdings. He was formally Chairman/Managing Director of the construction arm of TMG holdings Alexandria Construction Company; Tarek is a member of the Egyptian Parliament. Hany Talaat Moustafa, second eldest son of Engr. Talaat Moustafa, is the chairman of Alexandria Agricultural company the agricultural arm of TMG group holdings. Hisham Talaat Moustafa, youngest son of TMG founder, built and managed the real estate arm of the group. This arm is the leading community real estate developer in Egypt. He is a member of the Sura council (Egyptian senate) and he remains one of the most powerful men in Egypt. He was formerly the Chairman and CEO of the TMG group

Dead but not Forgotten Report ÂŠ 2010 by ICR

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Talaat Moustafa holdings.

under development.

Talaat Moustafa Group (TMG) Talaat Mostafa Group (TMG) Holding is the leading community real estate developer in Egypt, with a land bank of 50 million square meters. The group has a strong, 20-year track record in the housing and real-estate development industry, having developed 8.5 million sq m of land so far. TMG's vision is "community development" through establishing selfsustained residential city and community complexes for the upper and middle classes. Amongst the group's largest and most prominent development projects are Al Rehab City, East of Cairo, spread over 9.9 sqm to host 180,000 residents, and “Madinaty” project, started in July 2006 spanning over 33.6 mn sqm of land with 600,000 target residents, making it the biggest all-inclusive enclosed city in the Middle East. TMG's achievements also include signature compounds like May Fair in Al Shourouk, East of Cairo and Al Rabwa I & II in Six of October City, West of Cairo. TMGH's activities also extend to the hotels and resorts segment. Its has developed three large scale luxury hotels, Nile Plaza in Cairo, San Stefano in Alexandria, and Four Seasons in Sharm El Sheikh, all managed by the internationally reputable Four Seasons chain, in addition to two other Hotel & Resort projects currently

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Dead but not Forgotten Report ÂŠ 2010 by ICR