Private Consortium Takes Over SAA with 51

the 70's and 80's. He serves as the founder and chairman of Nigerian conglomerate BUA which focuses on infrastructure, agriculture and manufacturing. BUA was founded in 1988 exclusively for commodity trading. Some years latter it expanded its operation by acquiring Nigeria's largest edible oil processing comany, Nigeria Oil Mills Limited.

Abdulsamad Rabiu

Forbes

2 - MIKE ADENUGA

Net Worth: $6 Billion

Industry:

Telecommunications, Oil Source: Globacom

Country of Residence:

Nigeria

Mike Adenuga mainly made his wealth from telecommunications and oil production business Mike Adenuga newmail-ng.com ventures. He owns the second-largest telecom operator in Nigeria, Globacom that also operates in Benin, C te de'Ivoire and Ghana. The mobile phone network has amassed about 50 million subscribers.

1 - ALIKO DANGOTE

Net Worth: $11.6 Billion Industry: Diversifi ed businesses Source: Dangote Group

Country of Residence:

Nigeria

Aliko Dangote is a Nigerian business mogul who serves and the founder and CEO of Dangote Group which he Aliko Dangote launched in 1977 as a small ghpage.com trading company. He has grown the company into a multi-trillion naira conglomerate which also operates in several African nations including Ghana, Togo, Benin and Zambia. https://justrichest.com/18-richest-blackbillionaires-and-their-net-worth

Private Consortium Takes Over SAA with 5 51% Stake, Gov't has 49%

B By Rédaction Africanews and AFP

SOUTH AFRICAN AIRWAYS S will now be 51% owned by a private consortium, Public Enterprises o Minister Pravin Gordhan announced Friday. M

At a virtual press conference, Gordhan said "The government has agreed that the g fi nancial partner will hold 51% of the shares and the government w 49%." 4

The Takatso consortium consists of the panAfrican investor group A Harith Global Partners and the aviation group a Global Aviation, Gordhan added. a

Africa's second-largest airline was placed on a safeguard plan in December 2019 to avoid a bankruptcy. b

In April, the independent administrators in charge o of its restructuring declared SAA solvent again.

The 635 million euros restructuring plan was followed by a large-scale layo f fo ff plan.

South Africa’s national airline was heavily indebted and unable to pay full salaries. in

The SAA has not recorded any profi ts since 2011. The airline has for years been surviving through T public funds. p

Its situation was further compounded during the Covid-19 pandemic, with all operations being put C on hold in September 2020. o

The company's major fi nancial diffi culties are largely attributed to mismanagement and a corruption under c former President Jacob Zuma. Zuma ruled the South African nation between Z 2009 and 2018 on the ticket of the ruling 2 African National Congress (ANC) party. N www.africanews.com/2021/06/11/privateconsortium-takes-over-saa-with-51-stake-gov-thas-49 Image credit: apta.biz