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Against the Odds: 6 African CEOs Who Achieved Success Without Formal Education

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Against the Odds: 6 African CEOs Who Achieved Success Without Formal Education

In the business world, formal education and prestigious degrees often equate to success. However, several influential African CEOs have defied this conventional path, achieving prosperity through determination, creativity, and relentless drive. Here are six remarkable stories of African CEOs who have thrived without formal education. The list is in no particular order:

1. Johann Rupert (South Africa): Billionaire entrepreneur and chairman of Richemont and Remgro, Rupert left university to pursue business opportunities, later earning honorary doctorates in Economics and Commerce. He predicted the 2006 global economic crisis, earning the nickname “Rupert the Bear” from the Financial Times.

2. Justin Stanford (South Africa): A tech-savvy entrepreneur, Stanford dropped out of high school and became one of South Africa’s leading investors by 29. He started his first company at 18, inspired by Bill Gates, and eventually became the exclusive distributor of ESET antivirus software in South Africa, growing the business to operate in 20 Sub-Saharan countries.

3. Cosmos Maduka (Nigeria): From selling beans cake at age six to becoming a billionaire, Maduka’s journey is a testament to perseverance and hard work. He dropped out of primary school to support his mother and later co-founded a spare parts company, which failed. However, he persevered and established Coscharis Motors in 1977, becoming the exclusive distributor for BMW in Nigeria.

Read also : Air Peace Faces Uncertainty Amid CEO Corruption Scandal

4. Anas Sefrioui (Morocco): A prominent real estate magnate, Sefrioui dropped out of secondary school to assist his father and later established Addoha Group. He secured a contract to build over 2,000 subsidized homes, supported by the Moroccan government, and has since expanded into various sectors, including cement plants across Africa.

5. Ashish J. Thakkar (Uganda): Founder of the Mara Group, Thakkar began his entrepreneurial journey at 15, borrowing $5,000 to import and sell IT hardware. He has grown the company into a vast multi-sector conglomerate operating in 26 countries across four continents.

6. Said Salim Bakhresa (Tanzania): From selling potato mix at 14 to founding Tanzania’s largest conglomerate, Bakhresa’s story showcases his transformation from humble beginnings to a business empire spanning multiple sectors, including confectioneries, frozen foods, drinks, and packaging.

These extraordinary leaders have proven that success is not solely dependent on formal education, but rather on the drive, creativity, and determination to turn innovative ideas into thriving businesses

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Foreign Investment Outflow from NGX Rises by 250.86% in Q1’25

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Foreign investment outflow from the Nigerian stock market (NGXchange) has risen by 250.86 percent, Quarter-on-Quarter, QoQ, to N420.37 billion in the first Quarter, Q1’25, from N119.81 billion in the corresponding period of 2024, Q1’24.

The Nigerian Exchange Limited, NGX, disclosed this in its foreign portfolio report.

According to the report, foreign investment outflow also exceeded inflow by 20 percent or N20.11 billion in Q1’25. Despite the outflow, foreign investment inflow rose by 275 percent, Year-on-Year, YoY, to N349.97 billion in Q1’25 from N93.37 billion in Q1’24.

The NGX also revealed that N2.23 trillion equity transactions were recorded by both domestic and foreign investors in Q1’25.

The figure surpassed the N1.54 trillion recorded in the same period of 2024, representing an increase of N690 billion or 44.8 percent.

In March 2025, foreign transactions outperformed domestic transactions by circa 26 percent.

According to the NGX, foreign transactions increased significantly by 1,541 percent to N699.89 billion in March 2025 from N42.65 billion in February 2025.

On the other hand, domestic transactions decreased by 10.98 percent Month-on-Month, MoM, to N415.62 billion in March 2025 from N466.82 billion in February 2025.

Domestic inflow and outflow also declined in the reviewed period.

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Liberia Woos Investors at 2025 Investment Conference

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Liberia’s Minister of Commerce and Industry, Magdalene E. Dagoseh, has highlighted the country’s immense investment potential at the 2025 Liberia Investment Conference.

The two-day forum, which brought together investors, policymakers, and business leaders, aimed to explore investment opportunities in Liberia.

Minister Dagoseh emphasized Liberia’s commitment to creating a conducive business environment, citing minimal financial barriers and a welcoming regulatory framework.

“Liberia is a place of authority of opportunity, where transformation can take place at all levels,” she stated.

The conference showcased Liberia’s investment potential in various sectors, including agriculture, mining, infrastructure, and services.

The agriculture sector, for instance, offers opportunities for investment in crop production, livestock farming, and agro-processing.

She remarked that by investing in Liberia, companies can tap into the country’s growing market and contribute to its economic development.

Diaspora Watch reports that Liberia aims to attract foreign investment, stimulate economic growth, and reduce poverty by showcasing its investment potential.

With its strategic location, natural resources, and growing economy, Liberia is an attractive destination for investors.

The 2025 Liberia Investment Conference marked a significant step towards achieving these goals, highlighting Liberia’s investment potential to a global audience.

Liberia’s investment potential is enormous, and the country is committed to creating a conducive business environment to attract investors and drive economic growth.

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$5 Billion African Energy Bank Enters Final Phase

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The Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has announced that preparations for the launch of the $5 billion African Energy Bank (AEB) have entered their final phase.

Lokpobiri made the disclosure after a high-level review meeting in Abuja with President of Afreximbank, Professor Benedict Oramah, and Secretary-General of African Petroleum Producers’ Organisation (APPO), Dr Farouk Ibrahim.

According to Lokpobiri, key legal and governance frameworks have been concluded, while capital mobilisation discussions have recorded encouraging commitments from both member nations and private investors.

The AEB, headquartered in Abuja, seeks to mobilise capital for energy infrastructure projects across Africa.

“The AEB is poised to become a transformative financing platform for energy projects across the continent,” Lokpobiri said.

“This review confirms that every critical milestone is either completed or on schedule, and we remain fully aligned with our continental partners.”

APPO’s Ibrahim commended Nigeria’s dedication to meeting the stringent requirements for bank establishment, while Afreximbank’s Oramah stated that the bank was ready to deploy its structuring expertise and capital base to ensure AEB’s successful launch.

A definitive launch timeline and inaugural board meeting date have been fixed and will be announced shortly.

The AEB has an initial capital target of $5 billion, with plans to scale up to $120 billion subsequently.

In a separate event, Lokpobiri flagged off construction of the permanent site for Bauchi Oil and Gas Academy, Alkaleri (BOGAA), saying the move will contribute to the federal government’s human capacity development plan in the energy sector.

The minister highlighted President Bola Tinubu’s broader agenda to harness the full potential of Nigeria’s energy sector in driving economic prosperity, creating jobs, and enhancing national revenue.

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