7 Millionaires Who Fell Off The Forbes 50-Richest-Africans List

7 Millionaires Who Fell Off The Forbes 50-Richest-Africans List

Hakeem Belo-Osagie
Hakeem Belo-Osagie. Photo: hbs.edu (Harvard Business School)

Hakeem Belo-Osagie, Nigeria

Belo-Osagie is the chairman of the Nigerian operations of U.A.E. mobile telecom firm Etisalat. New information regarding the shareholding structure of Etisalat Nigeria, dwindling profits and the company’s huge debt profile have cut Belo-Osagie’s fortune by more than half since last year, Forbes reports.


Chairman of Nigerian-based United Bank for Africa from 1988 to 2004, he experienced the difficulties of building a multinational financial institution active in multiple African countries, according to HBS. Belo-Osagie learned to navigate local regulations in Nigerian banking while building global competitiveness. He had to reduce staff when the operations were privatized, and experienced the difficulties Nigerian entrepreneurs and business leaders faced in the early 2000s trying to overcome the stigma associated with the country due to online fraud activity.

Sources: HarvardBusinessSchool, Forbes